Since 2013, the Banking Sector Education and Training Authority (BANKSETA) has granted bursaries to more than 100 University of Pretoria (UP) Actuarial Science students as part of efforts to advance skilled and employable youth.

This year, 17 students have been recipients of the annual bursary, which covers tuition and meals, and includes an allowance for books and laptops as well as a stipend that is paid over ten months.

“Actuarial Science has been earmarked as one of the critical and scarce skills required within the banking sector,” says Refilwe Lehobo, programme manager of the South African Actuaries Development Programme (SAADP) in UP’s Department of Actuarial Science. The SAADP is a non-profit organisation that enables and supports young South Africans from disadvantaged backgrounds to become actuaries, thus contributing to the country’s economic development. BANKSETA, FNB, Discovery and Deloitte are some of SAADP’s sponsors.

“We also hope to provide employers and related sectors with an appropriate recruitment pool,” adds Similo Dlamini, work-integrated learning manager at BANKSETA.

Bibi Raessa Boodoo, an Actuarial Science honours student at UP, is one of the students being funded by BANKSETA through the SAADP. “The bursary is of great financial aid to me,” Boodoo said. “It allows me to focus on my studies without having to get a part-time job. It also lifts the burden off my parents’ shoulders as they do not have to worry about supporting me financially throughout my tertiary education experience.”

For UP Actuarial Science postgraduate student Anuroop Krishnannair, another recipient, the bursary will assist with more than just funding. “This bursary will assist me to find employment when I finish my studies,” Krishnannair said. “It provided free tuition classes for most of the modules I took in my undergraduate year. Social activities as well as recreational activities were organised by the bursary team to help motivate students, especially before exams. Additionally, we had a chance to interact with selected mentors who were senior students in our programme of study. These mentors gave us insight into the study plan of our degree so we could plan ahead.”

“Academic pressure is more than enough for any student, so being relieved of financial burdens is one of the many things that I can be very grateful for,” said Tebogo Matlou, a final-year BSc Actuarial and Financial Mathematics student. “The beginning of each academic year in South Africa is marked by student protests regarding registration fees and student debt, so knowing that my funds will be covered is a blessing. It’s not something that every student can be assured of and not something I take for granted. I am grateful that I have been given the opportunity to fulfil my dream of one day becoming an actuary.”

A few of the students funded by BANKSETA are now putting their newly acquired skills back into the banking sector at organisations such as ABSA and FNB.