The top end salary for an actuary in South Africa is more than R 2.7m per year.
Entry-level positions start at about R500,000 per year, while some top professionals make up to R9.6m.
But before excitement regarding the earning potential overwhelms those looking for a career, or wanting to change jobs, note that it takes many years of hard slog to earn the title “actuary”, plus the determination that the average student is not blessed with.
Qualified actuaries in South Africa are highly sought-after.
According to Actuarial Society of SA statistics, South Africa had 1,768 qualified actuaries in February.
Of the total, 9.2% are black Africans, 2.1% coloured, 14.4% Indian and 74.3% white.
Top remuneration companies for actuaries historically are Discovery (R807,783), Hemmersbach (R690,428), the Road Accident Fund (R675,945), and Old Mutual Life Assurance (R498,521).
To become a Fellow of the Actuarial Society, applicants must pass the society’s examinations, or be granted exemption, and also attain a satisfactory level of work-based skills.
This usually takes between three to eight years after completing a degree.
Actuaries belong to one of the elite bodies — a zero unemployment group.
Understandable because an actuarial qualification is one of the toughest to obtain, according to SA Actuarial Development Programme (SAADP) executive director Nthato Selebi.
The programme was founded as an NPO in 2003.
Actuaries possess excellent business sense with knowledge of finance, accounting and economics, as well as analytical, project management and problem-solving skills.
In addition, they have specialised maths knowledge, strong computer skills, and solid written and oral communication skills.
“There are too few actuaries in the country and SAADP has embarked on a programme to do something about lifting this number,” Selebi said.
The plan involves a communications drive through an array of media, interviews with thought-leading publications, visits to schools and universities, and a general brushing up of SAADP’s image, including a logo and colours change.
It’s not only in South Africa that demand is rising.
The US Bureau of Labour Statistics estimates that employment of actuaries recently surged by 21%, compared to 3% for other US occupations.
While the financial rewards should excite potential actuaries, research into the hurdles is essential.
First, the minimum pre-qualifying criteria is a bachelor’s degree, preferably majoring in mathematics, actuarial science, statistics or other analytical fields.
Artificial intelligence and machine learning is threatening many jobs but research reveals that most commentators believe actuaries don’t have much to worry about and the smart money would bet against any immediate concern.
Selebi said SAADP’s recently launched rebranding initiative would mark a transformative shift in its identity, reflecting its mission, vision and commitment to empowerment.
“Our commitment to nurturing the potential for greatness among black actuarial professionals remains unwavering.
“We are dedicated to creating a supportive ecosystem.”
Armed with a degree, students wanting to qualify as Fellows of the Actuarial Society of SA must write up to 16 professional board exams.
During their undergraduate degree, they can complete 11 of the exemption subjects, reducing the pressure on the remaining five.
What do actuaries actually do?
Many use their skills to get onto the management or board ladder, and end up running huge companies.
Others prefer actual actuary work. This could involve statistics and mathematics skills, assessing economic risks and formulating plans to minimise them.
As Selebi explained, the difference between accountants and actuaries is the former can explain what went wrong, with strong historical evidence, and the latter will predict what could go wrong in the future, through detailed risk analysis, with a long-term vision of many years and a budget to beat the problem.
For more information about an actuary career visit info@saadp.co.za
To listen to DispatchLIVE’s Ted Keenan interview Nthato Selebi, go to DispatchLIVE podcasts on Google.
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