Bachelor of Science in Actuarial science – The course and where you can work.

Actuarial science is a relatively new course in Kenya, having been introduced around the year 2000 at the University of Nairobi.
It is a discipline that applies statistical and mathematical methods to asess risks in the finance and insurance sectors.

Students are taught to calculate complex premiums for designed policies such as in the insurance companies, forecast the cost and pertinent probability of uncertain events e.g floods, earthquake, theft, death and more. These uncertainties are usually associated with life insurance, property and casualty insurance, annuities, pension or other employee benefit plans, or providing evidence in courts of law, on the value of lost future earnings.

Actuaries analyse and manage the risks associated with finance. Actuarial science gives them a deeper understanding of the financial, mathematical, statistical and economic analysis needed in long term financial management. They also design investment strategies that manage risks and maximise returns for enterprises.

Actuarial science graduates work is essential to the insurance industry where they may work in the following special areas:-
  • Pension and retirement benefits e.g N.S.S.F
  • Property and casualty insurance
  • Life Insurance
  • Health Insurance e.g N.H.I.F

Some of the course units include statistics, finance, programming, economics, probability e.t.c. The award of the degree does not guarantee one an Actuary status. Even having a first class does not. Course units are organized to assist the students to demonstrate their competence by sitting and passing several rigorous professional examinations of the faculty of Actuaries ,the casualty Actuarial society and the society of Actuaries. This qualifies one to join the list of the less than 15 fully qualified Kenyan actuaries.

Major employers include the insurance companies, investment firms, insurance consultancies and banks (risk managers).

Alexander Forbes, Old Mutual and other investment and insurance firms are employers of actuarial science graduates.

The course is now offered in many more Universities such as JKUAT, Maseno, Moi, Strathmore among others.

"It is easy to become a professor in Actuarial science than become an Actuary" - Dr. F. Onyango
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About Rowland Mtetezi

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  1. I do actuarial science in Cass university, London & I must say this is one of the best university you can chose to study in