Old Mutual Actuarial Science Bursary 2026: Requirements and How to Apply
If you’re strong in Mathematics and serious about becoming an actuary, the Old Mutual Actuarial Science Bursary Programme is one of the best financial support opportunities available to you right now in South Africa. This is a full bursary—meaning it covers tuition, accommodation, meals, and more—plus a guaranteed job waiting for you after graduation. If you qualify, applying before the deadline on 30 May 2026 could change your entire future.
What You Need to Know About This Opportunity
Organisation: Old Mutual Limited
Field: Actuarial Science (or Accounting Science pathways)
Universities: University of Cape Town, University of Pretoria, University of the Witwatersrand, Stellenbosch University, North-West University, University of the Free State, University of Johannesburg, and University of KwaZulu-Natal
What’s Covered: Full tuition fees, accommodation, meals, study materials, travel costs, and academic incentives
Closing Date: 30 May 2026 at 23:59
Apply Here: www.oldmutual.co.za/careers/actuarial-bursary
Who Can Apply?
You must be a South African citizen and meet these academic minimums from your recent school results:
- At least 80% in Mathematics
- At least 60% in English Home Language (or 70% in English First Additional Language)
- At least 70% in all other subjects
You don’t need to be accepted to university yet, but you must apply to (or already be studying at) one of the eight supported universities. The programme wants learners who are still in Grade 11 or Grade 12, as well as those already at university.
Beyond marks, Old Mutual looks for candidates who show strong numeracy, problem-solving ability, and resilience. They also value honesty, communication skills, and the ability to think through complex problems.
What This Bursary Actually Covers
This is a full-support bursary, which means financial stress won’t hold you back from your studies.
You’ll receive funding for:
- All tuition and registration fees
- University residence or accommodation
- Meals while at university
- Study materials and textbooks
- Return travel home during breaks (if you study away from home)
- Extra incentives if you perform exceptionally well
Support continues for your entire degree, provided you maintain good academic progress. This removes one of the biggest barriers many students face: worrying about how to pay for university.
What Old Mutual Expects From You
In exchange for this investment, you’ll commit to working for Old Mutual after you graduate. Many students actually see this as an advantage—not a burden—because it gives you a guaranteed job and removes uncertainty about what comes next.
Old Mutual uses this approach because the company is investing in your professional development. They want to hire actuaries they’ve already supported through university.
How to Apply: Step-by-Step
Step 1: Gather Your Documents
Before you start, prepare these documents:
- A one-page CV (keep it simple and focused)
- Completed bursary motivation form (download from Old Mutual’s website)
- Your Grade 10 results
- Your Grade 11 results
- Your Grade 12 Term 1 results (if available)
- Your matric certificate (if you’ve already graduated)
- A university acceptance letter (if you have one)
- A certified copy of your ID
Incomplete applications are rejected, so prepare everything early. Don’t wait until the last week.
Step 2: Complete Your Motivation Form
This is your chance to tell Old Mutual why you want to become an actuary and why you’d be a good fit for their team. Write clearly about your career goals, your strengths, and what attracts you to this field and this company. Be honest and specific. Generic answers don’t stand out.
Step 3: Submit Your Online Application
Go to the Old Mutual careers portal and submit your application with all your documents and your CV. Make sure everything is uploaded correctly before you hit submit.
Step 4: Complete the Gamified Assessment
Once you’re shortlisted, you’ll be invited to complete a behavioural and reasoning assessment. The good news: it’s not timed, so you can work at your own pace. This test isn’t designed to trick you—it’s designed to see how you approach problems and how you think.
Step 5: Psychometric Testing
If you pass the first assessment, you’ll receive links to additional tests that measure your reasoning ability, personality, problem-solving style, and workplace readiness. Answer honestly. There are no “right” answers—Old Mutual wants to understand who you really are.
Step 6: Virtual Interview
The top 30 candidates are invited to interview with Old Mutual’s team. You’ll be asked about your motivation, your understanding of the actuarial profession, and your communication skills. Prepare by researching actuaries and practising clear explanations of your career goals.
Step 7: Provisional Offer
If you’re selected, you’ll receive a conditional bursary offer. Final confirmation depends on your matric results and your university acceptance.
Do You Get Extra Consideration?
Old Mutual follows transformation principles when selecting candidates. You may receive preference if you:
- Come from a previously disadvantaged background
- Can demonstrate financial need
- Belong to an under-represented group in the actuarial profession
- Have a disability
This doesn’t guarantee selection, but it means Old Mutual is committed to building a more diverse profession.
Tips to Strengthen Your Application
Before You Apply
- Research what actuaries actually do. Read case studies and job descriptions so you can speak genuinely about the field.
- Highlight your Mathematics performance prominently in your CV and motivation letter.
- Show that you’ve thought about this career long-term, not as a last-minute choice.
- Write your motivation letter in clear, simple language. Avoid trying to sound overly formal.
During Assessments
- Take your time. The gamified assessment isn’t timed, so don’t rush.
- Answer honestly on personality tests. Old Mutual wants to know the real you.
- Show your working and your thinking, especially in numerical tests.
During Your Interview
- Explain clearly why you chose Actuarial Science—not just that it pays well, but because you’re genuinely interested in mathematics, data, and problem-solving.
- Explain why Old Mutual specifically appeals to you. Have you researched their role in South Africa’s financial sector?
- Be ready to discuss what kind of impact you want to make in your career.
- Stay calm. Interviews are conversations, not interrogations.
Many applicants struggle with motivation letters. Don’t write what you think Old Mutual wants to hear. Write what’s true about you and your goals. Authenticity stands out far more than perfection.
Common Questions Answered
Can I apply if I’m still in Grade 11?
Yes. Applications are open to learners currently completing matric as well as those already studying at university.
Do I need to be accepted to university before I apply?
No, but you’ll need to show acceptance before your bursary is finalised.
Is the assessment really not timed?
Correct. The gamified assessment has no time limit, which reduces pressure and lets you perform your best.
What if my marks don’t quite meet the threshold?
You need to meet the minimums to qualify. However, if you’re close and have strong other qualities, consider contacting Old Mutual directly to ask about options.
Am I guaranteed a job after graduation?
Yes, you’re expected to work at Old Mutual after you graduate. This is part of the agreement.
Is this bursary only for Actuarial Science?
Primary focus is Actuarial Science, though Accounting Science pathways may be considered depending on programme alignment with accreditation standards.
Why This Matters Right Now
Actuarial Science is one of South Africa’s highest-paying professions, but the pathway is expensive and demanding. This bursary removes the financial barrier and gives you professional mentoring from a major company. That’s rare and valuable.
The deadline is 30 May 2026. If you meet the requirements and you’re serious about becoming an actuary, there’s no reason not to apply.
Start gathering your documents today. Write your motivation letter this week. Submit your application with time to spare. Small steps now can open enormous doors.
Good luck.
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