Blantyre International University Bsc. ACTUARIAL SCIENCE

Blantyre International University Bsc. ACTUARIAL SCIENCE

BACHELOR OF ACTUARIAL SCIENCE
Programme Mission
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.
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.
Course Curriculum
Year One
1st Semester
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
2nd Semester
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
Year Two 
1st   Semester 
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
2nd Semester
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
Year Three  
1st Semester  
1  MAT    311 Elements of Linear Algebra
2  STAT   311 Introduction to Time Series
3  ACS     311 Life contingencies
4  IT         221 Software Engineering
2nd Semester  
1  ACS     321 Actuarial Mathematics
2  STAT   321 Applied Stochastic Processes
3  ACS     322 Financial Economics
4  ACS     323 Survival Models I
Year Four 
1st Semester 
1  MAT    224 Introduction to Numerical Analysis
2  ACS