Actuarial Science is so far one of the best courses to study in Kenya, with arguably the best salaries in the country.
The course has attracted top candidates in KCSE examination, making it one of the most sought courses in East Africa. What majority of aspiring Actuaries don’t realize is that in order to gain authority in the field you must study beyond the university degree.
Top Actuaries in the world have pursued all the professional courses required that have propelled them to their current professional status. The courses are offered at the Institute of Actuaries and Society of Actuaries UK.
Once you qualify as an Actuary, you can dictate what to earn or simply start a consultant firm to consult on risk management, pension, data analysis and other actuarial services.
Actuarial Job Opportunities in Kenya
There are very few Actuarial firms in Kenya, making it hard for Actuarial graduates to get even internship opportunities.
I have observed that almost 90 % of actuarial graduates in Kenya end up performing duties which are not relevant to the field. There is a large group in Banks, research institutions and even audit firms. These people earn peanuts despite having the best qualifications.
I tend to believe Actuarial Science was introduced in Kenya before its time. It is not uncommon to find management team in Insurance Companies wondering who the hell is an Actuary, yet they are the people supposed to employ Actuaries.
Jobs for Actuaries are scarce in the country but as an actuary you should be ready to take any opportunity that presents itself. Companies like KRA, IRA, RBA,Alexander Forbes and Synovate are the major employers of Actuaries.However,some Actuaries end up in audit firms like PWC,KPMG,Deloitte and Earnest & Young.
Salaries for Actuaries in Kenya
Actuarial professionals who have pursued all the professional courses earn average of Sh 400,000 per month. Insurance companies like CFC pay their senior Actuary Sh 650,000.CIC pays Sh 400, 000, while Jubilee Insurance pays Sh 450,000.
Generally, the average salary for Actuarial graduates without professional qualification is Sh 80,000.
The best professional courses for actuaries include the courses offered at SOA and Institute of Actuaries.Alternatively,actuaries can pursue CFA to enhance their qualifications.