Where to Study Actuarial Science in South Africa: The Best Programs & Career Guide
Actuarial science blends mathematics, statistics, and finance to assess risk and uncertainty, making it one of South Africa’s most prestigious and lucrative career fields. With a shortage of qualified actuaries and growing demand in insurance, investments, and beyond, choosing the right program is key to unlocking this rewarding profession.
Why Study Actuarial Science in South Africa?
South Africa’s actuarial field is globally recognized, with the Actuarial Society of South Africa (ASSA) setting rigorous standards aligned with international bodies like the Institute and Faculty of Actuaries (IFoA). Here’s why it’s a smart choice:
High Demand: ASSA reports fewer than 2,000 qualified actuaries for a population of 60 million, ensuring job security.
Top Salaries: Entry-level actuaries earn R500,000–R600,000/year, with seniors exceeding R1,000,000/year (Payscale, 2024).
Global Mobility: ASSA qualifications are respected worldwide, opening doors internationally.
Diverse Applications: Beyond insurance, actuaries work in banking, tech, and climate risk analysis.
Criteria for the Best Actuarial Science Programs
We evaluated programs based on:
- ASSA Exemptions: Number of exam exemptions offered (crucial for faster qualification).
- Curriculum Quality: Depth in mathematics, statistics, and financial modeling.
- University Reputation: Research output and global rankings (e.g., QS 2025, EduRank).
- Career Support: Bursaries, industry ties, and graduate success rates.
- Accessibility: Entry requirements and online/hybrid options.
Best Universities to Study Actuarial Science in South Africa
1. University of Cape Town (UCT) – BCom/BBusSci in Actuarial Science
- Why It’s the Best: UCT offers the most comprehensive program, with up to 13 ASSA exemptions (A1, A2, and some A3 subjects), the highest in South Africa. Ranked #171 globally (QS 2025), it’s a leader in actuarial training.
- Programs:
- BCom Actuarial Science: 3 years, broad financial focus.
- BBusSci Actuarial Science: 4–5 years, deeper specialization.
- Honours/Master’s: Additional exemptions and research options.
- Entry Requirements: NSC average ≥80%, Mathematics ≥80%, English ≥60%.
- Cost: ~R70,000/year (undergrad), bursaries via SAADP or ASSA.
- Standout Feature: Ties to Cape Town’s financial hub and alumni like Jonathan Mort, a top actuary.
- Career Edge: Graduates qualify faster, often in 6–8 years total.
2. University of the Witwatersrand (Wits) – BSc Actuarial Science
- Why It’s Elite: Wits has produced over 750 Fellow Actuaries since 1983, with a rigorous curriculum offering up to 10 ASSA exemptions. It’s Africa’s largest ASSA-accredited provider.
- Programs:
- BSc Actuarial Science: 3 years, strong mathematical base.
- Honours in Actuarial Science: 1 year, additional exemptions.
- Entry Requirements: NSC 40–41 points, Mathematics Level 7 (80%), English Level 6 (70%).
- Cost: ~R60,000/year, with Wits Equality Scholarships available.
- Standout Feature: Located in Johannesburg, South Africa’s economic heart, with links to firms like Discovery and Sanlam.
- Career Edge: High employability in insurance and finance.
3. University of Pretoria (UP) – BSc Actuarial and Financial Mathematics
- Why It Stands Out: UP balances actuarial and financial engineering training, offering 8–10 ASSA exemptions. Over 240 alumni are qualified actuaries, some in record time.
- Programs:
- BSc Actuarial and Financial Mathematics: 3 years, versatile foundation.
- BSc Honours Actuarial Science: 1 year, advanced exemptions.
- Entry Requirements: APS ≥35, Mathematics ≥80%, English ≥60%.
- Cost: ~R55,000/year, with NRF funding options.
- Standout Feature: Emphasis on computational skills and flexibility to switch to related fields.
- Career Edge: Strong alumni network in top SA and global firms.
4. Stellenbosch University (SU) – BCom Actuarial Science
- Why It’s Notable: SU’s program is ASSA-accredited with up to 12 exemptions, focusing on practical and theoretical rigor. It’s a top choice for mathematically gifted students.
- Programs:
- BCom Actuarial Science: 3 years, maximum exemptions.
- Honours in Actuarial Science: 1 year, research-focused.
- Entry Requirements: NSC average ≥80%, Mathematics ≥80%, English/Afrikaans ≥75%.
- Cost: ~R65,000/year, with company bursaries common.
- Standout Feature: Selection mark ≥85% ensures elite cohorts (average first-year Maths mark >90%).
- Career Edge: Graduates excel in technical actuarial roles.
5. University of Johannesburg (UJ) – BSc in Mathematical Sciences (Actuarial Science)
- Why It’s Great: UJ offers an affordable, practical program with 8 exemptions, ideal for students seeking value and flexibility.
- Programs:
- BSc Mathematical Sciences (Actuarial Science): 3 years, applied focus.
- Honours: 1 year, additional training.
- Entry Requirements: APS ≥33, Mathematics ≥80%, English ≥60%.
- Cost: ~R50,000/year, with SAADP bursaries available.
- Standout Feature: Johannesburg location aids networking with insurers like Old Mutual.
- Career Edge: Accessible entry with strong job outcomes.
Alternative Paths: ASSA Exams Without a Degree
Option: Enroll directly with ASSA, study independently, and write exams.
Pros: No degree required; ASSA provides materials.
Cons: No exemptions, longer qualification time (8–12 years), no SAADP funding.
Best For: Career switchers with math-based backgrounds.
Career Guide: Becoming an Actuary in South Africa
Steps to Qualification
- High School Prep: Achieve 80%+ in Mathematics and English.
- Undergraduate Degree: Complete a 3–4 year program from an ASSA-accredited university.
- ASSA Exams: Pass remaining exams (e.g., A3, F-series) while working (3–6 years).
- Work Experience: Gain practical skills at firms like Liberty or Momentum.
- Fellowship: Become a Fellow of ASSA (FASSA), typically in 6–9 years total.
Career Paths
- Actuary (Insurance):
- Role: Price policies, assess risks.
- Salary: R520,000–R1,200,000/year.
- Employers: Sanlam, Discovery.
- Quantitative Analyst:
- Role: Model financial markets.
- Salary: R450,000–R1,000,000/year.
- Employers: Standard Bank, Investec.
- Risk Manager:
- Role: Mitigate corporate risks.
- Salary: R500,000–R1,500,000/year.
- Employers: Eskom, Sasol.
- Consulting Actuary:
- Role: Advise clients on strategy.
- Salary: R600,000–R2,000,000/year.
- Employers: Deloitte, PwC.
Salary Progression
- Entry-Level (0–5 years): R500,000–R600,000/year.
- Mid-Level (5–10 years): R600,000–R1,000,000/year.
- Senior-Level (10+ years): R1,000,000–R2,000,000+/year.
How to Choose the Right Program
- For Maximum Exemptions: UCT or SU.
- For Flexibility: UP or UJ.
- For Prestige: Wits or UCT.
- For Affordability: UJ or UP with bursaries.
How to Get Started
- Apply: Check university portals (e.g., www.uct.ac.za, www.wits.ac.za).
- Fund It: Seek SAADP, ASSA, or company bursaries (e.g., Sanlam).
- Prepare: Strengthen maths via online tools like Khan Academy.
- Network: Join ASSA events or X groups like Actuaries SA.
Conclusion
South Africa offers world-class actuarial science programs at UCT, Wits, UP, SU, and UJ, each with unique strengths. Whether you aim for rapid exemptions (UCT), prestige (Wits), or affordability (UJ), these degrees pave the way to a high-earning, impactful career. With salaries topping R1,000,000/year and global opportunities, studying actuarial science in South Africa is a smart move for 2025. Start today—your future in risk and reward awaits!
