Metropolitan Bursaries 2013/2014
Have you made a calculated decision that:
- You are committed to a career in life insurance?
- As an undergraduate who excels academically, actuarial studies is where you achieve and want to be?
- You love to set yourself apart from the rest as an elite academic, but need the ‘practical’ support and guidance?
- You are looking for a reputable brand to provide you with that platform?
Each year Metropolitan grants generous bursaries to ensure that highly self-motivated achievers are given the opportunity to realise their career ambitions in life insurance.
We’ve done the math, so take a look at what our bursaries have to offer in return for your skill, enthusiasm and commitment:
- Upon the successful completion of your Bursary Programme:We cover the costs of:
- Full tuition and residential fees
- Textbooks and incidental expenses
- Incentive bonuses for exceptional achievements
- Annual travel allowance for flights back home (where applicable)
- We also provide vacation work from 2nd year and a basic living allowance
- As well as excellent networking opportunities, your chance to meet other actuaries in the business
- The opportunity to enroll at either the University of Cape Town or the University of Stellenbosch.
- You will be assigned an experienced Actuary as your Mentor
- Guaranteed employment within one of the largest financial institution in Africa, where you can apply your experience and skills
Our requirements are:
- You need to be a matriculant who is achieving over 85% in Mathematics ,as well as Additional Maths or Maths3. Plus you need to obtain A’s in at least 2 other related subjects (e.g. Accounting/Physics), level 6 or above.
More details about Metropolitan Bursary 2013/2014
1. Bursaries offered
Metropolitan considers applications for bursaries (for a maximum period of four years) from students who intend following or who are already following an appropriate Bachelor degree with a view to an actuarial career.
2.1 Applicants for the bursary must generally have obtained well over 85% (Level 6 or above) for mathematics, mathematics 3 and/Additional mathematics and at least two A symbols in other related subjects in their final matriculation examination, or most recent two examinations if the former is not yet available.
2.2 Current Bachelor degree students should meet the requirements in 2.1, and must also submit evidence of their academic progress to date at the university.
3. Value of bursary
The annual amount of the bursary is equal to the total cost of registration and tuition fees and levies; universities residence fees, or the equivalent if the student boards privately (students choosing to board privately must obtain Metropolitan’s approval); and a textbook and incidental expenses allowance. In addition, the student can qualify during his/her study course for incentive payments for outstanding achievement in specific subjects selected by Metropolitan.
4. Study curriculum
4.1 Metropolitan must approve the course of studies selected by the student.
4.2 Students going on to actuarial studies are strongly advised to follow an actuarial science curriculum, which would allow the maximum number of exemptions from the professional examinations.
5. Bursary conditions
5.1 The student undertakes:
(a) to enrol for and take the necessary course at either UCT or University Stellenbosch and to qualify for the aforesaid degree within three/four years (i.e. the normal duration of the course concerned); and
(b) upon completion of the course of study, and if it is expected of him/her, to enter the service of Metropolitan within two months after he/she has been notified in writing of his/her appointment and will serve Metropolitan for a period of a year and a half for every year of study which has been sponsored (least three/four years) on the job/ grade and on the salary scale applicable to the post to which he/she may temporarily or permanently be appointed or to which he/she may be transferred or promoted.
(c) Whist Metropolitan would usually appoint the student after completion of the course, it cannot guarantee, promise or give any undertaking that the student will definitely enter its services as changes may from time to time occur within its operations, but undertakes however that it will make every endeavour to ensure that such appointment is arranged.
(d) Subject to © above, the eventual appointment shall be in accordance with Metropolitan’s regulations and conditions of employment, which are normally applied.
5.2 The student furthermore accepts the following conditions attached to the bursary:
(a) Payment of each annual amount of the bursary shall only commence upon receipt of satisfactory proof from the student that he/she has duly enrolled for the aforesaid study course. Only such portion of the annual amount will be paid at any time as is due and payable at that stage.
(b) Metropolitan may, at any time, withdraw the bursary if in its opinion the student has failed to make satisfactory progress or is guilty of misconduct, on the distinct understanding that, if the responsible authority of the university concerned certifies that the lack of satisfactory progress was due to circumstances beyond the student’s control, the student will not be held responsible for repayment of any monies paid or advanced to him/her on behalf of Metropolitan. Such withdrawal may be subject to repayment of monies described below, or, at Metropolitan’s discretion suspension until Metropolitan is satisfied that the student is again making satisfactory progress whereupon Metropolitan’s payment of bursary monies may again, subject to Metropolitan’s discretion, be resumed.
(c) Bursary conditions
(i) if he/she at any time relinquishes the bursary, or accepts a bursary from another employer or potential employer; or
(ii) if the study bursary is at any time withdrawn as the result of his/her misconduct or failure to make progress to Metropolitan’s satisfaction, which will usually mean failing one or more subjects; or
(iii) if he/she refuses to join Metropolitan, or to remain in the service of Metropolitan for the period as set out in clause 5.1(b); or
(iv) if he/she is dismissed by Metropolitan, or to remain in the service of Metropolitan for the period as set out in clause 5.1(b)
(v) repay all monies paid or advanced by or on behalf of Metropolitan. The amount thus to be repaid shall bear interest at a rate equal to the average of the prime bank overdraft rates applying on 1 July of each year in which this bursary agreement is in force (regardless of whether or not the bursary agreement is in force on 1 July in any particular year) up to the date of the occurrence of the contingency referred to in (i) to (iv) above, and should the latter occurrence arise before July in any particular year, the rate for that year shall be taken as being the same as that for the previous year. Interest as aforesaid shall be calculated as from the date(s) on which such monies were paid by or on behalf of Metropolitan. The amount repayable (inclusive of interest) shall be repaid by one lump sum, the lump sum falling due on the last day of the month in which the contingency referred to in (i) and (iv) above occurs. The lump sum as aforesaid shall become due and payable automatically and without notice or demand. If he/she, subsequent to qualifying as set out in clause 5.1(a), enters Metropolitan’s employ but remains so employed for a period of less than the number of years for which bursary monies have been advanced in terms of this agreement, his/her obligations under this clause will be reduced proportionally to the number of years thus served.
(d) On death or repayment disability in service or at university during the currency of this bursary agreement, Metropolitan will waive any obligations which the student would otherwise have.
(e) The eventual appointment or employment of the student shall be in accordance with the regulations, which normally apply on appointment or employment by the company.
6. Vacation work
Metropolitan is usually prepared, subject to clause 5.1 (c), to employ and remunerate the student during the summer holidays at the Metropolitan Head Office in Cape Town, to enable the student to gain practical experience.
7. Closing date for Actuarial applications for 2014: 31 May 2013.
How to Apply for Metropolitan Bursary