University of Stellenbosch
Actuarial Science Programme
1. What are Actuaries?
Actuaries have been described as being:
• Experts in the analysis and modelling of situations involving financial
risk and contingent events.
• Concerned with asset and liability management and associated risks –
in other words with both sides of the balance sheet.
• Professionals who are respected, trusted and admired, and who are
independent in outlook.
• Highly practical, innovative, versatile and numerate.
• Able to provide realistic solutions to complex problems and with a long
term forward looking outlook on issues.
• Good communicators who can explain methodology and conclusions to
others and contribute to multi-disciplinary teams.
2. How to become an Actuary
To become an actuary (a Fellow member of the Actuarial Society of South
Africa (ASSA) – an internationally-recognised qualification) – students will
need to pass the following set of examinations through ASSA:
Part A1 (Foundation Technical)
A111 Actuarial Statistics
A112 Business Economics
A113 Business Finance
Part A2 (Intermediate Technical)
A211 Financial Mathematics
A212 Risk Modelling and Survival Analysis
A213 Contingencies
A214 Loss Reserving and Financial Engineering
Part A3 (Core Principles)
A311 Actuarial Risk Management
Part NA (Normative Skills – Actuarial Professional Practice)
N111 Foundation Actuarial Professional Practice
N211 Communications
N311 * Core Actuarial Professional Practice
Part F1 (Fellowship Principles) – Any two subjects from:
F101 Health and Care Principles
F102 Life Insurance Principles
F103 General Insurance Principles
F104 Retirement and Related Benefits Principles
F105 Finance and Investment Principles
F106 Enterprise Risk Management
F107 Banking Principles
Part F2 (Fellowship Applications) – Any one subject from:
F201 Health and Care Applications
F202 Life Insurance Applications
F203 General Insurance Applications
F204 Retirement and Related Benefits Applications
F205 Finance and Investment Applications
F206 Banking Applications
Part NF (Normative Skills – Actuarial Professional Practice)
N411 * Fellowship Actuarial Professional Practice
* Taken while working, involving the attendance of workshops and group
discussions together with completing the required Work-based Learning
(WBL). Assessments may be online or by traditional examination.
3. University of Stellenbosch Actuarial Programme
The B.Com. (Actuarial Science) degree is structured as follows:
First Year:
• Actuarial Science 112 and 142
• Business Management 113 and 142
• Computer Science 113
• Economics 114 and 144
• Financial Accounting 188
• Mathematics 114 and 144
• Probability Theory and Statistics 144
Second Year:
• Actuarial Science 211 and 241
• Economics 214
• Financial Risk Management 212
• Mathematical Statistics 214, 245 and 246
• Mathematics 214 and 244
Plus at least one of:
• Financial Risk Management 242, or
• Economics 244
Third Year:
• Actuarial Science 311, 341 and 371
• Mathematical Statistics 312, 316, 344 and 364
Note:
Actuarial Science lectures will be presented in English (with simultaneous
translations available into Afrikaans for those who require this). In some of the
larger courses, e.g. first year Economics, separate English and Afrikaans
classes are likely to be available. The notes, tests and examinations in all
Actuarial Science modules will be in English. In other subjects students will
have the option of writing in English or Afrikaans.
4. Obtaining Exemptions from the Profession’s Examinations
The level of accreditation the university has with the Actuarial Society of
South Africa provides our graduates the opportunity to obtain the maximum
number of exemptions from the profession’s examinations available through
any university.
Our actuarial programme is structured in such a way that students can obtain
exemption from all of the Part A1 & A2 subjects (including the four associated
computer-based examinations) as well as the Foundation Actuarial
Professional Practice subject in the B.Com. (Actuarial Science) degree.
Exemption from the Part A3 subject and Communications are available in the
B.Com. Honours programme. Exemptions from subjects in Part F1 can be
obtained as part of a Postgraduate Diploma or Master’s degree.
To be recommended for an exemption for any given subject students need to
achieve an appropriate mark in the corresponding university course(s) as
outlined below:
ASSA subject Corresponding University Module(s)
A111 Mathematical Statistics 214, 245 and 246; and
Actuarial Science 311
A112 Economics 114, 144 and 214
A113 Financial Accounting 188;
Financial Risk Management 212;
Actuarial Science 142; and
Business Management 142
A211 Actuarial Science 211
A212 Actuarial Science 241 and 311; and
Mathematical Statistics 344 and 364
A213 Actuarial Science 341
A214 Actuarial Science 371
A311 B.Com. Honours (Actuarial Science) module
N111 Spread across the B.Com. (Actuarial Science) degree
N211 B.Com. Honours (Actuarial Science) module
5. Admission Requirements
Actuarial Science is an extremely demanding field of study and only very
dedicated and capable students are likely to succeed. The minimum
requirements for admission to the B.Com. (Actuarial Science) programme are:
• An NSC average based on the six best subjects, excluding Life
Orientation, 80%;
• Mathematics 80%;
• Home Language 60%;
• If English was not the home language: English First Additional
Language 75%.
The Bachelor’s programme is a Selection Programme. The Selection Mark,
on which selections will be based is calculated as the average of a student’s
best 6 NSC marks (or best 4 where students have fewer than 6 subjects),
including Mathematics and English/Afrikaans and excluding Life Orientation.
For automatic provisional acceptance applicants will need to have met the
minimum admission requirements and have a selection mark of at least 85%
(based on Grade 11 results, or NSC results if matriculated). Applicants with a
selection mark of below 85% will then be considered on academic merit,
taking account of the number of places available.
It should be noted that the average first year student in the programme
typically has a mark of slightly above 90% for Grade 12 mathematics and
close to a 90% overall aggregate for the NSC examinations.
6. Bursaries
Students can contact the Bursaries and Loans Department of the University at
+27 (0)21 808-4627.
Students may also wish to contact the large life insurance companies to
discuss the possibility of obtaining bursaries from them.
7. Further Information
For more information on the Actuarial programme of the University of
Stellenbosch contact either:
• The actuarial science secretary at e-mail actuarial@sun.ac.za or on
telephone +27 (0)21 808-3952, or
• Ms. HM Cilliers at hmc@sun.ac.za (Tel: +27 (0)21 808-3249).
For information on the university registration process please contact:
• Ms. L Delport at LaurenD@sun.ac.za (Tel: +27 (0)21 808-4837).
Students may wish to “job shadow” with an actuary to find out more about the
actuarial profession. Students can contact the companies using actuaries
directly to find out whether such opportunities exist.
For more information on an actuarial career visit the websites of:
• The Actuarial Society of South Africa at www.actuarialsociety.org.za &
• The Institute and Faculty of Actuaries at www.actuaries.org.uk
Prof. G Slattery
Head: Actuarial Science
Department of Statistics and Actuarial Science
February 2023
