Actuarial Science was introduced in Kenya early 2000, and many students rushed to pursue the program in a bid to become rich once employed. But it has turned to be one of the worst courses in Kenya-in fact useless.
The first thing you hear from people, especially lecturers, is that there is gold mine in this profession. These people don’t usually tell students what will befall them after graduation. They usually quote unrealistic salaries-Ksh 1 million,Ksh 2 million etc.
Before I talk about how actuarial science graduates are suffering, let me concentrate on what the course entails. To begin with, I would say actuarial science is a hot course in developed countries like UK, USA, Canada, Australia and South Africa, but when you talk about the course in Kenya, its relevance is insignificant.
Once you have completed your degree, you’ll send your CV to various firms that you believe might employ you. But the shocking thing about the overrated program is, more than 80 % of Kenyans, including employers, are not aware what actuarial science course entails. Employers prefer offering jobs to graduates they believe can add value to their companies.They, therefore,prefer courses they are familiar with. Even insurance companies, which are thought to be the main employers of actuaries don’t give the course the attention it deserves, they instead prefer courses like bachelor of commerce, and statistics.
The main purpose of actuaries in Kenya is to come up with models to determine pension payment and risk management for insurance companies, but in most cases, companies buy such models from developed countries like UK and USA.It’s shocking that even those who have pursued actuarial professional courses in Kenya are unable to come up with such models.
One thing that most employers try to avoid is paying an individual Ksh 500,000 monthly when they can purchase a model to perform the role of that person.
As I write this, it’s evident it’s easier for a Kenyan teacher to secure employment than it is for an actuary. , simply because their skills are not needed. To prove this, just go through various jobs being advertised on our dailies and tell me whether you will spot any company recruiting an actuary.
From my analysis, not more than 3 job opportunities for actuaries are advertised monthly in Kenya.
Statistics show that currently, more than 70 % of individuals who graduated with actuarial science course in 2015 are jobless. Why?
From those facts, actuarial science, even if it attracts the best brains, is one of the worst courses to study in Kenya.