Actuarial Science is one of the most sought-after fields in South Africa due to its high earning potential and critical role in risk management, insurance, and financial planning. However, pursuing a degree in this discipline can be expensive. Actuarial Science bursaries in South Africa 2026 provide financial assistance to students, enabling them to cover tuition fees, study materials, and sometimes even living expenses.
What is an Actuarial Science Bursary?
An Actuarial Science bursary is a type of financial support awarded to students who wish to pursue an actuarial science degree at a South African university. These bursaries are typically provided by:
Insurance companies
Financial institutions
Professional actuarial bodies
Government agencies
Universities offering actuarial science programs
The main aim is to promote talent in actuarial science and support students who demonstrate academic potential but need financial assistance.
Why Pursue Actuarial Science in South Africa?
High Demand: Skilled actuaries are in demand in insurance, banking, pensions, and consulting sectors.
Lucrative Career: Graduates earn competitive salaries upon qualification.
Professional Growth: Opportunities for certifications and international recognition.
Contribution to Society: Actuaries play a vital role in risk management and financial planning.
Bursaries help make this career path accessible to more students.
Popular Actuarial Science Bursaries in South Africa 2026
Several institutions and organizations offer bursaries for Actuarial Science students. Some notable ones include:
1. Actuarial Society of South Africa (ASSA) Bursaries
Offers financial assistance to undergraduate students studying actuarial science.
Focuses on students showing strong mathematical and analytical skills.
May include mentorship programs alongside financial aid.
2. Insurance Companies Bursaries
Old Mutual, Sanlam, Liberty, and Hollard offer bursaries to attract talent into their actuarial departments.
Typically cover tuition, study materials, and sometimes accommodation.
Students may be required to work with the company as part of the bursary agreement.
3. University-Specific Bursaries
Universities such as University of Cape Town (UCT), University of Witwatersrand (Wits), and University of Pretoria provide bursaries for top-performing students in actuarial science programs.
Some bursaries are merit-based, while others consider financial need.
4. Government Bursaries and NSFAS Support
The National Student Financial Aid Scheme (NSFAS) provides bursaries and loans to eligible South African students.
Focuses on students from low-income families pursuing actuarial science or related degrees.
Eligibility Requirements for Actuarial Science Bursaries
While requirements vary depending on the bursary provider, the following are commonly required:
Academic Requirements
Strong Mathematics Performance: Typically a distinction or high grade in Mathematics and sometimes Mathematics Literacy.
Science Subjects: Physics, Statistics, and Economics are often recommended.
Minimum Academic Performance: Some bursaries require a minimum APS (Admission Point Score) or matric score.
Personal Requirements
South African citizenship or permanent residency.
Demonstrated financial need (for need-based bursaries).
Strong analytical and problem-solving skills.
Other Considerations
Motivation Letter: Explaining why you want to study actuarial science.
References: Letters of recommendation from teachers or mentors.
Extracurricular Activities: Leadership roles or participation in math/science clubs may enhance eligibility.
How to Apply for Actuarial Science Bursaries
Step 1: Research Available Bursaries
Visit university websites, ASSA, and major insurance company portals.
Check deadlines and bursary conditions.
Step 2: Prepare Required Documents
Academic transcripts and matric certificates
Identification documents
Motivation letter and references
Step 3: Submit Application Online or Offline
Follow the instructions on the bursary provider’s portal.
Ensure all documents are accurate and complete.
Step 4: Attend Interviews (If Required)
Some bursaries may require an interview or assessment test to evaluate analytical and mathematical skills.
Step 5: Await Bursary Approval
Successful applicants will be notified via email or the bursary portal.
Read the bursary contract carefully before accepting.
Benefits of Receiving an Actuarial Science Bursary
Financial Support: Covers tuition fees, books, and sometimes accommodation.
Mentorship Opportunities: Many bursaries include guidance from professional actuaries.
Career Pathway: Increases chances of internships and employment after graduation.
Academic Focus: Reduces financial stress, allowing students to concentrate on studies.