The Department of Mathematical Statistics and Actuarial Science presents a full-time degree in BSc (Actuarial Science). This degree, together with its honours counterpart, equips graduates with the skills required for an Actuarial Assistant.

Definition

Actuaries apply financial and statistical theories to solve real business problems. These business problems typically involve analysing future financial events, especially when a future payment amount, or the timing of the payment, is uncertain. A large part of an actuary's work might be seen as 'risk management', assessing how likely an event may be and the costs associated with it.

An actuary is the financial and mathematical jack of all trades who attempts to negotiate and mitigate future financial risks. Unlike other financial professionals who focus on the past, actuaries work with the future. Actuaries use the scientific concept of probability to estimate the likelihood or to model the realisation of future risks or undesirable outcomes.

What does an actuary do?

Actuaries are traditionally employed by insurance firms. In South Africa, life insurance firms are large corporate financial firms which allow the full utilisation of the diverse skills of the actuarial professional. Many of the large insurance (life, medical, and short-term) firms have actuaries as CEOs (Chief Executive Officers). Investment and banking firms, such as investment houses, also employ actuaries.

Entry Requirements

The entry requirements for the programme is a level 7 mark for Mathematics (80%), as well as a minimum AP score of 34. This is NOT a selection course – anyone who meets the requirements may register for the course.

 


FACULTY CONTACT

Faculty Manager: Ms Lee-Ann Frazenburg
T: +27 51 401 3199
E: damonsle@ufs.ac.za

Marketing Manager: Mrs Elfrieda Lötter
T: +27 51 401 2531
E: lottere@ufs.ac.za

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