I am a Senor Five student taking Physics, Economics, Mathematics and French. I would like to study Actuarial Science at university. However, I neither know what Actuarial Science is nor do I understand the career opportunities available in this field. Does my subject combination qualify me to pursue this programme?
I must commend you for making an effort to understand a career before applying for it. Many students end up in professions they are neither qualified for nor interested in because they do not gather information concerning the careers of their interest. Letâ€™s find out more about Actuarial Science.
Actuarial Science is a study of insurance statistics and mathematics. The course is about applying mathematical, statistical and economic models to study and calculate risks associated with insurance, pensions and other financial systems. The knowledge of Actuarial Science also enables one to interpret the economic environment and make informed decisions on future inflation, returns on investment, stock market behaviour, exchange rates and economic growth.
Actuarial practioners, (also known as actuaries) are responsible for assessing and quantifying financial risks. Actuaries are individuals who apply mathematical techniques to solve problems in insurance, finance and other related fields. They come into contact with every aspect of insurance industry and must possess strong mathematical skills and solid practical and theoretical business backgrounds to apply their technical knowledge.
Bachelor Science in Actuarial Sciences offers the following skills and much more:
Makerere University, Institute of Statistics and Applied Economics offers a three-year Bachelor of Science in Actuarial Science degree.
The core subject for this programme is Mathematics. Other relevant subjects are Economics, Chemistry, Geography or Physics. Your subject combination, therefore, qualifies you for the programme.
The competition for this programme is very stiff and there are limited places on both Government and private sponsorship. You need to aim at a good pass with not less than grade A in Mathematics and a grade B in the rest of the subjects.
Since Actuarial Science is one of the recently introduced programmes at Makerere University, there are still many career opportunities. While actuarial employment is traditionally located in the insurance and employee benefits industry, the expanding international business climate and rapidly changing economy provide fertile ground for the growth of new and exciting opportunities.
There are also career opportunities in the pension and management consulting industries. Some graduates work with consulting firms as advisers to corporations regarding their insurance and pension programmes. Many graduates also find career opportunities in banks, brokerage houses and software development companies. Graduate actuaries are generally well paid. The starting salary ranges from sh1.5m to sh2.5m.
Compiled by Jamesa Wagwau
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