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Postgraduate Diploma in Management (Actuarial Conversion Course) and Bachelor of Commerce (Hons)

Introduction

The intensive training required before one qualifies as an actuary has in the past meant a long period of study. For many people aspiring to be actuaries, studying through the profession by correspondence often proves to be extremely difficult particularly for those in developing countries. This approach also tends to be prohibitively expensive. As a result, the number of actuaries qualifying each year has historically been low. This is especially true of students whose undergraduate studies were in disciplines other than Actuarial Science.

There are currently some 700 actuaries practicing in South Africa, while there are probably fewer than 50 actuaries practicing in the rest of Africa, most of them being expatriates. Demand for actuarial skills continues to grow owing to their expertise in finding practical solutions to complex financial business problems. Actuaries are uniquely placed in their ability to apply probability and interest rate theory and performing statistical analyses to cost and appraise long-term financial contracts.

In order to assist students in qualifying, the UCT Actuarial Science Section have introduced the Post Graduate Diploma in Management (Actuarial Conversion Course) allowing high caliber graduates in Mathematics or Mathematical Statistics accelerated entry into an actuarial career, without the need to complete four years of undergraduate actuarial studies. This will provide suitable candidates with a flying start towards qualifying as actuaries and significantly reduce the time taken to qualify. Successful completion of this programme could lead to exemption from up to nine of the examination papers which a candidate must pass in order to be admitted as a Fellow of either the Institute or Faculty of Actuaries in the UK.

The Programme

The Programme generally extends over two years of very intensive full-time study (only in exceptional cases could the programme be completed in one year) with lectures running from February to October/November each year. Courses in Statistics, Actuarial Mathematics, Accounting and Economics will be covered, corresponding to Subjects CT1-CT8 and CA3 of the Institute and Faculty of Actuaries.

For the award of the Diploma, a candidate will be required to complete courses worth at least 24 points from the following courses:

A candidate may obtain credit for up to 12 points in respect of courses completed elsewhere.

The Bachelor of Commerce (Honours) degree covers similar ground, but with additional subjects.

Examinations

The examinations comprise a three-hour paper for each of the courses. As a general university rule, candidates are required to submit assignments regularly and attend tutorial sessions, in addition to being continuously assessed through tests. Candidates who do not satisfy these requirements are not permitted to sit the examinations. Exemptions by the Institute and the Faculty of Actuaries are currently being awarded to candidates who obtain at least 60% in the final examination of the corresponding courses.

Entrance Requirement

Ideally, candidates should have a good degree in Mathematics and/or Mathematical Statistics with at least two years of pure mathematics. A good degree will generally mean a first class or upper second class pass or equivalent for most subjects, at a recognised university. In such cases, evidence to show that the candidate has an aptitude for mathematical work will be required. This course will be highly intensive and therefore a candidate's ability to cope with its demand is crucial.

Fees

Academic fees for the Diploma course in 2008 are payable per subject taken.

Students may apply for university accommodation. Unfortunately due to the limited number of available places, accommodation within the university residences cannot be guaranteed. Private accommodation is however available within reasonable proximity. Residence fees vary depending on type of accommodation.

Postgraduate students are, however, likely to be offered self-catering residences, where the residence fees are on average lower but no meals are offered. (For most of the self-catering residences, shops and restaurants are within walking distance.)

Applying

Prospective students must apply, using the prescribed form. The closing date is October 31. The programme caters for a limited number, and applicants will be considered on merit.

Enquiries