UCT expands programme to support local actuarial qualification
The Actuarial Science department in the
Faculty of Commerce at the University of Cape Town is to receive an injection of
R4,5 million via the Actuarial Society of South Africa to help it facilitate the
first wholly-local professional qualification for actuaries.
Garth Griffin (President of the Actuarial Society of South Africa), Shivani Ramjee (Head of Actuarial Science) and Dr Shannon Kendal (head of Management Studies)
The Actuarial Society of South Africa will offer a local professional qualification from 2010. Currently, aspirant
actuaries in South Africa need to qualify through the Institute of Actuaries in
London or the Faculty of Actuaries in Edinburgh.
The Dean of the Faculty of Commerce,
Professor John Simpson said: “The University of Cape Town has a long history of
meeting the high standards required of professional actuarial education through
its affiliation with the professional bodies in the UK. We look forward to
building on this experience as we move forward with the Actuarial Society of
South Africa.”
Vice Chancellor of UCT Dr Max Price
welcomed the partnership, stating: “UCT will continue to uphold the highest
standards of professional education, with the added advantage of exposing
students to issues relevant to practising in South Africa.
“The move to a local qualification
ensures that there is greater retention of resources within South Africa,
enabling greater support for the local education system,” Price said.
While the South African qualification
will better equip students to practise in the South African context, the
qualification will also be recognised by international actuarial bodies. It will
also ensure closer interaction between the professional body and students.
The new head of Actuarial Science at
UCT Ms Shivani Ramjee said: “This is an important step for the transformation of
the local actuarial profession. Our students will benefit enormously from the
increase in locally-relevant content, improved access as a result of the
decreased costs of qualification and a stronger local education system.
President of the Actuarial Society of
South Africa Mr Garth Griffin said: “Our research has shown that at least two
additional full-time posts are required in the department in order to provide
for the five specialist postgraduate courses for Western Cape based students.
Currently provision is made between UCT and the University of Stellenbosch for
tuition and examinations for only two of the five courses.”
The Actuarial Society of South Africa
has offered a minimum financial contribution to UCT of R4,5 million, over three
years.
Head of Management Studies at UCT Dr
Shannon Kendal said: “We have always had a solid relationship with the Actuarial
Society – all our staff are members of the professional body and serve on
various committees. Our links will now be much stronger as we build education
infrastructure complying with the accreditation process. “
Kendal said the Faculty was committed
to recruiting the skills necessary to support the programme and to enhance the
relationship between the university and the professional body.
At present subjects are jointly offered
by UCT and the University of Stellenbosch, as part of a Postgraduate Diploma in
Actuarial Science. The two universities currently offer Life Insurance (US) and
Finance & Investment (UCT). From 2010 the full suite of subjects will be
offered. UCT will be providing the Pensions, Health & Care as well as Finance &
Investment subjects. The Life Insurance and General Insurance specialist
subjects will be convened by the University of Stellenbosch.
