1.    Introduction

Actuarial Science is the profession concerned with the application of mathematical, statistical, probabilistic, and financial theories to solve real business problems. These problems involve analyzing future financial events, especially where future payments involved have certain or uncertain timing. The traditional areas in which actuaries operate are: life and general insurance, pensions, and investment. Actuaries are also increasingly moving into other fields like health insurance, solvency measurements and asset-liability management, financial risk management, mortality and morbidity investigation and so on, where their analytical skills can be employed. Currently, there is high demand for Actuarial Science expertise locally, regionally and internationally.

The B.Sc. in Actuarial Science course is designed to equip the students with  theoretical knowledge and practical skills of Actuarial Science in order for them to work in Life and Non-life insurance companies (designing insurance products, and valuing financial contracts and investing funds and management of assets); Consultancy (offering advice to occupational pension funds and employee benefit plans); Government service (supervising insurance companies and advising on the national insurance); and  in the stock exchange, Industry, Commerce and Academia.

2.    Objectives of the Degree Programme

The objectives of the B.Sc. in Actuarial Science degree program are

To equip students with theoretical knowledge and practical skills, develop and apply techniques of mathematics, statistics, probability and finance to solving real business problems.
The other objectives of the course are to:-
(i) To offer high quality training in Actuarial Science locally and internationally.
(ii) To provide an opportunity for research in Actuarial Science and development of Actuarial products.
(iii) To assist the student to prepare for several examinations of the faculty & Institute of Actuaries, the Casualty Actuarial Society and the society of Actuaries.

3.    Admission Requirements

To be admitted into the B.Sc. in Actuarial Science program, a candidate must satisfy the minimum University entry requirements. In addition, candidates must satisfy the following subject cluster:-
Mathematics            OR    Mathematics
Any group II                Physical Science
Any group III            Biological Science
Any from Group II/III /IV/V        Geography/Accounts/Commerce

Privately Sponsored Students Programme:
To be admitted to this degree Programme a candidate must have
(i) A minimum mean grade of C+ at KCSE, and at  least B-(minus) in Mathematics and C+(plus) in English or Kiswahili
OR
(ii) KNEC Diploma in actuarial science or its equivalent recognized by University Senate. (Candidates with grade Pass may be admitted to first year of study, credit/distinction to second year of study)

Mature Entrance Admission
Eligible mature entrants will have either of the following qualifications:

(i) KNEC Diploma holders or their equivalent recognized by University who meet the admission requirements are eligible for admission on credit transfer. (Pass into first, credit/distinction into second year).
(ii) Candidates with equivalent qualifications as approved by senate may be considered.

4.    Course Duration
The duration of the program shall normally take four academic years.
 A candidate should take a minimum of at least 21 units or at most 24 units per semester.
In addition to the normal semesters, there are field visits and industrial attachments at selected industrial, educational or research establishments. The attachment course shall normally be taken at the end of third year of study.

5.    Examinations
The Moi University Common Rules and Regulations for Undergraduate Examinations shall normally apply. In addition the following shall apply
(i) The theory courses the continuous assessment tests (CAT) shall normally constitute 30% and end of semester examination, 70% of final marks awarded.
(ii) The theory and laboratory based courses the continuous assessment tests (CAT) and laboratory exercises shall normally constitute 40% and end of semester examination, 60% of final marks awarded.
(iii) ACS420 Research project in Actuarial Science
The project shall be graded independently out of a maximum of 100 marks distributed as follows: The project report 70% and the oral presentation 30%.
(iv) ACS 350: Industrial Attachment
The supervisor at the selected station will be required to submit a confidential report on the student’s performance during the period of attachment. A written report based on research and an oral presentation shall constitute 70%, field assessment from at least the eighth week and not later than the tenth week after placement shall constitute 20% and a confidential report from the supervisor shall constitute 10% of the final marks awarded.  

*These courses are approved by Senate.
 

First Year

 

First Semester

 
 

Code

Description

Units

ACS 101

Introduction to Actuarial Science

3

STA 110*

Introduction to Statistical Economics

3

STA 111*

Introduction to Probability and Statistics I

3

MAT 110*

Basic Calculus I

3

COM110*

Introduction to Computers and Computing

3

IRD 100*

Communications Skills I

3

IRD 103*

Development concepts

and Application

3

 

TOTAL

21


Second Semester

Code

Description

Units

ACS 102

Fundamentals of Actuarial Mathematics I

3

STA 112*

Introduction to probability and Statistics

3

MAT 111*

Geometry and Elementary

Applied Mathematics

3

COM 111*

Computer Applications I

3

COM 121*

Procedural Programming I

3

IRD 102*

Communications Skills II

3

IRD 104*

Quantitative Skills

3

 

Total

21



 

Second Year

 

First Semester

 
 

Code

Description

Units

ACS 201

Financial Mathematical I

3

ACS 202

Fundamentals of Actuarial Mathematics II

3

STA 212*

Mathematical Statistics I

3

STA 218*

Introduction to Time Series Analysis

3

MAT 210*

Calculus

3

MAT 212*

Linear Algebra I

3

IRD 200*

State, Society and Development

3

 

TOTAL

21



Second Semester

Code

Description

Units

ACS 203

Principles of Economics I

3

ACS 204

Principles of Operations Research

3

STA 216*

Mathematical Statistics II

3

STA 217*

Principle of Statistical Inference

3

STA 224*

Computational Methods and Data Analysis II

3

MAT 213*

Linear Algebra II

3

MAT216*

Real Analysis

3

 

TOTAL

21

 

 

Third Year

 

First Semester

 

Code

Description

Units

ACS 301

Actuarial Mathematics I

3

ACS 303

Principles of Economics II

3

ACS 304

Financial Mathematics II

3

STA 317*

Theory of Estimation

3

STA 318*

Computing Methods and Data Analysis

3

MAT314*

Ordinary Differential Equations

3

IRD 305*

Entrepreneurship for Small Business

3

 

TOTAL

21

 

Second Semester

CORE COURSES

Code

Description

Units

ACS 302

Actuarial Mathematics II

3

ACS 305

Life Contingencies I

3

STA 305

Probability Modeling

3

STA 316*

Applied Regression Analysis I

3

STA 321*

Testing of Hypotheses

3

STA 350*

Industrial Attachment

3

COM 318*

Database Systems

3

MAT 317*

Numerical Analysis I

3

 

TOTAL

24



 

Fourth Year

 

First Semester

 

Code

Description

Units

ACS 401

Mathematics of Demography and Graduation

3

ACS 402

Survival Models

3

ACS 403

Risk Mathematics

3

ACS 408

Loss models I

3

ACS 420

Project in Actuarial Science

3

STA

426*

Bayesian Inference andDecision Analysis

3

IRD

400*

Development project

Appraisal

3

 

TOTAL

21

 



Second Semester

Code

Description

Units

ACS 404

Computational Finance

3

ACS 405

Principles of Financial Management

3

ACS 406

Actuarial Theory of Pension Funds

3

ACS 407

Life Contingencies II

3

ACS 409

Loss models II

3

STA 424*

Stochastic Processes

3

COM 400*

Computer Programming II

3

 

TOTAL

21



 
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