Bachelor of Commerce in Actuarial Science

Purpose

The primary purpose of this qualification is to provide a significant component of an efficient qualification for candidates with mathematical ability to enable successful graduates to proceed to the B Com Honours in Actuarial Science. This is in in line with the general purpose of a Bachelor's Degree according to the HEQSF; that is to strengthen and deepen the learner's knowledge in a particular discipline or profession, thus enabling them to establish career path towards the Actuarial qualification. The qualification is a response to the ASSA strategy that requires all Actuarial students to acquire most of the prescribed subjects through study at universities.

Rationale

The Actuarial Society of South Africa (ASSA) has established a strategy for professional qualification that requires the extensive support of a network of universities that offer qualifications on the pathway to becoming an actuary.

The qualification will provide a significant component of an efficient qualification for learners with mathematical ability to enable successful learners to proceed to the Bachelor of Commerce Honours in Actuarial Science. It is in line with the general purpose of a Bachelor's qualification according to the HEQSF; that is to strengthen and deepen the learner's knowledge in a particular discipline or profession, thus enabling them to establish career path towards the Actuarial qualification. The qualification is a response to the Actuarial Society of South Africa (ASSA) strategy that requires all Actuarial learners to acquire most of the prescribed modules through study at Institutions (this institution is one).

This qualification would enable candidates with sufficient mathematical ability to gain credits with the Actuarial Society of South Africa for the A100-series (Foundation Technical) subjects and the A200-series (Intermediate Technical) subjects. They could thus make substantial progress toward qualifying as an Actuary in South Africa, which requires the Postgraduate Diploma in Actuarial Science.

The Bachelor of Commerce in Actuarial Science is directly linked to opportunities for employment for learners particularly in view of the requirement for suitably qualified practitioners in the insurance, retirement funding, healthcare financing and banking sectors.

The primary purpose of this qualification is to provide a significant component of an efficient qualification for candidates with mathematical ability to enable successful graduates to proceed to the Bachelor of Commerce Honours in Actuarial Science. This is in line with the general purpose of a Bachelor's Degree according to the Higher Education Qualifications Sub-framework; that is to strengthen and deepen the learner's knowledge in a particular discipline or profession, thus enabling them to establish career path towards the Actuarial qualification. The qualification is a response to the Actuarial Society of South Africa (ASSA) strategy that requires all Actuarial students to acquire most of the prescribed subjects through study at universities.

Recognition of Prior Learning (RPL)

RPL is not applicable in this qualification because the qualification requires a specific level of mathematics for entry. One can't demonstrate such achievement in mathematics via RPL.

Entry Requirements

• National Senior Certificate granting access to Bachelor's Degree studies.

This qualification consists of compulsory modules at Levels 5, 6 and 7 totalling 528 Credits.

Compulsory Modules at Level 5: 180 Credits

• Microeconomics 1, 18 Credits.
• Macroeconomics 2, 18 Credits.
• Financial Accounting, 18 Credits.
• Financial Reporting 1, 18 Credits.
• Evidence-based Management, 18 Credits.
• Computer Science 1, 18 Credits.
• Mathematics 1, 36 Credits.
• Mathematical Statistics 1, 18 Credits.
• Introduction to Financial Risk, 18 Credits.

Compulsory Modules at Level 6: 186 Credits

• Microeconomics II, 18 Credits.
• Macroeconomics II, 18 Credits.
• Business Law I, 18 Credits.
• Corporate Financial Management, 18 Credits.
• Statistical Theory and Inference, 24 Credits.
• Actuarial Science I: Financial Mathematics, 18 Credits.
• Mathematics II, 48 Credits.
• Linear Models, 24 Credits.

Compulsory Modules at Level 7: 162 Credits

• Markov Processes and Time Series, 36 Credits.
• Decision Theory and GLM, 36 Credits.
• Advanced Stochastic Processes, 36 Credits.
• Actuarial Science II: Models, 18 Credits.
• Actuarial Science II: Contingencies, 18 Credits.
• Business Ethics, 18 Credits.

• Understand and manipulate quantitative information provided in tables, graphs and sets of equations.
• Critically understand written texts of descriptive, prescriptive and argumentative characters.
• Understand how to apply the general methods of quantitative analysis to both traditional and new fields of actuarial activity.
• Produce written texts of descriptive, prescriptive and argumentative characters to accepted standards of logic and accuracy.
• Find information of professional relevance efficiently and independently.
• Use and organise information to conduct systematic research aimed at providing answers to questions whose resolutions are not previously known.
• Use information-technology standard in professional offices (at the time of his or her graduation) efficiently and independently.
• Use the internet to find and access information.
• Understand when and how to acknowledge the limitations of his or her own expertise and elicit the more appropriate expertise of others.
• Appreciate the importance of life-long learning and the importance of self-initiative in pursuing it.
• Understand and internalise as a personal value the importance of conducting professional activity within the scope of national, provincial, municipal and international law.

The following associated assessment criteria will be assessed in an integrated manner across all the Exit Level Outcomes:

• Identify, assess, formulate and solve convergent and divergent problems related to statistical information and systems.
• Read critically, understand and integrate statistical data and reports.
• Make basic judgements on the value of an item of actuarially related information.
• Identify, evaluate and prioritise the significance of local, industrial, national and international political, economic, environment, social and technical information and trends in actuarially related information.
• Give quantitative input to actuarially-related reports with objectivity, conciseness and clarity.
• Describe work performed and conclusions reached in a manner that enhances the reports' usefulness.
• Employ appropriate media in report preparation and presentation.
• Prepare actuarial reports for different levels of management and give quantitative input to actuarial reports for various regulatory bodies.
• Adapt to new contexts and promote constructive change within the disciplines.
• Do calculations for pricing of simple Life Assurance products, including all the standard variations of assurances and annuities.
• Do calculations for the reserving of Life Assurance products, including all the standard variations of assurances and annuities.
• Build and evaluate simple actuarial models and test assumptions.
• Appraise capital investment through the use of appropriate methods and techniques and allow for the effects of timing, taxation, inflation, risk and uncertainty.
• Do calculations for the valuation and contribution rates for retirement funds (defined benefit funds).
• Conduct pricing calculations of simple group risk benefit products (including life, funeral, lump sum disability and disability income benefits).
• Understand the creation and operation of mortality tables.
• Understand the creation and operation of multiple-decrement tables (service tables) for retirement funds.
• Understand the statistical principles and techniques necessary for the above outcomes.

Integrated Assessment

Each course will have formative assignments, ranging from weekly submissions to quarterly tests, and summative exams. These submissions will vary greatly between courses and also within courses from time to time. They could be essays (in e.g. Economics), spreadsheets in Excel (e.g. to solve specific Financial Mathematics problems) and would include a regular hand-in of solutions to tutorial problems. The results of the submissions and tests held during the year will constitute the year mark for the course - these ranges between 30 and 50% of the final mark. A final examination will be written in each course, this will form between 50 and 70% of the final mark. These final examinations are the same ones as written by final year Bachelor of Commerce in Actuarial Science students.