Actuary
Price risk for insurers, medical schemes and pension funds using advanced statistics. Among the highest-paid careers in the country.
What the job involves
- Model risk and set insurance or pension pricing.
- Advise on reserves, solvency and long-term liabilities.
- Work in insurance, banking, consulting and medical schemes.
School subjects you need
Pure Mathematics required. If you take Mathematical Literacy in Grade 10, this career is normally closed to you at degree level.
- Mathematics
- English
- Physical Sciences
- Information Technology
- Accounting
Marks you normally need
- Minimum NSC pass
- Bachelor's pass
- Indicative APS
- Roughly 38–44; among the highest entry requirements in the country
- Subject percentages institutions look for
- Mathematics: 80%+ is typical
- English: 60%+
These are indicative ranges for guidance only. Every university, university of technology and TVET college sets its own admission requirements — check the current prospectus of the institution you are applying to.
Study routes
- BSc / BCom Actuarial Science, then professional exams3–4 years plus 3–6 years of exams
Professional qualification through the Actuarial Society of South Africa while working.
What you could earn
- Entry level
- R35 000 – R55 000 per month as a student actuary
- Mid-career
- R80 000 – R130 000 per month
- Senior
- R150 000 – R300 000+ per month (qualified and senior specialists)
Indicative gross monthly ranges from public South African salary sources. They vary by employer, province and experience, and are not guarantees. Compare all careers.
Where you can study this
Public institutions that commonly offer this field. Confirm the exact programme, its minimum APS and the closing date on the institution's own admissions page.
- University of Cape TownUCT · Cape Town
- University of the WitwatersrandWits · Johannesburg
- Stellenbosch UniversitySU · Stellenbosch
- University of PretoriaUP · Pretoria
- University of KwaZulu-NatalUKZN · Durban and Pietermaritzburg
- University of JohannesburgUJ · Johannesburg
- North-West UniversityNWU · Potchefstroom, Mahikeng and Vanderbijlpark
- University of the Free StateUFS · Bloemfontein
- University of the Western CapeUWC · Bellville, Cape Town
- Rhodes UniversityRhodes · Makhanda
- Nelson Mandela UniversityNMU · Gqeberha
- University of Fort HareUFH · Alice and East London
- University of LimpopoUL · Mankweng, Polokwane
- University of VendaUniven · Thohoyandou
- University of ZululandUniZulu · KwaDlangezwa, Richards Bay
- Walter Sisulu UniversityWSU · Mthatha, East London, Butterworth, Komani
- Sol Plaatje UniversitySPU · Kimberley
- University of MpumalangaUMP · Mbombela and Siyabuswa
- University of South AfricaUnisa · Distance learning, head office in Pretoria
- Cape Peninsula University of TechnologyCPUT · Cape Town and Bellville
- Durban University of TechnologyDUT · Durban and Pietermaritzburg
- Tshwane University of TechnologyTUT · Pretoria and surrounding campuses
- Vaal University of TechnologyVUT · Vanderbijlpark
- Central University of TechnologyCUT · Bloemfontein and Welkom
- Mangosuthu University of TechnologyMUT · Umlazi, Durban
Official sources
Questions learners ask
Isifinyezo / Opsomming
isiZulu: Ubala ubungozi bemishwalense nezimpesheni. Kudinga iMathematics ephezulu kakhulu.
Afrikaans: Bereken risiko vir versekeraars en pensioenfondse. Baie hoë Wiskundepunte is nodig.