More SAn women qualify as actuaries

[captionpix imgsrc=”http://www.mynewsroom.co.za/wp-content/uploads/2014/10/inseta.jpg” captiontext=”Featured above are aspirant actuaries who attended this year’s Annual SAADP Ladies High Tea.“] At the annual Ladies High Tea hosted by the South African Actuaries Development Programme (SAADP), the Executive Director, Nokwanda Mkhize announced significant progress with increasing the number of women actuaries. inseta_logo

In the light of low throughput rate of women actuarial graduates, INSETA started and sponsors the annual event called the “Ladies High Tea”.

Sandra Dun, INSETA’s CEO says: “The aim of this small but very important event is to congratulate the SAADP ladies who have graduated and also qualified. We would also like to motivate the women who are still studying towards their undergraduate degree.”

When the SAADP was established in 2003, there were no African qualified actuaries. There were 66 white woman actuaries, 1 Indian and 2 coloureds.  Lately there has been a steady increase of both actuarial graduates and qualified actuaries.

The SAADP’s actuarial programme’s stats below reveal the progress that has been made since then:

RACIAL CLASIFICATION
AFRICANS 94 70%
INDIANS 30 22%
COLOUREDS 8 6%
WHITES 3 2%
GENDER CLASSIFICATION
MALE 98 73%
FEMALE 37 27%
GRADUATES PROGRESS 
Number of exams passed Number of graduates Year Expected to qualify in
12 – 14 19 2014
10 – 11 21 2015
8 – 9 19 2016
6 – 7 27 2017
≤5 36

FELLOWS (Fully qualified actuaries)

Total No. of Fellows = 14

MALES 11
FEMALES 3 (2 Black & 1 white)

The main elements of the SAADP’s programme include:

  • Student recruitment and selection programme
  • Student support programme which comprises of three elements viz: financial support; academic support and emotional and social support
  • Programme governance

Ms Mkhize says, “These days it is not difficult to get black women matric learners who are very good in Maths and Physical Science (as these are the main subjects that we look at for Actuarial Science admission). The problem is to get them to succeed and graduate with an Actuarial Science degree. However we are working hard to give them the necessary support that will help them cope with pressures associated with Actuarial Science.”

She says the partnership between INSETA and SAADP started in 2010. “We have seen the following:

  • significant increase in the student intake
  • the ripple effect is that we have seen the increase in the number of graduates produced by the SAADP
  • significant increase in the number of the schools that the SAADP visits every year to raise the awareness of the Actuarial Science profession among the grade 11 and 12 learners especially in the black communities
  • lastly and very importantly INSETA has provided us with enough funding to run the programme and has given us some strategic guidance on the running the programme.”

INSETA believes so much in the mission and vision of the SAADP. This is a huge motivation for the SAADP’s staff to work even harder in the achievement of the organisation’s objectives.”

“We are very grateful to have a sponsor and partner like INSETA who understand and execute their role in the Insurance Sector. In future, when we talk about transformation in the actuarial fraternity, INSETA would have played a very significant role.”


INSETA‘s purpose is to grow the pool and quality of scarce and critical skills in the insurance sector, enhancing the sector and supporting the country’s transformation.
 
INSETA is managed by Sandra Dunn, Chief Executive Officer

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