When it comes to choosing a profession while living in South Africa, many people rely on the salary range. If you are relying on this factor too, then an actuarial science may be a good choice for you.
This is one of the best professions to pick in South Africa as it pays generously. On average, the actuarial science salary per month is ZAR 450,000. This pay allows the person to live quite lavishly in the country.
There are other factors too when it comes to the salary of the people associated with actuarial science. Lucky for you, every single detail has been discussed in the article below.
Actuarial Science is one of the most high-paying fields in South Africa. Those who are in jobs in this field can easily make 5-figure to 6-figure salaries per month, even in a junior position. At a high position, an actuary’s salary can be even a 7-figure which is highly rewarding.
Current Salary of Actuarial Scientist in South Africa
The current salary for actuarial scientists in South Africa is ZAR 450,000 per month. This makes the annual salary of the person around ZAR 5,400,000. However, this is the earning of a person who is on a higher rank.
Those who are just entering the field will be offered an entry-level salary of ZAR 79,041 per month, and ZAR 948,500 per year. Those who are highly experienced can even get ZAR 834,707 per month and ZAR 10,016,484 per year. It has increased over the years as the average salary of an actuarial scientist in 2021 was around ZAR 459,000 per year.
If we do a quick comparison to the salary of actuarial science in America, the average range is $150,000 to $250,000 per year. In South African currency, this makes ZAR 2,827,023 to ZAR 4,711,705 annually. So the monthly salary will be ZAR 235,585 to ZAR 392,642.
If we look at the salary of professional actuaries with more experience, then the numbers increase staggeringly. An actuarial scientist with years of experience can earn up to $550,000 in America per year. This makes ZAR 10,365,751 in South African currency the annual salary and ZAR 863,812 per month.
There is not a huge difference in the salary of actuarial scientists in South Africa as compared to the USA. The ones in the USA do make more money, but the amount is closer to the earning of those in South Africa.
A job as an actuarial scientist is all about maths and numbers. The person is responsible for risk assessment and analysis of threats that the company might face due to some future event. They also manage the pension funds of the company.
Those who are working with insurance companies are responsible for calculating insurance pricing, and all the risk factors. They are also responsible for the reserves of the company for future liabilities.
Their job description also covers data collection and the analysis of said data. From financial modeling to assessing all the risks associated with mergers, and acquisitions, it all comes under the responsibility of an actuarial scientist.
What Does The Salary of an Actuarial Science Depend Upon?
The first thing that the salary of an actuarial scientist depends upon is their educational background. Those who have a higher level of qualification such as a Master’s or Doctorate from reputable institutes will be paid more than those who have a lower level of qualification such as a Bachelor’s only. Moreover, having additional certificates such as FASSA also helps.
Other factors include the work experience of the person, as well as the company size where they are working. Those with more experience will be at a higher position and; hence, make more money. Moreover, larger insurance companies offer more salaries to their actuarial scientists.
How much do actuarial scientists earn in South Africa per month?
Actuarial science is one of the well-paying careers in South Africa. An actuarial scientist can easily make ZAR 450,000 per month if they are in a senior position.
Is actuarial science in demand in SA?
Yes, actuarial science is one of the most high-demand fields in South Africa, especially in the banking and insurance sectors. This is due to the scarcity of people in this field.
How does the salary of an actuarial analyst differ from that of an actuarial consultant in South Africa?
An actuarial analyst also makes a hefty sum of money every month. However, as compared to an actuarial consultant, it is less. An actuarial analyst makes around ZAR 420,000 per month while an actuarial consultant can easily make ZAR 650,000 per month.
What factors influence the salary range for actuaries in South Africa?
The few factors that can influence and affect the salary range for actuaries in South Africa include the past experience of the person. Moreover, their educational background also influences the salary range.
Are there industries or sectors in South Africa that offer higher salaries for actuaries compared to others?
Yes, there are sectors in South Africa that offer higher salaries to actuaries as compared to others. On the top of the list are banks, and then come insurance companies.
Are there any gender-based salary disparities among actuaries in South Africa?
Yes, there are gender-based salary disparities among actuaries in South Africa. Women actuaries are paid around 22% less than their male co-workers.
How do economic conditions and market trends affect the annual increments in actuarial science salaries in South Africa?
Economics conditions and market trends have an influence over the annual increments in actuarial science salaries. When the economic condition is growing, the person will see an increase in their annual increments. On the other hand, in the declining economic condition, the increments will also be decreased.
Which company pays actuaries the most in South Africa?
One of the companies that pay actuaries the most in South Africa is Road Accident Fund. The list also includes Old Mutual Life Assurance Company, First National Bank, and Standard Bank.
Actuaries are one of the most high-earning people in South Africa. This skill set can allow a person to live luxuriously in the country. Read the article above to find out the current actuarial science salary in South Africa.