Of SA’s 1049 actuaries only 58 are black females MyZA

The Insurance Sector Education and Training Authority (INSETA) recently sponsored a Ladies Tea hosted by the South African Actuaries Development Programme (SAADP).

“At the tea we honoured ladies who participated in our organisation’s programme and have qualified as actuaries. Thus far, the SAADP has produced 110 graduates of which 30% are women. There were 587 qualified actuaries in South Africa in 2003, the year the SAADP was established; of that number, only 2% were black women. Today, we have 1 049 qualified actuaries, and only 5.5% are black women,” Ms Nokwanda Mkhize, Executive Director of SAADP explained.

Mkhize added, “When the SAADP was established, its sole purpose was to improve the demographics of the actuarial profession in South Africa – and that we are doing – although we still have a long road to travel. We appreciate the partnership, and co-operation we receive from INSETA in assisting us to fulfill our mission, which includes:

Creating awareness of, and inspiring historically disadvantaged female students to enter the actuarial profession.
Encouraging ongoing participation in studies leading to qualification as actuaries.
Driving continued post qualification participation in the profession.”

“There is no glass ceiling in our actuarial profession simply because there are not enough of us men to build it yet! The profession is still small and I always encourage female students to persevere and become qualified actuaries”, said Mr Themba Gamedze of the Actuarial Society of South Africa (ASSA). “For ASSA to achieve its objective of becoming a truly representative South African profession, it is crucial to attract more women. There is increasing evidence that greater diversity has a positive impact on corporate performance. It makes both strategic and business sense, therefore, to encourage women to qualify as actuaries.” Qualified actuaries are sought after professionals in both South Africa and the rest of the world. “There are no unemployed actuaries in South Africa or in the rest of the world,” says Mr Gamedze.

“Our transformation strategy requires co-operation between a number of groups including: ASSA; Association of South African Black Actuarial Professionals (ASABA); the SAADP and INSETA. Nothing truly important can be achieved alone and we see these partnerships as absolutely central to making true transformation essential,” said Mr Gamedze.

The SAADP is an independent, non-profit Company that is funded by SASRIA LTD, INSETA, Alexander Forbes Community Trust, First Rand Foundation, Shanduka Foundation and the Road Accident Fund (RAF).

The SAADP bursary is available to Actuarial Science students at three universities, namely, Witwatersrand, Cape Town and Pretoria. The bursary covers: tuition, residence, meals, living allowances and book fees. The bursary is renewable each year pending good academic performance. The full-time programme managers, based at each partner university, ensure that our students are taken good care of. They offer academic and social support, and additional tutorials.

Who can apply for these bursaries? Students from previously disadvantaged backgrounds who intend to study Actuarial Science at the selected universities. Minimum application requirements are: Grade 12 with university exemption, 80% in Mathematics and 70% in Physical Science and English.

There is no service contract, however graduates are expected to serve in South Africa for the equivalent number of years that they were funded. SAADP alumni are expected to continue with their professional exams towards qualifying as actuaries.

Actuarial Science learners at the Ladies Tea hosted by SAADP and INSETA to celebrate the achievements and promote women entering the actuarial science profession Photographer: Courtesy of INSETA