Old Mutual Actuarial Bursary 2027

About the Provider

Old Mutual is one of Africa's oldest and most respected financial services companies, founded in 1845 in Cape Town as South Africa's first mutual life insurance provider. Over nearly two centuries, the company has grown into a diversified financial services group serving almost 19 million customers across Africa, North and South America, Europe, and Asia.

The company's operations span life assurance, banking, savings, investment, asset management, property insurance, and personal insurance. Old Mutual's four main business segments — Old Mutual Emerging Markets, Old Mutual Asset Management, Old Mutual Wealth, and Nedbank — provide a comprehensive financial services ecosystem that creates diverse career opportunities for actuarial professionals.

Listed on both the Johannesburg Stock Exchange and the London Stock Exchange, Old Mutual employs approximately 64 000 people globally. This scale and diversity make it one of the most attractive employers for aspiring actuaries in South Africa, offering exposure to multiple lines of business and international markets.

Old Mutual's actuarial bursary programme reflects the company's long-standing commitment to developing mathematical talent in South Africa. The actuarial profession requires exceptional quantitative skills, dedication, and years of professional examinations beyond a university degree. By identifying and supporting talented students from their undergraduate years, Old Mutual builds a pipeline of future actuaries who understand the company's culture and operations.

The programme specifically seeks students who are not just academically gifted but who demonstrate the self-drive, dedication, and passion for problem-solving that characterise successful actuaries. Old Mutual's investment in these students extends well beyond graduation, with structured employment, mentoring, and professional development support that continues throughout the qualification journey.

About the Program

The Old Mutual Actuarial Bursary Programme is one of South Africa's most comprehensive actuarial funding opportunities, providing full financial support for the entire duration of an undergraduate Actuarial Science degree. The programme is designed for dedicated, self-driven students who excel in mathematics and are committed to qualifying as actuaries and building careers at Old Mutual.

Bursaries are available for study at seven selected South African universities: North-West University, Stellenbosch University, University of Cape Town, University of Pretoria, University of the Free State, University of the Witwatersrand, and University of Johannesburg. These institutions have established actuarial science programmes with strong industry connections.

The bursary covers tuition fees, study materials, meals, accommodation in residence, and return flights home for students studying outside their hometown. This comprehensive package ensures that financial concerns do not distract from the demanding academic requirements of an actuarial science degree.

Students who achieve excellent grades receive additional incentives, rewarding academic excellence and motivating scholars to maintain high performance throughout their studies. The programme supports recipients for the full duration of their degree, providing stability and continuity.

After graduation, bursary recipients receive guaranteed employment at Old Mutual, mentoring by a qualified and experienced actuary, and participation in an in-house rotation programme that provides exposure to professional development across all areas of actuarial practice. This structured post-graduation pathway is invaluable for aspiring actuaries, as qualifying requires several years of professional examinations alongside work experience.

The selection process is rigorous: shortlisted candidates complete psychometric assessments by 31 July 2026, followed by a selection day with interviews. Final offers are conditional on Matric results and proof of university acceptance.

Bursary Benefits

• Full tuition fees covered for the entire duration of your degree
• Study materials funded
• Meals covered
• Accommodation in residence funded
• Return flights home if studying outside your hometown
• Additional incentives for students who achieve excellent grades
• Guaranteed employment at Old Mutual after graduation
• Mentoring by a qualified actuary throughout your career development
• In-house rotation programme providing exposure across all actuarial areas
• Professional development support towards actuarial qualification

Eligibility Criteria

• You must be a South African citizen
• You must have completed Matric or be currently in Matric
• You must be studying or intend to study towards an undergraduate Actuarial Science qualification
• You must be studying or have applied at one of the selected universities: UCT, Stellenbosch, UP, Wits, UFS, North-West University, or UJ
• You must have achieved a minimum of 80% for Mathematics (not Mathematical Literacy) in Matric
• You must have achieved a minimum of 60% for English HL or 70% for English FAL in Matric
• You must have achieved a minimum of 70% for all other subjects in Matric
• You must be committed to qualifying as an actuary and working for Old Mutual after graduation
• Preference is given to students from under-represented designated groups, including candidates with disabilities
• Preference is given to students from previously disadvantaged backgrounds or those who demonstrate financial need

Required Documents

• ID document (certified copy)
• Matric latest results if currently in Matric
• Matric certificate if completed Matric
• Proof of acceptance or conditional acceptance at university (if applicable)
• Full academic transcript if currently studying
• Completed Bursary Motivation Form (downloadable from Old Mutual website, includes a non-time gamified assessment)
• NBT statement (if applicable)
• Curriculum Vitae (1 page maximum)

How to Apply

1. Confirm that you meet all eligibility requirements, particularly the 80% minimum in Mathematics and the subject-specific marks.
2. Visit the Old Mutual Careers portal and search for the Actuarial Science Bursary (Reference: JR-78363).
3. Create an account on the portal before you can log in and apply.
4. Complete the online application form thoroughly.
5. Download and complete the Bursary Motivation Form from the Old Mutual website, which includes a non-time gamified assessment.
6. Prepare all supporting documents: certified ID, Matric results or certificate, proof of university acceptance, academic transcript if studying, NBT statement if applicable, and a 1-page CV.
7. Upload all documents to the portal.
8. Submit your application before the closing date of 30 May 2026 at 23:59.
9. If shortlisted, you will be contacted by 31 July 2026 with a link to complete psychometric assessments.
10. Finalists will be invited to a selection day for interviews.

Tips for Success

• Complete the Bursary Motivation Form carefully — this downloadable form includes a gamified assessment and is a key part of your application. Don't rush it.
• Ensure your Mathematics mark is 80%+ — this is a hard requirement with no exceptions for the actuarial programme.
• Check all subject marks — you need 70% in all other subjects and 60% English HL (or 70% FAL). One subject below threshold disqualifies you.
• Keep your CV to 1 page — this is specifically stated as a requirement. Be concise and focused.
• Register on the portal early — you need to create an account before applying. Don't leave this to the last day.
• Prepare for psychometric assessments — shortlisted candidates receive these by 31 July 2026. Familiarise yourself with aptitude and personality assessments.
• Demonstrate commitment to the actuarial profession — Old Mutual wants students who understand what becoming an actuary involves and are committed to the multi-year qualification journey.
• Highlight financial need if applicable — preference is given to previously disadvantaged students.
• Include your NBT statement if you have one — while not mandatory for all, it strengthens your application.
• Apply before 30 May 2026 — the deadline is firm at 23:59 on this date.

Career Prospects

Old Mutual is one of Africa's largest and most established financial services companies, founded in 1845 in Cape Town as South Africa's first mutual life insurance provider. Today the company serves almost 19 million customers across Africa, the Americas, Europe, and Asia, with approximately 64 000 employees globally. This scale creates exceptional career opportunities for actuarial graduates.

Actuaries at Old Mutual work across multiple business areas:

• Life insurance — pricing products, calculating reserves, and managing mortality and morbidity risk
• Investment management — asset-liability matching, portfolio strategy, and return forecasting
• Banking — credit risk modelling, capital management, and regulatory compliance (through Nedbank)
• Wealth management — designing savings and retirement products for high-net-worth clients
• Emerging markets — developing insurance and financial products for growing African markets
• Enterprise risk management — identifying and quantifying risks across the entire group
• Data science — applying actuarial modelling skills to big data and predictive analytics

The in-house rotation programme ensures graduates gain broad exposure before specialising, making them well-rounded professionals. Old Mutual's commitment to mentoring by qualified actuaries accelerates the path to fellowship, which typically takes 5-7 years of professional examinations after graduation.

Qualified actuaries are among the highest-paid professionals in South Africa, with the combination of an Old Mutual bursary, structured employment, and actuarial mentoring providing one of the strongest pathways to this prestigious qualification.

Frequently Asked Questions

Which universities are eligible?

Seven universities: North-West University, Stellenbosch University, UCT, University of Pretoria, University of the Free State, University of the Witwatersrand, and University of Johannesburg.

What marks do I need in Matric?

80% for Mathematics, 60% for English HL (or 70% for English FAL), and 70% for all other subjects.

What does the bursary cover?

Full funding: tuition, study materials, meals, accommodation in residence, and return flights home if studying outside your hometown.

Is there a work-back obligation?

Yes. After graduation, you receive guaranteed employment at Old Mutual with mentoring by a qualified actuary and participation in a rotation programme.

What is the Bursary Motivation Form?

A downloadable form from the Old Mutual website that includes questions about your motivation and a non-time gamified assessment. This is a required document.

When will I hear back?

Shortlisted candidates are contacted by 31 July 2026 with psychometric assessments. Finalists attend a selection day with interviews.

Can Matric students apply?

Yes. Both current Matric students and those who have completed Matric are eligible. Final offers are conditional on Matric results.

Do I need an NBT score?

Include your NBT statement if applicable. It is not mandatory for all applicants but should be submitted if you have one.

Applications Closing

Applications close on 30 May 2026 at 23:59. Apply early to allow time for the Bursary Motivation Form and gamified assessment.

About the Organization

Early Careers team Email: earlycareers@oldmutual.com