Bachelor of Commerce Honours in Actuarial Science

First purpose

To provide students with advanced core knowledge and skills about various specialised aspects of the quantitative sciences (including statistics, logistics, actuarial science, mathematics, financial mathematics) thus equipping them for a career in a quantitative areas of the private and public sectors where their participation will promote sustainable growth and development, and maximise prosperity in all sectors of the economy and society.

Second purpose

To develop competent leaders in the various fields of quantitative commerce and finance, possessing advanced theoretical and applied knowledge and skills, enabling them to steer sustainable development, growth and prosperity in the most appropriate direction.

Third purpose

To provide students who would like to proceed to further postgraduate studies with a sound academic base from which to do so.

Entry Requirements

Bachelor of Commerce, Level 7.

1. Demonstrated the ability to read and interpret diverse and advanced quantitative literature, implying the ability for independent learning from source material.
2. Manifested advanced understanding of the use of scientific methodology in the acquisition of data, and the transformation thereof to information and knowledge.
3. Demonstrated the ability to analyse, organise and critically evaluate relevant information.
4. Demonstrated the ability to identify and solve complex, diverse problems in a critical and creative way by applying appropriate advanced quantitative methods.
5. Demonstrated the ability to work effectively with others as a member of a team in the private, developmental and public sectors.
6. Demonstrated the ability to organise and manage personal activities responsibly and effectively.
7. Demonstrated the ability to communicate effectively, using graphical, statistical and language skills in the modes of oral and or written presentation.
8. Demonstrated the ability to use quantitative based science and technology effectively and critically, showing responsibility towards the environment and the interests of others.
9. Demonstrated understanding of the world as a set of related systems by recognising important common characteristics of problems in diverse contexts.
10. Demonstrated understanding of and ability to apply a range of advanced quantitative techniques, procedures and experimental approaches required in the different specific programmes leading up to this qualification.
11. Demonstrated ability to apply the knowledge of and practical skills in advanced quantitative methodology to address complex theoretical and practical problems in diverse areas of commerce and finance.
12. Demonstrated refined and advanced ability to learn and apply appropriate lessons from these experiences in order to solve problems in such a way that sustainable developmental outcomes occur.
13. Mastered initial research skills in the quantitative field, which can be developed and honed during further study.
14. (For the programme in Actuarial Science).

Demonstrated understanding at an advanced level of the mathematical and statistical bases underlying life insurance, pensions, general insurance and investments, and mastered advanced techniques for applying the basic theory in these fields in practical problems.

1. (For the programme in Financial Analysis).

Demonstrated the ability at an advanced level to utilise quantitative techniques to analyse and evaluate the financial systems of an organisation.

1. (For the programme in Institutional Investments).

Demonstrated understanding at an advanced level of the mathematical and statistical theory underlying investment instruments, and the application of this theory in analysing and evaluating existing investment plans, and in developing new investment schemes.

1. (For the programme in Quantitative Decision Making).

Demonstrated the ability at an advanced level to utilise quantitative decision making tools in a business context.

1. (For the programme in Logistics Analysis).

Demonstrated the ability at an advanced level to analyse the supply chain of an organisation.

1. (For the programme in Mathematics).

Demonstrated understanding at an advanced level of the prevalence and importance of variation in real world phenomena, and mastered different mathematical and statistical techniques for modelling such phenomena.

1. The assessment used for this qualification ensures that the purpose of the qualification is achieved.
2. A range of formative and summative assessment methods such as simulations, computer assignments, workplace assessments, written and oral presentations and examinations are used.
3. The required range of modalities is used integratively to assess whether the specified outcomes have been achieved.
4. From the assessment of samples, generalising to a domain takes place in a judicious and planned way in order to ensure reliability.
5. The assessment used meets the standard and level of achievement for National Qualifications Framework (NQF) Level 7.

Integrated Assessment.

The nature of the quantitative sciences are such that successful study at any particular level requires the student to draw on the knowledge and expertise gathered in previous years. In this sense the assessments that are devised for the honours degree are also integrated assessments for the entire study. Assessment takes place by way of a variety of procedures, including cross-disciplinary individual and group assignments, simulations, computer assignments, workplace assessments, written and oral presentations, tests and examinations. Over and above this, it is also expected of students to complete at least one large project of practical or theoretical nature, either individually or in small teams, and to present both written and oral reports on the work.