 Actuarial Science or Quantitative Finance?
These two programmes are offered by the same department and have a large
number of subjects in common. The first 2 years of study are currently almost
identical and we are working to make them completely aligned in the near future.
The Actuarial Science degree focuses on producing qualified actuaries. Most
actuaries in South Africa are employed by; insurance companies, as consultants
managing company pension schemes, in healthcare and general insurance
companies and also in investment management companies. Actuaries have an
important role in these institutions. Students who graduate within this stream will
be particularly well prepared for further study to obtain the FASSA (Fellow of the
Actuarial Society of South Africa) designation from the Actuarial Society of South
Africa, or an equivalent overseas designation. Students who meet the demanding
standard can obtain exemptions from some two-thirds of the professional
examinations. You can visit the following websites to get more information on the
various qualifications: www.actuarialsociety.co.za and www.actuaries.org.uk
The Quantitative Finance stream was introduced in response to the demand from
merchant banks, investment managers and other financial organisations for
graduates able to use analytical and numerical techniques to price financial
derivatives and to manage investment portfolio risks. This degree covers much of the
material included in the actuarial stream but courses specific to life insurance and
pension schemes are replaced by additional finance and risk management courses.
At the most fundamental level, quantitative finance is more concerned with assets
while actuaries focus more on liabilities. The boundaries between these professions
are however blurring, as both actuaries and quants head into wider fields and carve
out roles for themselves in an ever widening range of industries.
 Further Study and Career Choice
The FASSA and equivalent qualifications require further part-time study after
graduation, which is normally undertaken by correspondence with the support of an
employer. UCT provides post-graduate courses to prepare students for these
examinations and it is possible for students to obtain exemptions from most of them.
Students from both streams will be particularly well prepared for further study to
obtain the CFA (Chartered Financial Analyst) qualification from the USA, which has
become the worldwide qualification for investment managers. The CFA also requires
further part-time study by correspondence, usually with the support of an employer.
The knowledge and skills provided by both undergraduate degrees is highly valued by
a range of other employers. Many of our outstanding graduates choose unorthodox
career paths as they follow their interest in a particular field.
 Why study at UCT?
UCT was the first University in Africa to set up a course to produce qualified
actuaries. Our strong past record of success at producing qualified actuaries has
allowed the department to attract the best students and staff with outstanding
professional qualifications and experience.
Our approach is practical: students are encouraged to think through real world
problems and are thereby equipped with many practical skills that go beyond pure
actuarial and quantitative techniques. We aim to produce well-rounded professionals
ready for the workplace.
UCT has produced more qualified actuaries than any other university in Africa and our
analysis of performance in the professional examinations indicates that our graduates
are more likely to qualify than those from other institutions in South Africa.
Students within our programme are often able to obtain bursaries from employers
especially after they establish a good track record in our examinations. We
recommend that students apply for financial aid (and accommodation) well in advance
of the closing dates even if they are not sure that they will need it.
 Students from previously disadvantaged communities
At present the overwhelming majority of actuaries and financial analysts are white
males. However, our programmes are producing increasing numbers of female and
non-white graduates. We expect this to continue due to the quality of the students we
attract, the design of the programmes and the financial support of the insurance
industry.
In addition we are hosting an Actuarial Society of South Africa initiative to provide
specialist counselling and support for all our students. Email Irene Petrony at
irenep@iafrica.com for more details.
UCT also cooperates with the South African Actuarial Development Programme
(SAADP) that specifically targets previously disadvantaged students for bursary and
support programmes. Email Billy Enderstein at Billy.Enderstein@uct.ac.za for more
details.
The flexibility within the programme allows students to progress at different rates and
many choose the option of completing their studies over an additional year.
 Website
It is well worthwhile to visit the UCT website at www.uct.ac.za where you will find
contact details for possible financial support, fees, deadlines and residences.
Application forms can also be downloaded directly. A wealth of detailed information
can be found at http://www.commerce.uct.ac.za/actuarialscience/home.asp
 Applications
Apply online on http://www.uct.ac.za/apply/welcome/english/. In addition application
forms are available from the Central Admissions Office, University of Cape Town,
Private Bag X3, Rondebosch 7701. The closing date for the receipt of completed forms
is 30 September, and the closing date for financial aid applications is 31 October.
However we encourage you to apply when applications open in mid April and to take
the NBT tests as early in the year as possible.
The Actuarial and
Quantitative Finance Programme
at UCT
School
Become an expert in measuring, evaluating and managing financial risks.
Foundation Years
Financial Techniques and groundwork
in Statistics, Mathematics, Economics,
Accounting, and business skills
Our programme has been established to train experts in
modelling, financial engineering and risk management.
 Admission
Actuarial
B Bus Sc (Actuarial Science)
B Com (Hons) (Actuarial Science)
Quantitative Finance
B Bus Sc (Quantitative Finance)
The Actuarial and Quantitative Finance Programmes currently accept around 250
students each year. We attract some of the most gifted and hardworking students
from South Africa and other African countries. A typical student on the Programme
will have achieved an A grade for most subjects at school and will have excelled at
mathematics.
We are prepared to make early offers to students with very strong school results.
Professional Actuary
(RSA, UK, USA)
Chartered Financial Analyst
(USA) CFA
FASSA, FIA, FFA, FSA
Insurance Company
Retirement Fund
Healthcare Fund
Consulting
Research
Investment
Manager;
Investment
Research
Merchant Bank
Commercial Bank
 BBusSc or BCom?
One can obtain either a BBusSc(Actuarial Science), BBusSci(Quantitative Finance) or
BCom(Actuarial Science) degree with an optional 4th Honours year. These are offered
by the Commerce Faculty. UCT no longer offers an Actuarial Degree through the
Science Faculty. The core topics in all of the degrees are similar, but the Business
Science degree offers more general business subjects than the BCom. Most of our
students take the Business Science programme and this is the one we would generally
recommend in terms of preparation for a business career.
 Progress
Wider Fields
For further information on the Actuarial and Quantitative Finance Programme at
UCT, visit http://www.commerce.uct.ac.za/actuarialscience/home.asp
or email Shieyaam.Jacobs@uct.ac.za.
Our students are required to take more courses, and arguably more difficult courses,
than most other students at the University.
It is to be expected that some students may want to change programmes as they
progress through their degree. There is excellent flexibility within the BBusSc and
BCom degrees to allow students to switch into other areas of study during the first two
years, and even later.