Actuarial Science

An actuary is a professional who applies analytical, statistical and mathematical skills to financial and business problems. This is especially valuable when facing problems involving uncertain future events or financial risks in insurance, retirement, investments and risk management environments.

The School of Statistics and Actuarial Sciences offers the largest number of accredited courses of any single university in Africa.

Actuarial Science an interdisciplinary research area that focuses on the quantification, assessment and management of risks and uncertainty arising from insurance and financial industries. It involves application of mathematics, statistics, probability and analytical models to solve financial and business problems. A JKUAT degree in Actuarial Science gives you a solid foundation for the internationally recognized actuarial examination. The course will equip you with technical skills required for data analysis, knowledge of business and finance, analytical problem solving skills, as well as math and numeracy skills required for quantification of risk.

Duration

4 years (2 semesters per academic year)

Accreditation

Student Satisfaction

Facilities

Students will have many opportunities to develop mathematical, statistical, analytical and technical skills that will enable them to solve real-world problems. Some of the statistical software students  will be exposed to include R, Python, Excel. Practical, computer-based assignments are an integral part of many of our courses, to help students prepare for the modern workplace.

Course Content

First Year

First Semester

University Unit:HRD 2101: Communication Skills

Faculty Unit: SMA 2104: Mathematics for Science

Core Units

SMA 2100: Discrete Mathematics

STA 2101: Algebra for Statitics and Finance

STA 2102: Information Technology for Statistics

STA 2103: Business Economics I

STA 2104: Calculus for Statistics I

STA 2190: Fundamentals of Actuarial Science

Second Semester

University Unit: SZL 2111: HIV/AIDS

HRD 2102: Development studies and Social Ethics

Core Units

STA 2100: Probability and Statistics I

STA 2105: Calculus for Statistics II

STA 2106: Business Economics II

STA 2107: Database Management

STA 2191:  Financial Mathematic I

STA 2192: Accounts and Finance for Actuarial Science

Second Year

First Semester

Core Units

SMA 2201: Linear Algebra I

STA 2200: Probability and Statistics II

STA 2202: Computer Interactive Statistics

STA 2204: Calculus for Statistics III

STA 2290: Financial Mathematics II

STA 2291: Actuarial Mathematics I

STA 2293: Demographic Techniques

Second Semester

Core Units

SMA 2231: Differential Equations

STA 2201: Probability & Statistics III

STA 2205: Statistical Programming

STA 2209: Operations Research for Statistics

STA 2292: Actuarial Mathematics II

STA 2294: Financial Economics I

STA 2295: Financial Reporting for Actuarial Science

Third Year

First Semester

Core Units

SMA 2306 Linear Algebra II

SMA 2321 Numerical Analysis

STA 2300 Theory of Estimation

STA 2302 Probability and Statistics IV

STA 2303 Design and Analysis of Sample Surveys

STA 2306 Real Analysis for Statistics

STA 2312 Regression Modelling I

Second Semester

Core Units

STA 2301 Tests of Hypothesis

STA 2305 Stochastic Processes

STA 2308 Bayesian Inference I

STA 2310 Decision Theory

STA 2313 Research Methodology For Statistics

STA 2391 Risk Theory for Actuarial Science

STA 2401 Time Series Analysis

Fourth Year

First Semester

Core Units

HRD 2401 Entrepreneurship skills

STA 2402 Generalized Linear Mixed Models

STA 2408 Regression Modeling II

STA 2416 Statistical Computing

STA 2418 Stochastic Calculus

STA 2491 Pension Mathematics

STA 2499 Project in Actuarial Science

STA 2499 Project in Actuarial Science

Second Semester

Core Units

STA 2420 Financial Time series

STA 2492 Credibility Theory

STA 2493 Survival Analysis

STA 2494 Investment and Asset Management

STA 2495 Non-Life Insurance Mathematics

STA 2496 Documentation and Auditing of Actuarial Models

STA 2497 Financial Economics II

STA 2499 Project in Actuarial Science

Career Opportunities

Insurance companies – Insurance underwriters/ pricing, design policies, determine premiums, adjust claims, reinsurance

Other institutions – business analysts, research analysts,  financial analysts

Banking and Financial Services , consulting, entrepreneurial actuaries, enterprise risk management

Investment and Fund management, Wealth management and financial planning , valuation

Pension, valuation, predictive analytics, Health and Retirement Financing

Senior management, Academia etc

Modes of Delivery

COVID-19 pandemic has sparked the evolution of technology in learning at all educational levels. The Department of Statistics and Actuarial Science has adopted blended learning that incorporates both physical and online academic learning in a bid to contain the spread of the virus. The university is well equipped with Wi-Fi that facilitates online delivery of lectures to the students. The mode of delivery includes physical and online lectures, tutorials, practical sessions, individual and group assignments and presentations. Self-learning instructional materials that enhance the spirit of independent study and research are available to all our students to supplement classwork.

Intakes: The programme intake is in September of every year

Entry Requirements

Mean grade C+, Mathematics B-, English C+