An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills.
Below are salaries earned by ActuarIies In South Africa
A person working as an Actuary in South Africa typically earns around 44,100 ZAR per month. Salaries range from 21,600 ZAR (lowest) to 68,800 ZAR (highest).
This is the average monthly salary including housing, transport, and other benefits. Actuary salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Actuary Salary Distribution in South Africa
The median, the maximum, the minimum, and the range
Actuary salaries in South Africa range from 21,600 ZAR per month (minimum salary) to 68,800 ZAR per month (maximum salary).
The median salary is 45,000 ZAR per month, which means that half (50%) of people working as Actuary(s) are earning less than 45,000 ZAR while the other half are earning more than 45,000 ZAR. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Actuary(s) are earning less than 29,900 ZAR while 75% of them are earning more than 29,900 ZAR. Also from the diagram, 75% of Actuary(s) are earning less than 58,000 ZAR while 25% are earning more than 58,000 ZAR.
Actuary Salary Comparison by Years of Experience
How do experience and age affect your pay?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Actuary salaries by experience level and this is what we found.
An Actuary with less than two years of experience makes approximately 25,600 ZAR per month.
While someone with an experience level of between two and five years is expected to earn 32,900 ZAR per month, 29% more than someone with less than two years experience.
Moving forward, an experience level between five and ten years lands a salary of 45,400 ZAR per month, 38% more than someone with two to five years of experience.
Additionally, Actuary(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 56,300 ZAR per month, 24% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 60,300 ZAR per month, 7% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 64,300 ZAR per month, 7% more than people with fifteen to twenty years of experience.
Actuary Average salary change By experience in South Africa
|0 – 2 Years||25,600 ZAR|
|2 – 5 Years||+29%||32,900 ZAR|
|5 – 10 Years||+38%||45,400 ZAR|
|10 – 15 Years||+24%||56,300 ZAR|
|15 – 20 Years||+7%||60,300 ZAR|
|20+ Years||+7%||64,300 ZAR|
Actuary Salary Comparison By Education
How do education levels affect salaries?
Displayed below is the average salary difference between different Actuary(s) who have the same experience but different education levels.
Salary comparison by education level monthly South Africa Actuary
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Actuary salaries by education level in order to make a comparison.
When the education level is Bachelor’s Degree, the average salary of an Actuary is 32,000 ZAR per month.
While someone with a Master’s Degree gets a salary of 51,300 ZAR per month, 60% more than someone having a Bachelor’s Degree degree.
Actuary average salary difference by education level in South Africa
|Bachelor’s Degree||32,000 ZAR|
|Master’s Degree||+60%||51,300 ZAR|
Actuary Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Actuary employees in South Africa earn 8% more than their female counterparts on average.
Actuary Average Annual Salary Increment Percentage in South Africa
How much are annual salary increments in South Africa for Actuary(s)
? How often do employees get salary raises?
Actuary(s) in South Africa are likely to observe a salary increase of approximately 11% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
Actuary Bonus and Incentive Rates in South Africa
How much and how often are bonuses being awarded?
An Actuary is considered to be a moderate bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
44% of surveyed staff reported that they haven’t received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
Received a Bonus of 56%
No Bonus 44%
Actuary Average Hourly Wage in South Africa
The average hourly wage (pay per hour) in South Africa is 250 ZAR. This means that the average Actuary in South Africa earns approximately 250 ZAR for every worked hour.
How much do actuaries make in South Africa?
A newly qualified actuary would typically earn between R550 000 and R700 000 per annum, excluding bonuses and other incentives. Experienced actuaries (not in top management positions) could earn between R800 000 and R1 200 000 per annum, excluding bonuses and other incentives.
Are actuaries in demand in SA?
The qualified actuaries in South Africa are highly sought after and do not have any trouble finding top positions. The profession is also expanding into new areas all the time, which brings with it new job opportunities.
Is actuarial a high-paying job in South Africa?
Fully qualified actuaries can make R2402415.00+ annually, so most people would say actuaries make good money. Consider the actuarial salary compared to the amount of time/effort it takes to become an actuary. Or, we could compare actuarial salaries to the average American salary.
Is it hard to find a job as an actuary in South Africa?
They advise that it’s possible but difficult to earn a full-time starting position without experience. The BLS similarly notes: “Job opportunities should be somewhat competitive for entry-level applicants because the number of students sitting for actuarial exams has increased in the past few years.
How many years does it take to be an actuary in South Africa?
To become a qualified actuary takes between seven and 10 years. Aspiring actuaries spend between three to five years earning their bachelor’s degrees. However, that’s not where you spend the most time you work to become an actuary. Taking and passing all 10 of the actuarial exams takes six to 10 years.
What does an actuary do in South Africa?
WHAT DO ACTUARIES DO? An actuary is a professional who applies analytical, statistical, and mathematical skills to financial and business problems.
Where do actuaries work in South Africa?
Most actuaries are employed in the insurance industry, specializing in life and health insurance or property and casualty insurance.
How many actuaries are there in South Africa?
South Africa has approximately 1100 practicing actuaries and 2000 actuarial students who have already completed their undergraduate studies.
What do you need to become an actuary in South Africa?
To qualify as an actuary in South Africa, you need to complete the subjects prescribed in the syllabus of the Actuarial Society. Exemptions from many of these subjects can be obtained by completing relevant subjects at accredited universities.
How many black female actuaries are there in South Africa?
Upon graduating, Halatedzi became an actuarial analyst and was in the process of becoming a fully qualified actuary which would add to the number of black female actuaries in SA. Currently, the number stands at 51 according to the Actuarial Society of South Africa.