In industry, those with quantitative finance specialisations tend to specialise and deal with financial assets and often work as quantitative analysts at investment banks or in the research and investment management arms of asset management firms, for example. At the same time, actuarial science students are more concerned with the relationship between financial assets and financial liabilities and work in a broader range of areas such as insurance, pensions and healthcare, over and above the areas mentioned above relating to quantitative finance students.

In terms of the degrees, the first two years of both undergraduate programmes are the same. From the third year, this changes as quantitative finance students focus on financial assets while actuarial students focus on financial liabilities.

The BBusSc in Actuarial Science is a four-year degree that includes an equivalent to the Honours degree in the fourth year of study. It comprises actuarial science subjects as well as business and management courses with a focus on broader business-related issues.

The BCom in Actuarial Science is a three-year degree comprised of the courses essential for actuarial studies. The Section of Actuarial Science recommends that students who do the BCom subsequently complete the one-year BCom Honours in Actuarial Science. Both the BCom and BBusSc cover the courses relevant to the actuarial profession. The BCom degree, however, does not cover some of the additional business-related courses included in the BBusSc.

Students doing a BBusSc in Actuarial Science can attain up to ten exemptions. Those doing the BCom in Actuarial Science can attain up to seven exemptions and can then earn a further three exemptions under the BCom Honours in Actuarial Science.

Students graduating with other degrees, such as the degrees in Quantitative Finance, can also apply for exemptions upon graduation.

Find out more about Actuarial Society of South Africa (ASSA) Exemptions from Examinations.  

The Advanced Diploma in Actuarial Science (also known as the Actuarial Conversion Course) is an intensive programme designed to provide high-calibre graduates from other disciplines an accelerated entry into an Actuarial Science career.

The programme runs over 1 or 2 years depending on how many subjects the student needs to complete. It varies according to the actuarial subjects or exemptions they already have from another degree or ASSA. A student completing the Actuarial Conversion Course can attain exemptions equivalent to those of a student who has completed a BCom in Actuarial Science and may apply to do the BCom Honours in Actuarial Science thereafter.

An undergraduate degree majoring in either Mathematics or Mathematical Statistics from an accredited university, with at least two years of pure Mathematics and one year of Mathematical Statistics. Candidates must have attained a minimum of 70% for first-year Mathematical Statistics and 60% for second-year Mathematics.

At the discretion of the Convenor, candidates with a good degree in related subjects may also be considered, but it is essential that candidates have a solid grounding in Mathematics and Mathematical Statistics (up to NQF 6). Candidates that have passed subject A211 of the Actuarial Society of South Africa (ASSA) are preferred.

Yes, provided you have met the requirements. You must have completed second-year Statistics and Financial Mathematics, either through a university or through ASSA.

The Postgraduate Diploma in Actuarial Science is aimed at graduates who have completed examinations of the A100 and A200-series of the Actuarial Society of South Africa (ASSA) or the CS, CM & CB-series exams of the Institute and Faculty of Actuaries (IFoA) and now intend to study the A300, F100 and F200-series of the ASSA examinations.

Candidates should have an undergraduate degree and have completed examinations of the A100 and A200-series of the Actuarial Society of South Africa (AS) or the CS, CM & CB-series exams of the Institute and Faculty of Actuaries (IFoA). Transcripts and records of actuarial examinations will be required to determine the suitability of the candidate.

Applications open in April each year. Undergraduate applications close on 31 July. Postgraduate applications for coursework programmes close on 31 October unless otherwise specified in the UCT Directions for Postgraduate Applicants.

The annual fees vary from year to year and are dependent on the courses that a student takes. As there are different options of actuarial degrees to study, there are possibly other fees. You can find the latest fee information in the UCT Student Fees Handbook.

Fees typically do not include textbook costs. For some courses, students are provided with course notes (printed by UCT); for others, students must purchase the notes and textbooks. This varies from faculty to faculty and from course to course. As actuarial degrees are made up of several courses taught by different departments (for example, Statistics, Mathematics, Management Studies, etc.), and the required material for these courses changes from year to year, it is very tough to project the cost of future materials. There is also an active second-hand market amongst students for all course materials.

Lectures are given in English.

The living arrangements of actuarial students vary greatly, with many students staying in university residences but some opting for communes or other private arrangements. Either option has its benefits since students staying in the same place and studying the same degree can benefit from working in groups, while students staying alone may benefit from a quieter working environment.

Please consult the Commerce Undergraduate and Postgraduate Handbooks for information on the programmes and courses.

There are indeed scholarships awarded by the university; some are based on academic performance, and others are based on financial need. Some private companies also offer bursaries to actuarial students. Please consult the UCT website for more information on undergraduate funding.

Please email your question to studentadvice.uctactsci@uct.ac.za.