If you’re a top student in South Africa with strong maths skills and a passion for finance, the Old Mutual Actuarial Science Bursary 2026 deserves your serious attention. This isn’t just money for tuition — it’s a guaranteed pathway from university straight into a respected, high-paying career. The closing date is 30 May 2026, so time matters. Learn how to apply on Student Office and take the next step towards becoming an actuary.
What Is This Bursary, Really?
Old Mutual, one of Africa’s biggest financial services companies, offers this bursary to support exceptional students who want to study actuarial science at university.
But it’s more than just paying your fees. The bursary includes:
- Complete financial support (tuition, accommodation, meals, books)
- Paid vacation work experience during university holidays
- One-on-one mentorship from working actuaries
- A guaranteed job at Old Mutual when you graduate
This removes two huge worries: how to pay for university, and whether you’ll find a job afterwards.
What Actuarial Science Actually Is
Actuaries are problem-solvers who use maths, statistics, and finance to help companies manage risk. They work in insurance, pensions, investment, and banking.
It’s a field where skills are always in demand — both in South Africa and globally. That’s why Old Mutual invests in training future actuaries.
Who Can Apply?
The bursary is competitive, so you need to tick all these boxes:
- Be a South African citizen
- Have at least 80% in Mathematics (your final school mark)
- Have at least 60% in English Home Language OR 70% in English First Additional Language
- Have at least 70% in all other subjects
- Be willing to work for Old Mutual after graduation
- Apply to (or be accepted by) one of these universities:
- University of Cape Town
- University of Pretoria
- University of the Witwatersrand
- University of Johannesburg
- Stellenbosch University
- North-West University
- University of the Free State
- University of KwaZulu-Natal
Old Mutual also encourages applications from students from disadvantaged backgrounds and students with disabilities.
What Does the Bursary Cover?
This is one of the most comprehensive bursaries available in South Africa. It pays for:
- University tuition fees
- Residence accommodation
- Meals while at university
- Study materials and textbooks
- Return flights home during holidays (if you study away from home)
- Extra incentives for students who perform exceptionally well
If you’re accepted to a university in another city or province, you don’t need to worry about living costs. The bursary covers it.
Beyond Money: The Real Benefits
What makes this bursary stand out isn’t just the funding. It’s everything that comes with it:
- Vacation work: You’ll work at Old Mutual during university holidays, earning money and gaining real experience.
- Mentorship: You’ll be paired with an actuary who guides your learning and career planning.
- Professional development: You’ll attend workshops, networking events, and training sessions.
- Industry insight: You’ll understand what the job actually involves before graduation.
- Job security: You’re guaranteed employment at Old Mutual once you graduate and meet performance requirements.
Many graduates struggle to find their first job. You won’t have that problem.
How to Apply: Step by Step
Step 1: Check you’re eligible
Make sure your maths mark is at least 80% and you meet all other requirements listed above.
Step 2: Prepare your documents
Before you apply, gather:
- One-page CV
- Completed motivation form (one page maximum)
- Grade 10, 11, and 12 school reports
- Matric certificate (if you’ve already finished school)
- University acceptance letter (if already accepted)
- Certified copy of your ID
Incomplete applications are automatically rejected. Don’t rush this step.
Step 3: Submit your application
Click here to apply for the Old Mutual Actuarial Science Bursary 2026
The closing date is 30 May 2026.
Step 4: Complete the online test
If selected, you’ll take an online assessment that tests your:
- Problem-solving ability
- Logical thinking
- Mathematical reasoning
This isn’t about memorising formulas — it’s about how you think.
Step 5: Interview stage
Top candidates are invited for online interviews where you’ll discuss your motivation, goals, and suitability for the programme.
What to Write in Your Motivation Letter
Your motivation letter is your chance to explain why you deserve this bursary. Keep it to one page and answer these questions:
- Why do you want to study actuarial science?
- What makes you different from other applicants?
- Why should Old Mutual invest in you?
Be honest and specific. Avoid generic statements like “I love maths.” Instead, explain what attracts you to the profession — maybe you’re interested in solving complex problems, or you want to help people plan for the future.
Keep your language clear and professional. Check for spelling and grammar errors before submitting.
Common Worries — Answered
Do I need perfect marks to get selected?
No. While strong academic results matter, Old Mutual also looks at your problem-solving ability, motivation, and interview performance. However, the 80% maths requirement is non-negotiable.
Is actuarial science just maths?
Not at all. Yes, it requires strong mathematical thinking, but the job also involves finance, risk analysis, communication, and business decision-making. You need to be good with numbers, but you also need to understand how businesses actually work.
Am I locked into working for Old Mutual forever?
No. The bursary requires you to work for Old Mutual after graduation, but there’s no lifelong commitment. Once you’ve completed your initial service contract, you’re free to pursue other opportunities.
What if I don’t hear back?
If you haven’t received communication by 31 July 2026, assume your application was unsuccessful. You can contact Old Mutual directly to confirm, but don’t wait — look for other opportunities in the meantime.
Tips to Strengthen Your Application
Apply early. Don’t wait until May. Submit as soon as your school reports are ready. Early applications often make stronger first impressions.
Double-check everything. Spelling mistakes, missing documents, or incorrect information will hurt your chances. Proof-read your motivation letter at least twice.
Be specific about why you want this. Generic applications get rejected. Show that you’ve researched Old Mutual and actuarial science, and explain what attracts you to both.
Highlight problem-solving examples. In your motivation letter or interview, mention times you’ve solved difficult problems or learned complex concepts. This shows you think like an actuary.
Prepare for the interview. If selected, spend time understanding Old Mutual as a company and thinking through questions about your goals and motivation. Practice answering out loud before the interview.
Key Things to Remember
- The bursary covers tuition, accommodation, meals, and books — everything you need to study.
- You get paid vacation work experience during university holidays.
- You’re guaranteed a job at Old Mutual when you graduate.
- You must have at least 80% in Maths — this is essential.
- The application includes an online test and interview — prepare seriously for both.
- Closing date: 30 May 2026 — don’t leave it until the last week.
- Incomplete applications are rejected — check your documents carefully.
What Happens Next?
If you’re interested, start preparing now. Gather your documents, think about your motivation, and familiarise yourself with the application website.
This bursary is valuable because it removes the biggest barriers to studying actuarial science — cost and job uncertainty. But it’s also competitive because so many students want it.
The difference between applicants who get selected and those who don’t often comes down to preparation and effort. Take your time with your application. Write a thoughtful motivation letter. Perform well in the online test. And treat the interview as seriously as you would a job interview.
If you meet the requirements and you’re willing to put in the effort, this bursary could change your life. It’s worth applying.
Ready to take action? Start your application here. Then sit down with your school results, prepare your documents, and submit before the deadline.