Black actuaries on the increase
2008 was another good year in the transformation of the South African actuarial profession.
The South African Actuarial Development Program (SAADP) had 59 black students enrolled in actuarial studies at Wits and UCT during the 2008 academic.Pass ratesforfirst, second, third and fourth year courseswere82%, 94%, 75% and 80% respectively.
At the inception of this programme in 2003 there were four black South African actuaries. To date the SAADP has produced two fully qualified black actuaries, with a further 39 actuarial graduates working towards their professional qualifications in a host of South African businesses. Eight of theseare employed by Alexander Forbes.
Based on last years’ results, it is expected that about 10 black Actuarial Science graduates will enter businesses around the country each year for the next four years. Once these graduates have gained their professional qualifications the number of black actuaries is set to increase exponentially in the years to come.
“This is indeed a great achievement” comments Nokwanda Mkhize, Director of the SAADP.
Mkhize explains that for black students “getting into university is only the beginning. Surviving university life, passing exams, and getting jobs in businesses that support graduates to write their remaining professional courses are all big challenges.”
The SAADP has developed an academic support programme teaching exam writing, time management and social skills while providing critical emotional support when necessary.
After graduating the support programme helps place students in corporate environments where they are mentored and supported to write their remaining professional exams.
Lulama Bophela who graduated from Wits in 2007 and has been with Alexander Forbes for a year says “the transition from studying to work life was not such a shock as I’d already been introduced to Alexander Forbes throughthe vacation work and mentoring opportunities provided by the SAADP support programme.”
South African Special Risk Insurance Association (SASRIA) and Alexander Forbes are amongst the main funders of the SAADP.
Last years results demonstrate the SAADP’s success in developing a pipeline of future black actuaries to begin addressing racial imbalances in the actuarial profession while growing and strengthening the South African Financial Services sector.
And concludes Mkhize “thanks to what we now know is a winning training and support formula the future looks bright for increasing the number of black actuaries in
