One of the most common questions asked in Kenya by students is whether Actuarial Science is a marketable course. Yes, the course is marketable but it depends on several factors. If you pursue the program in university and fail to supplement with professional courses, you’ll end up not being marketable. While in college, enroll for Actuarial Professional courses such that by the end of your college life, you are through with at least 2 Actuarial professional papers. That will give you an edge over other graduates.
In college, ensure that you graduate with a First Class or Second Class upper division. That way, it’s easier to secure Graduate Trainee positions in top companies in Kenya. In case you graduate with a Second Class Lower division, chances of getting a job are hard unless you complete all professional papers.
In case you are admitted for this course in Kenya, don’t relax, start immediately pursuing professional courses—some offered by the Society of Actuaries in UK.With a first Class in Actuarial Science and at least 4 professional papers, you’ll find it easy to be absorbed into the job market.
The good thing about Actuarial Science is that you can be employed in any financial institution. Some of the sectors employing actuaries include:
- Stock brokers
- Actuarial firms
- Private institutions
- Government institutions like KRA, IRA, CBK and NSSF.
- Research firms
- Audit firms
You can decide to pursue Actuarial Science + Actuarial professional courses or simply pursue Actuarial Science +CFA. Most people who pursue CFA end up in stock brokerage firms, insurance companies, research firms or government institutions.
One of the biggest mistakes you can do is to pursue Masters in Actuarial Science without professional papers. Professional papers are more marketable than Masters in Actuarial Science. Don’t do Masters if you don’t possess any professional papers.
The best universities to pursue Actuarial Science degree in Kenya are:
- University of Nairobi
- Maseno University
- Strathmore University
- Kenyatta University
With Actuarial Science degree alone, it might take you more than 5 years to get meaningful employment. But with a professional course, you’ll not take two years before you secure employment.
In Kenya, the salary of an Actuary ranges between Ksh 200,000 and Ksh 1.5 million per month depending on the position they hold in a company. With a fresh degree and professional papers, an Insurance company will pay you a starting salary of Ksh150,000.