Exemption Agreement with the Actuarial Society of South Africa (ASSA)
After completing an honours degree in Actuarial Science, a student is still nothing more than a student. To become an Actuary (Fellow of the Actuarial Society of South Africa – FASSA), one needs to enroll through a professional body and pass a series of, more or less, 16 exams. The South African professional body, the Actuarial Society of South Africa (ASSA), makes use of the curriculum of the British professional body, the Faculty/Institute of Actuaries.
We have an exemption agreement with ASSA, allowing students who perform well to obtain exemptions for many subjects. These exemptions allow graduates to continue with the next level of professional subjects directly through ASSA. In plain language: We can take you halfway to becoming an Actuary.
A closer look at our exemption agreement***:
- ASSA - UFS
- A111 - STSM 1614, 1624, 2616, 2626, 3714, 3734 **
- A112 - EECF1614, 1624, EMIC2714, EMAC2724 **
- A113 - ACSF1613, ACSF1623 **
- A211 - ACSF2746 *
- A212 - ACSS3708 *
- A213 - ACSL6816 *
- A214 - ACSM3708 *
- A311 - ACSG6800 *
* These subjects are core Actuarial subjects. The exemption mark is set by an independent examiner approved by ASSA. Successful candidates usually form the top 20-40% of the class.
** These subjects are non-core Actuarial subjects. To qualify for an exemption a student must get 60% for every module in the list, as well as a 65% average over each year of study for modules within that list. For example, A112 requires 60% final mark for each of the four economics modules, and a 65% average for the two first-year modules, and a 65% average for the two second-year modules.
*** We are in the process of applying for the following ASSA exemptions from 2025:
Undergraduate degree: All A1 and A2 level subjects
Postgraduate degree: A311, N211, and F102
NB: The UFS recommends exemptions based on its accreditation status and accreditation rules. These are then accepted and processed by the Education Board of ASSA, by exempting such subjects from repeated examination by ASSA.The UFS can only recommend exemptions for undergraduate modules completed at the University of the Free State after a B.Sc. in Actuarial Science or a B.Sc.Hons. in Actuarial Science is obtained here. As such, existing undergraduate students transferring from other universities should request their exemption recommendations for all non-UFS modules from the transferring university, or attempt the modules at the UFS or ASSA.Note that the UFS is an approved examination centre for all ASSA examinations.
Contact
For more information about obtaining exemptions, you may contact: