Pathway to becoming an Actuary

Actuarial Society subjects and UK equivalents

Subjects required for completion of Associateship (AMASSA)
Students are required to complete all components in Parts A1, A2, A3 as well as A4.

Assa Learning Path to Associateship (AMASSA)

Foundation Technical

SA Codes

  • A101 : Probability and Mathematical Statistics
  • A102 : Economics
  • A103 : Finance and Financial Reporting

UK Codes

  • CT3 : Probability and Mathematical Statistics
  • CT7 : Economics
  • CT2 : Finance and Financial Reporting

Intermediate Technical

SA Codes

  • A201 : Financial Mathematics
  • A202 : Models
  • A203 : Contingencies
  • A204 : Statistical Methods
  • A205 : Financial Economics

UK Codes

  • CT1 : Financial Mathematics
  • CT4 : Models
  • CT5 : Contingencies
  • CT6 : Statistical Methods
  • CT8 : Financial Economics

Core Principles

SA Codes

  • A301 : Actuarial Risk Management
  • A302 : Communications

UK Codes

  • CA1 : Actuarial Risk Management
  • CA3 : Communications

Normative Skills

SA Codes

  • NS400: Foundation Actuarial Professional Practice
  • A400 : Core Actuarial Professional Practice

UK Codes

  • N/A

Associate Professional Skills

SA Codes

  • A401 : Business Awareness Module
  • A402 : Model Documentation, Analysis and Reporting
  • A403 : Associateship Work Based Skills
  • A404 : Associateship Professionalism Course

UK Codes

  • N/A
Part 1

Foundation Technical

SA Codes

  • A101 : Probability and Mathematical Statistics
  • A102 : Economics
  • A103 : Finance and Financial Reporting

UK Codes

  • CT3 : Probability and Mathematical Statistics
  • CT7 : Economics
  • CT2 : Finance and Financial Reporting
Part 2

Intermediate Technical

SA Codes

  • A201 : Financial Mathematics
  • A202 : Models
  • A203 : Contingencies
  • A204 : Statistical Methods
  • A205 : Financial Economics

UK Codes

  • CT1 : Financial Mathematics
  • CT4 : Models
  • CT5 : Contingencies
  • CT6 : Statistical Methods
  • CT8 : Financial Economics
Part 3

Core Principles

SA Codes

  • A301 : Actuarial Risk Management
  • A302 : Communications

UK Codes

  • CA1 : Actuarial Risk Management
  • CA3 : Communications
Part 4

Normative Skills

SA Codes

  • NS400: Foundation Actuarial Professional Practice
  • A400 : Core Actuarial Professional Practice

UK Codes

  • N/A
Part 4 - Transitional

Associate Professional Skills

SA Codes

  • A401 : Business Awareness Module
  • A402 : Model Documentation, Analysis and Reporting
  • A403 : Associateship Work Based Skills
  • A404 : Associateship Professionalism Course

UK Codes

  • N/A

Subjects required for completion of Fellowship (FASSA)

Students are required to complete all components in Parts A1, A2, A3 and two F1 series and one F2 series subjects.
For Part F1, students must complete two subjects in the F101 – F106 range

Prerequisites for attempting the F1 subjects:

  • Knowledge and understanding of Actuarial Risk Management (A301) are fundamental for the successful completion of the F1 series subject. The pre-requisite for the F1 series subjects is at least an FA for Actuarial Risk Management (A301), or a University pass for the equivalent subject, before a student can attempt an F1 series subject.

For the F2 subjects:

Students must complete the Associate study path and then one subject in the F20x range. Students who are transitional to the Normative Skills programme (transitional arrangements will be phased out) are required to complete the Generic Practice Module Assessment (F210) as well.

Foundation Technical

SA Codes

  • A101 : Probability and Mathematical statistics
  • A102 : Economics
  • A103 : Finance and Financial Reporting

UK Codes

  • CT3 : Probability and Mathematical statistics
  • CT7 : Economics
  • CT2 : Finance and Financial Reporting

Intermediate Technical

SA Codes

  • A201 : Financial Mathematics
  • A202 : Models
  • A203 : Contingencies
  • A204 : Statistical Methods
  • A205 : Financial Economics

UK Codes

  • CT1 : Financial Mathematics
  • CT4 : Models
  • CT5 : Contingencies
  • CT6 : Statistical Methods
  • CT8 : Financial Economics

Core Principles

SA Codes

  • A301 : Actuarial Risk Management
  • A302 : Communications

UK Codes

  • CA1 : Actuarial Risk Management
  • CA3 : Communications

Fellowship Principles

SA Codes

  • F101 : Health and Care Principles
  • F102 : Life Insurance Principles
  • F103 : General Insurance Principles
  • F104 : Retirement and Related Benefits Principles
  • F105 : Finance and Investments Principles
  • F106 : Enterprise Risk Management

UK Codes

  • ST1 : Health and Care Specialist Technical
  • ST2 : Life insurance Specialist Technical
  • ST3 : General Insurance Specialist Technical
  • ST4 : Pensions and Other Benefits Specialist Technical
  • ST5 : Finance and Investments Specialist A
  • ST9 : Enterprise Risk Management

Fellowship Applications

SA Codes

  • F200 : Research Options
  • F201 : Healthcare Applications
  • F202: Life Insurance Applications
  • F203 : General Insurance Applications
  • F204 : Retirement and Related Benefits Applications
  • F205 : Investment Applications
  • F206 : Banking Applications

UK Codes

  • SA0 : Research Options
  • SA1 : Health and Care Specialist Applications
  • SA2 : Life Insurance Specialist Applications
  • SA3 : General Insurance Specialist Applications
  • SA4: Pensions Specialist Applications
  • SA5 : Pensions and Other Benefits Specialist Applications

Normative Skills

SA Codes

  • NS400:  Foundation vActuarial Professional Practice
  • F300  :   Core Actuarial Professional Practice
  • F400  :   Fellowship Professional Practice

UK Codes

  • N/A

Fellowship Professionalism Skills

Transitional students

SA Codes

  • A401 : Business Awareness Module
  • A402 : Model Documentation, Analysis and Reporting
  • A403 : Associateship Work Based Skills
  • A404 : Associateship Professionalism Course

UK Codes

  • N/A
  • N/A
  • N/A
  • Professionalism Skills Course (PSC)

Becoming a Certified Enterprise Risk Actuary (CERA)

Information on becoming a CERA

Accredited Universities:

Universities that are accredited with the Actuarial Society:

Accredited subjects per university:

UNIVERSITY A1 SUBJECTS A2 SUBJECTS A3 SUBJECTS F1 SUBJECTS
Cape Town A101-A103 A201-A205 A301 & A302 F101-F105
Pretoria A101-A103 A201-A205 A301 & A302 F102 & F105
Stellenbosch A101-A103 A201-A205 A301 & A302 F101-F105
Witwatersrand A101-A103 A201-A205 A301 & A302 F101-F105
Free State A101-A103 A201-A205 A301
North West A101-A103 A201-A205 A301
Nairobi A101 -A102

Mutual Recognition Agreements

View  the Mutual Recognition Agreements (MRAs) with international Institutions  HERE

Exemptions

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. No exemption applications can be processed until a membership number has been issued.

First time applicants must complete all the relevant sections of the Exemption Application Form . Please submit your exemption application with your declaration attached to ASSA Member Services:

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

Exemption Application Process

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.

Tables of South African subjects codes and UK equivalents

ASSA Subject Codes IFoA (UK) Subject Codes
A101: Probability and Mathematical Statistics CT3: Probability and Mathematical Statistics
A102: Economics CT7: Economics
A103:Finance and Financial Reporting 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
F106: Enterprise Risk Management ST9: Enterprise Risk Management