Old Mutual Bursary explained: find out what the bursary covers, including tuition, accommodation, meals, study materials, travel and career opportunities.
For many South African students, getting into university is only the beginning of the challenge. Tuition fees, accommodation, food, textbooks and travelling can quickly turn a promising university journey into a financial struggle. This is where the Old Mutual Bursaries can make a major difference for students who want to build a professional career in fields such as Actuarial Science or Chartered Accounting.
The Old Mutual bursary is more than simply paying university fees. The current programme information describes comprehensive support throughout university, together with opportunities such as vacation work, personal development, networking and a pathway into employment after graduation. However, applicants should understand that the exact benefits can depend on the specific Old Mutual bursary programme and year. The company does not currently publish one fixed rand value for the entire bursary package, so students should confirm the latest terms directly on the official Old Mutual careers website before applying.
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What Is the Old Mutual Bursary?
The Old Mutual Bursary Programme is designed to support talented South African students pursuing selected university qualifications that can lead to professional careers at Old Mutual.
The current official opportunities include dedicated bursaries for Actuarial Science and Chartered Accounting. These are highly demanding fields, so the programme is aimed at students who can demonstrate strong academic ability and a serious commitment to their chosen career.
This is important because the bursary should not be viewed simply as free university funding. Old Mutual is investing in students who may eventually become professionals within the organisation.
How Does the Old Mutual Bursary Work?
If you are selected, Old Mutual provides financial support towards your university studies for the duration of your degree, provided you continue meeting the programme’s academic and other requirements.
For example, the current Actuarial Science bursary states that students receive support throughout their degree and may receive additional incentives for excellent academic performance. The Chartered Accounting programme similarly describes support from university through qualification and beyond.
The programme can therefore reduce the financial pressure that normally comes with studying. Instead of concentrating on how you will pay for every semester, you can focus more of your energy on lectures, assignments, examinations and developing the professional skills required for your career.
That said, applicants should carefully read the conditions attached to the particular bursary they are applying for. The current Actuarial Science programme, for example, requires successful candidates to be committed to qualifying as actuaries and working for Old Mutual after graduation.
What Does the Bursary Cover?
One of the strongest features of the programme is the range of expenses listed by Old Mutual.
The current official bursary information says the support includes tuition, study materials, meals, accommodation in residence and return flights home when a student is studying outside their hometown.
In practical terms, this means the bursary can help with several of the biggest costs faced by university students.
Tuition and study costs
University tuition is one of the most significant expenses for students. Old Mutual’s bursary covers tuition as part of its financial support package.
Study materials are also included. This is particularly useful for students studying demanding qualifications where textbooks, prescribed materials and other academic resources can become expensive.
Meals
The programme information specifically lists meals among the expenses covered. This is an important benefit because food can become a major monthly expense for students living away from home.
Accommodation
Yes, the Old Mutual bursary can provide accommodation. The current official programme information specifically states that accommodation in university residence is covered.
However, students should not assume that every private accommodation arrangement will automatically be paid for. The published wording refers specifically to accommodation in residence. Applicants should confirm the approved accommodation arrangements with Old Mutual before making any financial commitments.
Does Old Mutual Pay a Monthly Allowance?
This is an area where applicants should be careful.
Unlike some bursaries that publicly advertise a specific monthly stipend, the current Old Mutual programme information does not provide a fixed monthly allowance amount. Instead, it lists particular expenses such as tuition, meals, accommodation and study materials.
Therefore, SAfuturelink does not recommend telling applicants that they will receive a specific monthly amount unless Old Mutual publishes that figure for the relevant intake.
The same applies to a separate living allowance. The available official information does not clearly state a standard monthly cash allowance, so applicants should confirm this directly with Old Mutual.
Does the Old Mutual Bursary Cover Transport?
There is support for travel, but applicants need to understand what is actually stated.
Old Mutual’s current programme information says that return flights home are covered when the student is studying outside their hometown.
This should not automatically be interpreted as unlimited daily transport money or a monthly transport allowance. The published information does not specify a standard local transport allowance.
Students should therefore check the official terms to determine exactly what travel is covered for their particular programme.
What Is the Value or Budget of the Bursary?
Old Mutual does not currently advertise one simple figure such as “this bursary is worth R100,000 per year.”
Instead, the value comes from the combination of expenses covered. When tuition, residence accommodation, meals, study materials and approved travel are considered together, the overall support can be substantial.
For this reason, applicants should focus less on finding a single advertised rand figure and more on understanding which costs Old Mutual will pay directly or support.
The exact financial limits, payment arrangements and approved expenses should always be confirmed with Old Mutual because these details can change between bursary intakes.
Will Old Mutual Give You a Job After Graduation?
This is one of the most important parts of the programme.
For the current Actuarial Science bursary, Old Mutual states that successful students must be committed to working for the company after graduation. The programme also describes opportunities for personal development, vacation work and networking, as well as guaranteed employment post-graduation.
The Chartered Accounting bursary also describes a pathway into employment and requires successful candidates to commit to the Old Mutual Chartered Accounting Training Programme.
This makes the bursary different from funding schemes that simply pay for your studies and leave you to search for work afterwards.
However, students should read the specific agreement carefully. Employment conditions can be linked to the qualification, programme and contractual commitments attached to the bursary.
What Applicants Should Know Before Applying
The Old Mutual Bursary is best suited to students who are not only looking for financial assistance but are also serious about building a professional career.
Academic performance matters. For example, the current Actuarial Science programme requires at least 80% in Mathematics, 60% in English Home Language or 70% in English First Additional Language, together with 70% in the other subjects listed in the eligibility requirements. The programme also limits applicants to specified universities.
Because requirements, closing dates, participating universities and financial arrangements can change, applicants should not rely on old bursary articles or social media posts.
Before submitting an application, check the latest information on the official Old Mutual Careers website and open the specific bursary programme you want to apply for.
Most importantly, do not assume that the benefits of the Actuarial Science bursary are automatically identical to those of every other Old Mutual bursary. The official programme page is the final source applicants should use when confirming eligibility, coverage, accommodation, travel, academic requirements and employment obligations.
If you do not meet the requirements for Old Mutual or want to compare other funding options, our guide to government bursaries in South Africa is a useful place to continue your search.