The Actuarial Society has the following classes of membership:
Fellow member (FASSA), a person who has successfully completed such examinations and who has met such requirements on professionalism as may be prescribed
- Associate member (AMASSA), a person who has successfully completed such examinations and who has met such requirements on professionalism as may be prescribed
- Student member, a person who has such educational qualifications and who is following a course of study for such examinations as may be prescribed
- Affiliate member, a person who has such educational qualifications and is active in such areas as may be prescribed
- Library member, a person who has an interest in actuarial science but is not eligible for membership in another class
- Honorary member, a person who has rendered particularly valuable assistance in promoting the objects of the Actuarial Society.
The Associateship training provides a general background in financial risk management and will enable members to apply their toolkit of actuarial techniques in a wide variety of areas. The Fellowship training builds on the base of subjects required for the Associateship and provides an in-depth specialization in any one of the main practice areas. The Fellowship designation is required for statutory roles in South Africa.
The Actuarial Society has also been accredited to award the designation of Chartered Enterprise Risk Actuary (CERA) which enables actuaries to apply their acquired skills as enterprise risk management (ERM) practitioners. FASSA or AMASSA is a pre-requisite designation for the award of CERA.