Welcome to the second episode of Young & Ambitious, where I dive into the inspiring journeys of young professionals making their mark in the world. Today, I’m joined by Fortune Khoza, a Global Markets Graduate at Standard Bank and a Master of Financial Engineering graduate from UCT. With a background in Actuarial Science and Quantitative Finance, Fortune is passionate about the intersection of markets, models, and data.
From top academic achievements to high-impact internships at Liberty, Old Mutual, and Camissa, Fortune has consistently sought out environments that challenge the way he thinks.
Here’s what he had to say:
1. What initially drew you to actuarial science and quantitative finance, and how did your perspective evolve as you progressed through university?
To be honest, when I was in Grade 12, I didn’t know what I wanted to study. I went on the internet and searched for the highest-paying jobs, and actuarial science was high on the list. I read about it and found out that it involves a lot of math. Since I was doing well in subjects like Mathematics, Physical Sciences, Economics, and Accounting, I thought to myself, I’ll study actuarial science at university. As I went through my studies at UCT, my understanding of the field deepened. Over time, I realised that quantitative finance had many applications beyond traditional actuarial work—especially in investment banking, trading, and derivatives pricing. My Master of Financial Engineering broadened my perspective even more by exposing me to advanced mathematical modelling in finance.
2. Your master’s research involved calibrating a local volatility surface. What were some of the biggest challenges in this project, and what insights did you gain?
The project as a whole was quite challenging, but I was fortunate to have a supervisor whose guidance was extremely valuable. The Black-Scholes model assumes constant volatility, which is unrealistic in practice. My project gave me insight into how this flawed assumption is addressed through local volatility models, allowing for a more accurate representation of market dynamics.
3. You’ve interned at major financial institutions like Liberty Group and Old Mutual Investment Group. What key lessons did you learn about applying quantitative methods in real-world settings?
My internships taught me that while quantitative methods offer a strong foundation, they must be adapted to real-world conditions. For example, at Liberty Group, I worked on pricing a complex option and calculating its Greeks. This showed me that understanding market volatility and managing risk through sensitivity analysis is crucial. It wasn’t just about using formulas—it was about seeing how the basic assumptions affect outcomes and adjusting the models to fit real market data. At Old Mutual Investment Group, I used rolling regression to study how fund returns change over time compared to benchmarks. This experience reinforced the idea that our methods need to be flexible enough to handle the ever-changing nature of the market.
4. What advice would you give to students who want to transition from academic actuarial work to roles in financial markets or quantitative finance?
I’d tell students to focus on bridging theory with practice. Start by building strong skills in mathematics, statistics, and programming—tools like Python, R, C++, or MATLAB are essential. It also helps to get hands-on experience through internships or projects where you can see how academic models are adapted to real market data. Networking with professionals and seeking mentorship can provide insights into industry expectations and help you navigate the transition. Ultimately, be open to learning and adapting your academic knowledge to solve real-world financial problems.
5. What skills do you think are becoming increasingly essential for young professionals entering global markets and financial engineering roles?
I just started this year in Global Markets, so my perspective is still evolving, but here’s my take: Today’s financial world demands a mix of technical and soft skills. On the technical side, being familiar with programming languages like the ones I mentioned earlier, and having a strong foundation in math and statistics, is essential for analysing data and building models. Keeping up with current events and financial news is also key, as it helps you understand market trends.
On the soft skills side, effective communication is crucial—you need to be able to translate complex analyses into clear insights for everyone, regardless of their technical background. Finally, being adaptable and committed to continuous learning is important, as the market environment is always changing.
This is just my early view, and I’m sure I’ll see the full picture as I gain more experience.
Fortune’s journey from curious student to global markets professional reflects the power of curiosity, grit, and staying open to growth. From small-town roots in Mpumalanga to rotating through South Africa’s largest financial institutions, his path shows that technical skill, paired with humility and adaptability, can open doors to extraordinary opportunities.
For young professionals navigating their own transitions, Fortune’s story is a reminder that it’s okay not to have it all figured out—what matters is showing up, learning constantly, and staying bold enough to chase complexity.
Where are you willing to lean into the unknown to unlock your potential?
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