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:

Master of Commerce: Actuarial Science

SAQA QUAL ID	QUALIFICATION TITLE
15416	Master of Commerce: Actuarial Science
ORIGINATOR
University of Cape Town
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY			NQF SUB-FRAMEWORK
CHE - Council on Higher Education			HEQSF - Higher Education Qualifications Sub-framework
QUALIFICATION TYPE	FIELD		SUBFIELD
Master's 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	Level 8 and above	Level N/A:Pre-2009 was L8+	Regular-Provider-ELOAC
REGISTRATION STATUS		SAQA DECISION NUMBER	REGISTRATION START DATE	REGISTRATION END DATE
Passed the End Date - Status was "Reregistered"		SAQA 06120/18	2018-07-01	2018-12-31
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2019-12-31		2022-12-31

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

The degree provides training in the techniques of research, analysis and scholarly presentation appropriate to Actuarial Science. The degree will equip the candidate with knowledge in the field of research and the skills necessary either for employment as an actuary or in a related field in the public or private sectors. Candidates will also be equipped for further independent research for the degree of Ph D at leading domestic or international universities.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

A degree of Honours Bachelor or its equivalent, in the actuarial science field or a cognate discipline
recognised by the Faculty.

Senior certificate with Matriculation Exemption or Equivalent university admission qualification.

First degree:
BSc (Actuarial Science)
B.Bus.Sci. (Actuarial Science)

Honours degree:
BCom (Hons) Actuarial Science
B.Bus.Sci (Actuarial Science)

Recognition of prior learning:

Non-Honours graduates who have shown by examination or publication or a record of appropriate training that they have reached a level in the subject or a cognate subject equivalent to an Honours bachelor's degree may be permitted to register for the degree.

RECOGNISE PREVIOUS LEARNING?

EXIT LEVEL OUTCOMES

a). Critical cross-field outcomes

1. The Master's graduate is able to demonstrate mastery to depth of a theoretically sophisticated subject matter
2. The Master's graduate is equipped with proficiency in research methodology, sufficient to proceed to a Ph.D. Graduates have mastered the skills of critical thinking, problem solving, collection and analysis of data and effective written communication

b). General outcomes

The Master's graduate is able to:

1. Conduct independent research in the discipline (or inter-disciplinary field)
2. Communicate verbally and orally with professional audiences
3. Apply disciplinary knowledge and research skills
4. Analyse and critique communications of an academic and popular nature
5. Appreciate the ethical issues associated with research and knowledge production in the discipline
6. Challenge orthodoxies and redefine existing knowledge, while demonstrating awareness of the nature of knowledge in the field
7. Have mastered a body of knowledge within a specified area of the discipline
8. Have mastered all relevant research techniques, both general and specific in relation to a particular field of study
9. Be able to summarise clearly, accurately and comprehensively all relevant aspects of an academic debate
10. Be able to relate or apply existing knowledge in novel contexts
11. Have sufficient knowledge for teaching undergraduates
12. Be equipped to undertake supervised research at doctoral level
13. Be able to make an expert contribution to the conduct of business in a particular area of economic activity
14. Will understand and endorse the need for very high standards of rigour in academic research

c). Specific outcomes:

The MCom graduate by coursework and dissertation is competent to apply (in four of the following five areas) the principles of actuarial planning and risk control:

To the appraisal of investments and the selection and management of assets appropriate to the needs of investors

Needed for the operation on sound financial lines of life insurance companies

Needed for the operation of general insurers on sound financial lines

Needed for the operation on sound financial lines of providers of pensions or other benefits

Needed for the management and financing of health care providers

In addition the graduate will be:

1. Familiar with leading issues in actuarial practice
2. Able to apply the techniques of mathematical, statistical and formal logical analysis to a range of problems in the above field
3. Able to conduct advanced literature searches and critique current literature in the form of a review
4. Able to prepare professional papers for peer review
5. Able to provide technical reports to professional audiences including governments and businesses

ASSOCIATED ASSESSMENT CRITERIA

a) The achievement of these outcomes is assessed in the integrated assessment of the programme.

b) The achievement of these outcomes is assessed in the integrated assessment of the programme.

i) Be able to construct a comprehensive bibliography relating to a particular area of study and demonstrate mastery of the arguments and evidence presented therein
ii) Be able to participate and assist in academic research projects
iii) Demonstrate the ability to explain and apply scientific and scholarly methods
iv) Be able to gather and evaluate empirical data
v) Be able to replicate research results obtained by others
vi) Be able to identify flawed reasoning and lack of rigour in the work of others

c) The outcomes are assessed as follows:

Oral ability to explain concepts and texts;

Examination of a research Dissertation which includes the components listed under the integrated assessment

INTEGRATED ASSESSMENT

Whether the Masters Degree course is by course work or by thesis, students are required to undertake a substantial piece of research work. In this, the student is expected to demonstrate comprehensive knowledge and technical skill in relation to a particular set of issues of interest and importance for understanding the activities of business people.

The integration of skills learnt in the Masters of Commerce in Actuarial Science is assessed by means of three examination papers of three hours each and a dissertation of 20 000 to 25 000 words. The dissertation must demonstrate competence in the following areas, all of which are assessed in the examination of the dissertation:

Research problem formulation

Integration of literature

Appropriate design and execution of research

Use of appropriate methods of data collection and analysis

Integration of findings

Appreciation of the limits of the study

Use of the publication and style conventions of the discipline.

The dissertation is subject to external examination. A progress report by the supervisor is submitted to the Faculty office at the end of each academic year and, if satisfactory, the candidate is permitted to reregister in the following year.

ARTICULATION OPTIONS

Title(s) of related qualification(s)
PhD

This qualification serves as an entry point to the related qualification(s):
PhD

Entry to this qualification in mid-stream
Not possible.

Exit from this qualification in mid-stream:
The coursework components completed may be recognised by another institution.

Other higher education programmes which articulate with this qualification without "going back to square one:

The MCom articulates with the PhD in the Faculty of Commerce respectively. When the dissertation progress is reviewed at the end of each academic year, the Faculty Board, on the recommendation of the supervisor and the Head of the Department, may recommend that the candidate's registration be upgraded to a PhD and that the period of Masters registration beyond the minimum period of one year be recognised towards the two year minimum period of study for the PhD.

MODERATION OPTIONS

The University of Cape Town has a system of external peer review and evaluation of each course. One of the aspects of the system is an evaluation of the standards and assessment practices of the department.

CRITERIA FOR THE REGISTRATION OF ASSESSORS

The academic staff of the University of Cape Town will be used in a manner, which is consistent with the quality assurance system of the University.

REREGISTRATION HISTORY

As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2006; 2009; 2012; 2015.

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.	University of Cape Town