POSTGRADUATE DIPLOMA IN ACTUARIAL SCIENCE

Overview

The Postgraduate Diploma in Actuarial Science course is designed to equip the students with advanced training in theoretical and practical aspects of Actuarial Science in order for them to work in life and non-life insurance companies (designing insurance products and valuing financial contracts and investing funds); consultancy (offering advice to occupational pension funds and employee benefit plans); government service (supervising insurance companies and advising on the national insurance); and also in the stock exchange, industry, commerce, and universities. The overall objective of this course is to equip students with theoretical and practical knowledge, develop and apply techniques of mathematics, statistics, probability, and finance to solving real business problems.

The other objectives of the course are:

  • To offer high-quality training in Actuarial Science locally and internationally.
  • To provide an opportunity for research in Actuarial Science and development of Actuarial products.
  • To provide an opportunity for students from other disciplines to pursue training in Actuarial Science
  1. Common regulations governing Postgraduate Diploma programs in the University of Nairobi shall apply.
  2. In addition, candidates must be:
    • Holders of a Bachelor’s degree from the University of Nairobi or an equivalent qualification, preferably with a good mathematics background.
Exam Regulations

The Postgraduate Diploma degree course in Actuarial Science Examinations shall be governed by the common regulations of the University of Nairobi.

Written Examination  

  • All course units taken in a given semester shall normally be examined at the end of that semester.
  • A candidate who fails at the second re-sit or re-take examinations or fails to complete the course within the prescribed time shall be discontinued.
  • A pass mark obtained at re-sit examination shall be recorded as 50.
  • A candidate who fails in any taught course unit may be allowed to re-sit or re-take the failed units a maximum of two times.
  • The complete assessment of a taught course unit shall consist of continuous assessment tests, coursework and/or practical assignments (30 marks) and a written examination at the end of the semester (70 marks).
  • The pass mark shall be 50.
  • Each course unit shall be graded independently out of a maximum of 100 marks.
  • A written examination for a course unit shall be of two hours duration.

Research Project

In order to be allowed to proceed with the project in the third semester, a candidate shall be required to pass in all units taken both in the first and the second semesters either by ordinary, special or re-sit or re-take the examination.

The grading system of individual courses will be as follows:

The project shall be graded independently out of a maximum of 100 marks, distributed as follows: 70% for the project report and 30% for oral presentation. 

  • A     70% - 100%
  • B     60% - 69%
  • C     50% - 59%
  • D     below 50% (Fail).

A candidate who fails to satisfy the examiners in the Actuarial Science project may be allowed to resubmit the project a maximum of two times.

A candidate who fails to satisfy the examiners in the second resubmitted Actuarial Science project or fails to complete the course within the prescribed period may be discontinued.

A pass obtained in the resubmission of the Actuarial Science project will be recorded as 50 in the candidate's academic record.

Award of Postgraduate Diploma 

To qualify for the award of the Postgraduate Diploma in Actuarial Science, a candidate shall have successfully passed all the ten units together with the practical project, which is weighted as two-course units.

The final award of the Postgraduate Diploma shall be classified into Distinction, Credit or Pass, based on the overall average score. The postgraduate diploma shall be graded as follows:

  • Class                                  Marks
  • Distinction                           70 - 100
  • Credit                                  60 - 69
  • Pass                                    50 - 59
  • Fail                                      0 - 49

​​​​​​​A candidate who passes one or more course units through re-sit examination or passes the Actuarial Science project through resubmission shall only be eligible for a pass.

3. DEGREE AWARD

Candidates who pass both taught courses and research project examinations shall be awarded a Postgraduate Diploma degree in Actuarial Science of the University of Nairobi