INTRODUCTION
Actuarial Science is a branch of science that uses Mathematics, Statistics, Economics and Financial
knowledge to model and manage future uncertainty in the financial and insurance industries.
Particularly, insurance firms, pension and benefits and other similar organizations require services of
actuaries in pricing products and minimize future risks. However, these firms often have to contract
actuaries from the UK or elsewhere due to the shortage of qualified actuaries locally. It is with these
reasons that JKUAT embarked on training of manpower in Actuarial Science.
COURSE OBJECTIVE
The course prepares a student for a career as an actuarial scientist concerned with the construction
of models and solutions for financial, business and societal problems involving uncertain future
events. The course is international in its focus and is based on approved guidelines for higher
education in Kenya.
The graduates are expected to find employment in the insurance, employee benefits, pension, banks,
management consulting industry, brokerage houses, and software development companies (e.g.
writing software for pension managers and risk analysts), among others.
PROGRAM STRUCTURE AND REGULATIONS
Duration: The program takes a total of nine semesters with two semesters planned per academic year.
Courses: There are six required course units in every semester. In the first academic year, each student
is required to take three (3) university and one (1) faculty units. In the fourth academic year each
student takes one university unit and one compulsory additional unit.
Each student shall be required to undertake practical attachment for a period of not less than 8 weeks
at the end of the 8th semester.
Additional units may also be available on consultation during the 2nd, 3rd and 4th years. (these do
not count towards the classification of the degree but will appear on the transcripts).
One unit is defined as a series of 35 one lecture hours with a three-hour practical period and a two
hour tutorial period being equivalent to a three-hour lecture.
Mode of Study: This is a full time program at JKUAT and is conducted during normal semester time.
Regulations: All JKUAT University Regulations and the regulations of the degree of Bachelor of Science
in Actuarial Science apply.
Examinations: Examinations are taken at the end of every semester for the courses taken that
semester. The University and Faculty of Science Examinations rules and regulations for the degree
programmes apply.
COURSE OUTLINE
FIRST YEAR
Semester 1
University Unit
HRD 2101 Communication Skills
Faculty Unit
SMA 2104 Mathematics for Science
Core Units
HBC 2107 Introduction to Micro-Economics
ICS 2107 Introduction to Information Technology
ICS 2329 E-Commerce I
SMA 2100 Discrete Mathematics
STA 2104 Calculus for Statistics I
STA 2190 Introduction to Actuarial Science
Semester 2
University Units
HRD 2102 Development studies
SZL 2111 HIV/AIDS
Core Units
HBC 2125 Introduction to Macro-Economics
ICS 2108 Programming Methodology
SMA 2201 Linear Algebra I
STA 2100 Probability and Statistics I
STA 2105 Calculus for Statistics II
STA 2191 Financial Mathematics I
SECOND YEAR
Semester 1
Core Units
HRD 2200 General Insurance: Theory
SMA 2306 Linear Algebra II
STA 2200 Probability and Statistics II
STA 2202 Introduction to Computer Interactive Statistics
STA 2204 Calculus for Statistics III
STA 2291 Actuarial Mathematics I
Compulsory additional Unit
SMA 2321 Numerical Analysis
Semester 2
Core Units
HRD 2201 Accounts and Finance For Actuarial Science
ICS 2214 Data Base Management Systems
SMA 2231 Differential Equations
STA 2201 Probability and Statistics III
STA 2290 Financial Mathematics II
STA 2305 Statistical Programming I
THIRD YEAR
Semester 1
Core Units
STA 2306 Real Analysis for Statistics
STA 2300 Theory of Estimation
STA 2302 Probability and Statistics IV
STA 2311 Statistical Programming II
STA 2390 Actuarial Mathematics II
STA 2413 Regression Modelling
Elective Unit
STA 2470 Operations Research
Semester 2
Core Units
HRD 2114 Research Methodology
STA 2301 Tests of Hypotheses
STA 2309 Risk Theory for Actuarial Science
STA 2391 Stochastic Processes for Actuarial and
Finance
STA 2395 Decision Theory and Bayesian Inference I
STA 2401 Time Series Analysis
Elective Unit
STA 2422 Game Theory
FOURTH YEAR
Semester 1
University Unit
HRD 2401 Entrepreneurship Skills
Core Units
HRD 2402 Financial Reporting and Interpretation of Accounts
HRD 2403 Pensions and Retirement Benefits
STA 2442 Financial Economics for Actuarial Science
STA 2490 Demographic Techniques
STA 2491 Actuarial Mathematics III
STA 2498 Decision Theory and Bayesian Inference II
Elective Units
STA 2402 Design and Analysis of Sample Surveys
STA 2494 Actuarial Science Project (In Semesters 1 and 2 – Two units)
Semester 2
Core Units
HRD 2301 Life Assurance: Theory
STA 2420 Financial Time Series
STA 2423 Financial Risk Management
STA 2492 Credibility Theory and Loss Models
STA 2493 Survival Analysis
STA 2495 Non-life Insurance Mathematics
Elective units
HRD 2404 Investment and Asset Management
STA 2416 Computer intensive Statistics
STA 2494 Actuarial Science Project (In Semesters 1