Just how much does an actuary in South Africa make? A lady shocked South Africans when she said she made over R200,000 per month as a Statutory Actuary with more than 15 years of experience, but how much can actuarial analysts expect? Keep in mind that an actuary is very different from an actuarial analyst. It is clear from the seven submitted pay stubs that the salary varies greatly according to variables like location, company size, and progress (i.e., the number of exams left), ranging from R40,000 to R80,000. This led many to consider going back to high school to pursue this career path.
What are the requirements for actuarial sciences in South Africa?
Some universities, like Wits and UCT, have more stringent requirements than others. We were even more shocked when the woman showed us her matriculation results; this set off our chest pains all over again!
Without a doubt, a new challenge has been unlocked! If we asked everyone to show their pay slip and matriculation results, I wouldn’t be surprised if salespeople with high salaries and bad grades took the lead. Because, guess what? Life didn’t end when they left core mathematics in grade 10 for math lit!
View the pay slip here:
How much do actuarial analysts earn?
Based on the seven pay slips that were submitted, it is evident that the salary depends on both the company and the individual’s salary negotiation skills. As demonstrated in the video, two individuals with identical qualifications and only a two-year difference in experience can earn completely different salaries. On one pay slip, it said R49,000 with three years of experience, but on the other, it said R89,000 with only five!
Upon reviewing her first pay slip, she came to the conclusion that she was underpaid; consequently, she sought out a new job without delay, and her gross salary increased by R20,000! We strongly support salary transparency for this very reason!
