South African Actuarial Development Programme (SAADP)
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The South African Actuarial
Development Programme (SAADP) is a prestigious initiative aimed at fostering
and developing actuarial skills among South Africa's youth. This article
provides an in-depth look at the SAADP, including details about the bursary provider,
the fields covered, bursary coverage and additional benefits, eligibility
requirements for Grade 12 students and university students, the application
process, required documents, and important dates. Additionally, contact details
for further inquiries are provided.
About
the SAADP
The SAADP was established with
the mission of increasing the number of qualified actuaries in South Africa,
particularly from previously disadvantaged backgrounds. By offering
comprehensive bursaries and support, the SAADP aims to produce highly skilled
actuaries who can contribute to the country's economic growth and development.
Fields Covered
The SAADP bursary specifically
targets students pursuing actuarial science. Actuarial science is a discipline
that applies mathematical and statistical methods to assess risk in insurance,
finance, and other industries. The field is critical for ensuring financial
stability and mitigating risk, making it a vital area of study for economic
development.
Bursary
Coverage and Additional Benefits
The SAADP bursary is one of the
most comprehensive bursaries available. It covers the following expenses:
1. Tuition Fees: Full coverage of
tuition fees for the entire duration of the actuarial science program.
2. Accommodation: Payment for
student accommodation, ensuring a safe and conducive living environment for
studies.
3. Books and Study Materials:
Provision of funds for textbooks and other essential study materials.
4. Monthly Allowance: A stipend
to cover daily living expenses.
Additional benefits include
- Mentorship: Access to a network
of professional actuaries who provide guidance and mentorship throughout the
academic journey.
- Workshops and Seminars:
Opportunities to attend professional development workshops and seminars.
- Internships: Placement
opportunities for internships with leading financial and insurance companies,
providing practical experience in the field.
Eligibility Requirements
For Grade 12 Students
- Financial Need: Must come from
a financially needy family background.
- Financial Need: Must come from
a financially needy family background.
- Interest in Actuarial Science:
Must show a passion and keen interest in pursuing Actuarial Science as a
profession.
- Citizenship: Must be a South
African citizen.
- Ethnicity: Must be Black or
Coloured.
- Current Education Level: Must
be currently in Matric.
- Academic Performance:
- Must achieve a minimum of 80% in Mathematics (excluding Mathematics
Literacy).
- Must achieve a minimum of 80% in Physical Science.
- Must achieve a minimum of 80% in English.
- Academic Potential: Must
demonstrate the potential to succeed academically at university.
- Intended Field of Study: Must
plan to pursue an Actuarial Science qualification in 2025.
- University Application: Must
have applied to one of the ASSA-accredited universities supported by SAADP:
University of Cape Town (UCT), University of Pretoria (UP), or University of
the Witwatersrand (Wits). Applications to other universities will not be
accepted.
- Commercial Stream Students: Must apply to study Actuarial Science at
UCT, which accepts students without Physical Science.
- National Benchmark Test: Must
have written or registered for the National Benchmark Test (NBT).
- Communication Requirements:
Must have access to the internet, an active email address for application
communication, and an active cell phone number for contact purposes.
For
University Students
- Financial Need: Must come from
a financially needy family background.
- Interest in Actuarial Science:
Must show a passion and keen interest in pursuing Actuarial Science as a
profession.
- University Enrolment: Must be
studying or registered at one of the ASSA-accredited universities supported by
SAADP: University of Cape Town (UCT), University of Pretoria (UP), or
University of the Witwatersrand (Wits). Students enrolled at other universities
may also apply if they have applied to and been accepted by one of the SAADP
partner universities
- Year of Study: Must be in your
1st, 2nd, 3rd, or Honours year of study in 2024.
- Current Studies: Must be
currently pursuing an Actuarial Science qualification.
- Academic Performance: Must have
achieved excellent academic results.
- Citizenship: Must be a South
African citizen.
- Communication Requirements:
Must have access to the internet, an active email address for application
communication, and an active cell phone number for contact purposes.
How to Apply
Applicants are instructed to
download an application form from the provided link saadp website
and follow the simple instructions. Once completed, the application form along
with the supporting documents should be submitted to applications@saadp.co.za. Alternatively,
applicants may call 011 642 2202 or email applications@saadp.co.za to request
an application form. It is important to note that only one application should
be completed and submitted.
When submitting the application,
supporting documents must be attached. Any outstanding supporting documents,
which may not be available at the time of application, can be sent via email to
applications@saadp.co.za
even after the closing date. However, the application itself must be
submitted on or before the closing date.
Documents Required
Applicants must submit the
following documents:
Grade 12 Students
- Certified copy of your ID
document (both sides of the ID card) or birth certificate.
- Certified copies of final
reports from Grade 10 and Grade 11.
- Certified copies of Matric
reports for terms 1, 2, and 3.
- Certified copy of the Matric
final statement of results or NSC certificate (to be submitted once Matric
results are released).
- Acceptance or provisional
admission letter from one of the partner universities (on the institution's letterhead).
- Two essays to be completed on
the application form:
1. An essay about yourself, including your academic achievements,
leadership qualities, and community involvement.
2. An essay outlining five or more reasons why you want to become an actuary.
- Certified copy of a parent’s
death certificate or an affidavit if one or both parents are deceased.
For University Students
- Certified copy of your ID
document (both sides of the ID card).
- Full academic transcripts from
1st year to the current year (on the institution's letterhead).
- Certified copy of a parent’s
death certificate or an affidavit if one or both parents are deceased.
Opening and Closing Dates
- Opening Date: The application
process begins on January 2nd each year.
- Closing Date: Applications must
be submitted by August 31st each year.
Contact Details
For more information or any inquiries regarding the SAADP bursary, applicants can contact:
- Email: info@saadp.co.za
- Phone: +27 (0)11 642 2202
- Postal Address:
South African Actuarial Development Programme (SAADP),
17 Fricker Road, Illovo Sandton,
Johannesburg
South Africa
2196.
Alternatively, applicants can
visit the official SAADP website at saadp bursary website
for detailed information and updates.
The SAADP bursary is a remarkable opportunity for aspiring actuaries in South Africa. By providing comprehensive financial support and additional resources, the SAADP ensures that talented individuals from disadvantaged backgrounds can achieve their academic and professional goals in the actuarial field. Through a thorough selection process and a comprehensive support system, the SAADP continues to contribute significantly to the development of actuarial talent in South Africa.
