This article will give provide you with insight into the career, employment or job opportunities in actuarial science in Nigeria.
Actuarial science is known by very few in Nigeria. That is, not all Nigerian universities offer admission to read actuarial science.
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Before I proceed on the career, employment or job opportunities in actuarial science, it is of relevance to discuss what actuarial science entails.
What is Actuarial Science?
An actuary is a business professional who is responsible for managing financial risk to help protect an organization’s plan for the future and defend against losses.
To become an actuary, you must have a deeper understanding of business and mathematics.
An actuary is responsible for managing and analyzing the financial risks and gains of a business.
Actuarial science applies the mathematics of probability and statistics to analyze define and solve the financial implications of certain future events.
Importance of Actuary Science
The study of actuarial science in Nigeria is useful in so many ways. Let’s see its relevance below;
- Actuaries are the bedrock for the insurance company
- Actuary compile statistical data and other information for further analysis
- Actuaries explain their proposals and findings to company executives, government officials, shareholders and clients.
- Actuaries analyze the financial costs of risk and uncertainty
Skill Requirement to Be Successful In Actuarial Science
- Communication and interpersonal skill
- Math and numeracy skill
- Solid written skills
- Excellence business sense with knowledge of finance, accounting and economics
- Problem solving skill
- Keen analytical and project management skill
- Strong computer skill
Career Opportunities in Actuarial Science in Nigeria
The following are career opportunities in actuarial science
- Insurance risk managers
- Senior actuarial analyst
- Insurance under writer
- Risk analyst or consultant
- Investment analyst
- Actuary director
- General officer
- Health care directors/managers/analysts
- Appointed actuary
- Financial/insurance consultants in IT sector
Employment Opportunities In Actuary Science
- Insurance company/industry
- Pension sectors
JAMB UTME Subject Combination to Actuary Science in Nigeria
The subjects needed in UTME to study actuary science in Nigeria include;
- English language(compulsory)
- Economics and one more art subject
O’level Requirement to Study Actuarial Science In Nigeria
You require five credit passes
- English language
- Biology and one other relevant subject