Bachelor of Business Science in Actuarial Science

Physical, Mathematical, Computer and Life Sciences - Mathematical Sciences

Purpose and Rationale

To prepare for a career as an actuary or financial analyst, or for postgraduate study in a related field, the following steps can be taken:

Learning Strategy:
- Develop a structured study plan with specific goals and timelines.
- Engage with a variety of learning resources such as textbooks, online courses, and academic journals.
- Seek guidance from professors, professionals in the field, or career advisors.
- Regularly review and revise study materials to reinforce learning.
Analytic Thinking:
- Practice solving problems from different areas of economics, finance, mathematics, and statistics.
- Work on case studies to apply theoretical knowledge to real-world situations.
- Participate in group discussions or study groups to gain different perspectives on problem-solving.
Data Analysis:
- Learn how to collect, analyze, and interpret data using statistical tools and software.
- Critically evaluate the quality and relevance of data for making informed decisions.
- Keep updated with current trends and advancements in data analysis techniques.
Mathematical Modeling:
- Develop proficiency in formulating mathematical models related to financial scenarios.
- Practice solving mathematical problems using relevant theories and methods.
- Utilize software like Excel or specialized actuarial tools for modeling and simulations.
Computing Skills:
- Enhance computer skills for data analysis, modeling, and communication.
- Learn programming languages such as R, Python, or SQL for handling large datasets.
- Familiarize yourself with financial software or tools commonly used in the industry.
Ethical Awareness:
- Understand and adhere to ethical standards in handling sensitive financial information.
- Engage in discussions on ethical dilemmas faced by actuaries and financial analysts.
- Uphold integrity and honesty in all professional interactions and decision-making.
Scientific Research:
- Use scientific methods to gather, analyze, and interpret data for research purposes.
- Ensure research practices comply with ethical norms and academic integrity guidelines.
- Communicate research findings effectively through reports, presentations, or publications.
Communication Skills:
- Practice conveying complex ideas clearly and concisely in both written and oral formats.
- Utilize technology for creating visually engaging presentations or reports.
- Seek feedback on communication skills and work towards improving them continuously.

By following these steps and continuously building on your knowledge and skills, you can prepare yourself effectively for a successful career as an actuary or financial analyst, or for further academic pursuits at an advanced level.

Outcomes

Have a sound knowledge and clear understanding of the mathematical and statistical theory and principles underlying actuarial science.
Have a sound knowledge and clear understanding of theory and principles in the broad management areas of finance and economics.
Have a high level of skill in applying the principles and theories associated with 9.1 and 9.2 to problems in the areas of financial mathematics and financial economics.
Be capable of analytic thinking and also of bringing together concepts, theory and methods from different areas of learning in order to attack particular problems.
Be capable of accessing, interpreting and analysing data and information in a variety of contexts in particular, be capable of applying financial/economic data and information strategically in a business context.
Possess good communication and presentation skills, in both spoken and written forms, in a variety of media.
Possess good case study skills in a business environment.
Be skilled in the use of computers for computational and other purposes.
Have the ability to learn### in particular, the ability to understand, critically evaluate and build on the contributions of others in the chosen field.
Have an awareness of technology, its applications and limitations.
Have an awareness of the ethical demands of a professional working in a management context, and in particular in the areas of work of an actuary or financial analyst.
Have skills in planning and organisation and time management.
Be able to work in a professional team.

Assessment Criteria

Examinations

Purpose:
- Test the learner's ability to understand concepts, theories, and principles.
- Use critical reasoning in a logical and creative way.
- Apply critical reasoning to solve problems.
- Apply appropriate quantitative skills in problem-solving.

Class Presentations

Purpose:
- Test the student's ability to communicate effectively.
- Utilize appropriate techniques/methodologies for presenting an argument.
- Analyze problems/situations critically and present results.
- Interact with peers and work as a team member, where necessary.

Assignments

Purpose:
- Test the learner's ability to access, synthesize, analyze, and interpret data and information.
- Think creatively and apply critical reasoning to contextualize data and information.
- Use appropriate quantitative and qualitative analytical techniques.
- Interact with peers and work as a team member, where required.

Case Study Work in Business/Management Context

Purpose:
- Apply theory critically to real-world business problems.
- Apply appropriate quantitative and qualitative skills for data analysis and evaluation.
- Provide relevant recommendations for managers based on conceptual and quantitative material.
- Assess analytical results critically and acknowledge analysis limitations.

Integrated Assessment

Purpose:
- Ensure the qualification's objectives are met.
Strategies:
- Incorporate continuous assessment and traditional written examinations.
- Reform assessment strategies to assess applied competence.
Components:
- Continuous assessment: Class presentations, participation, and assignments.
- Final assessment: Examinations for each module.

Qualification Details

Type: National First Degree(Min 480)
NQF Level: 08
Min. Credits: 480
SAQA Source: More Information

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University of KwaZulu-Natal

The University of KwaZulu-Natal (UKZN) is a public research university located in the province of KwaZulu-Natal, South Africa. It was formed in 2004 through the merger of the University of Natal and the University of Durban-Westville. UKZN is one of the top-ranked universities in South Africa and is known for its excellence in teaching, research, and community engagement. It offers a wide range of undergraduate and postgraduate programs across various disciplines, including humanities, social sciences, natural sciences, engineering, health sciences, and business. The university has multiple campuses spread across the province, including Durban, Pietermaritzburg, and Westville. Each campus has its own unique character and facilities, providing students with a diverse and vibrant learning environment. UKZN is committed to producing graduates who are academically competent, socially responsible, and globally competitive. It strives to promote innovation, critical thinking, and problem-solving skills among its students. The university also actively engages with local communities through various outreach programs and initiatives. Overall, the University of KwaZulu-Natal is a prestigious institution that offers high-quality education and research opportunities to students, contributing to the development and advancement of South Africa and the African continent as a whole.

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This page includes information from the South African Qualifications Authority (SAQA) . Builtneat Pty Ltd trading as Study Start, has modified all or some of this information. SAQA has not approved, endorsed, or tested these modifications.