Average Actuarial Scientist Salary in South Africa 2024

The average actuarial scientist salary is R 658 118 per year in 2024 (Indeed). Actuaries are some of the highest-paid […]

Actuarial Scientists salary

The average actuarial scientist salary is R 658 118 per year in 2024 (Indeed). Actuaries are some of the highest-paid professionals in South Africa, only outperformed by specialist doctors and Chartered Accountants in 2024. An actuarial scientist can earn up to R1.2 million per year. 

Actuaries have very high salaries, but the job requires a lot of hard work and professional skills. One’s income increases the longer one works in the field. However, incomes in the later years of the career typically stay flat. 

Actuarial scientists play a crucial role in insurance businesses since they help decide whether to issue an insurance policy and how much of a premium to charge for it. Only actuaries are qualified to execute these complex calculations accurately.

Actuarial scientists must have the following abilities to demonstrate such competency:

  • Financial Modeling, 
  • Insurance, 
  • Pricing, 
  • Data Analysis, and 
  • Statistical Analysis. 

The degree of experience in the profession has a significant impact on the salaries of actuaries in South Africa. Below, we examine the salary for actuaries in South Africa in 2024 based on the level of experience they have.

Actuarial Scientist salary with 1-year experience in South Africa 2024 

In South Africa, the annual salary of an actuarial scientist with 1 year of work experience is R436,000.00 (Payscale). Actuarial scientists earn one of the highest entry-level salaries in South Africa when compared to the majority of other professions. This level is mainly reserved for new graduates. 

Actuarial scientists with 1 year of experience may be eligible for benefits and incentives, however, these things vary by employer. Different employers offer various incentives to actuarial scientists, including stocks, performance bonuses, and commissions, all of which are also offered to individuals with a year of work experience.

Actuarial Scientists salary with 2 – 5 years of work experience in South Africa 2024 

The average salary of an actuarial scientist with 2 to 5 years of work experience in South Africa is R580,000.00 per year. Compared to individuals with 1 year of work experience, the average income reflects a 17.5% gain. The degree of experience and expertise held by a person has a major impact on the salary in this range.

Actuaries with 2 years of experience in the industry receive the lowest pay in this group. The average income for those in the field with 2 years of experience is R35,000.00 per month. Even if they just have two years of work experience, those who work in large cities like Cape Town and Johannesburg are likely to receive the highest salaries.

Those with 5 years of work experience receive the highest salary in this category. Actuaries with 5 years ’ experience may expect to earn an average monthly salary of R50,000.00. Actuaries can earn up to R65,000.00 per month with 5 years of work experience.

Actuarial Scientist salary with 6 -10 years of work experience in South Africa 2024 

Actuarial scientists in South Africa who have 6 to 10 years of experience working, earn an average income of R900,000.00 yearly. Comparing this amount to the incomes of people with 2 to 5 years of work experience, one can see a salary rise of 35.5%. The high level of management needed from actuaries with this level of experience has an impact on the salary increase.

Those with 6 years of relevant work experience earn the least within this criterion. The average monthly income for actuaries with six years of experience is R55,000.00. They typically receive benefits from their employment, including medical aid contributions. For Actuaries with 6 years of experience, commissions and incentives also play a significant role in remuneration.

With an average pay of R76,000 per month, employees with 10 years of work experience are the highest earners in this category. The highest salary for those with 10 years of work experience as Actuarial Scientists is R101,200.00 per year. 

Actuarial Scientists salary with 11-20 years of work experience in South Africa 2024

Actuarial scientists with 11 to 20 years of experience can expect to earn an annual salary of R1,000,000.00. The compensation represents an increase in salary of 11% from the salary threshold of 6 to 10 years. With higher performance, additional bonuses and commissions can be earned, thus the income doesn’t rise much at this point.

At this point, an actuary’s bonus may reach R352,000.00 annually. Moreover, commissions are also very important and can be as high as R302,000.00 per year. Actuaries with 20 years of experience can make up to R2,000,000.00 per year in salary and other income from stock options, bonuses, commissions, and other streams.

Actuarial Scientists with 20+ years of experience are likely to earn the same R1,000,000.00 yearly income as individuals with 20 years of work experience. For people with 20+ years of experience, the maximum gross income that can be earned is R1,200,000.00 yearly.

Cities with the highest salaries for Actuarial Scientists in South Africa in 202

#CityAverage Salary 
1Johannesburg, Gauteng R769,804.00
2Johannesburg North, Gauteng R739,358.00
3Northern Suburbs, Western Cape R730,583.00
4City Bowl, Western CapeR693,843.00
5Midrand, Gauteng R665,765.00
6Pretoria, Gauteng R640,683.00
7Centurion, Gauteng R614,983.00

The data, which reflects the average income for Actuarial Scientists from positions posted in 2024, is based on job postings on Indeed.com and Payscale.

Conclusion

Actuarial science is one of the most challenging careers one can pursue, and it takes unwavering determination to succeed. To pursue a degree as an Actuarial Scientist, you must have strong matriculating grades (A in Math, Physics, and/or Accounting). The level of proficiency required by the profession justifies the remuneration that actuaries receive.


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