Yagshree Moodley is an inspired individual and enjoys using her skills and training to find solutions to real-life challenges.
Yagshree Moodley is an assistant manager in the life insurance division of the Deloitte Actuarial & Insurance Solutions practice based in Cape Town. She joined the firm in 2009, having completed all the required actuarial examinations. Moodley obtained her bachelor of business science degree in actuarial science with honours from the University of Cape Town (UCT) in 2008.
Some of her key areas of focus include product development, financial planning, statutory valuations and capital management. Her clients include reputable companies such as Allan Gray Life and Union Life, to mention but two. A driven individual, Moodley says that she enjoys using her skills and training to find solutions to real-life challenges.
Why did you become an actuary?
I became an actuarial scientist by a process of elimination; luckily that worked out for me. Initially, I had considered careers in various different areas such as astronomy, medicine and Formula One racing!
What sparked your interest? Was there a specific event or individual who inspired you to follow a career in this area?
I was attracted to the idea of using maths to solve real-world problems. I also spoke to a recently qualified actuary, who answered my specific questions about the field. He offered valuable insights that informed my decision to pursue this qualification.
Briefly explain what actuarial science is all about?
Actuarial science is a diverse discipline, although all actuaries work with financial risk. We identify, monitor and manage risks and opportunities associated with uncertain future events. Briefly, actuaries set insurance premiums, we help to ensure sound financial management of insurance companies, medical schemes and pension funds, and we help to design and manage appropriate investment strategies and the calculation of financial indices, such as the FTSE-JSE Index Series.
What does a typical day entail?
Because my job is more about consulting, there is no typical day! But I specialise in life insurance and serve several clients. Most of my work involves evaluating life insurance liabilities and companies, developing and pricing new life insurance products and assisting clients to meet statutory and regulatory requirements.
What subjects should learners take at school if they want to end up in a career field such as yours?
One would definitely take mathematics. However, actuaries are not mathematicians. Although you’ll require strong numerical and problem-solving skills, actuaries usually use applied maths and statistics. I am told there are now financial mathematics and data-handling modules in the mathematics curriculum. Learners should pay particular attention to these sections because they are the foundation of almost all actuarial work. Basic computer programming skills could also be an advantage.
Which schools did you attend?
Willow Park Primary School and Kharwastan Secondary School in Durban.
What subjects did you choose in grade 10?
English, Afrikaans, mathematics, physical science, biology, accounting and geography — all on higher.
What are your highest -qualifications and where did you study?
BBusSc (actuarial science) from UCT in 2008. I also completed all the actuarial- professional exams through the Actuarial Society of South Africa (ASSA).
What do you do when you are not working?
Until recently I spent most of my time studying, but now I spend most of my time practising yoga, reading, watching movies, exploring and trying new things.
Why would you say it is important for young people to choose actuarial science as a career?
Because actuarial science was recently ranked as one of the best jobs in terms of work environment, career prospects and financial reward. An actuarial qualification is widely recognised and respected. The analytical skills you acquire can be applied in many different contexts.
What sort of marks would learners need to get into university?
A high grade with an A symbol in mathematics. For other requirements, I suggest that learners refer to the latest prospectus for the actuarial programme they are trying to get into.
What should they study at an undergraduate level?
Several South African universities offer business or science under-
graduate courses with a major in actuarial science.
These degrees are accredited by the ASSA and therefore offer exemptions from many of the actuarial board exams. Alternatively, they could study statistics or mathematics at undergraduate level and then pursue an actuarial qualification through post-graduate studies.
Does this country need more actuaries?
Actuaries are specialists in business and risk analytics. I would expect that as our economy becomes more focused on tertiary activities, the demand for these skills will grow. The international business community is also becoming more aware of the importance of risk management, and actuaries are poised to offer valuable advice and skills in this area.
What are job opportunities like locally?
There remains strong demand for actuarial skills. This extends to less traditional areas of actuarial practice, such as banking and management consulting. Most actuarial positions are based in Johannesburg and Cape Town.
Which institutions offer -studies in actuarial science?
UCT, Wits and Stellenbosch offer the most highly recognised actuarial- programmes in the country. There are also programmes at the University of Pretoria and the University of KwaZulu-Natal.
What are the job and study opportunities overseas?
There are universities in the United Kingdom, United States and Australia that offer actuarial programmes that are accredited by the actuarial profession. Learners can contact ASSA and discuss the options for overseas study.
Where can I get more information?
• Actuarial Society of South Africa actuarialsociety.org.za
• The UK Actuarial Profession actuaries.org.uk
• Universities: websites, -prospectuses, actuarial departments
• South African Actuarial Development Programme
saadp.co.za