Also known as Actuarists or Actuaries, they analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.
Actuaries typically do the following:
Most actuarial work is done with computers. Actuaries use database software to compile information. They use advanced statistics and modeling software to forecast the probability of an event occurring, the potential costs of the event if it does occur, and whether the insurance company has enough money to pay future claims.
Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance.
Although actuaries usually work in an office setting, those who work for consulting firms may need to travel to meet with clients.
Actuarial professionals who have pursued all the professional courses earn average of Sh 400,000 per month. Insurance companies like CFC pay their senior Actuary KSH650,000.CIC pays KSH400, 000, while Jubilee Insurance pays KSH450,000.
Generally, the average salary for Actuarial graduates without professional qualification is KSH80,000.
There are very few Actuarial firms in Kenya, making it hard for Actuarial graduates to get even internship opportunities but as an actuary you should be ready to take any opportunity that presents itself. Companies like KRA, IRA, RBA, Alexander Forbes and Synovate are the major employers of Actuaries. However, some Actuaries end up in audit firms like PWC, KPMG, Deloitte and Earnest & Young.
Actuaries must have a strong background in mathematics, statistics, and business. Typically, an actuary has an undergraduate degree in mathematics, actuarial science, statistics, or some other analytical field.
To become certified professionals, students must complete coursework in economics, statistics, and corporate finance.
Students also should take classes outside of mathematics and business to prepare them for a career as an actuary. Coursework in computer science, especially programming languages, and the ability to use and develop spreadsheets, databases, and statistical analysis tools, are valuable. Classes in writing and public speaking will improve students’ ability to communicate in the business world.
