SAQA

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.

SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED QUALIFICATION THAT HAS PASSED THE END DATE:

Bachelor of Business Science: Actuarial Science

SAQA QUAL ID	QUALIFICATION TITLE
11985	Bachelor of Business Science: Actuarial Science
ORIGINATOR
University of Natal
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY			NQF SUB-FRAMEWORK
CHE - Council on Higher Education			HEQSF - Higher Education Qualifications Sub-framework
QUALIFICATION TYPE	FIELD		SUBFIELD
National First Degree	Field 10 - Physical, Mathematical, Computer and Life Sciences		Mathematical Sciences
ABET BAND	MINIMUM CREDITS	PRE-2009 NQF LEVEL	NQF LEVEL	QUAL CLASS
Undefined	576	Level 6	Level TBA: Pre-2009 was L6	Regular-Provider-ELOAC
REGISTRATION STATUS		SAQA DECISION NUMBER	REGISTRATION START DATE	REGISTRATION END DATE
Passed the End Date - Status was "Reregistered"		SAQA 2663/05	2006-07-01	2009-06-30
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2010-06-30		2015-06-30

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 is replaced by:

Qual ID	Qualification Title	Pre-2009 NQF Level	NQF Level	Min Credits	Replacement Status
81064	Bachelor of Business Science in Actuarial Science	Level 6	NQF Level 08	480	Complete

PURPOSE AND RATIONALE OF THE QUALIFICATION

Preparation for taking up a career as an actuary or financial analyst.
Work in posts requiring sound knowledge of economic and financial analysis in a business context.
Preparation for postgraduate study at the Honours or other appropriate level
Develop a strategy for learning.
Develop a capability for analytic thinking by bringing together concepts, theory and methods from different areas of learning in order to solve particular problems.
Collect, analyse and critically evaluate data and information.
Apply analysis and data strategically in a business context.
Develop a competence in formulating mathematical models and solving them by the use of the appropriate theory and methods.
Develop skills in the use of computers for the purposes of computation and communication.
Develop an awareness of the ethical demands on a professional working as an actuary or financial analyst.
Use science and technology to collect data and process these within the ethical norms for academic research.
Communicate effectively using the full range of available technologies in both written and oral form.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

Matriculation exemption (or equivalent) with prescribed matriculation points and a minimum of a D symbol in higher grade mathematics at the matriculation level (or an equivalent level of proficiency in mathematics as assessed and validated by the Head of the School of Mathematical & Statistical Sciences).

Entry to a core second-level module is conditional upon passes at a high level in certain prior modules.

The crediting of certain modules by the British Institute of Actuaries is also contingent on a very high level of performance in those modules. Details are furnished in the relevant module specifications.

Recognition of alternative prior learning procedures used for access to this programme:

Compliance with Rule R33 of the Common Rules of the University.

RECOGNISE PREVIOUS LEARNING?

EXIT LEVEL OUTCOMES

Have a sound knowledge and clear understanding of the mathematical and statistical theory and principles underlying actuarial science
Have a sound knowledge and clear understanding of theory and principles in the broad management areas of finance and economics
Have a high level of skill in applying the principles and theories associated with 9.1 and 9.2 to problems in the areas of financial mathematics and financial economics
Be capable of analytic thinking and also of bringing together concepts, theory and methods from different areas of learning in order to attack particular problems
Be capable of accessing, interpreting and analysing data and information in a variety of contexts in particular, be capable of applying financial/economic data and information strategically in a business context
Possess good communication and presentation skills, in both spoken and written forms, in a variety of media
Possess good case study skills in a business environment
Be skilled in the use of computers for computational and other purposes
Have the ability to learn; in particular, the ability to understand, critically evaluate and build on the contributions of others in the chosen field
Have an awareness of technology, its applications and limitations
Have an awareness of the ethical demands of a professional working in a management context, and in particular in the areas of work of an actuary or financial analyst
Have skills in planning and organisation and time management
Be able to work in a professional team.

ASSOCIATED ASSESSMENT CRITERIA

Examinations: to test the student 's ability:

to understand concepts, theories and principles

to use critical reasoning in general in a logical and creative way

to apply critical reasoning to the solution of problems

to apply appropriate quantitative skills in the solution of problems
Class presentations: to test the student's ability:

to communicate effectively

to utilise appropriate techniques/methodologies for the effective presentation of an argument

to analyse problems/situations in the literature critically and present the results

to interact with peers and work as the member of a team, where appropriate
Assignments: to test the student's ability:

to access, synthesise, analyse and interpret data and information

to think creatively and utilise critical reasoning to place data and information in context

to use appropriate quantitative and qualitative analytical techniques

to interact with peers and work as the member of a team, where appropriate
Case study work in a business/management context:

to apply theory critically to real-world business problems

to apply appropriate quantitative and qualitative skills to the analysis and evaluation of data

to draw out of relevant conceptual and quantitative material a set of appropriate recommendations for managers

to assess analytical results critically, and recognise the limits of the analysis

Integrated assessment appropriately incorporated to ensure that the purpose of the qualification is achieved:

The University of Natal is currently reforming its assessment strategies to include the assessment of applied competence for each qualification. In the meantime, a combination of continuous assessment and traditional written examinations serve to assess the integration of all/most of the learning outcomes for each module in a qualification.

Continuous assessment: Class presentations, participation in class discussions and assignments for each module
Final assessment: An examination for each module

ARTICULATION OPTIONS

The programme may be entered at any level, provided the student has the appropriate credits and credit points from previous levels. Exit points are provided at the Certificate and Diploma levels, as indicated. No accelerated progression through the programme is provided for.
The programme is a specialist one, with a fully prescribed curriculum at the first, second and third levels. However, students may transfer after the completion of level 1 to general Bachelor of Science or Bachelor of Commerce programmes.
For students with good results, successful completion of the full programme provides the student with the opportunity to enter Actuarial Studies programmes outside the university, leading to full qualification as an actuary. Others vertical articulation to postgraduate study at the honours or other equivalent levels is possible (for students with good results) in the appropriate management or mathematical disciplines.

MODERATION OPTIONS

The ETQA system for HE is not yet fully developed. Until such time as it is, procedures described under assessors criteria will suffice. Examination papers and completed scripts are moderated by suitably qualified external examiners from outside the University of Natal, Durban at all levels of study in management disciplines. In mathematical disciplines, second examiners are external to the School of Mathematical & Statistical Sciences at levels I and 2, and external to the university at levels 3 and above. In cases where class work comprises more than 40% of the final result, class assignments are also scrutinised by external examiners from outside the University of Natal.

CRITERIA FOR THE REGISTRATION OF ASSESSORS

Until the HEQC establishes a registration system for assessors in the HET Band, the University of Natal assumes that, on the basis of its rigorous selection criteria for the appointment of academic staff (who also have opportunities for staff development in assessment), staff are competent to assess students on the modules they teach. This assessment is quality assured via a university system of internal moderation and external examination. External examiners are appointed for their teaching and disciplinary expertise and subject to the approval of Faculty Boards. The University of Natal ruling is that 66% of all assessments at exit level, i.e. leading to a qualification are externally examined.

REREGISTRATION HISTORY

As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2006.

LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION:

When qualifications are replaced, some of their learning programmes are moved to being recorded against the replacement qualifications. If a learning programme appears to be missing from here, please check the replacement.

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.

NONE