Old Mutual Imfundo Trust Scholarship (Closing: 10 October 2024)
About Old Mutual and the Imfundo Trust
Old Mutual is a leading financial services group in Africa with a long-standing commitment to promoting education and empowerment through various initiatives. One of its key contributions to education is the Old Mutual Imfundo Trust Scholarship, established to support academically strong yet financially needy students. The Imfundo Trust seeks to cultivate South Africa’s future leaders by providing comprehensive financial assistance and mentorship opportunities to deserving students.
The scholarship aims to address the skills shortage in key sectors of the economy by helping students pursue degrees that will equip them with the knowledge and expertise necessary to drive South Africa’s growth and development. The scholarship targets disciplines in finance, business, and related fields, ensuring that recipients gain the tools to contribute to the country’s economy in meaningful ways.
About the Old Mutual Imfundo Trust Scholarship Program
The Old Mutual Imfundo Trust Scholarship is a highly competitive, merit-based program that offers full financial support to high-performing students pursuing undergraduate degrees at recognized South African universities. The scholarship is designed to ease the financial burden for students from disadvantaged backgrounds, allowing them to focus on excelling in their studies.
Recipients of this prestigious scholarship benefit not only from financial support but also from access to mentorship, personal development, and leadership training. The goal of the scholarship is to produce graduates who are not only academically accomplished but also prepared to make positive contributions to South African society.
Fields of Study Covered
The Old Mutual Imfundo Trust Scholarship provides financial support to students pursuing degrees in areas that are critical to the South African economy, particularly in the following fields:
- Accounting
- Actuarial Science
- Business and Commerce
- Data Science
- Economics
- Financial Engineering
- Information Systems
- Investment Management
- Mathematical Sciences
- Risk Management
- Quantitative Finance
These fields have been identified as essential to South Africa’s economic growth and development, and the scholarship aims to foster the next generation of leaders and professionals in these disciplines.
Eligibility Requirements
To qualify for the Old Mutual Imfundo Trust Scholarship, applicants must meet the following minimum requirements:
- South African Citizenship: Applicants must be South African citizens.
- Financial Need: Applicants must demonstrate financial need, typically coming from households earning below a specified income threshold.
- Academic Performance: A strong academic record is essential. Applicants must:
- Be currently in Grade 12 or have completed Matric and are applying for their first undergraduate degree.
- Achieve a minimum of 70% in subjects relevant to the degree they wish to pursue (especially in mathematics for fields like actuarial science, economics, and finance).
- Enrollment at a South African University: Applicants must intend to study at a recognized South African university in one of the eligible fields of study.
- Leadership Potential: The scholarship is looking for candidates who demonstrate leadership potential, whether through school activities, community engagement, or other initiatives.
Scholarship Benefits
The Old Mutual Imfundo Trust Scholarship offers comprehensive financial support, which includes:
- Tuition Fees: Full coverage of tuition fees for the duration of the degree program.
- Accommodation: Coverage of university accommodation or a living allowance for students staying off-campus.
- Books and Study Materials: Financial support for textbooks and other essential learning materials.
- Living Allowance: A stipend to cover basic living expenses, ensuring that recipients can focus on their studies without financial stress.
- Mentorship and Development: In addition to financial assistance, scholarship recipients will receive mentorship from Old Mutual professionals, who provide career guidance and personal development support.
- Internship Opportunities: Scholars may be offered internships during their academic breaks, giving them practical experience in the financial services industry and enhancing their employability after graduation.
Application Process
To apply for the Old Mutual Imfundo Trust Scholarship, candidates must follow these steps:
- Complete the Online Application: Applications must be submitted through Old Mutual’s online scholarship portal. The form will require personal information, academic details, and information about the applicant’s household income and financial situation.
- Submit Supporting Documents: Applicants must submit the following documents as part of the application process:
- Certified ID copy.
- Matric results or the most recent Grade 12 report (if still in school).
- University acceptance letter (for those applying for first-year studies).
- Proof of household income (e.g., salary slips or an affidavit if unemployed).
- Motivation letter explaining why the applicant is deserving of the scholarship and how they intend to use their education to contribute to the development of South Africa.
- Submit Application: Ensure that the application form and all supporting documents are submitted before the closing date of 10 October 2024.
Selection Process
The selection process for the Old Mutual Imfundo Trust Scholarship is rigorous and highly competitive. The scholarship committee evaluates applications based on the following criteria:
- Academic Excellence: Applicants with a strong academic track record will be prioritized. High performance in subjects related to the chosen field of study is essential.
- Financial Need: The scholarship is aimed at students from disadvantaged backgrounds, so applicants must provide evidence of financial need.
- Leadership Potential: The selection panel looks for candidates who demonstrate leadership skills and a commitment to making a difference in their communities or schools.
- Motivation and Career Goals: Applicants must show a clear understanding of their chosen career path and how their degree will enable them to contribute to South Africa’s economic development.
Shortlisted candidates may be invited for interviews, where they will have the opportunity to further discuss their academic ambitions and demonstrate their leadership potential.
Scholarship Obligations
Recipients of the Old Mutual Imfundo Trust Scholarship are expected to meet the following obligations:
- Maintain Academic Performance: Scholarship holders must maintain satisfactory academic progress throughout their studies, with a minimum pass mark required for continued funding.
- Participate in Mentorship Programs: Scholars are expected to engage with the mentorship and leadership development programs provided by Old Mutual.
- Workplace Experience: Recipients may be required to complete internships or vacation work at Old Mutual during university breaks, providing valuable industry experience.
- Commitment to Old Mutual’s Values: Scholars are expected to uphold Old Mutual’s values of integrity, accountability, and respect in all aspects of their academic and professional life.
Contact Information
For more information or queries regarding the Old Mutual Imfundo Trust Scholarship, applicants can use the following contact details:
- Email: education@oldmutual.com
- Phone: +27 (0)21 509 2656
- Website: www.oldmutual.com
Conclusion
The Old Mutual Imfundo Trust Scholarship is an invaluable opportunity for financially disadvantaged but academically talented students to pursue their dreams in the fields of finance, economics, actuarial science, and related disciplines. With comprehensive financial support and a strong focus on personal and professional development, this scholarship is designed to produce the future leaders of South Africa’s economy. The mentorship and internship opportunities provided by Old Mutual further enhance the scholarship’s value, ensuring that recipients are well-prepared for successful careers in their chosen fields.
