Date Posted: 8/9/2013 4:19:47 AM
Posted By: 29922738 Membership Level: Silver Total Points: 455
When I first heard about Actuarial science I never thought it was a course offered in Kenya leave alone knowing what it entailed. Luckily, my friend Tom seemed to have a clue of what it was all about and he described it as a well paying career course mainly dealing with mathematics. With my strong background in mathematics and my dream of pursuing a well paying career course,I had my mind made up,I would pursue Actuarial science. As a whiz-kid would do I dropped all the engineering courses I had selected during my first course selection and chose Actuarial science during the revision of courses and as fate would have it, I secured a position at Maseno university to pursue actuarial science with Information Technology(IT).It is at Maseno where I have come to learn what Actuarial science is all about and I will devote the rest of this article to enlightening Kenyans and especially those joining campus this year and the years ahead about Actuarial science so they can make informed decisions.The future of Actuarial science in Kenya and in the world at large is very promising and careers in it very rewarding. The worst thing about it is that few people are aware of its existence. I know even my parents do not know much about it as they would have wanted me to study engineering or medicine just as many parents would wish their sons and daughters to do. It is my duty therefore to inform you.First let us have a simple definition,"An Actuary is a well trained actuarial scientist who uses knowledge in the field of mathematics and business to formulate policies and predict risks in insurance firms and other financial institutions." This definition tells you one thing that completing a degree in Actuarial science is not what you all need,you must do something extra for you to start enjoying the fruits of your course.Actuarial science is a course that can make you hate your life in campus especially if you had ever disliked mathematics at any time in your life or if you had been attracted to the course by the fact that it is a well paying career course of which it is. This is due to the fact that you have to give your all in terms of time,commitment,money,research and even your social life for you to complete your degree leave alone succeeding in it.This is because you are required to comprehend hundreds of theories,theorems and facts in the field of mathematics especially probability and calculus. Therefore you need to study hard,smart, wide and wild.The fact that even after completing your degree with a first class honors you are someone very insignificant in the actuarial field can kill your passion while in Actuarial science. This is so because you are also required to pass a series of tough actuarial exams far-famed as professional papers which range from 12 to 15 exams depending with the examining body. Study has shown that you can study everything for these papers and still fail because they do not test what you know about actuarial science but rather your competency. It is after you have passed the professional papers that you rise through the ranks depending on the number of passed papers to become an Actuary. The best thing is that you need not have completed the professional papers for you to secure a job .You can complete them while still working. It is to your advantage that you pass at least two exams while still in campus for you to be competitive out there in the job market.I cannot submit this article without giving you some facts about actuarial science:1. There are about 6,000 actuarial scientists in Africa and only 15 Actuaries in Kenya and only about 35,000 in the entire world.2. It is easier to become an actuarial professor than to become an actuary.3. Studying Actuarial science is the easiest way to go mad naturally.4. Actuarial science is the most prestigious profession in the world.5. To become an actuary is the easiest thing for those who love mathematics and commitment.6. There is not a single actuarial lecturing in any of the Kenyan universities.With all that said my last words would be that if you wish to pursue actuarial science,then be very sure that that is what you want.I wish you all the best.
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