Statistics and Acturial Science
The
Department of Statistics at the University of Stellenbosch was founded
in 1946. Although the Department forms part of the Faculty of Economic
and Management Sciences, it is possible for students from most other
faculties to follow courses in Statistics. Mathematical Statistics,
Actuarial Science and Institutional Investments are examples of courses
presented within the Department which can be followed as major subjects
by students from the Faculties of Science, and Economic and Management
Sciences. Service courses are provided by the Department to students in
medicine, engineering, domestic science, and economic and management
sciences. Approximately 4 000 students are taught in approximately 50
modules.
There are four main subjects taught within the Department at full pre- and post-graduate level.
Mathematical Statistics
is an exciting and challenging subject for aspiring scientists, and for
persons within the Faculty of Science, or the Faculty of Economic and
Management Sciences wishing to make a career within the mathematical
sciences (focus on mathematics, mathematical statistics, computer
science, applied mathematics, institutional investments, or actuarial
science). There are very few research institutions or businesses
operating in the modern world without a qualified statistician. The
demand for trained statisticians is also increasing in the corporate
world.
Statistics:
The focus in pure statistics is very much on the methods and practical
applications of the subject, and less on the formal mathematical
content thereof. Training in computer aided statistical analyses of
data sets forms an integral and important part of the course. This
equips the student with the practical skills and knowledge required to
make a successful entrance into the job market. Many of the students
majoring in statistics combine their study of this subject with study
of economics or agricultural economics.
Actuarial Science:
The actuarial profession is without doubt one of the most highly
respected and highly paid professions, locally as well as
internationally. It is found that a significant proportion of the top
matriculants in the country each year enrol at the University of
Stellenbosch (or at other universities) with the intention to qualify
as an actuary. This requires many years of hard and dedicated work.
Most of the actuaries in South Africa are fellows of The Institute Of
Actuaries in London, or the Faculty of Actuaries in Edinburgh. These
two organisations co-operate in determining professional
standards and to set and maintain qualification requirements. Although
several of the actuarial examinations have to be written with the
Institute or the Faculty, a sizeable part of the actuarial course is
presented within a specially designed degree programme within the
Department. The Institute and Faculty exempt a student obtaining
satisfactory marks in the subjects of this degree programme from many
of the examinations which would otherwise have been required. This may
shorten the time to qualify as an actuary by as much as three to four
years.
Institutional Investments:
Investing funds from institutions such as pension funds, long and
short-term insurers, medical schemes and other specialised bodies,
requires specialised technical investment knowledge. Studying
institutional investments prepares the student for a career in these
areas. In addition to investment training, the student also receives
training in derivative investment instruments, risk management and
quantitative investment management.
Successful students are sought after in the job market, and they have lucrative career prospects.
