Actuarial Science Salary & Jobs in Kenya
Curious about Actuarial Science Salary range & Jobs in Kenya? You came to the right platform.
Actuarial Science is one of the lesser known and pursued science courses in Kenyan universities.
Even in those institutions that boast of a good number of students pursuing
Actuarial Science, high chances are the students themselves and their friends are not able to explain what Actuarial Science involves.
However, actuarial science is an excellent choice of a career in Kenya, with very attractive salaries, and once demystified, you will have every reason to pursue the course.
Actuarial Science is the study of the application of mathematics and statistics in assessing risks across different fields, especially in insurance.
A person who has pursued Actuarial Science and finished all the required levels in called an Actuary. For one to succeed in Actuarial Science, a university degree alone is not enough.
It is important that the student continues pursuing additional complementary Actuarial Science exams, offered at the Institute of Actuaries and the Society of Actuaries.
Currently, the number of qualified Actuaries in Kenya is less than 100, yet the total number of Actuarial Science graduates in Kenya sums up to over 3, 000 from different universities spread across continents.
Actuarial Science in Kenya is yet to see its full growth, as there are few firms in the country that provide employment opportunities for actuaries, which means a graduate getting Actuarial Science internships in Kenya can be quite a task.
Actuarial Science Jobs Kenya-Potential Employers
The top actuarial firms in Kenya include, but not limited to, Actuarial Services Limited, Kenya Revenue Authority, Insurance Regulatory Authority, and Alexander Forbes.
Others are UAP Insurance, APA Insurance, Deloitte, and Synovate.
Actuarial Science Salary Kenya
The average Actuarial Science salary of a graduate is KSH. 80, 000 a month.
However, an individual who has undertaken additional Actuarial exams in Kenya is designed to earn a minimum monthly salary of KSH. 400, 000, with some Actuarial firms paying salaries of up to KSH. 700, 000.
This is good money, but the sad part is there are not so many jobs for an actuarial science graduate in Kenya.
Many who have studied Actuarial Science end up working jobs entirely unrelated to the course.
The number of firms in need of actuaries continues to increase, however, especially with insurance firms taking in most of the graduates.
An example is Jubilee Insurance, which pays Actuaries an average monthly salary of KSH. 450,000.
A 2010 study published by CareerCast ranked actuary as the no.1 job in the United States. Soon enough, hopefully for our Kenyan Actuaries, this will be the case in Kenya as well.
What Jobs Can You Get With an Actuarial Science Degree?
Many students who pursue a degree in Actuarial Sciences become professional actuaries. Working with private or public-sector employers, actuaries assess financial risks as diverse as natural disaster, insurance premiums and the impact of climate change.
Careers in the actuarial field include:
- Risk analyst or consultant
- Insurance underwriter
In addition to the specialized careers listed above, Actuarial Science students graduate with statistics and financial mathematics expertise that can lead to career opportunities in the following fields:
- Statistician (in any of the diverse fields where statisticians are employed, ranging from marketing to pharmacology to engineering)