Overview
Actuarial Science is the profession concerned with the application of mathematical, statistical, probabilistic, and financial theories to solve real business problems. These problems involve analyzing future financial events, especially where future payments involved have certain or uncertain timing. The traditional areas in which actuaries operate are 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. Currently, there is high demand for Actuarial Science expertise locally, regionally and internationally.
The B.Sc. in Actuarial Science course (which was started in 1999) 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 (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 academia.
This program is classified under detailed field 0542: Actuarial Science, according to the UNESCO International Standards Classification of Education (ISCED – 2013).
RATIONALE OF THE PROGRAMME
The rationale of this 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 those 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 offer a good starting point for those who want to use their skills in risk management, investment management or financial analysis. The BSc in Actuarial Science programme has been reviewed in line with the Commission for University Education (CUE) guidelines and also to take into account recent changes in the Actuarial profession worldwide. The Department of Mathematics involved a number of stakeholders and peer-reviewers, namely The Actuarial Society of Kenya (TASK) and the Actuarial Society of South Africa (ASSA).
PHILOSOPHY OF THE PROGRAMME
The philosophy of the programme is to foster excellence in academic freedom, professionalism and integrity through quality scholarly teaching, training and research in Actuarial Science.
OBJECTIVES
The objectives of the programme shall be 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.
LEARNING OUTCOMES
At the end of this programme, the student 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.
Language(s) Used: The language used will be English
Modes of Delivery:
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Physical (face to face) : The programme will be delivered through a variety of face-to-face methods such as lectures, tutorials, individual or group assignments and presentations.
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Virtual/Online: This shall consist of written self-instructional study modules e.g. study course materials,relevant literature and interactive devices and self-tests. Face-to-face introductory tutorials. Mediated technical learning materials such audio-visual and e-Learning.
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Blended Learning. The programme may be delivered using both physical and online.
Intakes: The programme intake is in September of every year click the link below for more Information on the application procedure University of Nairobi online Application Click this link to apply
Contacts
The Chairman, Department of Mathematics.
P.O.Box 30197-00100
Telephone: 020 4914143 / 020 4914148
Email: maths@uonbi.ac.ke.
Structure
The course shall extend over a minimum period of 8 semesters and a maximum period of 16 semesters.
Each academic year shall have two semesters of 15 weeks each.
A course unit shall be defined as 45 contact hours of lectures, tutorials and Lab practicals; including common undergraduate courses.
The mode of delivery is organized via a combination of lectures, compulsory reading, laboratories, and homework. Teaching will be done face to face lectures and open, distance and e-learning (ODeL).
In the first year of study, a candidate is required to take the two core units: SAC 101 and SAC 102, plus the following Statistics and Mathematics course units: STA 101, STA 121, STA 122, SMA 101, SMA 103, SMA 104 and SMA 108. There are also three common undergraduate courses: CCS 001, CCS 008 and CCS 010.
In the second year of study, a candidate is required to take all the five core units: SAC 201, SAC 202, SAC 203, SAC 204 and SAC 206 plus the following Statistics and Mathematics course units: STA 201, STA 202, STA 222, STA 224, SMA 201, SMA 208 and SMA 209.
In the third year of study, a candidate is required to take all the eight core units: SAC 301, SAC 302, SAC 303, SAC 304, SAC 305 and SAC 307 plus the following statistics units: STA 301, STA 305, STA 318 and STA 322.
In the fourth year of study, a candidate is required to take all the seven core units: SAC 401, SAC 402, SAC 403, SAC 404, SAC 405, SAC 406, SAC 407 and SAC 420; plus the following three Statistics course units: STA 402 and STA 406.
Admission Requirements
Schedule of Intakes:
The programme intake is in September of every year click the link below for more information on the application procedure University of Nairobi online Application Click this link to apply
Application Information
Before continuing please read the University of Nairobi admission requirements Please ensure that you meet the admission requirements before applying. Online Student Application Manual
Admission Requirements
Candidates must satisfy the University's general admission criteria for undergraduate programmes.
Eligibility for consideration for admission into the degree of Bachelor of Science in Actuarial Science at the School of Mathematics shall be governed by 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 B. 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 in Mathematics/Physics, Mathematics/Chemistry, Mathematics/Geography, or Mathematics/Economics.
Diploma in Computer Studies/Statistics/Education:
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 Senate and had obtained a mean grade C at KCSE.
Bachelor’s Degree:
A holder of a Bachelor’s degree from an institution recognized by the Senate, preferably with a good Mathematics background.
CREDIT TRANSFER AND EXEMPTIONS
The point of entry into the programme for candidates other than direct KCSE shall be approved by the Senate on recommendations of the Board of the School of Mathematics and shall be based on the qualification of the candidate.
Credit Transfer
- A candidate who has been admitted to this program and has taken and passes a course unit offered within another degree program may apply for transfer of the credit earned within the previous program to this program.
- Credit transfers will only be approved from institutions and degree programs recognized by the senate.
- Where a candidate wishes to transfer credit from a degree program of another institution to this program, the candidate shall send an application to the academic registrar justifying the request and provide evidence of the credentials which support such a request.
- Credits may not be transferred in the third year and fourth year of study.
- Application for credit transfer shall be considered only after the applicant has paid the exemption fees
Exemptions
- Where a candidate wishes to be exempted from any course unit(s), the candidate shall send an application to the academic registrar justifying the request and provide evidence of credentials that support such a request. Such a candidate may be required to sit and pass an ordinary university exam in that unit.
- Regulation 1 above notwithstanding, all course units which contribute towards the final award of the degree will be examined.
- The examination undertaken under regulation 1 shall be graded out of 100% and the pass mark shall be 40%.
- Application for exemption shall be considered only after the applicant has paid an exemption fee.
Maximum Exemption and Credit Transfer
The total number of units that may be transferred plus those exempted may not exceed one-third of the total number of units prescribed in this program
Careers
Attachment Opportunities
Students can be attached but not limited to the following
- Non-governmental organizations
- Government parastatals and institutions
- Research institutions
- International organizations
- Financial and non-financial institutions
Career Prospects
- Finance and investment
- Insurance (Life and non-life)
- Pensions
- Government Service
- Consultancy
- Business intelligence and analysis
- Quantitative analyst
Fees and Funding
| BACHELOR OF SCIENCE IN ACTUARIAL SCIENCE - I07 | |||
| YEAR 1 -12UNITS | |||
| Semester 1 | Semester 2 | TOTALS | |
| TUITION | 144,000 | 144,000 | 288,000 |
| EXAMINATION (PER UNIT @1000) | 6,000 | 6,000 | 12,000 |
| REGISTRATION (PER SEMESTER@2250) | 2,250 | 2,250 | 4,500 |
| ID CARD ( PER YEAR) | 1,000 | 1,000 | |
| CAUTION - (ONCE) | 5,000 | 5,000 | |
| STUDENT ORGANISATION(PER YEAR) | 1,000 | 1,000 | |
| MEDICAL FEE (PER YEAR) | 6,500 | 6,500 | |
| ACTIVITY-( PER YEAR) | 2,000 | 2,000 | |
| LIBRARY (PER YEAR) | 4,000 | 4,000 | |
| ICT SERVICES - (PER YEAR) | 7,000 | 7,000 | |
| Total-Actural Science-Year 1 | 178,750 | 152,250 | 331,000 |
| YEAR 2 -12UNITS | |||
| Semester 1 | Semester 2 | TOTALS | |
| TUITION | 144,000 | 144,000 | 288,000 |
| EXAMINATION (PER UNIT @1000) | 6,000 | 6,000 | 12,000 |
| REGISTRATION (PER SEMESTER@2250) | 2,250 | 2,250 | 4,500 |
| ID CARD ( PER YEAR) | 1,000 | 1,000 | |
| STUDENT ORGANISATION(PER YEAR) | 1,000 | 1,000 | |
| MEDICAL FEE (PER YEAR) | 6,500 | 6,500 | |
| LIBRARY (PER YEAR) | 4,000 | 4,000 | |
| ACTIVITY-( PER YEAR) | 2,000 | 2,000 | |
| ICT SERVICES - (PER YEAR) | 7,000 | 7,000 | |
| Total-Actural Science-Year 2 | 173,750 | 152,250 | 326,000 |
| YEAR 3 -10UNITS | |||
| Semester 1 | Semester 2 | TOTALS | |
| TUITION | 144,000 | 144,000 | 288,000 |
| EXAMINATION (PER UNIT @1000) | 5,000 | 5,000 | 10,000 |
| REGISTRATION (PER SEMESTER@2250) | 2,250 | 2,250 | 4,500 |
| ID CARD ( PER YEAR) | 1,000 | 1,000 | |
| STUDENT ORGANISATION(PER YEAR) | 1,000 | 1,000 | |
| MEDICAL FEE (PER YEAR) | 6,500 | 6,500 | |
| LIBRARY (PER YEAR) | 4,000 | 4,000 | |
| ACTIVITY-( PER YEAR) | 2,000 | 2,000 | |
| ICT SERVICES - (PER YEAR) | 7,000 | 7,000 | |
| Total-Actural Science-Year 3 | 172,750 | 151,250 | 324,000 |
| YEAR 4 -10UNITS | |||
| Semester 1 | Semester 2 | TOTALS | |
| TUITION | 144,000 | 144,000 | 288,000 |
| EXAMINATION (PER UNIT @1000) | 5,000 | 5,000 | 10,000 |
| REGISTRATION (PER SEMESTER@2250) | 2,250 | 2,250 | 4,500 |
| ID CARD ( PER YEAR) | 1,000 | 1,000 | |
| STUDENT ORGANISATION(PER YEAR) | 1,000 | 1,000 | |
| MEDICAL FEE (PER YEAR) | 6,500 | 6,500 | |
| LIBRARY (PER YEAR) | 4,000 | 4,000 | |
| ACTIVITY-( PER YEAR) | 2,000 | 2,000 | |
| ICT SERVICES - (PER YEAR) | 7,000 | 7,000 | |
| Total-Actural Science-Year 4 | 172,750 | 151,250 | 324,000 |
| Grand TOTALS | 1,305,000 |
Exam Regulations
Written Examinations
All course units taken in a given semester shall be examined at the end of that semester
A candidate for the degree shall satisfactorily complete such coursework and assignments as may be required for the scheme of study. Satisfactory completion of any such requirements shall be a condition for admission to the examination at the end of that semester of study.
A written examination for a course unit shall have a minimum duration of two hours.
The complete assessment of a taught course unit shall consist of continuous assessment tests, practical assignment and a written examination. The contribution towards the unit aggregate score shall be 30% for continuous assessment and 70% for the final written examination.
Each course unit or its equivalent shall be graded independently out of a maximum of 100 marks and shall be according to the following grading system
A 70% - 100%
B 60% - 69%
C 50% - 59%
D 40% - 49%
E Below 40% (Fail)
The Board of Examiners with the approval by the Senate shall give the following recommendations for each candidate:
- Proceed to the subsequent year of study after passing at least 10 units in the 1st or 2nd year of study and at least 8 units in the 3rd year of study.
- Qualify for supplementary examinations after passing 7 to 9 units in the 1st or 2nd year of study, and 6 or 7 units in the 3rd or 4th year of study.
- Repeat the year of study after failing in 6 to 8 units in the 1st or 2nd year of study, and failing 5 or 6 units in the 3rd or 4th year of study.
- Discontinued in any year of study after failing in at least 8 units in the 1st or 2nd year of study, and failing at least 6 units in the 3rd or 4th year of study.
- Eligible to graduate in the final year of study after passing at least 8 units in the 4th year of study.
A candidate who fails to take any prescribed examination with good cause may, on the recommendation of the Board of Examiners and approval by Senate, be allowed to take a special examination for the unit before the start of the following academic year. Examinations taken under this clause shall be treated in accordance with the approved grading system.
A pass obtained in any supplementary examination shall be recorded as 40% in the candidate’s academic record.
In the event that the syllabus is revised, a candidate who is required to take any examination shall be required to take the examination in the equivalent course unit(s) in the revised syllabus.
The final award of the degree shall be based on the average mark scored in the third and fourth years of study.
CLASSIFICATION AND DEGREE AWARD
The degree to be awarded shall be Bachelor of Science in Actuarial Science and abbreviated as B.Sc. (Act. Sci.).
A candidate who qualifies for the award of the degree shall be classified as First, Second (Upper Division or Lower Division) or Pass. Honors degrees shall only apply to the First Class and Second Class (Upper Division or Lower Division) degrees.
The classification of the final award, based on the aggregate computed shall be as follows:
Division Average
FIRST CLASS HONOURS 70% - 100%
UPPER SECOND CLASS HONOURS 60% - 69%
LOWER SECOND CLASS HONOURS 50% - 59%
PASS 40% - 49%.
