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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Bachelor of Business Science in Actuarial Science 
SAQA QUAL ID QUALIFICATION TITLE
81064  Bachelor of Business Science in Actuarial Science 
ORIGINATOR
University of KwaZulu-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(Min 480)  Field 10 - Physical, Mathematical, Computer and Life Sciences  Mathematical Sciences 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  480  Level 6  NQF Level 08  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered-data under construction  EXCO 0324/24  2024-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2033-06-30  

Registered-data under construction

The qualification content is currently being updated for the qualifications with the status “Registered-data under construction” or showing “DETAILS UNDER CONSTRUCTION” to ensure compliance with SAQA’S Policy and Criteria for the registration of qualifications and part-qualifications on the National Qualifications Framework (NQF) (As amended, 2022). These qualifications are re-registered until 30 June 2027 and can legitimately be offered by the institutions to which they are registered.

 

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.  

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 another 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 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 
Recognition of Prior Learning (RPL):
The institution conducts RPL in terms of the policy and guidelines of the institution to recognise other forms of formal, informal and non-formal learning and experience. In cases where learners do not comply with the formal admission requirements, the institution applies its RPL policy.

Entry Requirements:
The minimum entry requirement for this qualification is:
  • Senior Certificate, NQF Level 4 with endorsement.
    Or
  • National Senior Certificate, NQF Level 4 granting access to Bachelor's studies. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    EXIT LEVEL OUTCOMES 
    1. Have a sound knowledge and clear understanding of the mathematical and statistical theory and principles underlying actuarial science.
    2. Have a sound knowledge and clear understanding of theory and principles in the broad management areas of finance and economics.
    3. 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.
    4. 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.
    5. 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.
    6. Possess good communication and presentation skills, in both spoken and written forms, in a variety of media.
    7. Possess good case study skills in a business environment.
    8. Be skilled in the use of computers for computational and other purposes.
    9. Have the ability to learn; in particular, the ability to understand, critically evaluate and build on the contributions of others in the chosen field.
    10. Have an awareness of technology, its applications and limitations.
    11. 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.
    12. Have skills in planning and organisation and time management.
    13. Be able to work in a professional team. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Examinations: to test the learner '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 learner'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:
    Integrated assessment appropriately incorporated to ensure that the purpose of the qualification is achieved:

    The institution 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. 
    		•

    INTERNATIONAL COMPARABILITY 
    This qualification compares with the following international qualifications in terms of the range of competencies in the learning content offered. 

    ARTICULATION OPTIONS 
    This qualification offers both possibilities of horizontal and vertical articulation.

    Horizontal Articulation:
  • Bachelor of Science in Actuarial Science, NQF Level 7.
  • Bachelor of Commerce in Actuarial Science, NQF Level 8.

    Vertical Articulation:
  • Master of Science in Actuarial Science, NQF Level 9. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

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

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
    When qualifications are replaced, some (but not all) of their learning programmes are moved to the replacement qualifications. If a learning programme appears to be missing from here, please check the replaced 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 KwaZulu-Natal 


    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.