How to become an Actuary in Uganda

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Actuarial Science is one of the most marketable courses in Uganda. Actuarial Science graduates work in government institutions, audit firms, research firms, banks and insurance companies. They can also become lecturers.

To become an Actuary in Uganda, you have to score the best grades in high School,then apply for the course at Makerere University.

Below are admission requirements at Makerere University:

Bachelor Of Science In Actuarial Science (Day and Evening) At Makerere University Entry Requirements

General Requirements

Each applicant should:

Either

Have the Uganda Certificate of Education with at least (five passes), or its equivalent and at least two principal passes at Advanced Level obtained at the same sitting.  For Evening, Afternoon, and External programmes, a candidate is not restricted on the year of sitting “A” Level.

Or

Hold at least a Second Class or Credit (or equivalent classification) Diploma from a recognised institution, relevant to the programmes applied for.

Or

Be a Graduate from a recognised university.

You can also enroll for Actuarial Science course in other East African universities like the University of Nairobi or go abroad.

Duration of study

The program takes 4 years to complete. You will then graduate and join the job market.

Becoming an Actuary is not automatic, you have to pursue Actuarial professional courses offered by organizations in UK or USA. The Institute and Faculty of Actuaries (IFoA) is one of the best institutions offering the professional course. Society of Actuaries (SOA) is another institution offering the professional course. It takes at least 5 years to complete all the courses offered by the institutions. The units are very tough. In case you successfully pass all the papers, you will become an Actuary.

In Uganda, there are less than 15 qualified Actuaries.

In case those papers become difficult,enroll for CFA or ACCA.I will strongly encourage you to enroll for CFA because it’s the closest course to Actuarial professional papers.

Salaries of Actuaries in Uganda vary depending on where you work. Insurance companies pay UGX 3 million to UXG 10 million per month. If you get employed by Audit firms, you will earn over UGX 3 million monthly.

Actuarial is a difficult course, it’s only for those who are excellent in Mathematics.