BACHELOR OF ACTUARIAL SCIENCE
Actuarial Science is concerned with the evaluation of financial risk associated with uncertain future events. That risk may be associated with life insurance, casualty insurance, health insurance, disability, pensions, compensation packages, financial markets or even currency exchange.
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, as in the areas mentioned above. One way to describe their work is that they “put a price on risk”.
Aim of the Programme
The Bachelor of Actuarial Science programme will equip students with broad training in Mathematics, Statistics, Economics and Finance underlying operations of private, social insurance and employee benefit plans.
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 for Introducing Actuarial Science
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.
- Government service-Supervising insurance companies and advising on the national insurance.
- Stock exchange, industry, commerce and universities.
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.
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.
1 JRN 111 Communication Skills
2 MAT 111 Business Mathematics
3 ACF 111 Financial Accounting I
4 ECON 111 Introduction to Microeconomics
5 BBA 111 Principles of Management
1 BBF 121 Business Finance 1
2 IT 112 Software Applications
3 ENTP 122 Principles of Marketing
4 ACF 121 Financial Accounting 2
5 ECON 121 Introduction to Macroeconomics
1 MAT I14 Algebra, Analytical Geometry and Trigonometry
2 ACS 211 Introduction to Actuarial Science
3 STAT 211 Business Statistics
4 LAW 224 Business Law
5 MAT 212 Quantitative Techniques
1 MAT 124 Introduction to Calculus
2 ACS 222 Principles of Operations Research
3 MAT 214 Introduction to Ordinary Differential Equations
4 IT 113 Computer Programming 1
1 MAT 311 Elements of Linear Algebra
2 STAT 311 Introduction to Time Series
3 ACS 311 Life contingencies
4 IT 221 Software Engineering
1 ACS 321 Actuarial Mathematics
2 STAT 321 Applied Stochastic Processes
3 ACS 322 Financial Economics
4 ACS 323 Survival Models I
1 MAT 224 Introduction to Numerical Analysis