The Student Handbook published annually provides essential information on dates, syllabus, tuition, courses, examinations and exemptions for the Actuarial Society’s professional qualification.
Student Handbook 2016
Since 2010 the Actuarial Society has offered its own Fellowship (FASSA) and Associateship (AMASSA) designations as internationally recognized professional qualifications.
To qualify as an actuary in South Africa, you need to complete the subjects prescribed in the syllabus of the Actuarial Society. Exemptions from many of these subjects can be obtained by completing relevant subjects at accredited universities. Assessment of the final Fellowship stage of the qualification is conducted by the Board of Examiners appointed by the Actuarial Society.
Requirements for professional qualification also include specified periods of experiential learning known as work-based learning (WBL) and attendance at a professionalism course.
Lifelong learning is facilitated though an organized system of continuing professional development (CPD).
Some Actuarial Society members perform functions that require them to comply with the fit and proper requirements of the Financial Advisory and Intermediary Services (FAIS) Act, including qualification requirements and regulatory exams.
In 2010 the Actuarial Society’s FASSA and AMASSA qualifications were recognized as generic qualifications.
Actuarial Society members are not currently exempted from any of the
- The first level regulatory exam is compulsory and no exemption is possible.
- The generic recognition of FASSA and AMASSA does not provide exemption from the product-specific second level regulatory exams. The Actuarial Society is awaiting the outcome of another application submitted in 2012 for recognition of the FASSA qualification as a specific qualification which would provide exemption from the second level regulatory exams in the product categories where such recognition is granted.
FAIS notice: Generic recognition of FASSA (pdf)
FAIS notice: Generic recognition of AMASSA (pdf)