Advanced Diploma in Actuarial Science
Physical, Mathematical, Computer and Life Sciences - Mathematical Sciences
Purpose and Rationale
Purpose:
The purpose of the qualification is to strengthen and deepen the learner's knowledge in the actuarial discipline or profession; and to enhance flexibility in the event of a change in circumstances, thus enabling a change in career path. Upon completion, graduates will be able to apply their analytical, statistical and mathematical skills to solve financial and business problems. Therefore learners will be able to understand real-world problems that involve uncertain future events or financial risks such as being able to calculate the price an insurer should charge customers for various insurance benefits, explore the impact that different investments have on the expected risks and returns of a pension fund, or calculating the risks of a bank due to home-loan customers being unable to repay their mortgage debt. This ability to quantify assists individuals and businesses to safeguard their future, confidently and at a fair price, in an ever-changing world.
Rationale:
The Actuarial Society of South Africa (ASSA) has established a strategy to provide extensive support to universities that are or want to offer professional qualifications as the alternative pathway to becoming an Actuary. Traditionally the route to becoming an actuary was as follows:
- A Bachelor of Commerce in Actuarial Science.
- A Bachelor Degree with Mathematics and Statistics plus an Advanced Diploma in Actuarial Science.
- An ASSA recognised Bachelor of Commerce Honours in Actuarial Science.
- An ASSA recognised Postgraduate Diploma in Actuarial Science.
- Completion of the professional examination together with other professional requirements such as practice modules and relevant work requirements.
The Advanced Diploma in Actuarial Science offers learners from other mathematical disciplines who did not complete an Undergraduate Actuarial Degree the opportunity to pursue becoming an actuary. Also the aim of developing this qualification is to widen access routes to the profession. In addition, the qualification will enable learners to seek employment opportunities in the Insurance, Retirement Funding, Healthcare Financing, and Banking Sectors.
Outcomes
- Understand and manipulate quantitative information provided in tables, graphs and sets of equations.
- Understand how to apply the general methods of quantitative analysis to both traditional and new fields of actuarial activity and using this analysis to produce written texts of descriptive, prescriptive and argumentative characters to accepted standards of logic and accuracy.
- Use Information and Communications Technology to find and access actuarial related information.
Assessment Criteria
Associated Assessment Criteria for Exit Level Outcomes:
-
Reserving and Pricing of Life Assurance Products:
- Accurate calculation of simple Life Assurance products and variations.
- Pricing of assurances and annuities are calculated correctly.
-
Actuarial Models and Assumptions:
- Building and evaluating simple actuarial models.
- Testing assumptions effectively.
-
Capital Investments:
- Appraising capital investments using appropriate methods and techniques.
- Accounting for timing, taxation, inflation, risk, and uncertainty.
-
Retirement Funds:
- Calculating valuation and contribution rates for defined benefit retirement funds.
-
Group Risk Benefit Products:
- Calculating benefits for group risk products including life, funeral, disability, and income benefits.
-
Mortality and Service Tables:
- Understanding the creation and operation of mortality tables and multiple-decrement tables for retirement funds.
-
Statistical Problem Solving:
- Identifying, assessing, formulating, and solving convergent and divergent problems related to statistical information and systems.
-
Analysis of Actuarial Information:
- Evaluating the significance of political, economic, environmental, social, and technical information and trends in actuarially related information.
- Making key judgments on the value of actuarially related information.
-
Preparation of Actuarial Reports:
- Preparing actuarial reports for different management levels.
- Providing quantitative input to actuarially-related reports objectively, concisely, and clearly.
- Using appropriate media in report preparation and presentation.
-
Systematic Research:
- Using relevant information to conduct systematic research to provide answers to unknown questions or verify assumptions.
Integrated Assessment:
- Formative assignments and summative examinations will be conducted in each module.
- Assessments may include essays, Excel spreadsheets for Financial Mathematics problems, and solutions to tutorial problems.
- Year mark will be based on submissions and tests throughout the year.
- A final examination, constituting 50-70% of the final mark, will be written for each module.
- Final examinations are equivalent to those taken by final year Bachelor of Commerce (Actuarial Science) students.
Qualification Details
- Type
- Advanced Diploma
- NQF Level
- 07
- Min. Credits
- 180
- SAQA Source
- More Information
Education Cost Calculator
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.