What is Actuarial Science?
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions.
More generally, actuaries apply rigorous mathematics to model matters of uncertainty. Actuaries are professionals trained in this discipline.
How Long Does It Take To study Actuarial Science In South Africa?
It takes, on average, 9 years to qualify as an actuary, of which 4 are normally full-time University studies and 5 years of part-time studies while the candidate is working.
Most employers offer study leave to their actuarial students as well as some form of subsidy towards the cost of further studies.
Schools That Offer Actuarial Science Courses In South Africa
Here is the List Of Actuarial Science Schools In South Africa
University of Kwa-Zulu Natal Department of Actuarial Science
Wits University Department Actuarial Science
Stellenbosch University Department of Actuarial Science
University of Cape Town Department of Actuarial Science
University of Pretoria Department of Actuarial Science
University of the Free State Department Actuarial Science
How To Become An Actuary In South Africa?
Below is How To Become An Actuary In South Africa
Earn an Undergraduate Degree
The most direct educational path is an undergraduate actuarial science degree. Another common approach is to complete a bachelor’s degree in finance, economics, or commerce.
Prospective actuaries can also choose seemingly unrelated majors like engineering or art, as employers put more emphasis on completed certification exams.
Complete Additional Courses (If Necessary)
Students completing a degree in an unrelated field may need to complement their undergraduate studies with courses in economics, statistics, and corporate finance.
Prospective actuaries will benefit from learning key technologies used in the field, such as programming languages, computer science, and the use of spreadsheets, databases, and statistical analysis tools.
Apply To a Professional Body & Pass Certification Exams
As soon as you begin the senior year of your undergraduate degree, you can apply for membership in a professional actuarial body.
You can then start your certification process by taking their courses and passing exams. Most employers expect you to have passed at least one or two of these exams by the time you graduate and start looking for a job.