BACHELOR OF SCIENCE IN ACTUARIAL SCIENCE

BACHELOR OF SCIENCE IN ACTUARIAL SCIENCE

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Last Update January 23, 2024
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About This Course

Philosophy of the Programme

The program is designed to provide knowledge and skills needed to succeed in highly competitive and rapidly changing data science and information technology working as a profession with legal and ethical considerations. The actuarial science programme is designed to respond to the dynamic scientific demands of the world.

Rationale of the programme

The B.Sc. in Actuarial Science course is designed to equip the students with  theoretical knowledge and practical skills of Actuarial Science in order for them to work in Life and Non-life insurance companies (designing insurance products, and valuing financial contracts and investment funds and management of assets); Consultancy (offering advice to occupational pension funds and employee benefit plans); Government service (supervising insurance companies and advising on the national insurance); and  in the stock exchange, industry, commerce and academia and other related fields.

Actuarial Science has been designed to evaluate risks and maintain the economic stability of insurance or financial organisations in Kenya and the world at large. The course also helps graduates to learn how to use Mathematics, Statistics, and Probability principles to anticipate future events and take preventive measures.

In addition, this programme  also prepares the students for international professional bodies examinations for instance, the Institute of Actuaries and The  Faculty of Actuaries, Actuarial Society of South Africa, American Society of Actuaries and other Actuarial Societies. The program has a good balance of theory, applications and data analysis, as well as carefully selected sequences of courses from computer science, economics, accounting, mathematics, statistics, finance, and risk management. This interdisciplinary approach is meant to make the programme flexible and give the students a broad based education. 

Justification of the need for the programme

Actuarial science is designed to train students on the systematic study of insurance data, i.e. data that relate to morbidity or mortality or financial loss due to an adverse event. The programme has components that analyze trends in past experience and make reasonable assumptions when there are no reliable data so as to develop a model of what the future may look like. This is then used in the design and pricing of insurance products that serve the needs for financial stability and protection against losses.

In addition, the programme is applicable to the insurance industry, since it can help insurance companies determine how much money should be held in reserve to ensure that valid insurance claims can be paid.

Beyond insurance, Actuarial Science can be used to quantify the cost of business risks, pension payments, and any other potential future costs that have a level of uncertainty surrounding them.

The programme combines actuarial theory with practice, gainIng skills and knowledge that produces results. Lectures are complemented with hands-on actuarial and statistical computing experience. It has been designed to train actuaries with a comprehensive knowledge of the applied statistical methods of collection, analysis and interpretation of data using actuarial techniques.

Goal of the Programme

To equip the learners with adequate knowledge needed to qualify and work as an actuary.  

Expected Learning Outcomes 

  1. Demonstrate acquisition of adequate knowledge and analytical skills for application in various fields related to actuarial science. 
  2. Demonstrate ability to conduct quantitative risk analysis to identify consequences of risks in the actuarial profession.
  3. Apply information communication technology (ICT) to solve practical problems in actuarial profession.
  4. Develop leadership, teamwork skills and effective communication to convey actuarial ideas.
  5. Conduct an actuarial science related research to track emerging trends.
  6. Explain the role of insurance in society, basic economic theory, and the basics of how insurance and financial markets operate.
  7. Prepare students for postgraduate studies and research in Actuarial Science 

Mode of Delivery of the Programme

The programme shall be offered on a full time basis at Garissa University and is conducted during normal semester time. The mode of delivery is organized via a combination of lectures, compulsory reading, practical and homework. The mode of delivery shall be face to face teaching and/or virtual learning.  In addition, learners will be required to undertake industrial attachment of at least 8 weeks at the end of the third year of study. 

Academic Regulations of the programme

  1. Admission Requirements for the programme

To be admitted into the programme, a candidate must satisfy the minimum university entry requirements for undergraduate programmes. In addition, candidates must satisfy the following minimum admission requirements or an equivalent qualification recognized by senate:

  • KCSE: A holder of Kenya Certificate of Secondary Education (KCSE) with a minimum aggregate performance of C+. In addition, candidates must have obtained a minimum grade of B- in Mathematics.
  • A-Level:  A holder of Kenya Advanced Certificate of Education (KACE) with 2 principal passes including Mathematics or equivalent qualification.
  • Diploma holders: Candidates who had obtained a mean grade C at KCSE and are holders of Diploma in Applied Sciences or Education with Mathematics as a major subject, with at least a credit pass in relevant subjects from an Institution recognized by the University Senate.
  • Bachelor’s Degree: A holder of a Bachelor’s degree with Mathematics background from an institution recognized by the Senate.

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