Actuary (Occupation Code : 212101)
DescriptionAnalyses mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning.
TasksDesigning the benefits of medical schemes, the determination of contributions and financial management on a sound long-term basis.
Calculating the extent of compensation, e.g. to dependants where the breadwinner cannot continue to earn an income due to, for example, a motor vehicle accident.
Evaluating investments in shares, property and other transactions.
Designing and analysing financial derivative instruments, e.g. options and futures.
Determining the reserves for outstanding claims of general and developing statistical rating models.
Developing computer models to simulate the entire financial performance of financial institutions such as insurers, banks and medical schemes.
Developing long-term capital projects such as the development and financing of a power station.
Developing credit-risk rating models for banks for both corporate and retail credit risk.
Modelling the financial impact of epidemics e.g. the HIV/AIDS epidemic in South Africa.
Alternate Occupation Names
Step 1 : Admission requirements
- NSC Bachelor Admission (BACH)
Admission into a Degree requires the achievement of a National Senior Certificate (NSC) with the minimum requirements for admission into a degree or a National Certificate (Vocational) NC(V). In addition, each education institution has its own unique entry requirements for each of its programmes. It is important to check the entry requirements for this programme with the institution of your choice before you apply.