Actuarial Science Salary in South Africa in Rands

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.

Occupation:Actuary
Monthly Salary Range:R 27500 – R 900000
Average Monthly Salary:R 463750
Description: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.
Minimum Qualification: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.

Extras

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.

Salary Structure

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.

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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.

CitySalary
Johannesburg, North GautengR604224 per year
Johannesburg, GautengR664228 per year
Cape Town, Western CapeR667568 per year
Midrand, GautengR679795 per year
Northern Suburbs, Western CapeR719378 per year
Sandton, GautengR782438 per year
Centurion, GautengR795795 per year
City Bowl, Western CapeR827060 per year
Gauteng, GautengR902193 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;

CompanyTotal Pay Range Per Year
Discovery (South Africa)R1,310,000
Old MutualR898,576
SanlamR1,223,500
Standard Bank GroupR1,900,000
PwCR1,215,893
First National BankR1,109,342
AmazonR1,005,888

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.

FAQs

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.