What is the big fuss over Actuarial Science?
Attention all high school distinction students! If mathematics and problem solving is your passion and you would love a course that will challenge and motivate you, then a qualification in Actuarial Science is meant for you.
Now what does this degree entail exactly and what career could you pursue with it? Actuarial Science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. It consists of a number of interrelated subjects such as probability and statistics, finance and economics.
So in short, Actuaries are professionals who qualified through examinations, assess the risk of disability, death, loss of property, cost of things, the lifespan, and financial risk of human beings.
Does that sound like something you are interested in? Excellent! Actuarial science is a field sought after in South Africa and has a great international window of opportunities. And for this reason only a few institutions offer degrees in actuarial science. These institutions are the University of Kwa-Zulu Natal, Wits University, Stellenbosch University, University of Cape Town, University of Pretoria and the University of the Free State.
Knowing where you can study this degree is one thing but to be admitted is another story of its own. Actuarial Science has one of the highest admission requirements for entry to a degree programme. You need to obtain a B aggregate in Mathematics on higher grade or a C aggregate in Mathematics on standard grade along with great achievement in a language or accounting.
The programme aims to develop a good understanding of the nature, scope and application potential of Mathematics in the financial sector. Additionally, you will also acquire the skills pertaining to the use of computers in the exact sciences.
This is a highly sought after qualification, especially in the field of insurance. Actuaries are also working in the fields of general management.
To qualify as an actuary will take about 8 years after you graduated from high school. You need to complete the undergrad degree, postgraduate degree, write the necessary examinations with the professional actuary bodies and then gain sufficient experience.
Only you know your potential and what you’re capable of. Study hard and in just a few more months you’ll start to build your future in a career that has a potential annual income close to R1 000 000 per year. Now that’s music to anyone’s ears.