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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Advanced Diploma in Actuarial Science 
SAQA QUAL ID QUALIFICATION TITLE
99629  Advanced Diploma in 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
Advanced Diploma  Field 10 - Physical, Mathematical, Computer and Life Sciences  Mathematical Sciences 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  180  Not Applicable  NQF Level 07  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   2031-06-30  

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 
Purpose:
The purpose of the qualification is to strengthen and deepen the learner's knowledge in the actuarial discipline or profession; and to enhance flexibility in the event of a change in circumstances, thus enabling a change in career path.

Upon completion, graduates will be able to apply their analytical, statistical and mathematical skills to solve financial and business problems. Therefore learners will be able to understand real-world problems that involve uncertain future events or financial risks such as being able to calculate the price an insurer should charge customers for various insurance benefits, explore the impact that different investments have on the expected risks and returns of a pension fund, or calculating the risks of a bank due to home-loan customers being unable to repay their mortgage debt. This ability to quantify assists individuals and businesses to safeguard their future, confidently and at a fair price, in an ever-changing world.

Rationale:
The Actuarial Society of South Africa (ASSA) has established a strategy to provide extensive support to universities that are or want to offer professional qualifications as the alternative pathway to becoming an Actuary.

Traditionally the route to becoming an actuary was as follows:
  • A Bachelor of Commerce in Actuarial Science.
    Or
  • A Bachelor Degree with Mathematics and Statistics plus an Advanced Diploma in Actuarial Science.
    Or
  • An ASSA recognised Bachelor of Commerce Honours in Actuarial Science.
    Or
  • An ASSA recognised Postgraduate Diploma in Actuarial Science.
    And
  • Completion of the professional examination together with other professional requirements such as practice modules and relevant work requirements.

    The Advanced Diploma in Actuarial Science offers learners from other mathematical disciplines who did not complete an Undergraduate Actuarial Degree the opportunity to pursue becoming an actuary. Also the aim of developing this qualification is to widen access routes to the profession.

    In addition, the qualification will enable learners to seek employment opportunities in the Insurance, Retirement Funding, Healthcare Financing and Banking Sectors. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    In line with the Council of Higher Education (CHE) and the University's policies, RPL can be applied to this qualification to: grant access, where applicable, to learners who do not meet the entry requirements; and/or to grant advance standing to learners.

    Entry Requirements:
    The minimum admission requirement is an appropriate:
  • Bachelor's Degree at Level 7, demonstrating sufficient Mathematical capability. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    The qualification comprises both compulsory and elective modules at NQF Level 7.

    Compulsory Modules at Level 7, 144 Credits:
  • Markov Processes and Time Series, 36 Credits.
  • Decision Theory and Generalised Linear Models (GLMs), 36 Credits.
  • Advanced Stochastic Processes, 36 Credits.
  • Actuarial Science II: Models, 18 Credits.
  • Actuarial Science II: Contingencies, 18 Credits.

    Elective Modules, 36 Credits:
    (Choose two for a minimum of 36 Credits):
  • Microeconomics 1010, Level 5, 18 Credits.
  • Macroeconomics 1011, Level 5, 18 Credits.
  • Financial Accounting 1, Level 5, 18 Credits.
  • Financial Reporting 1, Level 6, 18 Credits.
  • Corporate Financial Management, Level 6, 18 Credits.
  • Actuarial Science I: Financial Mathematics, Level 6, 18 Credits.
  • Statistical Theory and Inference, Level 6, 24 Credits.
  • Linear Models, Level 6, 24 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Understand and manipulate quantitative information provided in tables, graphs and sets of equations.
    2. Understand how to apply the general methods of quantitative analysis to both traditional and new fields of actuarial activity and using this analysis to produce written texts of descriptive, prescriptive and argumentative characters to accepted standards of logic and accuracy.
    3. Use Information and Communications Technology to find and access actuarial related information. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcomes:
    The following Associated Assessment Criteria are applied in an integrated way to the modules and the specialised learning areas, where applicable, to determine competence in the Exit Level Outcomes:
  • Reserving of and pricing of simple Life Assurance products, including all the standard variations of assurances and annuities are calculated accurately.
  • Simple actuarial models and test assumptions are built and evaluated.
  • Capital investments are appraised through the use of appropriate methods and techniques and the effects of timing, taxation, inflation, risk and uncertainty are allowed for.
  • Calculations for the valuation and contribution rates for retirement funds (defined benefit funds) are made.
  • Simple group risk benefit products (including life, funeral, lump sum disability and disability income benefits) are calculated.
  • The creation and operation of mortality tables and multiple-decrement tables (service tables) for retirement funds are understood.
  • Convergent and divergent problems related to statistical information and systems are identified, assessed, formulated and solved.
  • The significance of local, industrial, national and international political, economic, environment, social and technical information and trends in actuarially related information are identified and evaluated.
  • Key judgments are made on the value of an item of actuarially related information.
  • Actuarial reports are prepared for different levels of management and quantitative input is provided to actuarially-related reports with objectivity, conciseness and clarity.
  • Appropriate media in report preparation and presentation is used.
  • Relevant information is used and organised to conduct systematic research aimed at providing answers to questions whose resolutions are not previously known, or to verifying answers that are assumed on the basis of 'accepted wisdom'.

    Integrated Assessment:
    Each module will consist of formative assignments and summative examinations. These will include essays (in e.g. Economics), spreadsheets in Excel (e.g. to solve specific Financial Mathematics problems) and will include a regular hand-in of solutions to tutorial problems. The results of the submissions and tests undertaken during the year will constitute the year mark for the module. A final examination will be written in each module, this will form between 50 and 70% of the final mark. These final examinations are the same as those written by final year Bachelor of Commerce (Actuarial Science) learners. 
    		•

    INTERNATIONAL COMPARABILITY 
    The Advanced Diploma in Actuarial Science is designed in line with an international agreement of reciprocity which determines the educational standard for Actuaries.

    The Actuarial Society of South Africa (ASSA) has formal Mutual Recognition Agreements (MRAs) with numerous actuarial professional bodies around the world. One such professional body is the United Kingdom-based Society of Actuaries (SOA). Under the MRA, an Actuary of ASSA or SOA must meet the specific educational requirements and professional experience and continuing professional development to be eligible for registration as an Associate Member. An Actuary at an Associate level must be able to demonstrate knowledge of key concepts and techniques for modelling and managing risk. The learner must be able to understand the methods of applying those concepts and techniques to common problems involving uncertain future events, especially those with financial implications. 

    ARTICULATION OPTIONS 
    This qualification offers specific articulation opportunities with the following qualifications offered by the Institution:

    Horizontal Articulation:
  • Bachelor of Business Science in Actuarial Science, Level 7 (ID 4411).

    Vertical Articulation:
  • Bachelor of Commerce Honours in Actuarial Science, Level 8 (ID 19971).
  • Bachelor of Science Honours in Actuarial Science, Level 8 (ID 5035).

    The qualification offers systemic articulation with the following qualifications offered by other institutions, provided the learner meets the minimum entry requirements:

    Horizontal Articulation:
  • Bachelor of Business Science in Actuarial Science, Level 7.

    Vertical Articulation:
  • Postgraduate Diploma in Actuarial Science, Level 8.
  • Bachelor of Commerce Honours in Actuarial Science, Level 8. 
    		•

    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. University of Cape Town 


    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.