**INTRODUCTION**

Actuarial Science is a branch of science that uses Mathematics, Statistics, Economics and Financial knowledge to model and manage future uncertainty in the financial and insurance industries. Particularly, insurance firms, pension and benefits and other similar organizations require services of actuaries in pricing products and minimize future risks. However, these firms often have to contact actuaries from the UK or elsewhere due to the shortage of qualified actuaries locally. It is with these reasons that JKUAT embarked

on training of manpower in Actuarial Science.

**COURSE OBJECTIVE**

The course prepares a student for a career as an actuarial scientist concerned with the construction of models and solutions for financial, business and societal problems involving uncertain future events. The course is international in its focus and is based on approved

guidelines for higher education in Kenya. The graduates are expected to find employment in the insurance, employee benefits, pension, banks, management consulting industry, brokerage houses, and software development companies (e.g. writing software

for pension managers and risk analysts), among others.

**PROGRAM STRUCTURE AND REGULATIONS**

**Duration:** The program takes a total of nine semesters with two semesters planned per academic year.

**Entry Requirements:**

The following shall be eligible for admission considerations, into the degree programme:

Kenya Certificate of Secondary Education (KCSE) applicants with a mean aggregate of at least C+

(plus) and at least C+ in both Mathematics and English. OR Credit in University Bridging Mathematics and C+ in English.

Kenya Advanced Certificate of Education (KACE) or A-level equivalent applicants with at least 2

principal passes, including Mathematics.

Holders of Diploma in Applied Sciences with at least a credit pass in relevant subjects from an

Institution recognized by the University Senate,

A holder of other qualifications recognized by the University Senate as equivalent to the I and II

above

Students with either qualification II or III may at the discretion of the Faculty of Science be considered for credit transfer.

**Courses:** There are six required course units in every semester. In the first academic year, each student is required to take three (3) university and one (1) faculty

units. In the fourth academic year each student takes one university unit and one compulsory additional unit. Each student shall be required to undertake practical

attachment for a period of not less than 8 weeks at the end of the 8th semester. Additional units may also be available on consultation during the 2nd, 3rd and 4th years. (these do not count towards the classification of the degree but will appear on the transcripts).

One unit is defined as a series of 35 one lecture hours with a three-hour practical period and a two hour tutorial period being equivalent to a three-hour lecture.

**Mode of Study**: This is a full time program at JKUAT and is conducted during normal semester time.

**Regulations:** All JKUAT University Regulations and the regulations of the degree of Bachelor of Science in Actuarial Science apply.

**Examinations:** Examinations are taken at the end of every semester for the courses taken that semester. The University and Faculty of Science Examinations rules

and regulations for the degree programmes apply.

Chartered Financial Analyst Exams

Chartered Enterprise Risk Analyst

**COURSE OUTLINE**

**First Year**

**Semester 1**

**University Unit**

HRD 2101 Communication Skills

**Faculty Unit**

SMA 2104 Mathematics for Science

Core Units

HBC 2107 Introduction to Micro-Economics

ICS 2107 Introduction to Information Technology

ICS 2329 E-Commerce I

SMA 2100 Discrete Mathematics

STA 2104 Calculus for Statistics I

STA 2190 Introduction to Actuarial Science

**Semester 2**

**University Units**

HRD 2102 Development studies

SZL 2111 HIV/AIDS

**Core Units**

HBC 2125 Introduction to Macro-Economics

ICS 2108 Programming Methodology

SMA 2201 Linear Algebra I

STA 2100 Probability and Statistics I

STA 2105 Calculus for Statistics II

STA 2191 Financial Mathematics I

**Second Year**

**Semester 1**

**Core Units**

HRD 2200 General Insurance: Theory

SMA 2306 Linear Algebra II

STA 2200 Probability and Statistics II

STA 2202 Introduction to Computer Interactive

Statistics

STA 2204 Calculus for Statistics III

STA 2291 Actuarial Mathematics I

Compulsory additional Unit

SMA 2321 Numerical Analysis

**Semester 2**

**Core Units**

HRD 2201 Accounts and Finance For Actuarial Science

ICS 2214 Data Base Management Systems

SMA 2231 Differential Equations

STA 2201 Probability and Statistics III

STA 2290 Financial Mathematics II

STA 2305 Statistical Programming I

**Third Year**

**Semester 1**

**Core Units**

STA 2306 Real Analysis for Statistics

STA 2300 Theory of Estimation

STA 2302 Probability and Statistics IV

STA 2311 Statistical Programming II

STA 2390 Actuarial Mathematics II

STA 2413 Regression Modelling

**Elective Unit**

STA 2470 Operations Research

**Semester 2**

**Core Units**

HRD 2114 Research Methodology

STA 2301 Tests of Hypotheses

STA 2309 Risk Theory for Actuarial Science

STA 2391 Stochastic Processes for Actuarial and

Finance

STA 2395 Decision Theory and Bayesian Inference I

STA 2401 Time Series Analysis

**Elective Unit**

STA 2422 Game Theory

**Fourth Year**

**Semester 1**

**University Unit**

HRD 2401 Entrepreneurship Skills

**Core Units**

HRD 2402 Financial Reporting and Interpretation of

Accounts

HRD 2403 Pensions and Retirement Benefits

STA 2442 Financial Economics for Actuarial Science

STA 2490 Demographic Techniques

STA 2491 Actuarial Mathematics III

STA 2498 Decision Theory and Bayesian Inference II

Elective Units

STA 2402 Design and Analysis of Sample Surveys

STA 2494 Actuarial Science Project (In Semesters 1

and 2 – Two units)

**Semester 2**

**Core Units**

HRD 2301 Life Assurance: Theory

STA 2420 Financial Time Series

STA 2423 Financial Risk Management

STA 2492 Credibility Theory and Loss Models

STA 2493 Survival Analysis

STA 2495 Non-life Insurance Mathematics

**Elective units**

HRD 2404 Investment and Asset Management

STA 2416 Computer intensive Statistics

STA 2494 Actuarial Science Project (In Semesters 1