The members of the Actuarial Society of South Africa (“ASSA” or “The Society’”) are part of a highly regarded profession. ASSA members who are active in the actuarial profession and in wider fields are in demand and are recognised for their problem solving skills, analytical abilities and their normative and thought leadership training. As a member of ASSA you will be part of an exclusive and sought after career, with the support of a network of elite peers throughout South Africa, the broader continent of Africa and globally.
The actuarial profession is constantly evolving according to the changing world around its existence. The role of actuaries, those journeying towards designated actuarial qualification and those who are affiliated and interested in the profession must align with increasing technology advancement, challenges like climate change and increased globalisation. ASSA provides opportunities for Student and Technical members to develop strong technical, normative, analytical and high levels of professionalism skills. All ASSA members have the opportunity to access strategic business acumen, topical matters in the public interest that will allow for impacts towards improved societal advancements and a successfully led private sector in South Africa.
DESIGNATED MEMBERSHIP CATEGORIES
Fellowship (FASSA)
A Fellow member of the Actuarial Society of South Africa (FASSA) is a fully-qualified and designated actuary with an in-depth specialisation in any one of the main actuarial practice areas.
A FASSA is a member who in addition to completing all the requirements of the AMASSA designation, has completed the Fellowship principles and Fellowship applications exam, the Fellowship professionalism as well as Work Based Learning (WBL) requirements. FASSAs are able to challenge thinking, particularly in applying actuarial judgement and may be selected into statutory roles in South Africa.
These are voting members of ASSA and are held in high esteem throughout South Africa and internationally and are therefore eligible for membership through mutual recognition agreements (MRA) with MRA partner institutions, subject to conditions.
Associateship (AMASSA)
An Associate member of the Actuarial Society of South Africa (AMASSA) is a designated actuary who has completed the foundation, intermediate examinations, communications as well as the actuarial risk examinations. Further to these examinations the individuals have to complete the required Normative Skills and Work Based Learning criteria. They are considered and recognised as qualified with a general background in financial risk management. These members may be referred to with the title of Actuary.
Associate Members are voting members of ASSA and are recognised for their ability to apply actuarial techniques to a wide variety of areas.
The ASSA constitution formally describes an Associate member as a person:
- Who has successfully completed such examinations as may be prescribed and who has met such requirements on professionalism as may be prescribed or as the Council may approve in any particular case; or
- Who is an Associate of an actuarial organisation with which the Society has established a mutual recognition agreement and who is eligible in terms of that agreement; and
- Who is considered by the Council to be qualified by virtue of training, experience and ability.
This member is permitted to use the acronym AMASSA and the title of “Actuary”.
Chartered Enterprise Risk Actuary (CERA)
A Chartered Enterprise Risk Actuary (CERA) must be a designated Fellow or Associate member of the Actuarial Society of South Africa. These actuaries have successfully completed the prescribed examination and professional course programme, which includes the Enterprise Risk Management (F106) examination and the Applied Enterprise Risk Management (C100) course. These members are recognised for driving better business decisions and are able to practice as enterprise risk management (ERM) practitioners.
CERA members with ASSA are part of the Globally recognised designation with the CERA Global Association.
This member is permitted to use the title of “Actuary”
A non-designated Member is a member that has not attained Designated membership status with ASSA and this member does not have the right to use the acronyms AMASSA or FASSA nor the title of Actuary.
NON-DESIGNATED MEMBERSHIP CATEGORIES
Technical Member of ASSA
The Technical member category (TASSA) recognises the achievement of student members who have successfully completed the Foundation and Intermediate Technical level exams as well as the Normative Skills Foundation Actuarial Professional Practice (APP). TASSA members are differentiated from student members who have not yet attained this proficiency.
This member is not permitted to make use of acronyms or the title “Actuary”
Honorary Actuarial Membership
Honorary actuarial membership is granted by Council to persons who have made a significant impact on the progression of the actuarial profession. These individuals, through their own accord have promoted the values and objectives of ASSA and have created opportunities through thought leadership, transformative acts, and personal contributions to diversify and grow the society.
The ASSA Constitution describes an Honorary member as a person:
- who, in the opinion of the Council, has rendered or is able to render particularly valuable assistance in promoting the objects of the Society.
This member is not permitted to make use of acronyms or the title “Actuary”.
Affiliate Member
The ASSA constitution describes an Affiliate member as a person who has such educational qualifications as the Council may prescribe and is active in such areas as the Council may prescribe, or holds a senior position in a firm that is active in such areas.
In addition to requiring two professional referrals from Fellows of ASSA, an Affiliate member must be either:
- A Designated Actuarial Member by examination of another professional body that specialises in one or more areas; or
- A partner / principal of a professional firm involved in one or more areas of specialisation; or
- An executive position in a business involved in one or more areas of specialisation;
Areas of specialisation include capital projects, corporate finance, derivatives, enterprise and financial risk management, general insurance, healthcare, investment, life insurance, pensions, personal finance and statistics.
This member is not permitted to make use of acronyms or the title “Actuary”.
Student Member
The ASSA constitution describes a Student member as a person who has such educational qualifications and who is following a course of study for such examinations as the Council may prescribe.
Student membership is required to enter for professional actuarial examinations or to apply for exemptions. In addition to requiring two professional referrals (of at least one must be a Fellow of ASSA) a Student member must meet the prescribed academic and performance requirements.
This member is not permitted to make use of acronyms or the title “Actuary”.
Library Member
The ASSA constitution describes a Library member as a person who has an interest in actuarial science, but is not eligible for membership in another class.
Library members have an interest in actuarial science or provide critical support roles to members of the actuarial fraternity. At least one referral from a Fellow of ASSA is required to apply for Library membership. Library members will receive general communication and notices that are sent out by the Society.
This member is not permitted to make use of acronyms or the title “Actuary”.
Non-Member
The non-member category applies in isolated instances, only to transact and access specific education activities. This applies to a person who is not eligible for student membership but wish to pursue actuarial studies. This category will apply to Student members from international affiliated actuarial organisations who have outsourced certain professional exams to ASSA.
No credit will be granted to non-members.
Non-members are not permitted to make use of acronyms or the title “Actuary”.