Actuaries play an important role in solving the problems related to the inflow of money. By using their mathematical and statistical skills they manage programs that help to control the financial risk of an entity.
To encourage such skilled actuaries in the country, the South African Actuaries Development Program provides financial assistance to candidates who have a keen interest in the field and belong to a weak financial background.
South African Actuaries Development Program is a non-profit, independent organization that was established in the year 2003 as there was an acute shortage of actuaries in the South African economy.
The program is actively funded by donors like First Rand Foundation, Deloitte, Bankseta, and INSETA, Sasria SOC Limited, etc. The foundation of SAADP was laid on values like integrity, transparency, support, nurturing, and excellence.
The organization aims to bring out and harness the hidden potential amongst talented students and help them to capitalize on the career opportunities in the field of Actuarial Science.
SA Actuaries Development Program
This bursary program is curated for academically strong students who have an inclination to study Actuarial Science. Students with a strong and impressive academic performance are awarded this bursary based on their merit.
The bursary includes the following expenses:
- Tuition fees
- Living expenses
- Textbook fees
The bursary is renewed each year based on the performance of the students and hence, students must keep up the academic achievement.
The benefits of this program do not end at the monetary provisions. In addition to the bursary, students also receive mentorship, additional tutorials, social and academic support from managers that are a part of all the 3 partnered universities.
- The University of Cape Town offers a degree in Commerce faculty that includes BBusSci (Actuarial Science), BCom (Actuarial Science).
- Students wanting to study at the Wits University can choose from a degree in either commerce (BEcon Scie) or science faculty (BSc)
- The University of Pretoria students are sponsored for BSc (Actuarial Science)
What are the Eligibility Requirements?
This bursary program is for the Matric, Grade 12, and University students. To qualify for the benefits of this program, students must fulfill the following eligibility criteria.
For Matric/Grade 12 students
- This bursary is awarded to those students who are citizens of South Africa and belong to a historically disadvantaged background.
- Applicants must be interested in the field of Actuarial studies
- Students must be willing to study at the University of Witwatersrand, University of Cape Town, or the University of Pretoria.
- Students must achieve at least 80% in Mathematics and 70% in Physical Science and English
- Grade 12 students must have a good academic performance for grade 11 and grade 12 final exams.
For University Students
- University students must be currently pursuing full-time Actuarial Science qualification
- Applicant must have obtained a good academic record in the first, second, and third year of study
- Students must belong to one of the SAADP partnered institutions (Wits, UTC, UP)
- Students from other universities are eligible for the bursary provided they have applied and have been accepted to study at the partnered universities.
Matric/Grade 12 students are required to submit the following documents along with the application form:
- Certified ID document
- Passport-sized photo
- Certified copy of Grade 11 end year results and Grade 12 mid-year results
- National Benchmark test results (to be submitted via Fax no 011 486 1859 / 086 635 2372)
University students must submit a certified copy of ID proof and the latest academic record.
The Application Procedure
- Students can download the bursary form from the official website saadp.co.za.
- The application form must be filled accurately and emailed to firstname.lastname@example.org
- In the subject line, students must mention” SAADP Bursary Application-Your Full Name”
- Students with limited internet access can post the application or submit it personally at 60 Riviera Road, Killarney Mall Office Tower, Office 115
- Along with the supporting documents students are welcome to attach other outstanding documents but at a later stage before the last date.
- To increase the chances of receiving the bursary, students should apply to all the 3 partnered universities and the same should be conveyed on the bursary application form.
- The closing date for submitting the application is 31 August
- Shortlisted candidates need to attend an interview at the Wits which is conducted by the selection committee