Actuarial Science

The future is uncertain. Some events that may occur might be undesired. Risk is the possibility that something undesired will happen.

Actuaries are experts in:

• The evaluation of the probability of future events;

• The design of creative ways to reduce the probability of undesired events; and

• The reduction of the impact of undesired events that indeed happen.

The impact of undesired events can be emotional as well as financial. The decrease in the probability of these events helps to alleviate emotional pain. Events like death can’t be avoided and it is therefore important to lessen the financial impact thereof.  Actuaries are the foremost experts who find ways to manage risks. It requires a combination of strong analytical skills, business knowledge and understanding of human nature to design and manage programmes that control risks. The work that actuaries do is intellectually challenging and they are well-paid. Actuaries are key players in the management teams of the companies that employ them. In a fast-changing world with new risks and the continuing need for more creative ways to managed it, there are always opportunities for personal and professional growth in an actuarial career, as well as the pleasure of lifelong learning. Most actuaries work in a pleasant environment together with other experts and enjoy the respect of their colleagues.  Actuaries are the analytical backbone of our society’s financial insurance programs. They are the brain power behind the financial protective precautions that we implemented in our personal lives in order for us to live without worrying too much about the future. It is these precautions that protect us from life’s disasters. The insight in risks that actuaries have also helps to ensure that our savings work for us so that everything we love and are precious to us can grow and flourish. The work of actuaries is to everyone’s advantage.

Actuarial Exemptions for 2023

To download the academic yearbook, click here

Actuarial Science consists of the following subjects:

  • Actuarial Science
  • Economics
  • Financial Mathematics 
  • Information Technology
  • Mathematics
  • Statistics

Bursaries available, click here.

This programme is available on the Potchefstroom Campus only. 

The Actuarial Science programme is accredited with the Institute/Faculty of Actuaries in the UK and the Actuarial Society of South Africa. Recently the Quantitative Risk Management programme received accreditation status from the Professional Risk Manager International Association (PRMIA) for Level I and II of their Professional Risk Managers (PRM) qualification.  NWU is the third university world wide, and the first in Africa, to receive accreditation status from this internationally recognised professional body.