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Exemption Applications Policy

Please refer to the Exemption Policy document here: Exemption Policy.pdf

Introduction

Exemption applications are required for subjects written with accredited universities. To apply for exemption you must be a registered member of the Actuarial Society of South Africa. First time applicants must complete all the relevant sections of the Exemption Application Form. No exemption applications can be processed until a membership number has been issued.
Please submit your membership application with your declaration attached to ASSA Member Services:

Email: memberservices@actuarialsociety.org.za 
Administration Office
Actuarial Society of South Africa
PO Box 4464
Cape Town, 8000, RSA
Tel. +27 21 509 5242
Fax: +27 21 509 0160

Please find the mapping of the South African and UK subject codes at the bottom of this document

Exemption Application Process

 (To be completed only after receipt of a membership number from the Actuarial Society of South Africa’s Membership Office).
Application forms must be fully completed. Required documentation for such an application includes a letter of recommendation from the university’s Accreditation Actuary.
Original Official Academic Records must be submitted with the application. Incomplete application forms will not be processed.
Invoices will be sent from the Finance Department. Proof of payment must be sent to the Finance Department. Please do not make payment before you have received an invoice.
Applications for exemptions will take approximately 21 working days to process from the date that we receive the complete application. This is subject to change according to the complexity of your application and the volume of applications received at peak application times. You will be notified in writing of the outcome of any application for exemptions received.

University Documentation

If you have completed an accredited programme, or another university programme, from a university that has an exemption agreement with the Actuarial Society, you must submit the following three documents:

  • A certified copy of your degree certificate 
  • Original Official Academic Record (i.e. not simply a printout from a website). 
  • Recommendation for exemption by the university’s Accreditation Actuary 
  • Exams passed with other actuarial bodies 
  • If you have completed exams or a programme with a recognized actuarial or other professional body, you must include with your application:
  • A certified copy of your exam certificate, or alternatively, a certified official letter from the actuarial body or professional body.
  • If you are applying for exemption from A401, please include a printout of your online results.

Certification of Documents

 All certification of copies should be done by a Commissioner of Oaths.

Important Information

The Actuarial Profession strongly advises you to:

  • Apply for your exemptions as soon as possible after completing and passing one or more of the recognized qualifications.

  • Contact the Actuarial Society immediately if you are concerned that our records do not hold details of exemptions you may be entitled to.
  • If you do not formally apply for exemptions you believe you are eligible for, or if you are eligible for an exemption but do not pay the relevant fee, your exemptions record will be incomplete, and as a result you will not appear on the final qualification pass lists.
  • There is not a specified period within which you should apply for an exemption, however some of your exemptions may no longer be valid if there is a material change to the subject structure of the curriculum so that the relevant subject does not map to an equivalent subject in the new system. Any applications should also be based on a recommendation by the accredited institutions and we cannot accept any applications if the institutions do not have record or can’t validate the applications. We therefore strongly advise you to apply for your exemptions as soon as possible after becoming a member or after completing an actuarial qualification at an accredited university.

Exemption applications with reference to subjects passed through the UK IFoA before April 2010 will have no cost attached.



Cost of Exemptions

Please refer to the Fees Schedule for a breakdown of the cost per exemption. Please note that payment must be made within 30 days of invoicing.

Make application here:

Ensure that you have all the necessary supporting documents and that you are able to make the payment for the cost of the exemption within 30 days before submitting to: memberservices@actuarialsociety.org,za

Tables of Actuarial Society subjects and UK equivalents 

RSA Subject Codes UK Subject Codes
 A101: Probability and Statistics CT3: Probability and Mathematical Statistics
 A102: Economics  CT7: Economics
 A103: Accounting  CT2:Finance and Financial Reporting
 A201: Financial Mathematics  CT1: Financial Mathematics
 A202: Models  CT4: Models
 A203: Contingencies  CT5: Contingencies
 A204: Statistical Methods  CT6: Statistical Methods
 A205: Financial Economics  CT8: Financial Economics
 A301: Actuarial Asset and Liability Management  CA1: Actuarial Risk Management
 F106: Enterprise Risk Management
 ST9: Enterprise Risk Management

Accredited universities with exemption agreement subjects

North West University

 AS Subject IFA Subject  Subject name
 A201 CT1 Financial Mathematics
 A103 CT2 Finance & Financial Reporting
 A101 CT3 Probability & Mathematical Statistics
 A202 CT4 Models
 A203 CT5

Contingencies 

 A204 CT6 Statistical Methods
 A102 CT7 Economics
 A205 CT8

Financial Economics

 A301
Actuarial Risk Management


University of Pretoria 

 

AS Subject  IFA Subject Subject name
 A201 CT1 Financial Mathematics
 A103 CT2 Finance & Financial Reporting
 A101 CT3 Probability & Mathematical Statistics
 A202 CT4 Models
 A203 CT5 Contingencies
 A204 CT6 Statistical Methods
 A205 CT8 Financial Economics
 A102 CT7 Economics
 A301
Actuarial Risk Management
 A302
Communications (acceptable from 6 October 2015)
 F102
Life Insurance Specialist Technical
 F105
Finance & Investment Specialist Technical A


University of the Free State

AS Subject  IFA Subject Subject name
 A201 CT1 Financial Mathematics
 A103 CT2 Finance & Financial Reporting
 A101 CT3 Probability & Mathematical Statistics
 A202 CT4 Models
 A203 CT5 Contingencies
 A204 CT6 Statistical Methods
 A102 CT7 Economics
 A205 CT8 Financial Economics

 
University of Cape Town

AS Subject IFA Subject Subject name
A201 CT1 Financial Mathematics
A103 CT2 Finance & Financial Reporting
A101 CT3 Probability & Mathematical Statistics
A202 CT4 Models
A203 CT5 Contingencies
A204 CT6 Statistical Methods
A102 CT7 Economics
A205 CT8 Financial Economics
A301
Actuarial Risk Management
A302
Communications
F101
Health and Care Specialist Technical
F102
Life Insurance Specialist Technical
F103
General Insurance Specialist Technical
F104
Pension & Other Benefits Specialist Technical
F105
Finance & Investment Specialist Technical A

 
University of Stellenbosch

AS Subject  IFA Subject Subject name
A201 CT1 Financial Mathematics
A103 CT2 Finance & Financial Reporting
A101  CT3 Probability & Mathematical Statistics
A202 CT4 Models
A203 CT5 Contingencies
 A204 CT6 Statistical Methods
 A102 CT7 Economics
 A205 CT8 Financial Economics
 A301
Actuarial Risk Management
 A302
Written Communication
 F101
Health and Care Specialist Technical
 F102
Life Insurance Specialist Technical
 F103
General Insurance Specialist Technical
 F104
Pension & Other Benefits Specialist Technical
 F105
Finance & InvestmentSpecialist Technical A

 

University of the Witwatersrand

 

AS Subject  IFA Subject Subject name
A201 CT1 Financial Mathematics
A103 CT2 Finance & Financial Reporting
A101 CT3 Probability & Mathematical Statistics
A202 CT4 Models
A203 CT5 Contingencies
A204 CT6 Statistical Methods
A102 CT7 Economics
A205 CT8 Financial Economics
A301
Actuarial Risk Management
A302
Written Communication
F101
Health & Care Specialist Technical
F102
Life Insurance Specialist Technical
F103 
General Insurance Specialist Technical
F104
Pension & Other Benefits Specialist Technical
F105
Finance & Investment Specialist Technical A