Options for the development of the education and professional qualification of South African actuaries

Abstract

This paper investigates the various education and qualification systems available around the world for actuaries, and analyses which actuarial associations rely on their own examinations, those of other bodies, or those of universities. Particular attention is given to the Australian system, which in several ways parallels the South African situation. The paper outlines the pros and possible cons of a local education and qualification system for the actuarial profession in South Africa. Various options currently available to the Actuarial Society of South Africa relating to a local education and qualification system are discussed. Following the withdrawal of the localised final examinations by the Faculty and Institute of Actuaries at the end of 2006, themaintenance of the current system is not an option. Key issues that will need to be addressed if changes are to be made to the South African actuarial education system are highlighted. Keywords : Education; professional qualification; professional designation; actuaries; South Africa South African Acturial Journal Vol. 7 2007: pp. 1-47