Common Core Skills followed by Choice

The core material in the first two years provides the building blocks for more
specialised study. As they enter third year, some students may choose to do
quantitative finance, depending on the area that interests them. Core courses help
students make an informed choice and staff act as student advisers.
Quantitative Finance
This 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
portfolio risks. The BBusSc !uantitative "inance# 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 simplistic level, quantitative finance is concerned with shorter time
hori$ons than actuarial science. The nature of the risks being considered is different
with a focus on volatility of investment markets.
Actuarial Science
The BBusSc Actuarial Science# degree focuses on producing qualified
actuaries. %ost actuaries in South Africa are employed either by insurance companies
or as consultants managing company pension schemes, although increasing numbers
are now working in investments, short&term and health insurance. Actuaries have an
important role in these institutions and are widely respected. Students who graduate
within this stream will be particularly well prepared for further study to obtain the
prestigious "'A "ellow of the 'nstitute of Actuaries# or ""A "ellow of the "aculty of
Actuaries# qualifications from Britain. Students who meet the demanding standard can
obtain e(emptions from some two&thirds of the professional e(aminations. At present
an equivalent South African qualification is being developed by ASSA the Actuarial
Society of South Africa#. )CT has applied for, and e(pect to be granted, accreditation
for a similar range of e(emptions from these e(aminations.
Further Study and Career Choice
The "'A or ""A qualifications require further part&time study after graduation,
which is normally undertaken by correspondence with the support of an employer.
)CT provides post&graduate courses to prepare students for these e(aminations and
the better students will obtain e(emptions from most of them.
Students from both streams will be particularly well prepared for further study
to obtain the C"A Chartered "inancial Analyst# qualification from the )SA, which
has become the worldwide qualification for investment managers. The C"A 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. %any of our outstanding graduates choose
different careers despite the strong demand for actuaries and financial analysts and the
high salaries currently on offer.
Why study at UCT?
)CT was the first )niversity in Africa to set up a course to produce qualified
actuaries. The old adage that success breeds success is clearly appropriate. *ur strong
past record of success at producing qualified actuaries has allowed the department to
attract the best students and staff with relevant professional qualifications and
e(perience.
)CT has produced more qualified actuaries than any other university in Africa
and our analysis of performance in the professional e(aminations indicates that our
graduates are more likely to qualify than those from other courses in South Africa.
Students within the actuarial program are often able to obtain bursaries from
employers especially after they establish a good track record in our e(aminations.
These bursaries are more generous than those available to other students. That is
consistent with the higher earnings potential after graduation.
Students from previously disadvantaed communities
'n the past the overwhelming ma+ority of actuaries and financial analysts were white
males. ,owever, the Actuarial -rogramme is producing increasing numbers of
female and non&white graduates probably more than any other South African
university#. .e e(pect this to continue due to the quality of the students we
attract, the design of the programme and the financial support of the insurance
industry.
'n addition we are hosting an Actuarial Society of South Africa initiative to provide
specialist counselling and support for actuarial students, particularly those from
previously disadvantaged communities. /mail 'rene -etrony at
irenep0iafrica.com for more details.
)CT also cooperates with the South African Actuarial 1evelopment -rogramme
SAA1-# that specifically targets previously disadvantaged students for
bursary and support programmes. /mail Billy /nderstein at
Billy./nderstein0uct.ac.$a for more details.
The fle(ibility within the programme allows students to progress at different
rates and to undertake an additional year of study if necessary.
Website
't is well worthwhile to visit the )CT website at www.uct.ac.$a. 2ou can also
find contact details for possible financial support, fees, deadlines and residences.
Application forms can also be downloaded directly. A wealth of detailed information
can be found at http344www.commerce.uct.ac.$a4actuarialscience4home.asp
Applications
"orms are available from the Central Admissions *ffice, )niversity of Cape
Town, -rivate Bag 56, 7ondebosch 889:. The closing date for the receipt of completed
forms is 6: *ctober for South African applicants, and 69 September for international
applicants.
Further information
"or further information on the Actuarial -rogramme at )CT, visit our website
see above# or email us at Shieyaam.;acobs0uct.ac.$a. Alternatively write to the ,ead
of Actuarial Science, School of %anagement Studies, )niversity of Cape Town, fa(
9<:# =>?&8@>9 or telephone 9<:# =@9&<A8@.
The Actuarial !roramme
at UCT
Does a challenging well-rewarded career with an
internationally accepted and prestigious qualification appeal to you?
The Actuarial !roramme has been established to train
e"perts in modellin# financial enineerin and risk
manaement$
Admission
The Actuarial -rogramme currently accepts between :?9 and <:9 students each
year and we attract some of the most gifted and hardworking students from South Africa
and other African countries. A typical student on the -rogramme will have achieved an
A grade for most sub+ects at school and will have e(celled at mathematics.
.e are prepared to make early offers to students with very strong school results.
%%usSc or %Sc&'ons(?
*ne can proceed either through the Science "aculty Science degree# or through
the Commerce "aculty Business Science degree#. The core topics are the same in both
courses, but the BBusSc degree has some additional business topics. %ost 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.
!roress
*ur students are required to take more courses, and arguably more difficult
courses, than most other students at the )niversity.
't is to be e(pected that some students will struggle within the programme and
will not be allowed to proceed further. ,owever, there is e(cellent fle(ibility within the
BBusSc and BSc degrees to allow students to switch into other areas of study during the
first two years.
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