What is an actuary salary per month in South Africa? Well, the answer is in this post.
Students wishing to take a career in Actuarial Science in South Africa will now be aware of the salaries in the public and private sector and will now understand if it’s worth pursing such a career.
Who is an Actuary?
An actuary has a degree in actuarial science. Their main work is to utilize mathematics and statistical methods to asses the risk involved in insurance, finance and other industries.
This discipline typically includes series of mathematics, probability theories, statistics, finance, economics and more.
An individual with a degree in actuarial science can work in a wide range of organizations, including both the public and private sector as well as in the not-for-profit sectors.
An actuary may work independently or together with other team members. This actually depends on the firm you are working.
See Also: Chartered Accountant Salary in SA
How to become an Actuary?
Like many other parts of the world, a minimum of a bachelor’s degree in actuarial science and other licenses (may be optional) is required to become a fully certified actuary.
Actuarial science salary in 2020
Are the salaries paid actuaries worth the training they receive? Well this question is debatable as salaries differs from one organisation to the other.
For example, private firms are likely to pay better salaries than public agencies.
Also, years of experience is a huge factor. An actuary with more years of experience is bound to receive higher salaries than those with little or no experience.
A newly qualified actual science graduate can earn R550 000 – R600 000 per annum.
The monthly salary for actuary in South Africa ranges between R46 000 – R50 000.
Things to note
Workload, years of experience, location, gender, rank and other several factors can contribute to the salary of an actuary.
A newly qualified actuarial science will obviously earn a lower salary as compared with one with several years of experience.
The job of an actuary is not for everyone. It requires sacrifice, discipline, talent and time. It is definitely a white-collar job.