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Bsc Actuarial science

Written by Gilbert Baigok
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Bachelor Of Science in Actuarial Science

Introduction

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 is designed to equip the students with theoretical knowledge and practical skills 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 and management of assets); Consultancy (offering advice to occupational pension funds and employee benefit plans); Government service (supervising insurance companies and advising on the national insurance); and in the stock exchange, Industry, Commerce and Academia.

Objective

2. Objectives of the Degree Programme

The objectives of the B.Sc. in Actuarial Science degree program are

To equip students with theoretical knowledge and practical skills, develop and apply techniques of mathematics, statistics, probability and finance to solving real business problems.
The other objectives of the course are to:-
(i) To offer high quality training in Actuarial Science locally and internationally.
(ii) To provide an opportunity for research in Actuarial Science and development of Actuarial products.
(iii) To assist the student to prepare for several examinations of the faculty & Institute of Actuaries, the Casualty Actuarial Society and the society of Actuaries.

Admission Requirements

3. Admission Requirements

To be admitted into the B.Sc. in Actuarial Science program, a candidate must satisfy the minimum University entry requirements. In addition, candidates must satisfy the following subject cluster:-
Mathematics           OR   Mathematics
Any group II               Physical Science
Any group III           Biological Science
Any from Group II/III /IV/V       Geography/Accounts/Commerce

Privately Sponsored Students Programme:
To be admitted to this degree Programme a candidate must have
(i) A minimum mean grade of C+ at KCSE, and at least B-(minus) in Mathematics and C+(plus) in English or Kiswahili
OR
(ii) KNEC Diploma in actuarial science or its equivalent recognized by University Senate. (Candidates with grade Pass may be admitted to first year of study, credit/distinction to second year of study)

Mature Entrance Admission
Eligible mature entrants will have either of the following qualifications:

(i) KNEC Diploma holders or their equivalent recognized by University who meet the admission requirements are eligible for admission on credit transfer. (Pass into first, credit/distinction into second year).
(ii) Candidates with equivalent qualifications as approved by senate may be considered.

4. Course Duration
The duration of the program shall normally take four academic years.
A candidate should take a minimum of at least 21 units or at most 24 units per semester.
In addition to the normal semesters, there are field visits and industrial attachments at selected industrial, educational or research establishments. The attachment course shall normally be taken at the end of third year of study.

5. Examinations
The Moi University Common Rules and Regulations for Undergraduate Examinations shall normally apply. In addition the following shall apply
(i) The theory courses the continuous assessment tests (CAT) shall normally constitute 30% and end of semester examination, 70% of final marks awarded.
(ii) The theory and laboratory based courses the continuous assessment tests (CAT) and laboratory exercises shall normally constitute 40% and end of semester examination, 60% of final marks awarded.
(iii) ACS420 Research project in Actuarial Science
The project shall be graded independently out of a maximum of 100 marks distributed as follows: The project report 70% and the oral presentation 30%.
(iv) ACS 350: Industrial Attachment
The supervisor at the selected station will be required to submit a confidential report on the student’s performance during the period of attachment. A written report based on research and an oral presentation shall constitute 70%, field assessment from at least the eighth week and not later than the tenth week after placement shall constitute 20% and a confidential report from the supervisor shall constitute 10% of the final marks awarded.

*These courses are approved by Senate.

First Semester


Code	Description	Units
ACS 101	Introduction to Actuarial Science	3
STA 110*	Introduction to Statistical Economics	3
STA 111*	Introduction to Probability and Statistics I	3
MAT 110*	Basic Calculus I	3
COM110*	Introduction to Computers and Computing	3
IRD 100*	Communications Skills I	3
IRD 103*	Development concepts and Application	3
	TOTAL	21

Second Semester

Code	Description	Units
ACS 102	Fundamentals of Actuarial Mathematics I	3
STA 112*	Introduction to probability and Statistics	3
MAT 111*	Geometry and Elementary Applied Mathematics	3
COM 111*	Computer Applications I	3
COM 121*	Procedural Programming I	3
IRD 102*	Communications Skills II	3
IRD 104*	Quantitative Skills	3
	Total	21

Second Semester

Code	Description	Units
ACS 203	Principles of Economics I	3
ACS 204	Principles of Operations Research	3
STA 216*	Mathematical Statistics II	3
STA 217*	Principle of Statistical Inference	3
STA 224*	Computational Methods and Data Analysis II	3
MAT 213*	Linear Algebra II	3
MAT216*	Real Analysis	3
	TOTAL	21

First Semester

Code	Description	Units
ACS 301	Actuarial Mathematics I	3
ACS 303	Principles of Economics II	3
ACS 304	Financial Mathematics II	3
STA 317*	Theory of Estimation	3
STA 318*	Computing Methods and Data Analysis	3
MAT314*	Ordinary Differential Equations	3
IRD 305*	Entrepreneurship for Small Business	3
	TOTAL	21

Second Semester

CORE COURSES
Code	Description	Units
ACS 302	Actuarial Mathematics II	3
ACS 305	Life Contingencies I	3
STA 305	Probability Modeling	3
STA 316*	Applied Regression Analysis I	3
STA 321*	Testing of Hypotheses	3
STA 350*	Industrial Attachment	3
COM 318*	Database Systems	3
MAT 317*	Numerical Analysis I	3
	TOTAL	24


Code	Description	Units
ACS 201	Financial Mathematical I	3
ACS 202	Fundamentals of Actuarial Mathematics II	3
STA 212*	Mathematical Statistics I	3
STA 218*	Introduction to Time Series Analysis	3
MAT 210*	Calculus	3
MAT 212*	Linear Algebra I	3
IRD 200*	State, Society and Development	3
	TOTAL	21

Code	Description	Units
ACS 401	Mathematics of Demography and Graduation	3
ACS 402	Survival Models	3
ACS 403	Risk Mathematics	3
ACS 408	Loss models I	3
ACS 420	Project in Actuarial Science	3
STA 426*	Bayesian Inference andDecision Analysis	3
IRD 400*	Development project Appraisal	3
	TOTAL	21

Code	Description	Units
ACS 404	Computational Finance	3
ACS 405	Principles of Financial Management	3
ACS 406	Actuarial Theory of Pension Funds	3
ACS 407	Life Contingencies II	3
ACS 409	Loss models II	3
STA 424*	Stochastic Processes	3
COM 400*	Computer Programming II	3
	TOTAL	21

Bachelor of Science in Actuarial Science

Objective