A career in Actuarial Sciences, with its blending of intellectual challenge and financial promise, is quite attractive in the constantly evolving South African job market. This field deals with both finance and statistics and offers an enticing promise of financial prosperity. Moreover, people who intend to join this field wonder how much they can make with a career in actuarial sciences.
|Monthly Salary Range:
|R 27500 – R 900000
|Average Monthly Salary:
|Actuaries are experts in using mathematics and statistical procedures to assess risk in different industries, like insurance and pension sectors. Furthermore, they help organizations make intelligent financial decisions after analyzing data, creating models, and projecting future scenarios.
|The minimum qualification required for an entry-level Actuarial job is a Bachelor’s degree in Actuarial Sciences, Mathematics, Statistics, or another analytical field. However, a Master’s and doctoral degree in the area is preferable.
The estimated total pay of an Actuary is R1,260,420 per year, while their average base salary is R5,565,000 per year. Furthermore, an employer’s salary in this field largely depends on experience, education, and other factors. So, let’s analyze the Actuarial Sciences salary and factors that might affect it.
Actuarial Science Salary
Actuarial Science is a profession that uses mathematics, finance, and statistics, and the Actuaries are trusted with foreseeing upcoming financial disturbances and guiding the organization’s decision toward a better financial situation. Moreover, the job is currently in demand because of its significant impact on the financial stability of any organization. However, the minimum base salary of an entry-level actuary in South Africa is R330,000 per year or R27,500 per month.
Likewise, the maximum base salary of the most experienced actuary is around R10,800,000 per year and R900,000 per month. Therefore, the average base salary of an Actuarial Sciences worker is R5,565,000 per year and R463,750 per month. Furthermore, there are certain elements that influence this salary amount, and you may get a lower or higher salary than the figures mentioned here.
Actuaries have a competitive salary in South Africa, and companies that hire them give them a decent salary and a bonus. The average bonus for an actuary is R29,758. Moreover, most of the companies also offer pension and life insurance benefits.
There are a lot of things that influence the salary of an actuary. In the competitive work environment, your experience and qualifications can set you apart from others and become the reason for your lesser or higher pay than others. Therefore, there is a vast difference between the salaries of an entry-level actuary and an experienced one.
A beginner makes around R330,000 per year or R27,500 per month as an actuary. However, an experienced employee can earn up to R10,800,000 per year or R900,000 per month. Therefore, it is essential to gain some experience in the field.
Salary Variations Based on Your City
Your location also plays a role in deciding how much money you will make in a particular field. That is why I organized estimated salaries you can potentially earn based on your workplace location. So, study it carefully and look for the variations.
|Johannesburg, North Gauteng
|R604224 per year
|R664228 per year
|Cape Town, Western Cape
|R667568 per year
|R679795 per year
|Northern Suburbs, Western Cape
|R719378 per year
|R782438 per year
|R795795 per year
|City Bowl, Western Cape
|R827060 per year
|R902193 per year
Salary Variation Based on Companies in South Africa
Every company has its own pay structure and offers different perks and benefits to the employees. Here are some of the companies and their total pay estimates for an Actuary;
|Total Pay Range Per Year
|Discovery (South Africa)
|Standard Bank Group
|First National Bank
Responsibilities of an Actuary
Actuaries are professionals who use mathematics, statistics, and financial theory to analyze how much the risk and uncertainty cost the company’s economy. Typically, Actuaries work in insurance companies and usually do office work. Moreover, here are some of the key duties of an Actuaries;
- Work on statistical data; compile and analyze it.
- Develop new risk analysis for the company.
- Estimate the economic cost of an event like death, accident, or natural disaster.
- Make and test insurance policies, investments, and other business strategies to minimize risk and maximize profit.
- Provide testimony as expert witnesses in lawsuits dealing with financial risks.
- Communicating to businesses.
Which company pays Actuaries the most in South Africa?
The company that pays Actuaries the most in South Africa is the Road Accident Fund. However, Old Mutual Life Assurance Company, First National Bank, and Standard Bank also pay well.
In short, Actuarial Sciences uses mathematics, finance, and statistics to analyze and predict the economic cost of a risk and guide the company towards a better financial situation. Moreover, an actuary earns an average base salary of R5,565,000 per year and R463,750 per month in South Africa. Their salary depends on experience, workplace location, and the company they work for.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.