INSTITUTIONS OFFERING ACTUARIAL SCIENCE LISTED AT THE BOTTOM
WHAT IS ACTUARIAL SCIENCE AND WHO IS AN ACTUARY?
Actuarial Science is the field of study that deals with evaluating risks and maintaining the economic stability of insurance or financial organisations. Actuarial Science graduates have learnt how to use Mathematics, Statistics, and Probability principles to anticipate future events and take preventive measures.
A person who has studied actuarial science is called an Actuary. He/she is someone whose main goal of is to analyze the financial costs of risk and uncertainty as well as help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.
WHERE DO ACTUARIAL SCIENTISTS WORK?
In Zambia Actuaries work for various business companies and organizations. The largest employers of actuaries are as follows:
Most Actuaries work for Finance and insurance companies, which implies that they work in government and private companies under the finance departments as Financial Planners and they also work in insurance companies as Risk Analysts. They also work in other places, especially degree holders, because the degree in actuarial science offers technical and analytical skills that can get someone a job in banks, corporate companies and organizations where actuaries offer professional, scientific, and technical services as Business Analysts and Underwriter Investment Analysts. Others are into the management of companies and enterprises, while others become self-employed workers.
WHAT TASKS ARE INVOLVED IN THE WORK?
Actuaries typically do the following tasks:
Compile statistical data and other information for further analysis; estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster; design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability; produce charts, tables, and reports that explain calculations and proposals; explain their findings and proposals to company executives, government officials, shareholders, and clients. 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.
WHAT IS THE WORK SCHEDULE OF AN ACTUARIAL SCIENTIST?
Although actuaries usually work in an office setting, those who work for consulting firms may need to travel to meet with clients. Most actuaries work full time, that is they typically follow the normal 08hrs to 17hrs work schedule Monday to Friday and some work more than 40 hours per week.
WHAT DOES THE JOB MARKET LOOK LIKE?
In Zambia Job opportunities for actuaries are available and somewhat less competitive for entry-level applicants because this field of study is new in Zambian and the number of students sitting for actuarial exams is not large. Students who are in their third or final years of study have an internship while at school, and they have strong analytical and business skills that give them the best job prospects for entry-level positions.
Actuaries get jobs in both the government and private health sector to deal with Health insurance. They help develop long-term care and health insurance policies by predicting expected costs of providing care under the terms of an insurance contract. In addition, health insurance companies will require more actuaries to help evaluate the effects of changing healthcare regulations and guidelines, expand into new insurance markets, and offer products to new customers. Actuaries also work in other government departments apart from the health department where they are employed to evaluate proposed changes to Social Security or conduct economic and demographic studies to project future benefit obligations.
They also find jobs in both public and private pension and insurance companies. Insurance companies employ actuaries to analyze the large amount of information, such as medical or property data, collected from consumers. The increase in available data will allow insurance companies to better develop new products, set competitive prices, predict consumer behavior, and make more accurate projections of future risks and costs. Some actuaries also find jobs in other business companies and organisations where they work with accountants and financial analysts to set the price for security offerings or with market research analysts to forecast demand for new products. Some actuaries find jobs as consultants and provide advice to clients on a contract basis. Many consulting actuaries audit the work of internal actuaries at insurance companies or handle actuarial duties for insurance companies that are not large enough to keep their own actuaries on staff.
All in all, jobs for actuarial science in Zambia are readily available and one can never go wrong when they enroll for this program.
WHAT SORT OF CAREER-PERSONALITY MATCH IS REQUIRED?
To enjoy being an Actuary you need to be a person who loves mathematics and statistics-based subjects because Actuaries quantify risk by using the principles of calculus, statistics, and probability. Other more specific qualities attained through study of the program are:
Problem-solving skills – actuaries identify risks and develop ways for businesses to manage those risks.
Analytical skills – Actuaries use analytical skills to identify patterns and trends in complex sets of data to determine the factors that have an effect on certain types of events.
Communication skills – Actuaries must be able to explain complex technical matters to those without an actuarial background. They must also communicate clearly through the reports and memos that describe their work and recommendations.
Computer skills – Actuaries must know programming languages and be able to use and develop spreadsheets, databases, and statistical analysis tools.
Interpersonal skills – Actuaries serve as leaders and members of teams, so they must be able to listen to other people’s opinions and suggestions before reaching a conclusion.
INSTITUTIONS OFFERING ACTUARIAL SCIENCE LISTED AT THE BOTTOM
WHAT SUBJECTS WILL THE PROGRAM COVER?
When one enrols into university to study Actuarial Science, they will learn the following subjects: Introduction to Statistics, Introduction to Probability, Mathematical Statistics, and Financial Mathematics for Actuarial Science, Microeconomics, Macroeconomics, Actuarial Insurance, Fundamentals of Finance, Risk Theory, Financial Derivatives, and Financial Engineering. Among other subjects. These subjects are covered across four-year study period.
WHAT ARE THE ENTRY REQUIREMENTS?
At UNZA, where competition is much stiffer, you need to have scored at least 7 points in five O’ level subjects including mathematics and English in order to be accepted. Minimum entry requirements to the program are grade 6 or better in English Language, grade 4 or better in O’ level Mathematics PLUS grade 6 or better in Biology, Chemistry and Physics OR grade 6 or better in Science, Biology (or Agricultural Science) and any other acceptable subject at both Universities.
WHAT OTHER PROGRAMS OF STUDY CAN MAKE SOMEONE AN ACTUARIAL SCIENTIST?
To work as an Actuary, alternative qualifications are mathematics, statistics, economics and business administration, but typically a Zambian Actuary needs to have a degree in actuarial science.
WHAT ARE THE FUTURE ADVANCED QUALIFICATIONS AVAILABLE AND WHY?
Once you study Bachelor of Science in Actuarial Science, you may decide to pursue Master of Science in Actuarial Science. Advancement depends largely on job performance and the desire to change career or promotional opportunities available. For example, actuaries who advance their qualifications often supervise the work of other actuaries and provide advice to senior management. Actuaries with a broad knowledge of risk management and how it applies to business can rise to executive positions in their companies, such as chief risk officer or chief financial officer. A master’s degree also gives you an upper hand when it comes to finding new jobs in competitive environments especially abroad. It’s a sign that apart from general skills, you have taken keen interest to master one area of your job more than other people. With a master’s degree one would become a university lecturer as well.
INSTITUTIONS THAT OFFER ACTURIAL SCIENCE
UNIVERSITY OF ZAMBIA
Programme duration: 4 years (degree)
Mode of study: Full-Time, Part-Time and Distance Learning
Admitting school: School of Natural Science
Intakes: January
Location: Lusaka
Contacts
Tel: +260 211 254406
E-mail: dean-ns@unza.zm
Website: www.unza.zm/schools/natural-sciences/departments/mathematics-and-sciences
UNIVERSITY OF LUSAKA
Programme duration: 4 years (degree)
Mode of study: Full-Time, Part-Time and Distance Learning
Admitting school: School of Business and Management
Intakes: January and July
Location: Lusaka
Contacts
Tel: +260 972 832671 / +260 976 075850
E-mail: registraracademic@unilus.ac.zm
Website: www.unilus.ac.zm/fees.php
MULUNGUSHI UNIVERSITY
Programme duration: 4 years (degree)
Mode of study: Full-time
Admitting school: School of Science, Engineering and Technology
Intakes: January and August
Location: Kabwe
Contacts
Tel: +260 215 228004
E-mail: academic@mu.ac.zm
Website: www.mu.ac.zm