This article focuses on actuarial science courses and will explain what is actuarial science course.
I will additionally elaborate on the status of jobs for those intend to pursue actuarial science in Kenya.
Let’s get started.
What is actuarial science course?
An actuarial science degree involves the study of various mathematical and statistical methods used in making critical business decisions in industries such as insurance and finance, especially in investment banking.
You can as well start with a diploma in actuarial science – this is offered in selected colleges although completing an undergraduate degree makes you more competitive.
You should aim to join a professional body of actuarial scientists such as the actuarial society of Kenya after graduating.
This requires that you pass rigorous professional actuarial science exams offered by professional bodies such as the Institute & Faculty of Actuaries (IFoA)-UK.
The actuaries examinations equip you with quality knowledge and can help you successfully engage in consultancy services once you earn the certification.
Locally, the best institution to take your professional certification exams is Strathmore University.
What does actuarial science entail?
In all the sectors, actuaries generally apply their mathematical modeling to solve uncertainties.
You will have covered a ton of interrelated actuarial science subjects including probability theory, statistics, mathematics, modern financial theory, economics, and even some computer science topics extensively so you will thrive in predicting future outcomes.
Typical actuarial science jobs
Actuaries occupy positions such as risk analyst, risk managers, actuarial analyst, claims adjuster, and investment researcher.
Others are catastrophe modeler and data scientist.
Who is actuarial science for?
Having looked at what is actuarial science course, you could be wondering if actuarial science is really for you.
Well, actuarial science largely involves numbers and suits students who have all along been in love with numbers.
Unsurprisingly, you need to have passed well in mathematics to qualify for admission.
Actuarial science entry requirements in Kenya
Here now are the specific actuarial science entry requirements in Kenya in various universities.
Mean grade: You need at least a C+ to be admitted into an actuarial science programme at Egerton and a few other Kenyan universities. Others, including the University of Nairobi may demand higher grades such as a B+.
Other subjects: The grade requirement varies from one institution to the next. For instance, a C+ is mandatory in English at the University of Nairobi.
Having said that, some universities including MKU don’t have such requirements and you will earn entry as long as you had a C+ mean grade in your KCSE and have met the set actuarial science cluster points.
In addition, you may be eligible for a Bsc. Degree in actuarial science with a Diploma in Statistics (or Computer Studies) in selected universities.
Universities offering actuarial science in Kenya
You can register for actuarial science in Kenyatta university, Egerton, University of Nairobi, and JKUAT Universities.
If you prefer to study in a private university, enroll for actuarial science in Strathmore University or MKU.
Actuarial science salary in Kenya
Pay can be great especially once you start climbing up the ladder and gain the ability to carry out a wider variety of the functions of actuaries.
You can expect a remuneration of about shs.40000 (at the entry level) and over shs.400000 (at a senior managerial position).
Unlike in the past, there are not many actuarial science jobs for freshers around the country and the course is no longer considered to be among the most marketable courses in Kenya (in our opinion).
Notably, the demand for consultants offering actuarial services is limited in developing economies like ours outside the traditional industries (banking and insurance).
You should therefore carefully weigh the pros and cons of training as an actuarial scientist vis-à-vis courses such as engineering and pure computer science before taking up the course.