Transformation of the South African actuarial profession has continued its upward trend, as suggested by enrolment and pass rates among black students in the field last year.
The South African Actuarial Development Programme (SAADP) had 59 black students enrolled in actuarial studies at Wits and the University of Cape Town in 2008. Pass rates in the first, second, third and fourth years of study were 82%, 94%, 75% and 80% respectively, the SAADP announced last month.
At the inception of this programme in 2003 there were four black South African actuaries. To date the SAADP has produced two fully qualified black actuaries, with a further 39 actuarial graduates working towards their professional qualifications in several South African businesses.
Eight of these graduates are employed by Alexander Forbes which, with the South African Special Risk Insurance Association, is a leading funder of the SAADP.
Based on last year’s results, it is expected that about 10 black actuarial science graduates will enter businesses around the country each year for the next four years. Once these graduates have gained their professional qualifications the number of black actuaries is set to increase exponentially in the years to come.
For black students, getting into university is only the beginning, says Nokwanda Mkhize, director of the SAADP. Surviving university life, passing exams and getting jobs in businesses that support graduates to write their remaining professional courses are all big challenges. In this light last year’s results represent a great achievement.
The SAADP has developed an academic support programme teaching exam writing, time management and social skills while providing critical emotional support when necessary. After students graduate, the support programme helps place them in corporate environments.