Insurance and Risk Management

Does risk management and the probability of disaster fascinate you? Are you analytical and focused, with good attention to detail? A career in insurance and risk management might be for you.


Risk management refers to the way in which risks are identified, assessed and prioritised and the means used to minimise, monitor and control the threat posed by unpredictable events.

Insurance is a risk management mechanism that enables companies, individuals and society to protect themselves against adverse outcomes from risk events. Risk comes from various sources, such as social, economic, political, legal/regulatory, as well as environmental factors, such as global warming and climate change.  Insurance forms part of the broader field of risk management.  

Risk management is a formal and methodological process of managing risk at various societal levels, such as business, commerce, household, community or national to ensure that the adverse outcomes are avoided or minimised and maximise the opportunities that risk creates.

Career Opportunities

The insurance and risk management field offers a wide range of career opportunities. Apart from the traditional insurance industry, many organisations have departments requiring insurance and risk management skills. These include insurance divisions in commercial banks, motor vehicle manufacturers and finance houses, health insurers, reinsurance companies, risk consultants, broking firms, pension funds, regulatory and compliance departments within financial services firms and investment. The nature of jobs where insurance and risk management skills are required keeps evolving, with some traditional jobs also being redefined in the process.


Major Combinations

  • Economics
  • Finance
  • Law
  • Marketing
  • Information Systems

Entry Requirements

APS  38+
English Home Language OR First Additional Language Level 5
Mathematics Level 5 


Applicants with an APS of 35-37, as well as English Level 5 and Mathematics Level 5, will be wait-listed subject to place availability.

University Application Process

  • The Student Enrolment Centre at Wits handles all student applications.
  • Please click here for an overview of the application process. 
  • Check the admission requirements for your degree. Check if any additional selection requirements apply. 
  • Submit your application, required documentation and application fee before the closing date.
  • Once you have applied, an admissions consultant will be assigned to your application.
  • Applicants can monitor the progress of their applications via the Self Service Portal.
  • If you are an international applicant and/or have a foreign qualification, please click here.

Compliance with the minimum requirements does not guarantee a place at the University. The University has a specific number of places for first year undergraduates, approved by the Department of Higher Education and Training. Final selection is made subject to the availability of places, academic results and other entry requirements where applicable.

University Fees and Funding

Click here to see the current average tuition fees for the first year of study. The Fees website also provides information about the payment of fees and closing dates for fees payments. Once you have applied you will be able to access the fees estimator on the student self-service portal. 

The Financial aid office provides information on student funding and scholarships. University-funded Scholarships include Vice-Chancellor's Scholarships, University Entrance Scholarships, Equality Scholarships, Sports Scholarships and National Olympiad winner awards. For information about NSFAS funding, please visit the NSFAS websiteExternal bursaries portal: The Bursaries South Africa website provides a comprehensive list of bursaries in South Africa.

Wits Plus applicants: terms of payment are in accordance with University regulations, and students are not eligible for University bursaries/NSFAS or residential accommodation.