Becoming An Actuary

What Do Actuaries Do?

Imagine someone who’s a financial superhero, helping people and businesses prepare for what might happen next. That’s an actuary! Actuaries use math, statistics, and logic to solve tricky problems, especially those involving money and things that are uncertain in the future. Think about these examples:

Insurance: How much should an insurance company charge for car insurance or health insurance? An actuary figures out the fair price, making sure the company can pay out claims when needed.
Pensions: If your parents are saving for retirement, an actuary helps make sure their pension fund is investing wisely, balancing how much money it could make with how risky those investments are.
Banks: When someone gets a home loan, an actuary helps banks understand the risk that some customers might not be able to pay back their debt.

Basically, actuaries take confusing future possibilities and make them clear and understandable. This helps people and businesses plan confidently and get fair deals in a world that’s always changing.

They’re known for finding smart, practical solutions to big problems, always thinking about the long term. They’re clever with numbers, think outside the box, and always act with high standards and ethics, making sure things are fair for everyone involved.

ASSA often get asked what does an Actuary earn. The Actuarial Society of South Africa does not benchmark actuarial remuneration. As such I am unable to provide you with this information, salary range will vary based on years of experience for qualified actuaries.

What Skills Do Actuaries Have?

Actuaries undergo rigorous academic and practical training in order to master a wide range of skills, including:

Analysing and managing uncertainty
Financial and mathematical modelling, including mortality and morbidity rates
Evaluating financial consequences
Analysis of risk and risk management
Scientific pricing and reserving techniques
Asset/liability management
Overall financial management
Communication of complex financial concepts in understandable terms

Designations

An ASSA designation refers to a professional qualification awarded by the Actuarial Society of South Africa (ASSA). These designations signify that an individual has met rigorous academic, examination, and practical experience requirements, certifying them as a qualified actuary in South Africa.

ASSA supports qualifications across the following designations:

TASSA (Technical member)
AMASSA (Associate member)
FASSA (Fellowship member)
CERA (Chartered Enterprise Risk Actuary)

More information about ASSA designations.

ASSA Designations

The Current Number of ASSA Members

Fellows

Associates

Technical

Students

Affiliates

Pathways to Becoming an Actuary

Take a look at the following videos on the pathways to becoming an Actuary

Career Paths for Actuaries

Where Do Actuaries Work?

Actuaries have an extensive skill set, which makes them very valuable in the workplace. Although the list is not exhaustive, these are some areas where the actuarial toolkit has added value:

Insurance: investigating, analysing and explaining a wide range of numerical information to create and price polices, or to ensure they have sufficient funds to cover claims.
Pensions: designing and advising on company pension schemes, especially placing a value on accumulated pension commitments.
Investments: involved in research and on the pricing and management of investments, particularly in mitigating the risk of investments, and often using their understanding of insurance or pension liabilities to manage the corresponding assets.
Banking: calculating and quantifying an array of risks faced by these institutions, such as the inability of some borrowers to repay their debt, or the risk of a fall in financial markets.
Healthcare: investigating, analysing and explaining a wide range of health and medical information to price contributions to medical schemes or assess the impact on the industry of regulation changes.
Risk management: assisting businesses to better understand the multiple risks they face holistically and comprehensively, as well as providing assistance and guidance in terms of how to understand their impact and how they can best be managed.

Although many actuaries traditionally work in the financial services industry, many have used their training to branch into wider business fields.

Take a look at the following video clips of professional actuaries in the industries below:

BANKING ACTUARY

LIFE INSURANCE ACTUARY

It is a difficult road to qualify as an actuary, but the rewards are well worth the effort.

STEP 1

HAVE A STRONG MATHEMATICAL CAPABILITY

You’ll definitely need this to become an actuary. Ensure your high-school maths marks are strong! But it’s worth noting that whatever you eventually decide to do, taking maths will broaden your career options.

STEP 2

GET A GOOD DEGREE

Students can enrol directly into university (have a look at the list of ASSA Accredited Universities) for an actuarial science degree. Each University have their own acceptance criteria, so contact your chosen university to find out more.

The actuarial profession is also open to individuals in other careers but there are some strict requirements.

STEP 3

FIND AN ACTUARIAL TRAINEE ROLE

After university, join an actuarial firm and develop your skills while you complete your qualification through ASSA. There is no age limit for joining the profession. If you’re interested in changing from another career or profession, we usually recommend you undertake one or two of our examinations independently, to assess your skills. Your experience in your current career may be valuable to an actuarial firm, and you may wish to contact actuarial employers directly to discuss your potential.

STEP 4

REGISTER AS AN ACTUARIAL STUDENT & GAIN YOUR QUALIFICATIONS

To become an Associate or a Fellow of the Actuarial Society you must pass our examinations, or be granted exemption from them, and also attain a satisfactory level of work-based skills.
This usually takes between three and eight years. You study by distance learning, and many employers offer support for study, some offering paid study leave during your training.

STEP 5

ENJOY A JOB ANYWHERE IN THE WORLD

Within the actuarial profession there are many different and exciting career paths, and once you’re qualified, your skills can take you anywhere. Some actuaries specialise in technical research, while others may focus more on commercial activities. Some go on to be practising specialists in one of the traditional financial fields, with others becoming senior managers in insurance companies or firms of consultants.

ASSA STUDY ROADMAP

SUBJECTS AND COURSES I NEED TO COMPLETE

The ASSA study roadmap will guide you to that you need to complete to qualify and an Associate or Fellow Actuary.

Road to Becoming an Actuary

What if I have not studies a degree in Actuarial Science or my studies were from a non-accredited institution?

Criteria to apply for further actuarial studies through ASSA when you come from a non-accredited institution or degree:

Complete a Bachelor’s degree from a SAQA-accredited institution. International institutions must also be SAQA-accredited.
An average pass of at least 70% for first-year scientific pure or applied mathematics modules and an average pass of at least 65% for second-year scientific pure mathematics, applied mathematics, or mathematical statistics modules.
A pass in the ASSA subject A211 Financial Mathematics as a non-member.
A completed referee recommendation form (this requirement is non-negotiable) that must be signed.

Ensure you read the detail of these criteria before applying.

Admission criteria for non-accredited applicants

MATHEMATICS IS OUR FUTURE – IZIBALO SEKUSASA LETHU

Browse the Mathematics Is Our Future – Izibalo sekusasa lethu booklet to see various options to get you started with your future career.

Mathematics is Our Future – Izibalo sekusasa lethu booklet

Accredited Universities

Universities that are Accredited with the Actuarial Society