UFS | Dept Of Mathematical Statistics and Actuarial Science
The University of the Free State (UFS) Department of Mathematical Statistics and Actuarial Science celebrated its 60th anniversary in 2024, making it one of the oldest statistics departments in South Africa. It is situated on the Bloemfontein Campus and offers programmes in:
- Mathematical Statistics, with majors in Climate Science, Econometrics, Investment Science or Psychometrics
- Actuarial Science, and
- Applied Statistics, with majors in Economics, Accounting or Psychology
The Department of Mathematical Statistics and Actuarial Science presents a full-time degree in BSc (Actuarial Science). This degree, together with its honours counterpart, equips graduates with the skills required for an Actuarial Assistant.
Definition
Actuaries apply financial and statistical theories to solve real business problems. These business problems typically involve analysing future financial events, especially when a future payment amount, or the timing of the payment, is uncertain. A large part of an actuary’s work might be seen as ‘risk management’, assessing how likely an event may be and the costs associated with it.
An actuary is the financial and mathematical jack of all trades who attempts to negotiate and mitigate future financial risks. Unlike other financial professionals who focus on the past, actuaries work with the future. Actuaries use the scientific concept of probability to estimate the likelihood or to model the realisation of future risks or undesirable outcomes.
What does an actuary do?
Actuaries are traditionally employed by insurance firms. In South Africa, life insurance firms are large corporate financial firms which allow the full utilisation of the diverse skills of the actuarial professional. Many of the large insurance (life, medical, and short-term) firms have actuaries as CEOs (Chief Executive Officers). Investment and banking firms, such as investment houses, also employ actuaries.
Entry Requirements
The entry requirements for the programme is a level 7 mark for Mathematics (80%), as well as a minimum AP score of 34. This is NOT a selection course – anyone who meets the requirements may register for the course.
Step 1: Apply online or in hard copy (undergraduate and postgraduate).
Step 2: Your application form is processed. You will receive a student number. If you have not submitted the required documents, you will be requested to do so in order to finalise your application.
Step 3: You are conditionally admitted once you meet all the admission requirements.
Step 4: If you have applied for campus residence, you will now receive correspondence from Housing and Residence Affairs.
Step 5: If you are accepted when the final Grade 12 results become available in January 2024, you will receive a letter of acceptance.
Step 6: You have to make prepayments five (5) days prior to registration in January 2024. Use your student number as the reference number.
Step 7: Register during January 2024.
Step 8: Get your study material and timetable after registration.
Step 9: Enjoy your classes, which start early February 2024.
UFS | Dept Of Mathematical Statistics and Actuarial Science Contact Details
| Bloemfontein Campus |
Qwaqwa Campus | South Campus |
| University of the Free State P.O. Box 339 Bloemfontein 9300 South Africa |
Qwaqwa Campus Private Bag X13 Kestell Road Phuthaditjhaba 9866 |
South Campus PO Box 339 Oliver Tambo Street Bloemfontein 9300 |
Visit us:
| Bloemfontein Campus | Qwaqwa Campus | South Campus |
| University of the Free State 205 Nelson Mandela Drive Park West Bloemfontein |
Qwaqwa Campus Kestell Road Phuthaditjhaba |
South Campus Oliver Tambo Street Bloemfontein |
Or telephone:
Bloemfontein Campus: +27(0)51 401 9111
Qwaqwa Campus: Tel: +27(0)58 718 5000
South Campus: +27(0)51 401 9111
For general information, e-mail: info@ufs.ac.za
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