Statistics and Actuarial Science
Welcome to Stellenbosch University

Postgraduate Actuarial Science

Applications for 2022 post-graduate studies are now closed. Closing date for post-graduate studies in 2023 is 31 October 2022. Please visit www.sun.ac.za for details on the application process. All the postgraduate programmes are offered on campus - hence not online nor remotely.

​​Here you can find information on the following postgraduate programmes in Actuarial Science:


Please note that all our postgraduate programmes are selection programmes. Apart from adhering to the minimum requirements per programme (Honours and/or Masters), selection is further done on excellent academic merit and only a limited number of students may be admitted to any such programme. Adhering to only the minimum requirements does not guarantee automatic admission.

Honours Programme in Actuarial Science

43214 – 778 (120) BComHons in Actuarial Science 

Click here​ for a detailed description of this programme that can also be downloaded and printed.

Admission:

For admission to the one-year Honours programme applicants should have:

  • A BCom (Actuarial Science) or equivalent degree with Actuarial Science and Mathematical Statistics as majors;
  • Passes in university modules equivalent to at least six of the seven foundation and intermediate technical subjects of the Actuarial Society of South Africa (or core principles subjects of the Institute and Faculty of Actuaries); and
  • Exemptions from (or passes in the profession's examinations for) at least five of the foundation technical and intermediate technical examinations of the Actuarial Society of South Africa (or core principles examinations of the Institute and Faculty of Actuaries). ​Your five subjects must include at least A211 or A213 (CM1).

Please note:
  1. If you did not complete your bachelor's degree in the minimum time of three years, you must have an additional exemption for each additional year.
  2. If you only have 4 exemptions (after a three-year Bachelors) or 5 exemptions (after a four-year Bachelors) you may be considered for an extended (two-year) honours programme.
  3. It is expected that you should have an average mark for both third year Actuarial Science and third year Mathematical Statistics of at least 60%.

Curriculum


Students will be required to pass modules totalling at least 120 credits made up as follows:

Compulsory Actuarial Science modules (90 credits)

​Module Code Semester (2022) ​Credits
​Actuarial Risk Management (A311)
12302-7741 & 260
Actuarial Science Research Assignment12991-7911 & 230


Compulsory R programming module (6 credits)

The Introduction to R Programming module (723) will commence on 1st/2nd February and will run as indicated in the R module outline document. The module will conclude with a practical test towards the end of February. All Actuarial Science Honours students are required to take this module.

ModuleCodeSemester (2022)Credits
​Introduction to R programming
10371-​723​1
​6


N.B. Please note that to gain access to this module students will need to have registered for at least the Actuarial Science Honours programme (AS778, 120 credits) plus the r module itself the week before the module is due to commence. See the R module outline for further information.


Elective Actuarial Science modules (at least 6 credits) may include

ModuleCodeSemester (2022)Credits
​Communications (N211)10371-​773​2
​6
​Capita Selecta: Actuarial Principles - A
​14224-741​1 & 2
​6








The Capita Selecta module, on the topic of Applied Ethics, will be offered mainly in the first semester, concluding mid-way through the second semester, and is recommended for all students.


Elective (non-Actuarial) modules (to a total of at least 18 credits):

In addition to the R module, modules totalling at least 18 credits (as approved by the Head of Actuarial Science from time to time) must be selected from topics offered in the Mathematical Statistics or Financial Risk Management Honours programmes.

Topics available include:

Modules in Mathematical Statistics:CodeSemester (2022)Credits
​Datamining *
​58777-741​1​12
Multivariate Statistical Analysis A *
​10602-715​1​12
Multivariate Statistical Analysis B *
​10603-745​2​12
​Stochastic Simulation
​65250-718​1
​12
Survival Analysis
​10636-746​2​12
​Time Series Analysis
​10751-7471​12
​Statistical Learning Theory *​
13360-​771
​2
​12
Modules in Financial Risk Management:


​Practical Financial Modelling​11166-73616
​Financial Mathematical Statistics
(Extreme Values & Stochastic Calculus)
​11164-732​2​12


Note:

  • Modules denoted by * require students to complete the full Introduction to R Programming (723) module, whereas the other mathematical statistics modules only require students to have completed the compulsory portion of the module described earlier.
  • Data Mining is a pre-requisite for Statistical Learning Theory.
  • Multivariate Statistical Analysis A is a pre-requisite for Multivariate Statistical Analysis B.
  • Students wishing to take Financial Mathematical Statistics should ideally (although not essentially) have completed the Financial Mathematics 378 (Maths Dept.) module.
  • It may be that certain of the elective modules listed above may not be available or may be offered during a different semester.
  • Students may be able to include Actuarial Science undergraduate (Technical) modules. Such modules however will carry no credit towards the Honours degree.​

Duration of honours programme

The standard duration of the programme is one year. Students who are accepted into an extended (two-year) programme will need to defer at least one of: Actuarial Risk Management or the Research Assignment.

Students who wish to defer additional modules, or students accepted onto a one-year programme who wish to extend it, can arrange this when the programme commences next year.

Students who defer Actuarial Risk Management should note that they will not be permitted to register for this module until they have passed (through ASSA, or been exempted from) at least 6 of the A1&A2 examinations.

During the first year the main goal would be to complete as many of the Foundation and Intermediate Technical subjects as possible.



Grading and Regulations

The final honours grading will be the weighted average of the marks obtained for each module (based on module credits) as follows:

  • 80% based on the actuarial science modules; and
  • 20% based on the best 24 credits of non-actuarial science modules.
Students are expected to pass (i.e. with a mark of not less than 50%) modules totalling at least 120 credits (as outlined above).
N.B. There are no rewrite/supplementary examinations for students failing modules.

Credit may be awarded for at most one (narrowly) failed module (to a maximum of 60 credits) in respect of equivalent subjects which students subsequently pass through the Actuarial Society of South Africa.

The calculation of the final mark for each module may differ by module, but for the Actuarial Science modules it will typically be an average of the class mark (based on all relevant tests and assignments) and examination mark. For the Actuarial Science modules students will be required to have a class mark of at least 45% (based on class tests and possibly other hand-in work as specified) in order to be given entry to the final examination for that module.​


Postgraduate Diploma in Actuarial Science

43214 – 788 (120) Post Graduate Diploma in Actuarial Science

Click here for further description of this programm that can also be downloaded and printed.

Admission

For admission to the Postgraduate Diploma programme applicants should have:

  • A BCom (Actuarial Science) or equivalent degree with Actuarial Science and Mathematical Statistics as majors, and Mathematics to at least second year level; and
  • Exemptions from (or passes in the profession's examinations for) all eight of the Foundation and Intermediate Technical examinations of the Actuarial Society of South Africa (or Core Technical examinations (CT1-CT8) of the Institute and Faculty of Actuaries).

The Diploma will be best suited to students who have completed an Honours degree in Actuarial Science and who wish to study further towards an actuarial qualification but who do not want, at this stage, to undertake a Master's degree (which has a significant research component).


Curriculum

A student will be required to pass modules totalling at least 120 credits selected from the Core Applications, Specialist Technical and Specialist Applications subjects of the Institute and Faculty of Actuaries (from those which the university may offer from time to time).

The following modules may be available:​

Module Code Semester ​Credits
​Actuarial Risk Management (A311)​12302-774​1 & 2​60
Health and Care Technical (F101)10368-811

​1

45
Life Insurance Technical (F102)10372-812​145
General Insurance Technical (F103)10360-843​245
Pensions Technical (F104)10376-814​1
45
Finance and Investment Technical (F105)10364-845​2
45
​Ca​pita Selecta: Actuarial Appications A
13697​-811
1​60​
​Capita Selecta: Actuarial Applications B
13699​-841
​2
​60


Modules totalling up to 30 credits (as approved by the Head of Actuarial Science from time to time) may be selected from topics offered in the Mathematical Statistics or Financial Risk Management postgraduate programmes.

Note:

  • F101, F104 and F105 will be hosted by the University of Cape Town.
  • In certain circumstances students may include Actuarial Science Honours modules. Such modules however will carry no credit towards the Diploma.


Grading and Regulations

The final grade will be a weighted average of the marks obtained for each module (with weights based on the module credits as given above).

Students are expected to pass (i.e. with a mark of not less than 50%) modules totalling at least 120 credits (as outlined above).

N.B. There are no rewrite/supplementary examinations for students failing modules.

Credit may be awarded for at most one module (to a maximum of 60 credits) in respect of an equivalent subject which students have passed through the Actuarial Society of South Africa or Institute and Faculty of Actuaries.

The calculation of the final mark for each module may differ by module, but is typically the average of the class mark (based on all relevant tests and assignments) and examination mark.

​Students will be required to have a class mark of at least 45% for a module (based on class tests and possibly other hand-in work as specified) in order to be given entry to the final examination for that module



Masters Programmes in Actuarial Science

43214 – 879 (180) MCom (Actuarial Science) – thesis option

43214 – 889 (180) MCom (Actuarial Science) – coursework option

Click here for more information regarding the programme that can also be downloaded and printed.


Admission

For admission to the Master's programme applicants should have:

  • An Honours degree in Actuarial Science or Mathematical Statistics;
  • Passes in university modules equivalent to all eight of the Foundation and Intermediate Technical subjects of the Actuarial Society of South Africa (or the Core Technical subjects CT1-CT8 of the Institute and Faculty of Actuaries); and
  • Exemptions from (or passes in the profession's examinations for):
    • at least seven of the eight Foundation and Intermediate Technical examinations of the Actuarial Society of South Africa (or Core Technical examinations (CT1-CT8) of the Institute and Faculty of Actuaries), and
    • the Actuarial Risk Management (A311) examination or one of the Fellowship Principles examinations of the Actuarial Society of South Africa (or one of the Specialist examinations of the Institute and Faculty of Actuaries).


Curriculum

Two programmes are available:

  • Coursework option (Actuarial Science 889); and
  • Thesis option (Actuarial Science 879).

A student will be required to pass modules totalling at least 180 credits as follows:


Module:

Module Code Semester ​Credits
Health and Care Technical (F101)10368-811

​1

45
Life Insurance Technical (F102)
10372-812​145
General Insurance (F103)10360-843​245
Pensions Technical (F104)10376-814​1
45
Finance and Investment Technical (F105)10364-845​2
45
​​Capita Selecta: Actuarial Applications A
13697​-811
​1
60​
​​Capita Selecta: Actuarial Applications B
13699-841​​2
60​


Modules up to 30 credits (as approved by the Head of Actuarial Science from time to time) may be selected from topics offered in the Mathematical Statistics or Financial Risk Management postgraduate programmes.


Research modules:

​ModuleCodeSemester​Credits
Actuarial Science Research Project
11170-895

​1&2

60
​Actuarial Science Thesis
11171-896​1&2​​120





Note:

  • F101, F104 and F105 will be hosted by the University of Cape Town.
  • In certain circumstances students may include Actuarial Science Honours modules. Such modules however will carry no credit towards the Master’s degree.

Grading and Regulations

The final grade will be a weighted average of the marks obtained for each module (with weights based on the module credits as given above).

Students are expected to pass (i.e. with a mark of not less than 50%) modules totalling at least 180 credits (as outlined above).

N.B. There are no rewrite/supplementary examinations for students failing modules.

Credit may be awarded for at most one module (to a maximum of 60 credits) in respect of an equivalent subject which students have passed through the Actuarial Society of South Africa or Institute and Faculty of Actuaries.

The calculation of the final mark for each module may differ by module, but is typically the average of the class mark (based on all relevant tests and assignments) and examination mark.

Students will be required to have a class mark of at least 45% for a module (based on class tests and possibly other hand-in work as specified) in order to be given entry to the final examination for that modules.

Further Information

Exemptions from the Professional Examinations

The university has an Exemption Recognition Agreement with the Actuarial Society of South Africa in respect of:

  •   All of the Foundation and Intermediate Technical subjects, A111-113 & A211-214 (Bachelor’s degree);
  •   Foundation Actuarial Professional Practice (N111) (Bachelor’s degree);
  •   Communications (N211) (Honours degree);
  •   Actuarial Risk Management (A311) (Honours degree);
  •   Fellowship Principles subjects, F101-105 (Master’s degree / PGDip).

On completion of the university degree an appropriate exemption recommendation letter will be prepared for each student. At Bachelors and Honours level it is necessary for the student to complete the degree before such a letter can be produced. For F1 level subjects it is not necessary to complete the university degree/diploma in order to obtain an exe

mption.

s

Applications must be submitted in writing, before the end of October, to:

The Registrar, University of Stellenbosch, Private Bag X1, matieland, 7602.

Further information on the registration process can be obtained from Ms. Nazli Daniels, ndaniels@sun.ac.za or on tel: +27 21 808-4837.

Also see the postgraduate studies webpage: http://www.sun.ac.za/english/pgstudies

Further enquiries

For further information please e-mail the Postgraduate Programme Convenor on actuarial@sun.ac.za


Prof. G Slattery

Head of Actuarial Science

Dept. of Statistics and Actuarial Science

February 2022