Working overseas supplement: South Africa

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Over the past couple of decades there has been a steady migration of actuarial professionals between Africa — and, in particular, South Africa (SA) — and the rest of the world. Just like the wildebeest migration in the Serengeti, every year young (and sometimes not so young) actuaries pack their bags to experience a different cultural and working environment. Some would eventually return from where they came. Others never go back. In this article I will try to give you a balanced view of what it is like to live and work as an actuary in SA and, who knows, it might just appeal to some of you.

Locations
The two largest cities in SA, Johannesburg and Cape Town, employ approximately 95% of the actuarial workforce. For the purpose of this article, Pretoria is included (60 km north of Johannesburg), when referring to Johannesburg. There is a healthy demand for actuaries in both the big cities, but at present the biggest demand for actuaries is in Johannesburg.

Work/life balance
Having worked in both London and SA, commenting on a work/life balance is very difficult, as it will differ from individual to individual. As in London, you will get consultancies that work very long hours before deadlines but you will also come across organisations where the work pressure (and usually the salaries too) is not as great.

Culture/way of living
Cape Town and Johannesburg are both very cosmopolitan cities, with English being the business language for most employers in SA. In general, South Africans enjoy sports and the outdoors and whether you like surfing, hiking, playing golf or just lying on the beach doing nothing, SA has lots to offer.

Remuneration and cost of living
In my experience, I believe actuaries to be financially better off in SA than in many ‘firstworld’ countries. Definitely not in nominal terms but, when the cost of living is brought into the equation, actuaries in SA have a very comfortable lifestyle. A newly qualified actuary (depending on experience) would probably earn a salary of between R600k and R700k per annum, plus a 25% bonus. Currently, you can buy a trendy three-bedroom house/flat for between R900k and R1m. In general, an actuary would have a ‘higher’ standard of living in SA than in, say the UK or Australia. However, other factors would have to be included, for example, higher crime levels often associated with a ‘third-world’ country.

Relocation package
Most employers have a relocation policy and will contribute towards the cost of your move. In most cases the cost of relocation is limited to a fixed amount.

Learning/skills difference
Certain skills and, in particular, legislation will differ from one country to the next but, in general, most actuarial skills are transferable around the world. If you have a reporting/ product development and pricing/economic capital or reserving role in, say the UK, the odds are very good that you will fit into a South African set-up without any difficulty.

Career progression and responsibility
Junior actuaries and senior students will tend to acquire more responsibility in SA than their UK counterparts. On the one hand it is great to maintain a level of independence, but on the other you can also argue that it is necessary to receive some hands-on guidance from a more experienced actuary. It all depends on individual preference. In terms of career progression, demand is still very high for experienced actuaries in the life, pensions, general insurance, investment and healthcare sectors, and in many ways your destiny is in your own hands. Few can argue against SA being a country of extraordinary natural beauty. I challenge everyone who has never been to come for a holiday and see for yourself. You might just end up staying longer than anticipated!

Wilhelm de Wet (FIA, FASSA) is a director at specialist recruitment firm South African Actuaries Abroad (SA3). He has worked as an actuary in both the UK and SA markets

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Working in South Africa
Nationals of certain countries can visit South Africa for up to three months without a visa but will need to be granted a work visa or permit to take up employment. Holders of South African passports (or official travel documents issued in place of a passport) do not require visas. To apply for visas, contact your nearest South African Embassy or Consulate. Address: South African High Commission South Africa House Trafalgar Square London WC2N 5DP Phone: +44 (0)20 7451 7299 Website: www.southafricahouse.com