University Of Pretoria Actuarial Science
University Of Pretoria Actuarial Science
The Department of Actuarial Science is extremely proud of its alumni. Former students occupy the highest positions in the insurance and investment world, not only in South Africa, but also abroad. It strives to keep its programme competitive and to afford students the opportunity to leave the University with a number of exemptions from the examiniations of the Actuarial Society of South Africa (ASSA). It has highly skilled academics who serve on various committees of ASSA.
Prospective students should feel free to contact us should you have any questions about an Actuarial Science degree that are not answered on the site. Our aim is to firstly assist you in making the correct career choice and, secondly, to choose the correct university for this purpose.
BSc Actuarial and Financial Mathematics – First Year:
First year students should register for all the following modules. All modules are compulsory and there are no elective choices in first year.
Students who do not qualify for AIM 102 must register for AIM 111 and AIM 121.
First semester 

Code 
Name 
Credits 
EKN 110 
Economics 110 
10 
LST 110 
Language and Study Skills 110 
6 
FBS 112 
Financial Management 112 
10 
IAS 111 
Actuarial and Financial Mathematics in practice 111 
6 
UPO 102 
Academic orientation 102 
0 
WST 111 
Mathematical Statistics 111 
16 
WTW 114 
Calculus 114 
16 
WTW 152 
Mathematical modelling 
8 
Total credits for compulsory modules 
72 
Second semester 

Code 
Name 
Credits 
AIM 102 
Academic Information Management 102 
6 
EKN 120 
Economics 120 Required: EKN 110 GS 
10 
FBS 122 
Financial Management 122 Required: FBS 112 
10 
IAS 121 
Actuarial and Financial Mathematics in practice 121 Required: WTW 114 or WTW 153, WST 111 or WST 153, IAS 111. 
6 
WST 121 
Mathematical statistics 121 Required: WST 111 GS or WST 133, 143 and 153 
16 
WTW 123 
Numerical analysis 123 Required: WTW 114 
8 
WTW 124 
Mathematics 124 Required: WTW 114 
16 
Total credits for compulsory modules 
72 
BSc Actuarial and Financial Mathematics – Second Year:
Second year students should register for the modules set out below. Note that all modules are compulsory with the exception of the second semester where you should select either IAS 282 or WTW 221.
If you have not yet passed all your first year modules, you should prepare an updated study plan. When preparing an updated study plan, you should consider the modules for which you meet the prerequisites as well as the combinations of subjects required to qualify for exemption from the Actuarial Society examinations (see separate exemptions document). Do not construct a plan with too many credits in a semester. You should discuss your updated plan with the department if you have any questions or concerns.
First semester 

Code 
Name 
Credits 
IAS 211 
Actuarial mathematics 211 Required: IAS 111, IAS 121, WTW114, WTW123, WTW124, WTW 152, WST111 & WST121 
12 
WST 211 
Mathematical statistics 211 Required: WST111, WST121, WTW114GS & WTW124GS 
24 
WST 212

Applications in data science 212 Required: WST 111, WST 121, WTW 114GS & WTW124GS 
12 
WTW 211 
Linear algebra 211 Required: WTW124 
12 
WTW 218 
Calculus 218 Required: WTW114 & WTW124 
12 
Total credits for compulsory modules 
72 
Second semester 

Code 
Name 
Credits 
IAS 221 
Actuarial mathematics 221 Required: IAS211 
12 
WST 221 
Mathematical statistics 221 Required: WST211GS 
24 
WTW 220 
Analysis 220 Required: WTW114, WTW124, WTW 211, WTW 218 
12 
WTW 264 
Differential equations 264 Required: WTW114 & WTW124 
12 
Total credits for compulsory modules 
60 

IAS 282 
Financial Mathematics 282 Required: IAS 211 
12 
WTW 221 
Linear Algebra 221 Required: WTW211, WTW 218 
12 
Total credits for elective modules 
12 
BSc Actuarial and Financial Mathematics – Third Year:
Third year students should register for the six core modules set out below and for two elective modules in terms of the following options.
1. Actuarial Science option: IAS 353, IAS 382
2. Financial Mathematics option: WTW310 and one the following modules WTW 320, WTW 382, WTW 383, WTW 386
Students who want to complete the BSc (Actuarial and Financial Mathematics) degree, but are considering an honours degree in Mathematics, should in addition to the Financial Mathematics option take the module WTW381 for nondegree purposes.
Students who want to complete the BSc (Actuarial and Financial Mathematics) degree, but are considering an honours degree in Applied Mathematics, should take the Financial Mathematics option with any two of the modules WTW 382, WTW 383, WTW386, with one of them for nondegree purposes.
Students who want to complete the BSc (Actuarial and Financial Mathematics) degree, but are considering an honours degree in Mathematical Statistics, should take in addition to either option STK 353 for nondegree purposes.
Students who would like to continue with any of the alternative abovementioned honours degrees without taking additional credits should discuss switching to the respective undergraduate programme with the relevant department before registering. Students should note that they still qualify for exemptions from the Actuarial Society subjects if they switch to one of the alternative degrees.
If you have not yet passed all your first and second year modules, you should prepare a updated study plan. When preparing an updated study plan, you should consider the modules for which you meet the prerequisites as well as the combinations of subjects required to qualify for exemption from the Actuarial Society examinations (see the separate exemptions document). Do not construct a plan with too many credits in a semester. You should discuss your updated plan with the department if you have any questions or concerns.
First semester core modules 

Code 
Name 
Credit 
WST 311 
Multivariate analysis 311 Required: WST211, WST221, WTW211GS & WTW218GS 
18 
WST 312 
Stochastic Processes 312 Required: WST211, WST221, WTW211GS & WTW218GS 
18 
WTW 354 
Financial engineering 354 Required: WST211, WTW211 & WTW218 
18 
Total credits for compulsory modules 
54 
Second semester core modules 

Code 
Name 
Credit 
WST 321 
Time series analysis 321 Required: WST211, WST221, WTW211GS & WTW218GS 
18 
WST 322 
Actuarial Statistics 322 Required: WST211, WST221, WTW211GS & WTW218GS 
18 
WTW 364 
Financial engineering 364 Required: WST211, WTW124, WTW218 & WTW264 
18 
Total credits for compulsory modules 
54 
Elective modules 

Code 
Name 
Credit 
Semester 
IAS 353 
Contingencies 353 Required: IAS 382, WST 312 
18 
2 
IAS 382 
Survival models 382 Required: IAS 221 60%, IAS 282 60%, WST 211, WST 221, WTW 211, WTW 218 
18 
1 
WTW 310 
Analysis 310 Required: WTW 220 
18 
1 
WTW 320 
Complex Analysis 320 Required: WTW218, WTW220 
18 
2 
WTW 382 
Dynamical Systems 382 Required: WTW218, WTW264 
18 
1 
WTW 383 
Numerical Analysis 383 Required: WTW114, WTW 123, WTW124, WTW 211 
18 
2 
WTW 386 
Partial differential equations 386 Required: WTW 248 and WTW 264 
18 
1 
Total credits for elective modules 
36 

2019 BSc Extended programme – Mathematical Sciences (2nd year)
Students who are considering BSc(Actuarial and Financial Mathematics) and who meet the requirements should register for all the following modules.
First semester 

Code 
Name 
Credits 
EKN 110 
Economics 110 
10 
FBS 112 
Financial Management 112 Required: At least 6 (7079%) in Mathematics in the Grade 12 examination or WTW 133 (60%), WTW 143 (60%), WST 133 (60%) and WST 143 (60%) 
10 
IAS 111 
Actuarial and Financial Mathematics in practice 111 Required: At least 6 (7079%) in Mathematics in the Grade 12 examination or WTW 133 (60%), WTW 143 (60%), WST 133 (60%) and WST 143 (60%) 
6 
WST 153 
Mathematical Statistics 153 WST 133 and WST143 and WTW 143. Must be taken concurrently with WTW 153 
8 
WTW 152 
Mathematical modelling 
8 
WTW 153 
Calculus 153 Required: WTW 143 
8 
Total credits for compulsory modules 
50 
Second semester 

Code 
Name 
Credits 
EKN 120 
Economics 120 Required: EKN 110 GS 
10 
FBS 122 
Financial Management 122 FBS 112 
10 
IAS 121 
Actuarial and Financial Mathematics in practice 121 Required: WTW 153, WST 153, IAS 111 
6 
WST 121 
Mathematical statistics 121 WST 133, WST 143 and WST 153 
16 
WTW 123 
Numerical analysis 123 Required: WTW 114 
8 
WTW 124 
Calculus and Algebra 124 Required: WTW 114 
16 
Total credits for compulsory modules 
66 
Exemptions from Actuarial Society
The information below relates to exemption recommendations for 2020 and going forward. For subjects completed prior to 2021, the old exemption recommendation rules in place at the time of completing the subject applies.
Communication of exemptions
Students only qualify for exemptions on graduation. When all the final exemption results are available, we prepare a letter for each student showing the exemptions recommended. The letters can be collected from the department’s offices, normally towards the end of January.
Prior to the final letter, exemptions for A200 series subjects are published on clickUP in one of the modules making up the specific exemption when they become available normally A211 exemptions are published in clickUP for IAS 282, A212 in WST 322, A213 in IAS 353 and A214 in WTW 364.
For the A100 series subjects where the exemption is based on the application of a formula, no exemption lists are published. Students who want to know if they have earned an exemption for a specific subject should keep record of their semester marks. This will allow them to calculate exam marks and thus check whether the exemption requirements have been met.
Exemption requirements per subject
Note that exemption recommendations are based on the first examination opportunity available in the specified module. Sick, supplementary and/or any other special opportunity, including winter and summer schools, are not considered.
For 2020 and going forward, the exemption recommendations will be based on the following:
Actuarial Society Subject 
Corresponding UP Subject(s) 
Requirement 

A111 
WST 111, WST 121, WST 211, WST 221 and WST 311 OR WST 133, WST 143, WST 153, WST 121, WST 211, WST 221 and WST 311 
A weighted average of 60 for the five modules, with a subminimum of 55 in each module. For students from the Extended Programme, WST 111 is replaced by the average mark from WST 133, WST 143 and WST 153 
A112 
EKN 110 and EKN 120 
A weighted average of 60 for the two modules, with a subminimum of 55 in each module. 
A113 
FBS 112 and FBS 122 
A weighted average of 60 for the modules, with a subminimum of 55 in each module. 
A211 
IAS 211 and IAS 282 
An independent external examiner decides which students are recommended for exemption using a weight of 40% for IAS 211 and 60% for IAS 282. Both subjects need to be taken in the same year to be considered for an exemption recommendation. 
A212 
IAS 382, WST 312, WST 321, WST 322 and WST 212 
An independent external examiner decides which students are recommended for exemption using weights for each subject as follows: IAS 382 25% WST 312 25% WST 321 20% WST 322 20% WST 212 10%. 
A213 
IAS 353 
An independent external examiner decides which students are recommended for exemption 
A214 
WTW 354 and WTW364 
An independent external examiner decides which students are recommended for exemption using weights for each subject as follows: WTW 354 50% WTW 364 50% A student must also have passed IAS 221 and WST 322 to qualify for this exemption. 
N111 
BSc (Actuarial & Financial Mathematics degree) 
Students who graduate with a BSc(Actuarial & Financial Mathematics) degree are recommended for exemption 