If you are strong in maths and dreaming of a career in finance, the Old Mutual Actuarial Science Bursaries 2026 could change your life. This is one of South Africa’s most sought-after funding opportunities, and applications are opening soon. The catch? Competition is fierce. But if you meet the requirements and prepare well, you have a real chance.
Why This Opportunity Matters Now
Actuarial science is one of the highest-paid careers in South Africa and globally. Actuaries solve complex financial problems using maths and data—and companies desperately need them. Old Mutual, a major financial services company, is investing heavily in developing the next generation of actuarial professionals. They offer full financial support, mentorship from industry experts, and real work experience—not just money, but a complete pathway to your career.
The cost of studying actuarial science is high. Many talented students cannot afford it. That is why Old Mutual created this bursary: to find and support students who have the potential but lack the resources.
What Is the Old Mutual Actuarial Science Bursary?
This is a fully funded programme for students who want to study actuarial science or related quantitative fields. It is more than just paying your fees—Old Mutual invests in your entire development.
You can study:
- Actuarial Science
- Mathematics
- Statistics
- Data Science
- Financial Mathematics
The bursary includes tuition, accommodation, living costs, textbooks, mentoring, and vacation work. High performers may even be offered jobs after graduation.
Old Mutual looks for students who are academically strong, think analytically, and genuinely care about solving financial problems. Your maths marks matter most, but they also want to see leadership, initiative, and passion.
Who Can Apply? Eligibility Requirements
You must be:
- A South African citizen
- Completed or completing your Matric
- Achieving 70% or higher in Mathematics (this is critical)
- Strong in English (recommended)
- Planning to study or already studying a quantitative degree
Old Mutual also values:
- Leadership experience (school prefect, sports captain, community work)
- Strong problem-solving skills
- Discipline and motivation
- Genuine interest in finance and risk management
You do not need to be wealthy or come from a privileged background. But you do need to be academically serious and genuinely committed to this career path.
What You Get: Full Benefits Package
Financial Support: All your university tuition fees are covered completely. No debt, no stress about fees.
Living Costs: You receive money for accommodation (university residence or private housing) and daily expenses like food and transport.
Study Materials: Your textbooks, calculators, and other academic resources are provided.
Mentorship: You are paired with an experienced Old Mutual professional who guides you through your studies and career planning. This is invaluable—you learn from someone already doing the job you want.
Vacation Work: During university breaks, you gain real work experience in Old Mutual’s offices. You earn money, build your CV, and see what the job actually looks like.
Career Pathway: Strong performers are often offered graduate jobs or internships after graduation. This gives you a head start in the competitive job market.
How to Apply: Step-by-Step Guide
Step 1: Visit the Official Website
Go to Old Mutual’s careers page and look for the bursary opportunities section. For more bursary opportunities in South Africa, you can also explore Student Office.
Step 2: Create Your Profile
Register on the Old Mutual application system. Use your real name and correct contact details—this is important.
Step 3: Gather Your Documents
You will need to upload:
- A certified copy of your ID
- Your Matric results or latest school transcript
- Proof that you have been accepted to university (if you have it)
- A CV (optional but highly recommended)
Get these documents ready before you start. Do not wait until the last moment—certified copies take time.
Step 4: Complete the Application Form
Fill in all sections carefully. Include your personal details, academic history, and financial background. Many applicants rush this—do not. Read each question twice before answering.
Step 5: Write a Strong Motivation Letter
This is your chance to stand out. Explain clearly:
- Why you want to become an actuary (be specific—do not just say “it pays well”)
- Your academic strengths and achievements
- Your long-term career goals
- Why Old Mutual should invest in you
Keep it to one page. Be honest and authentic.
Step 6: Submit Before the Deadline
Late applications are not accepted. If the deadline is 30 September, applications submitted on 1 October will be rejected. Submit at least one week early to avoid technical issues.
The Selection Process: What Happens Next
Do not expect an instant reply. The process has several stages:
- Application Screening: Old Mutual checks that you meet the basic requirements. Many applications are rejected here if documents are incomplete or grades do not qualify.
- Academic Review: Your maths and English marks are assessed carefully.
- Psychometric Testing: If you pass the first round, you take online tests that measure your logical thinking, problem-solving, and personality fit.
- Interviews: Top candidates are invited for interviews (usually online or in person at Old Mutual offices). Prepare to discuss why you want this career and how you handle pressure.
- Final Decision: Selected candidates receive offer letters with all the bursary details and conditions.
The entire process can take 3–6 months. Be patient and follow up if you have not heard anything after two months.
Real Tips to Improve Your Chances
1. Excel in Mathematics Above All Else
Your maths mark is the most important factor. If you are struggling, get a tutor now—before you apply. A 75% in maths is significantly stronger than a 65%.
2. Show Leadership and Community Involvement
Were you a prefect, sports captain, or debate champion? Did you lead a project or volunteer? Include this. It shows you are not just an exam robot—you can lead and communicate.
3. Demonstrate Real Interest in Actuarial Science
Many applicants say they want to be actuaries because they heard it is well-paid. Old Mutual wants to hear what genuinely interests you about the work. Have you read about actuarial careers? Can you explain what actuaries actually do? This makes a difference.
4. Apply Early—Not at the Last Minute
Early applications signal that you are serious and prepared. They also mean you can fix any technical problems before the deadline. Aim to apply in the first week if the deadline is a month away.
5. Double-Check Everything Before Submitting
Spelling errors, wrong phone numbers, or incomplete sections send a bad message. Read your application three times. Ask a parent or teacher to review it.
6. Prepare for Interviews**
If you are shortlisted, you will be interviewed. Practice answering these questions:
- Why do you want to be an actuary?
- Tell us about a time you solved a difficult problem.
- How do you handle failure or a bad mark?
- Why should Old Mutual invest in you?
Record yourself and listen back. It sounds strange, but it helps.
Why This Bursary Is So Competitive
You need to understand what you are up against. This bursary attracts hundreds or even thousands of applications nationally. Only 10–20 students are selected each year.
Why is it so competitive?
- Limited spaces—Old Mutual cannot fund everyone
- High academic bar—you need genuine maths skills, not just hope
- Actuarial careers are booming—everyone wants in
- Full funding is rare—most bursaries only cover tuition
This means you are competing against some of the brightest students in the country. But do not let that discourage you. If your maths is strong, you have leadership experience, and you are genuine about this career, you have a real shot.
Honest Truth About Your Chances
Many applicants will not be selected. That is reality. You might apply, do everything right, and still not make it because competition is that fierce. If that happens, it is not a reflection of your intelligence or worth. It just means the numbers did not work out that year.
If you are not selected, consider other bursaries, part-time work, or student loans. Many actuaries have had to pay for at least part of their studies. It is possible—it is just harder.
But if you do get selected? This changes everything. Your entire education is funded. You get mentorship from experts. You build connections in the industry before you even graduate. You step into your first job with real experience. That is life-changing.
Next Steps: What to Do Now
If you are still in school: Focus on your maths and English marks immediately. Talk to your school about your university choices—make sure they offer actuarial science or mathematics degrees.
If you have just finished Matric: Check the Old Mutual careers page regularly for the application opening date. Set a phone reminder for one week before the deadline so you do not forget.
If you are already at university: Check if Old Mutual offers bursaries for current students. Some do.
Start gathering your documents now—certified ID copies, transcripts, and references. Do not wait.
Most importantly: believe that you can do this. Actuarial science is a demanding career, but it is not impossible. If you are willing to work hard, think carefully, and commit to this path, you belong here.
The Old Mutual Actuarial Science Bursary 2026 is your opportunity. Take it seriously, prepare well, and apply with confidence.