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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Bachelor of Science Honours in Actuarial Science 
SAQA QUAL ID QUALIFICATION TITLE
116728  Bachelor of Science Honours in Actuarial Science 
ORIGINATOR
North West University 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Honours Degree  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Not Applicable  NQF Level 08  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Reregistered  EXCO 0821/24  2021-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The purpose of the qualification is to prepare learners for research-based postgraduate study. It serves to deepen learners' expertise in the field of Actuarial Science, and to develop research capacity in the methodology and techniques of the field of Actuarial Science. The qualification demands a high level of theoretical engagement and intellectual independence.

Rationale:
The qualification is intended to provide the country with learners who have specialised knowledge in Actuarial Sciences and can, therefore, serve the country in a variety of important ways, in both the public and private sectors.

Qualifying learners will be prepared for specific occupational possibilities as qualified actuaries by obtaining knowledge and skills, as well as research abilities to examine and solve problems related to the discipline. This qualification prepares learners for research-based postgraduate studies at NQF Level 9. 

RECOGNISE PREVIOUS LEARNING? 
Y 

QUALIFICATION RULES 
This qualification consists of the following compulsory modules at National Qualifications Framework Level 8 totalling 160 Credits.

Compulsory Modules, 160 Credits:
  • Quantitative Risk Analysis, 16 Credits.
  • Financial Engineering, 16 Credits.
  • Investment Theory, 16 Credits.
  • Actuarial Risk Management, 80 Credits.
  • Research Module: Financial Engineering and Financial Modelling, 32 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Solve practical actuarial problems using knowledge and skills.
    2. Formulate and solve problems using financial engineering, stochastic process, statistical time series, statistical data analysis, survival analysis, basic investment management and contingencies principles, methodologies, models and techniques. 

    ASSOCIATED ASSESSMENT CRITERIA 
    The following Associated Assessment Criteria will be applied in an integrated manner across the Exit Level Outcomes:
  • Implement specialist knowledge to analyse and evaluate market risk.
  • Explain the modelling and management of market risk in financial institutions.
  • Develop an integrated risk measurement (e.g. Value-at-Risk) framework statistical methods and apply techniques.
  • Explain the concepts of risk classification and analyse the risk measurement concepts in financial risk management.
  • Describe the relationship between systematic risk, non-systematic or specific risk, and concentration of risk.
  • Describe the properties and limitations of common risk measures and recommend a specific choice of model based on the results of both quantitative and qualitative analysis of financial or insurance data.
  • Formulate valuation problems in mathematical forms using appropriate notation.
  • Evaluate modern financial theories and select the appropriate instruments for different risk management applications.
  • Use price simple derivative securities utilising appropriate software, if applicable.
  • Develop and communicate their ideas and opinions in well-formed arguments, using appropriate academic, professional, or occupational discourse.
  • Track own learning progress and manage all resources successfully managed to realise all outcomes of the module.
  • Discuss and develop portfolio investment strategies working individually or in groups.
  • Think independently and solve complex portfolio choice problems through independent thinking assets selection and portfolio management.
  • Analyse and evaluate the performance of an investment manager.
  • Develop solutions to corporate, risk and investment management problems.
  • Develop and communicate ideas and opinions are in well-formed arguments, using appropriate academic, professional or/and occupational discourse.
  • Implement specialist knowledge to analyse and evaluate financial instruments.
  • Write a report regarding the current academic discourse on a specified financial instrument.
  • Describe, formulate, apply, and critically examine the range of financial optimisation models, its assessment and selection, and the solution techniques associated with these models.
  • Explain the relationship between a volatility smile and the risk-neutral probability measure used in binomial pricing.
  • Explain the concepts of numerical methods used in Financial Engineering and Optimisation e.g. Least Squares Monte Carlo, Finite Differences for pricing exotic options found in insurance, Simplex Method for linear programming and Branch-and-Work independently are explained and prepare for all seminars.
  • Contribute to discussions during seminars and knowledge of the relevant concepts and methods in various forms of assessment by providing insight into - and solutions to - problems/questions with the correct use of terminology appropriate to the field of Financial Engineering and Optimisation.
  • Analyse and implement the financial engineering and optimisation models in software packages (e.g. SAS/IML and MS Excel).

    Integrated Assessment:
    Formative assessment will be undertaken through projects, assignments, case studies and tests during the year in the modules. In some modules, formative assessment will include portfolios, practical evaluations and a research proposal. Learners will also write a summative and integrated exam (written and practical) and will submit a research report on discrete research that was conducted under supervision at the end of the year for summative assessment. 
    		•

    INTERNATIONAL COMPARABILITY 
    Country: Canada.
    Institution: University of Toronto.
    Qualification Title: Honours Bachelor of Science in Actuarial Science.

    This qualification is similar to the Honours Bachelor of Science in Actuarial Science offered by the above country in terms of the following:
    Both qualifications base their focus on the application of mathematical techniques to reduce the impact of such hazards as loss of income through death, disability, or retirement, or loss of property through fire, accident, or theft. Both qualifications intend to produce graduate to work as professional actuaries who are considered as the chief architects of life, health, and property insurance plans, and pension plans, and bear the major responsibility for their financial soundness.

    Both qualifications share similar themes such as probability and finance, actuaries model, forecast and value the costs of benefits that will be provided to the participants in such plans. Methods developed for modelling insurance risk can also be applied to modelling investment risk. Both qualifications articulate to a Master Degree. However, while this qualification requires a Bachelor Degree in Actuarial Sciences as a minimum entry requirement and is offered in a course duration of 1-year, the Honours Bachelor of Science in Actuarial Science is a 4-year qualification. Therefore, this qualification is comparable to the 4th year of the Honours Bachelor of Science in Actuarial Science offered in the University of Toronto.

    Country: England.
    Institution: University of Liverpool.
    Qualification Title: Bachelor of Science in Actuarial Mathematics (Hons).

    This qualification is similar to the Bachelor of Science in Actuarial Mathematics (Hons) Degree offered by the above country in terms of the following:
    Both qualifications share a similar focus of preparing learners to be professionals who use mathematical models to analyse and solve financial problems under uncertainty. Actuaries are experts in the design, financing and operation of insurance plans, annuities, and pension or other employee benefit plans. Whilst this qualification is offered in the course duration of 1-year, the Bachelor of Science in Actuarial Mathematics (Hons) is offered in a course duration of 3 years. As such, this qualification is comparable to the final year of the Bachelor of Science in Actuarial Mathematics (Hons). This makes for a big difference in the entry requirements of both qualifications. Nonetheless, both qualifications share similar themes, although this qualification has a unique research component, and they both articulate to a Master's Degree. 

    ARTICULATION OPTIONS 
    This qualification allows possibilities for both vertical and horizontal articulation.

    Horizontal Articulation:
  • Bachelor of Science Honours in Quantitative Risk Management, NQF Level 8.
  • Bachelor of Science Honours in Mathematical Statistics, NQF Level 8.

    Vertical Articulation:
  • Master of Science in Risk Analytics, NQF Level 9.
  • Master of Science in Financial Mathematics, NQF Level 9. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. North West University 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.