Career Opportunities for Actuarial Science Graduates in Nigeria

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Actuarial Science is a discipline that assesses financial risks in the insurance and finance fields using mathematical and statistical methods. Actuarial science applies the mathematics of probability and statistics to define, analyze and solve the financial implications of uncertain future events. It applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Traditional actuarial science largely revolves around the analysis of mortality and the production of life tables, and the application of compound interest.

 

Scope of Actuarial Science 

Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory

Actuaries have key roles in many business as well as social contexts. They are:

  • Health Insurance
  • Vehicle Insurance
  • Life Insurance
  • Employee Retirement and Benefit Plans
  • General Insurances
  • Investment and Financial Services

 

Skills and competencies required of an Actuary Science Professional

Actuaries need the following skills for effectiveness in their profession

  • Analytical Problem Solving Skills
  • Math and Numeracy Skills
  • Computer Skills
  • Knowledge of Business and Finance
  • Communication and Interpersonal Skills

 

Career Opportunities for Actuaries

Many students who pursue a degree in Actuarial Sciences become professional actuaries. Working with private or public-sector employers, actuaries assess financial risks as diverse as natural disaster, insurance premiums and the impact of climate change. As an actuary, you will crunch numbers, analyze data, evaluate financial risks, and communicate the data to the other people like stakeholders, the board of directors, investors – who might be non-specialists. You will help them to take informed decisions. You will be using your knowledge and understanding of business, economics, finance, probability theory, and statistics, to provide strategic, commercial and financial advice. You will be assessing the likelihood of uncertain events occurring and the possible financial costs. As you might be dealing with non-specialists, you are required to discuss complex topics in layman’s terms.

Careers in the actuarial field include:

  • Actuary
  • Risk analyst or consultant
  • Insurance underwriter

In addition to the specialized careers listed above, Actuarial Science students graduate with statistics and financial mathematics expertise that can lead to career opportunities in the following fields:

  • Finance
  • Management
  • Statistician (in any of the diverse fields where statisticians are employed, ranging from marketing to pharmacology to engineering)
  • Education
  • Risk analysts
  • Administrating officer
  • BPO administrator
  • Actuary Director
  • Finance consultants in various Insurance sectors
  • General Officer
  • Financial Service Executive
  • Appointed Actuary
  • Actuarial Analyst
  • Health care directors/managers/analysts
  • Accounts manager
  • Pension Providing administrator other than in Insurance companies
  • Senior Actuarial Analyst
  • Asset Liability manager
  • Financial/Insurance Consultants in IT sector
  • Insurance risk managers
  • Assistant Administrative Officer

 

Admission Requirements for Studying for studying Actuarial Science in Nigeria

For most high institutions in Nigeria, to study mass communication as a course, you need to meet specific academic requirements. Candidates seeking admission through the Jamb are required to have five credit level passes in the Senior Secondary Certificate Examination (S.S.C.E.) or its equivalent. They includes English Language, Mathematics, Economics and two other relevant subjects.

In UTME, please note that English Language is Compulsory for this course. Therefore, the three (3) other JAMB UTME subject combination needed to study Actuarial Science under the Faculty of Administration in the above Universities include;

» Mathematics, Economics and one other subject.

NOTE: Please check Jamb brochure for requirements for each school.

SOME INSTITUTIONS WHERE YOU CAN STUDY ACTUARIAL SCIENCE

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