Blantyre International University Actuarial Science Course

BACHELOR OF ACTUARIAL SCIENCE

Programme Mission

Actuarial Science involves the application of quantitative skills to problems in finance that normally involve risk or uncertainty, particularly in insurance, pension and investment plans. Actuarial science degrees focus on statistical and mathematical risk analysis. Probability deals with the mathematics of uncertainty and statistics deals with modeling of the random processes based on observed data.

Actuaries are professionals who are highly trained in mathematics, statistics, economics and finance and who make it their business to solve financial problems involving future uncertainty in the areas mentioned above, with an emphasis on ensuring cost reduction and damage control to deal with unfavorable financial outcomes.

Aim of the Programme

The Bachelor of Actuarial Science programme aims to enable students to acquire the quantitative and business skills to prepare them for a career as an actuary and also offer a good starting point for those who want to use their skills in risk management, investment management or financial analysis.

Justification for Reviewing the Current (Accredited) Degree Programme

The actuarial science field is evolving rapidly in response to recent changes in the legislative, compliance and risk management frameworks; hence, the need to update the syllabus to be abreast and remain relevant with current developments and business requirements.

Objectives of the Programme

By the end of the programme, students should be able to:

a)Apply Mathematics and Statistics to the operations of private and social insurance and employee benefit plans.

b)Put a price on risk by solving financial problems involving future uncertainty;

c)Work in any of the fields of insurance, actuarial consultancy or industry that is involved in actuarial work.

Justification

Actuaries are involved in the following activities among others:

•Insurance Companies-Valuing financial contracts

•Consultancy-Offering advice to occupational pension funds and employee benefit

funds.

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•Government service-Supervising insurance companies and advising on the national insurance.

•Stock exchange, industry, commerce and universities.

Demand for actuaries is strong and continues to grow throughout the world.

It is against this background that the programme was designed so that it caters for all these areas as there is no other university in the country offering this programme.

Student Progression

The first and part of second year courses provide foundation level knowledge in the primary business disciplines as well as developing broad cognitive skills. The courses build on each other. The student must pass all prerequisite courses before proceeding to the next level.

The second year and part of third year courses build on the foundation year and proceed to start offering courses that are necessary for the student to appreciate the discipline of Actuarial Science.

In third and fourth year students specialize in Actuarial Science Application. A student is only allowed to graduate upon successful completion of all the courses offered in the programme.

Career Prospects

Actuaries are business professionals who apply their knowledge of mathematics, probability, statistics, and risk theory to real life problems involving future uncertainty. These uncertainties are usually associated with life insurance, property and casualty insurance, annuities, pension funds or other employee benefit funds, or providing evidence in courts of law, on the value of lost future earnings.

Admissions

Applicants will be expected to satisfy procedures and criteria for admission to the University, and to submit acceptable certified documents which verify that they have satisfactorily completed all admission requirements. Students who meet all requirements will be considered for acceptance to the University.

Entry Requirements

Applicants for admission into the programme will be subject to selective screening based on academic achievement at the secondary school level. The table below shows the standards for evaluating credentials for admission.

Year Three

1st Semester