 Hey guys, it's MJ the student's act tree and in this video We're going to be looking at how much does it cost to become an act tree? But before we go into the whole video I just want to just want to show you guys these are the stats of who's actually been watching my videos So a big shout out to India for taking a top place. I know America was leading a few months ago and And where's Kenya? I mean Kenya used to actually be be on the top five and so with the Netherlands I don't know what's happened to you guys But anyway, just a quick heads up this video is all it's yeah, it's basically all gonna be on South Africa So we're gonna be looking at how much does it cost to become a South Africa? How much does it cost to become an act tree in South Africa? So all the values are going to be in Rens and is gonna be according to the South African Association and seeing that only 17% of my viewers are from South Africa It's like why am I doing this well because South Africa is the best country in the world And I'd highly recommend everybody to immigrate here and study actuarial science here because we're just awesome Anyway, also something that's South African the reason I'm doing this video is recently There's been a whole protest in our education Environment with this whole fees must fall protest and that got me thinking well How much are the fees to become an act tree and that's what this video is going to explore So we're gonna be looking at what are the general fees? How much do you pay for exams? I'm not actually going to be looking into university fees because that varies amongst the different Institutions I will be looking at courses. I will be looking at the studying materials I'm going to talk a little bit about the events, but I'm not going to include that in the final calculation You'll see more about that later. I'll talk a little bit about tuition I will introduce some sundry costs and bear in mind There are lots of opportunity costs about becoming an act tree But again, those are very subjective or very difficult to quantify So I will be excluding them from this video But I mean the main one is you know sacrificing your social life But we can't put a monetary value to that so it will be excluded in this discussion So let's look at fees to become an act tree The first thing you need to do is you know join the club become a student member as they say and This is going to cost you around 480 Rand Just a quick conversion. It's around 10 to 15 Rand a dollar an American dollar so you can use that kind of You know to try and convert into whatever currency you're at. So yeah 480 sorry for fees to start up and then you've got like around a 650 Rand fee if you're a student I think that does go up to one thousand eight hundred a year once you become an associate and I'm not going to do this all the time But this is like just an excerpt of one of the invoices I paid You'll see the fees are a little bit lower because I paid this last year in 2014 and there has been a big increase in fees So obviously the protesters didn't target the actuarial association when they did their whole protest But anyway, let's put the politics and that stuff aside and focus on the topic at hand So the fees are increasing quite a bit every year. So just bear that in mind if you're watching this in 2016 or 2017 there's probably gonna be like doubles of these amounts But anyway, one of the big expenses are the exams. I mean you pay to write these exams The core core technical subjects you're paying around 4,725 Rand per subject and there's eight of these guys There's also 4,720 for I think this is CA CA to Then that amount is for CA 3 these are like the modeling exam or the communication exam The the risk management exam, which is CA 1 the notorious really really difficult exam, which most people fail That's 11,000 Rand almost almost 12,000 Rand and bear in mind if you fail You have to write these exams again and pay these fees again But we're going to be working on the assumption that you guys are all super smart and that you pass all these exams first time So in our final calculation bear that in mind. It might be a little bit more Then if you're writing some of the specialist subjects there 4,290 unless you're doing subject st9, which is enterprise risk management For some reason that one's a little bit more that's 6,325 Rand and then finally the fellowship exam is 4,290 there is a PDF file on the actuarial website with all these fees that's where I am getting them So I'm not just like making these up But job those are for the exams study material I mean this this is a one where you know a lot of people will have different amounts So what I've done is I went on to actuarial education websites and I created like this massive shopping list of all the The ones I would recommend so I would really recommend getting the maths and stats intro textbooks I'd also recommend getting will you always have to get the combined material pack That's like a given and then I recommend the asset which is past papers where they go through in detail revision notes sound revision if they if they exist only exists for some of the subjects and the flashcards That's what I recommend. There are a whole bunch of other Educational resources that you can purchase, but bear in mind. I mean these things are expensive So those prices that you're looking at are actually in British pounds And I don't understand why they're so expensive because when you buy these things they send you like a PDF file You know so it costs them the variable cost cost is absolutely zero You know if they sell it to one person or ten people it doesn't make any difference as you're getting an electronic PDF I do understand that, you know, they had to pay an actuary to write them so that was expensive But I mean look at some of the price of these things 127 pounds for a PDF file I mean, that's that's kind of crazy for CA1. It's 446 and It is very it's almost impossible to write the exam without that. So just bear that in mind But let's convert this to rands. I mean currently I mean South African exchange rate is absolutely shot to pieces I mean, it's almost 22 ran to a British pound. That is so weak back in 2011. It was 10 ran So we've kind of like in the past five years all our South African value is like almost halved With regards to the British pound. So that's sad. Anyway moving along. There are tuition fees so this is Once you you can only do so much at university There's no no university that I know offers the fellowship course So you have to pay an additional amount to do the fellowship course through the Actuarial Society You don't have to pay I mean I wrote the fellowship now, but I didn't pay I didn't do the tuition thing I just went in Self-studying but we'll see how I did in that exam. It might have been smart if I did pay this amount But bear in mind job for the fellowship. You can't do it at university You have to pay or if you want to you know get extra education on it From a third party. It is quite expensive Like I said, there are all these events. I'm not going to be including this in the total But I mean there's some events are quite fun. You know, there's a golf day That's going to set you back around 4,000 Rand. I know there was the big actuarial convention which actually happened quite recently In Johannesburg it was yeah, I don't want to go back to Johannesburg so I didn't go but and I think next year it will be back here in Cape Town and That's also a few thousand Rand to go. I'm not including it in the final cost because it's not compulsory to attend You know, you don't actually have to go play golf in order to become an actuary You know, it's just a fun thing on the side if you want to network stuff like that So I'm not going to be including this 4,000 in the final amount What I am going to be including though are the courses because and this this is where it gets really confusing From a South African society to the Indian society to the British society because you'll all have different courses and you'll have give them different names So I'm doing something tomorrow called workshop one, which I think in The English guys you guys call it the business awareness model and that's going to set me back 3,180 Rand. I'm writing. I'm doing that tomorrow. It's a full day Then there's one for a modeling course, which is like the ca2 So ca2 not only do you write the modeling exam Which you pay for but you also have to pay for the course. So in total that almost comes to like 10,000 Rand Just ca2 Then there's workshop I think workshop two. That's what we call it. I haven't done that one yet. I don't really know much about it Then there's this general Something module, which is like an online exam So you go into a website and you click in some multiple choice and a computer marks it But you still have to pay like a thousand Rand for it Don't know why And then there's signing up for some course Is 420 Rand Like I said, this this video is not to try and explain the actual course structure because that is very difficult This is just going through how much it will cost And then just when you're done once you've done all your exams, there's the fellowshiping course Which I've heard is actually quite a nice getaway from a guy in my office who's just done it But that'll set you back 8800 Rand And then if you're done subject ct9 and you're becoming a sera act tree There is another course that you have to do And this one is 7900 Rand per person. I mean that That's very expensive that these these courses are expensive Although no wait, wait, wait, sorry. Sorry. This course does include coffee On both days. Okay, so it's not that bad. You're gonna be getting coffee and tea. So I mean, okay That's probably why it's so expensive But jokes aside, there's also all these sundry fees. I mean, um, you can pay to get your paper remarked. You can pay to get You can pay for exam counseling. So I just put 2280. I think that's for Exam counseling case you do fail one you can go with some guy and he'll Talk you through it. I don't know. I've never done that before but that is a potential cost Um, and then bear in mind this the final amount might be much bigger if you fail your exams You have to retake these exams Um, which is possible. I mean, and that's why if you fail one of these exams, don't worry We all do Um, but just bear in mind it is going to cost you more money and If you get your examinations at university, you can actually save quite a bit of money Because then you only have to pay 3000 Rand. So you're not even writing the exam But you sort of to pay money again. I don't understand it. But anyway, um, that's 3000 Something something. Um, if you get the exemption I fortunately got it for ca one, which means I don't have to pay that 11,000 Rand for throughout the exam. I just had to pay 3000 Which was weird because also got the exemption for a few other core technical subjects and again It was also 3000 And then the most bizarre thing is that you cannot resell your educational notes So let's say you bought all those notes for I think it came to almost 4000 pounds or something ridiculous There's a rule that says you're not allowed to sell your notes to anybody on once you've bought the notes It's only for you. You cannot resell them. You cannot share them. You cannot copy the PDF and give it to your mate Though that would save you a lot of money. It is against the rules So bear in mind you cannot resell your notes to try to get these costs back So before we give the final amounts, which I know you guys are all desperate to to figure out This is just the wheel Just a quick pie chart that I made to visually represent. What's the most expensive things? You can see study material is the biggest chunk But like I said, you could reduce that if you're very smart to just, you know You could cut away some of the flash notes I would not recommend doing that though because then you're probably going to pay more with the exams as you'll have to rewrite the exams But that's just a general general summary So the big reveal how much does it cost to become an actuary in South Africa? The answer is 200 I'm going to be like zoom in and be like, I don't know how to pronounce this big long number, but you're 200,000 4,000. Oh my gosh. I can't even say this number so big But you're around 200,000 rand to become an actuary And just bearing in mind what I mean so for the foreign people watching this This video who don't know what the rand is with this amount of money You could buy a brand new polo and destroy the environment with their their emissions So you can either become an actuary or you can buy a new polo and I mean it looks really good and red I mean that that car looks quite hot Um, but y'all this is this is just a quick little breakdown on the excel sheet If you guys just want a quick recap of what everything costs and you can see I've written the names next to it And y'all, I mean 200,000 rand It kind of roughly it's around 10,000 pounds So for the british guys or people who understand pounds better around 10,000 pounds to become an actuary in South Africa Like I said, I don't know how much it will cost In your own country. It might be more. It might be less But y'all that's the end of the video and I'm just going to leave you guys with the school picture I made I hope you guys like it. So we're building here in Cape Town 10 points for anyone in the comment section who can guess correctly what building that is and then Yesterday one of my articles got published in the entrepreneur magazines website So it's five infamous risks. Go check it out. It's very short. It's very cool Enjoy. I hope you enjoyed But anyway, that's the end of this video. I hope you enjoyed it Let me know your thoughts in the comment section click subscribe click like click share click all the buttons you want to click And I'll see you guys Next time for another video. Cheers