Actuary

Actuaries are experts in the theory and practice of statistics, specifically focusing on mortality, sickness, retirement and unemployment risks in relation to insurance policies. This demands a high degree of mathematical and statistical know-how and also management and investment expertise.

Job Characteristics

• Devising, compiling and developing insurance policies, pension and medical aid schemes and performing other functions in the insurance industry.
  
• Putting into operation pension schemes, as well as life, health, social and other types of insurance systems by using complicated mathematical and statistical calculations.
  
• Determining premium rates for policies based on mortality, sickness and retirement trends.
  
• Investigating the life insurance trends, pension scheme developments and making recommendations on that ground.
  
• Helping to invest funds for insurance companies in order to identify which investment offers the best benefits.

Requirements
 
Secondary Education
Possession of a HIGCSE Grade 12, or equivalent qualification, with matriculation exemption and outstanding marks in Mathematics as well as an above-average performance in all other school subject, are required to be admitted to South African universities.
 
Compulsory subjects
English and Mathematics on HIGCSE level and two more subjects on HIGCSE level (South Africa)
 
Tertiary Education
There are no academic institutions in South Africa that offer a complete and qualifying training course for actuaries. Relevant degree courses that can be followed are the B. Sc. (Actuarial) degree and the B. Business Science (Actuarial) degree which are offered by the University of Cape Town. RAU offers a B. Sc. (Actuarial Science) degree, while the Universities of Stellenbosch and Witwatersrand offer the B. Sc. and B. Com. degrees with actuarial subjects. The University of Pretoria offers the B. Com (Assurance Science) degree. 

To qualify as actuary students are required to pass examinations set by the Institute of Actuaries in England or the Faculty of Actuaries in Scotland. The Actuarial Society of South Africa, based in Cape Town, manages all matters related to these examinations.
 
Training is currently not offered in Namibia.

Personality
The prospective candidate should be a disciplined, methodical, accurate and responsible individual. He/she should have a flair for Mathematics and the handling of statistics.

Work Opportunities
Actuaries are mainly employed by insurance and pension fund companies, but opportunities also exist with financial institutions.

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