SA Actuarial Development Programme marks 21 years of driving diversity

With a statistical gulf showing black Africans lagging behind in the actuarial profession, non-profit organisation SA Actuarial Development Programme (SAADP) is determined to achieve inclusivity and diversity in the field – as it marks 21 years of existence.

According to last year’s Actuarial Society of SA numbers, South Africa has a total of 1 768 qualified actuaries. Of the total, 2.1% are coloured, 9.2% black Africans and 14.4% and 74.3% are Indian and white respectively.

Despite progress in bridging the gap for black actuarial talent, the SAADP said the profession remained “one of the least diverse professions in SA”.

Challenges in diversifying

Explaining how the actuarial profession struggled to close the colour gap, SAADP executive director Nthato Selebi said: “The actuarial profession in South Africa continues to lag in diversity, with black, coloured and Indian actuaries making up less than 30% of the total of qualified actuaries.

“This underrepresentation is driven by factors such as unequal access to quality mathematics education, financial constraints and limited awareness of actuarial science in underserved communities.”

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While initiatives like SAADP have helped increase the number of black actuarial students and graduates, Selebi said “significant gaps remain, particularly at the fellowship level”.

“To accelerate transformation, industry stakeholders must intensify efforts to support and mentor students from disadvantaged backgrounds, ensuring a more inclusive and representative profession.”

21 years of transformation

Marking 21 years of the SAADP’s existence, he said the organisation has been “in the forefront of driving meaningful transformation in the actuarial profession by providing financial, academic and mentorship support to high-potential students from historically disadvantaged backgrounds”.

“Through strategic partnerships with universities and industry stakeholders, SAADP has enabled hundreds of students to pursue actuarial science – significantly increasing the number of black, coloured and Indian actuarial graduates in SA.

“Beyond funding, the programme offers structured academic support, professional development and industry exposure, ensuring that students not only enter the profession, but also progress to qualification.

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“SAADP alumni are now making a meaningful impact in the actuarial field, contributing to a more diverse and inclusive profession that reflects the country’s demographics,” he said. There were leadership opportunities for black actuarial students and professionals.

“Strengthening mathematics education at school level, increasing awareness of actuarial science in underserved communities and offering structured workplace support will accelerate transformation.”

‘Industry-wide collaboration essential’

“Bridging the gap between white and black actuarial professionals, requires a multifaceted approach addressing access and retention,” Selebi said.

“This makes industry-wide collaboration essential. Employers, universities and professional bodies must invest in targeted development programmes, creating inclusive work environment and providing mentorship.

“Our programme ensures that students start their professional journey with confidence.

“Unlike other basic bursary programmes that do not cover end-to-end support, our programme supports unfairly prejudiced black and coloured students entering the profession,” he added.

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