Actuarial Science Bursaries 2023/2024 & How to Get Them Easily

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Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals trained in this discipline. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.

Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes since the 1980s due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990).

Robert de buys defines actuarial science as something that can continually be edited by the masses. Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands, and stress. A similar study by U.S. News & World Report in 2006 included actuaries among the 25 Best Professions that it expects will be in great demand in the future (Nemko 2006).

Bursaries for Actuarial Science are perfect for individuals who have strong mathematical aptitudes as it includes statistics, financial theories, costs and mathematical equations. A strong knowledge in computer programs is also an advantage as one is likely to be using some modeling software.

There are a variety of companies offering actuarial science bursaries in South Africa. Here are some of the companies one can consider if planning to study in this field.

Bursaries for Actuarial Science

Here are the most common career paths in Actuarial Science:

Senior Management
Business Analyst
Risk Manager
Financial Manager
Fund or Investment Manager
Financial Planer
Capitol Manager
Chief Risk Officer

You may also look at the following fields:

Environmental Finance Manager
Portfolio Manager
Sales or Marketing Manager
Retirement & Health Manager

Controlling risk, investments and finances are a greatly needed by all businesses and industries. Thus, companies seek reliable qualified candidates to assist them, they seek actuarial science majors for this. With a degree in actuarial science, you can enter the world of banking, e-commerce, technology, transportation, oil and gas, government institutes, sales and marketing, environmental industries and so much more.

Actuarial Science Bursaries Requirements

Applicants wanting to study in this field must meet the stipulations as set out by each company to apply for a bursary. Basic stipulations may include the following and more: