“If we want a transformed economy, we need a transformed profession. And if we want a transformed profession, we must ask—where are the actuaries, and where are the next ones coming from?”
Actuarial Science has long been admired for its intellectual depth, financial reward, and strategic influence across sectors like insurance, pensions, healthcare, banking, and investments. But as South Africa continues to wrestle with economic inequality and systemic exclusion, the actuarial profession itself must face some uncomfortable questions.
- Where are the actuaries?
- Are we doing enough to promote this career to the younger generation—particularly in underserved communities?
- Is this career growing in appeal, or quietly declining in relevance and accessibility?
Is the Pipeline Drying Up?
Although actuarial skills remain in demand globally, the pipeline of new professionals entering the field in South Africa appears fragile. The qualification journey remains rigorous, lengthy, and often inaccessible to many young people—especially those from historically disadvantaged backgrounds.
The reality is stark: South Africa still has just over 1,500 qualified actuaries, a tiny fraction relative to the size and complexity of our economy. And while transformation has taken root in other industries, actuarial science has been slower to reflect the rich diversity of our country.
The Role of SAADP: Driving Real Transformation
This is where the South African Actuarial Development Programme (SAADP) plays a pivotal role. Since its inception in 2003, SAADP has worked relentlessly to increase the number of Black actuarial professionals in South Africa, with a core focus on equity, access, and inclusion.
Through bursaries, academic and psychosocial support, career exposure and mentorship, SAADP has opened doors for hundreds of young people. Their work has proven that access to opportunity is not enough—what matters is sustained support throughout the academic and professional journey.
Yet, despite this progress, the systemic barriers remain:
- Unequal access to quality mathematics and science education
- Lack of visible role models in the profession
- Limited awareness of actuarial science in rural and township schools
- Financial constraints that derail potential talent early in their journey
SAADP continues to raise the alarm and call for collaborative action across industry, government, and education sectors to accelerate meaningful change. Because transformation isn’t a once-off event—it’s a continuous commitment.
Making the Profession Relatable Again
Today’s youth are digital-first. They respond to storytelling, real-life success journeys, and platforms like YouTube, TikTok, Instagram, and podcasts. If we want to revive interest in this career, we must speak the language of the next generation.
- Where are the inspiring stories of actuaries who overcame the odds?
- Where is the content that demystifies the profession and makes it feel attainable?
- Where are the interactive sessions, virtual mentorships, and grassroots outreach in communities that matter most?
Is the Profession Growing—or Getting Left Behind?
The rise of adjacent fields like data science, machine learning, and AI also means actuarial science must evolve. The profession must embrace innovation, collaborate across disciplines, and redefine what it means to be an actuary in the 21st century.
The demand for actuarial skills is not disappearing—but if we don’t adapt, the profession risks becoming isolated, misunderstood, and inaccessible to a new generation of talent.
- To industry leaders: Invest beyond bursaries—invest in mentorship, career development, and inclusive hiring pipelines.
- To actuaries: Share your journey, become mentors, and show learners that success is possible and attainable.
- To schools and universities: Partner with programmes like SAADP to integrate awareness and career guidance earlier.
- To young people: Don’t be discouraged by the perceived difficulty—support structures like SAADP exist to walk the journey with you.
If we don’t start answering the question “Where are the actuaries?” now, we’ll continue asking it for generations to come. A transformed, inclusive, and innovative actuarial profession is not just a dream—it’s a strategic imperative for South Africa’s future.
