Actuarial science salary and duties in South Africa for 2024
Actuaries play a crucial role in various sectors, applying their analytical, statistical, and mathematical skills to solve financial and business problems. It is currently one of the highly sought-after professions in SA with competitive compensation. This article highlights all you need to know about actuarial science salaries in the country.
Source: UGC
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Actuaries are highly valued for their ability to provide realistic solutions to complex problems, making them essential in the fields of insurance, pensions, finance, and investments. Their primary duties involve using statistical methods to assess risk and make informed decisions. As the demand for actuaries continues to grow, so do actuarial science salaries, making it a promising career.
Actuarial science salary in South Africa
The average actuary salary in South Africa is R713,000 per year, according to PayScale. Their average earnings per month are estimated to be around R59,400.
How much is the actuarial science starting salary in South Africa?
At the entry level, the actuary's salary per month is estimated to be R21,500 (approx. R259,000 per year), according to PayScale. At the highest level, the most experienced professionals can earn as much as R167,000 per month (approx. R2 million per year), according to Glassdoor.
How much do junior actuarial analysts make in South Africa?
Junior actuarial analysts earn an average salary of R378,000 per year (R31,500 monthly), according to PayScale. Depending on their employer, these professionals can earn up to over R515,000 per year (R42,900 monthly).
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Which type of actuary gets paid the most?
The highest-paid professionals in the field are actuarial fellows, earning an average annual salary of R1.17 million per year, according to Salary Expert. Other high-paying jobs in the field include;
- Chartered enterprise risk analyst: R938,000 p.a.
- Actuarial manager: R905,000 p.a.
- Actuarial consultant: R510,000 p.a.
Actuarial science duties and responsibilities in SA
Some of the key duties and responsibilities of actuaries in SA include the following;
- Risk analysis and management: They analyze statistical data to assess and manage risks. This includes developing new risk analysis models for companies.
- Financial forecasting: They estimate the economic costs of events such as death, accidents, or natural disasters. This helps in pricing insurance policies and other financial products.
- Policy development: Actuaries design and test insurance policies, investment strategies, and other business plans to minimize risk and maximize profit.
- Compliance: They ensure that their calculations and recommendations comply with regulatory requirements and industry standards.
- Communication: Actuaries communicate complex financial concepts in understandable terms to stakeholders, ensuring that everyone involved can make informed decisions.
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Actuarial science qualifications to practice in SA
To practice as an actuary in Mzansi, you must meet the following;
- Obtain a degree in Actuarial Science from an accredited university. Some of the universities accredited by the ASSA include UCT, UP, Wits, Stellenbosch University, UJ, UFS, and NWU.
- Pass a series of professional exams administered by ASSA. These exams cover various subjects, including mathematics, statistics, economics, and actuarial science.
- Gain relevant work experience in the actuarial field. This is often done through internships or entry-level positions in insurance companies, consulting firms, or other financial institutions.
- Achieve the Fellowship (FASSA) or Associateship (AMASSA) designation from ASSA. This involves completing all required exams and meeting the professional experience requirements.
Actuarial science requirements to study in SA
To pursue an actuarial science course in South Africa, you must meet certain academic requirements. The minimum requirements differ with the institution as highlighted;
| Institution | Minimum entry requirements |
| University of the Witwatersrand | -APS 42+ -English Home Language or First Additional Language Level 7 -Mathematics Level 7 -Physical Science Level 7 All Faculty of Science applicants must do the National Benchmark Tests before being considered for admission |
| University of Pretoria | -Mathematics Level 7 (80%-100%): Additional or Alpha Mathematics is recommended-English or Afrikaans Level 5 (60%-69%) -Additional Language Level 5 (60%-69%) -An APS of 34 (excluding Life Orientation) |
| Stellenbosch University | -An 80% NSC average based on the six best subjects, excluding Life Orientation-Mathematics 80% -Home Language 60% -If English is not the Home Language, then the First Additional Language should be 75% |
| University of the Free State | -Level 6 mark for Mathematics (70%) -Level 4 mark for English (50%) -A minimum AP score of 34 |
Is actuarial science worth it in South Africa?
Pursuing a career in actuarial science can be a highly rewarding career choice. The demand for professionals in the field is high, especially in the insurance and financial sectors. Actuary currently appears on the SA Critical Skills List gazetted in October 2023.
Graduates from these programs are also recognized globally, allowing for international career opportunities. ASSA has Mutual Recognition Agreements (MRAs) with several international actuarial bodies. These agreements recognize the equivalence of qualifications and facilitate admission to membership of associations in other countries.
Actuaries are also well-compensated in Mzansi. There are plenty of opportunities for growth, with experienced professionals earning over seven figures in rands per year.
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Actuarial science salaries highlighted above make it one of the most attractive career choices in the evolving South African job market. If you have strong analytical skills and a passion for problem-solving, this might be the right profession for you!
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