Bachelor of Business Science in Actuarial Science

The four-year honours-level Business Science degree is designed to provide students with a broad general exposure to business and relevant academic and supporting disciplines, such as Economics and Mathematics, as well as specialisation in the fields of Actuarial Science (with or without Finance or Economics as optional extras) or Quantitative Finance. The objective underlying this degree is to educate students to think, analyse, deduce, integrate and communicate effectively within the chosen special field. The structure and content of the programme is designed to give students every opportunity to develop managerial abilities which will encourage continued personal growth, and enhance societal, economic and business activity.

The degree is not a substitute for practical business experience but rather an opportunity for a liberal education involving at the same time some understanding of the scientific method. The degree requires a study of the structure and working of the business world through a study of the scientific approach to management problems and use of current quantitative and computer techniques in those areas in business management formerly considered to be purely matters of opinion and judgement. In the case where the specialisation is Actuarial Science specific courses are designed to enable credit to be given from the equivalent professional examinations.

The learning required before commencing with the programme includes a matriculation exemption certificate, with an A for Mathematics (HG) and a C for English First Language (HG) and a minimum of 54 points calculated according to UCT's weighting system.

Senior Certificate with Matriculation Exemption or Equivalent university admission qualification

RECOGNITION OF PRIOR LEARNING

The University is prepared to test candidates wishing to enter through non-traditional means, to establish whether, in the opinion of Senate, the person is prepared for degree studies in which case an application will be made for conditional examination.

(a) Critical cross-field outcomes

The BBusSc graduate is competent to

(i) Understand and manipulate quantitative information provided in tables, graphs and sets of equations;

(ii) Critically understand written texts of descriptive, prescriptive and argumentative natures;

(iii) Produce texts of descriptive, prescriptive and argumentative natures to accepted international standards in his or her specific field of training (as these may exist at the time of his or her graduation);

(iv) Find information of professional relevance efficiently and independently and

(v) Use and organise such information to conduct systematic research aimed at providing answers to questions whose resolutions are not antecedently known, or to verifying answers that are assumed on the basis of 'accepted wisdom';

(vi) Understand and critically appreciate the contribution of major social and environmental activities to community and national life;

(vii) Use information-technology standard in professional offices (at the time of his or her graduation) efficiently and independently;

(viii) Use the internet to find and access information;

(ix) Understand when and how to acknowledge the limitations of his or her own expertise and elicit the more appropriate expertise of others;

(x) Appreciate the importance of life-long learning and the importance of self-initiative in pursuing it;

(xi) Understand and internalise as a personal value the importance of conducting professional activity within the scope of national, provincial, municipal and international law.

(b) General outcomes

The BBusSci graduate is competent to

(i) Produce solutions to both familiar and novel business problems as these arise in the course of professional activity;

(ii) communicate his or her understanding of business problems and solutions to other in ways that are clear but not arrogant or presumptive;

(iii) critically receive and understand the descriptions and suggestions of business colleagues and clients;

(iv) understand the difference between personal and social (often corporate, sometimes publicly) goals, so as to

(v) understand the importance of commitment to the latter even when diverge with his or her personal interests;

(vi) appreciate the contexts in which specific technical competencies identified below and best be integrated with the general competencies just identified.

(c) Specific Outcomes

The BBus graduate is competent to

(i) develop the capacity to think conceptually, strategically and operationally about business, their long term direction, their resources and capabilities, the calibre of present strategy and operations, and opportunities for gaining sustainable competitive advantage;

(ii) acquire the ability to analyse organisations in a variety of industries and competitive situations, and to provide a sound understanding of the strategic environment;

(iii) be able to analyse business conditions and strategies, using a variety of techniques to evaluate alternative positions for sound decision making.

(iv) Be cognisant of actions which promote competent managerial action;

(v) Integrate knowledge gained in all functional disciplines for addressing and solving business problems;

(vi) Develop powers of managerial judgement and demonstrate the ability to assess bisiness risk;

(vii) Be proficient in using computers and information systems for addressing business issues

(viii) Develop a consciousness of exemplary ethical principles, sound personal and company values, and socially responsible management practices;

(ix) Work as a member of a team analysing business problems

(x) produce descriptive, prescriptive and analytical reports.

Applicable to

(a) Critical cross field outcomes

(b) General outcomes

(c) Specific Outcomes

A learner's performance will be assessed on the basis of his/her

(i) Demonstration of ability to analyse case material from a broad perspective, including all functional disciplines (marketing, finance, human resources, psychology, operations, information systems and knowledge management)

(ii) Demonstration of ability to present and defend and analyse both verbally and in written form

(iii) Demonstration of knowledge of the literature in the chosen specialist field of study and the general management and practitioner literature, and ability to present a critical analysis thereof

(iv) Demonstration of competence in data analysis and interpretation, and to integrate numerical data into prose descriptions and arguments

(v) Demonstration of ability to interact with critical audience interaction

(vi) Demonstration of ability to interact with the learners and employees in business situations through presentation of opinions, findings, analyses and strategic recommendations.

(vii) Demonstration of ability to understand the business-society nexus, and the role of business in social policy

(viii) Ability to share business knowledge to external stakeholders in society

(ix) Acceptance of different view points and values from a business and societal perspective

INTEGRATED ASSESSMENT

A BBusSc graduate will be assessed specifically on competencies in critical literacy, critical reasoning, numeracy and mathematical ability, and computer literacy in all prescribed and optional courses from the first year of the programme. Such competence will be assessed, across all programme courses, through a mix of formal written examinations, individual and group projects, individual and group presentations, team problem-solving workshops and simulations. In all such assignments, a learner's performance will be assessed on the basis of his or her:

(i) demonstration of ability to organise ideas and facts in a logical, coherent way

(ii) demonstration of ability to anticipate the responses and objections of an imagined reader

(iii) ability to integrate numerical data into prose descriptions and arguments

(iv) demonstrated understanding of the need to cite references fairly and accurately

(v) demonstrated ability to represent and consider views and perspectives alternative to his or her own.

A BBusSc student will be assessed specifically on practical competencies in ability to formulate arguments, research goals, research strategies and public description and justification of goals, tasks and findings from the second year of the programme. Such competence will be assessed, across all programme courses, through assigned individual projects and classroom debate and through team problem-solving workshops and simulations. The learner's performance will be assessed on the basis of his or her demonstrated ability to integrate these competencies to the level expected of a junior manager delivering a professional report to a meeting of colleagues.

A BBusSc student will be assessed specifically on further competencies in ability to integrate and self-consciously appraise performance (by him or her self and others) in all functional and practical competencies through participation in the final year thesis and projects. Students will be assessed in their performance on research into the bases for their bargaining positions, their skill in describing and defending these positions, their ability to compile written reports, and their ability to work self-consciously towards co-operative outcomes with other stakeholders. These abilities will be assessed through continuous, feedback-driven observations and commentary on oral performance, and formal examination of written performance.

The technical skills required of a BBusSc student will be integratively assessed in core courses in the third and fourth years, through a mix of written examinations and assigned individual projects. Students will be assessed on the basis of the abilities to understand theoretical concepts that have not been explained to them in advance, and to analyse industry and company problems similar to, but not identical to, examples that have been explained to them. Successful production of solutions to these problems will allow integrated assessment of skills and comprehension in marketing, finance, human resources, operations, information systems and economic issues.