Bachelor of Science in Actuarial Science

About Bachelor of Science in Actuarial Science

Actuarial Science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. Actuarial Science professionals apply mathematical, statistical, probabilistic, and financial theories to solve real business problems such as analyzing future financial events, especially where future payments involved have certain or uncertain timing.

The BSc in Actuarial Science course is designed to equip the students with training in theoretical and practical aspects of Actuarial Science in order for them to work in life and non-life insurance companies, consultancy, government service, and also in the stock exchange, industry, commerce, and academia. During your BSc Actuarial Science program at the university, you can expect to take courses in financial accounting, principles of micro and macroeconomics, econometrics, calculus, probability, and stochastic processes, risk models, multivariate statistics, insurance law, and regulation, and others.

Job opportunities for Actuarial Science graduates

The work of an actuary is very important for the financial health and stability of insurance firms and other financial institutions. Upon graduating with a BSc in Actuarial Science degree the students can find a job in any of the following fields: life and general insurance, pensions, and investment. Actuaries are also increasingly moving into other fields like health insurance, solvency measurements, and asset-liability management, financial risk management, mortality and morbidity investigation, and so on where their analytical skills can be employed.

Actuarial science Jobs and attachments are in plenty in Kenya making this one of the most marketable degree programs in Kenya. At the workplace, actuaries are expected to carry out tasks that mainly involve designing insurance products, valuing financial contracts, investing funds, offering advice to occupational pension funds and employee benefit plans, supervising insurance companies, and advising on the national insurance.

Entry requirements for Bachelor of Science in Actuarial Science

Eligibility for consideration for admission into the degree of Bachelor of Science in Actuarial Science at the University be governed by the following minimum admission requirements or an equivalent qualification recognized by Senate:

• KCSE mean grade of C+ and a minimum of B- (minus) in Mathematics and C+ in English OR
• KACE certificate with two principal passes and one subsidiary pass in Mathematics at KCE OR
• A holder of an ordinary diploma in computer studies, Statistics, or Education with Mathematics as a major subject, or equivalent with, a minimum pass at credit level, from an institution recognized by the University Senate.
• Relevant professional qualifications approved by the University Senate.
• Successful Diploma graduates with at least a CREDIT Pass will join in 2nd Year

The student must also satisfy the University's general admission criteria for undergraduate programmes.

Note: These are general minimum entry requirements, however each University that offers the Bachelor os Science in Actuarial Science prgoramme has its own specific entry requirements.

Objectives of Bachelor of Science in Actuarial Science

The aim of the Bachelor of Science in Actuarial Science programme is to provide students with the opportunity to develop confidence and skills to apply actuarial science techniques to solve practical problems in the financial sector and society in general. This course is ideal for students who excel in and enjoy mathematics, in particular modelling and probability, especially those who like asking "What if?". It will equip the student with the skills to become an actuary and also offers a good starting point for those who want to use their skills in risk management, investment management or financial analysis.

The objectives of the Actuarial Science degree programme is to: 

• Equip the students with good knowledge of fundamental principles of the Theory and Methods of Actuarial Science.
  
• Impart the necessary knowledge in Actuarial Science to enable students in the designing of insurance products, valuation of financial contracts and modelling of mortality and morbidity. 
• Equip the students with skills in Actuarial and Financial Methods necessary in making prudent decisions that inform national development.  

At the end of this programme, the BSc in Actuarial Science graduate will able to:

• Explain fundamental principles of Actuarial Science as applied in investments, life and non-life insurance, pension funds and financial risk management.
  
• Employ Actuarial Science techniques in the design of insurance products, valuation of financial contracts and modelling of mortality and morbidity.
• Interpret demographic and financial data to inform prudent decisions in national development
• Demonstrate the ability to apply the principles, methods and techniques of Actuarial Science that meet standards of practice required by the relevant professional bodies.

To become a professional actuary, you need to develop advanced Mathematics skills, analysis and problem-solving abilities, oral and written communication, and digital skills. Actuaries also need to have a solid understanding of how businesses work and what are the biggest risks to an organisation's financial stability.

Bachelor of Science in Actuarial Science - Programme

The Bachelor of Science in Actuarial Science degree program is a four (4) year full-time course and is usually conducted on campus, however, online options are available.  Some of the units that are expected to be covered over the four year period include:

Year 1 Semester 1

• Communication Skills
• Mathematics for Science
• Introduction to Micro-Economics
• Introduction to Information Technology
• E-Commerce I
• Discrete Mathematics
• Calculus for Statistics I
• Introduction to Actuarial Science

Semester 2

• Development studies
• HIV/AIDS
• Introduction to Macro-Economics
• Programming Methodology
• Linear Algebra I
• Probability and Statistics I
• Calculus for Statistics II
• Financial Mathematics I

Year 2 Semester 1

• General Insurance: Theory
• Linear Algebra II
• Probability and Statistics II
• Introduction to Computer Interactive Statistics
• Calculus for Statistics III
• Actuarial Mathematics I
• Numerical Analysis

Semester 2

• Accounts and Finance For Actuarial Science
• Data Base Management Systems
• Differential Equations
• Probability and Statistics III
• Financial Mathematics II
• Statistical Programming I

Year 3 Semester 1

• Real Analysis for Statistics
  
• Theory of Estimation
• Probability and Statistics IV
• Statistical Programming II
• Actuarial Mathematics II
• Regression Modelling
• Operations Research

Semester 2

• Research Methodology
• Tests of Hypotheses
• Risk Theory for Actuarial Science
• Stochastic Processes for Actuarial and Finance
• Decision Theory and Bayesian Inference I
• Time Series Analysis
• Game Theory

Year 4 Semester 1

• Entrepreneurship Skills
• Financial Reporting and Interpretation of Accounts
  
• Pensions and Retirement Benefits
• Financial Economics for Actuarial Science
• Demographic Techniques
• Actuarial Mathematics III
• Decision Theory and Bayesian Inference II
• Design and Analysis of Sample Surveys
• Actuarial Science Project (In Semesters 1 and 2 ? Two units)

Semester 2

• Life Assurance: Theory
• Financial Time Series
• Financial Risk Management
• Credibility Theory and Loss Models
• Survival Analysis
• Non-life Insurance Mathematics
• Investment and Asset Management
• Computer intensive Statistics
• Actuarial Science Project (In Semesters 1 and 2 ? Two units)