Starting in 2013 with only eight students, the BSc Actuarial Science programme is aimed at developing manpower needs for the middle to top-level positions in the growing actuarial subsector, the financial services sector and the insurance industry in Ghana and beyond. The actuarial science programme seeks to equip students with the statistical, mathematical, financial, analytical and all the germane skills required for the effective execution of actuarial tasks in insurance and the financial services industry in general.
2. AIM AND OBJECTIVES OF THE PROGRAMME
Building on the core philosophy of the Pentecost University, the aim of the programme is “to be on the cutting-edge of the dissemination of knowledge, quality education, research and training for the purpose of producing an excellent manpower resource to meet the demands of our country’s development. The programme is designed in a way that enables students to take the professional actuarial examinations such as the Faculty of Actuaries (United Kingdom), the Society of Actuaries (United States of America) and the Chartered Insurance Institute, (CII, UK) with ease. Conscious of the fact that modern business requires not only technical ability, but also communication skills and a familiarity with computers, our students are required to make use of various software packages, including Minitab, R, MatLab and Excel as these are of supreme importance to the actuarial work.
The specific objectives of the Actuarial Science programme are:
- To provide students with detailed and specialized knowledge and a critical understanding of best practices within the cognate fields of insurance and actuarial science.
- To equip students with the appropriate conceptual and analytical tools, provide opportunities for development and apply their newly gained knowledge and skills at their workplaces
- To develop students independent learning and transferable skills
- To help students to develop a career plan and pursue their own professional development in either insurance and/or actuarial science.
- To provide students with a good understanding of the various risks faced by modern financial and commercial firms and the actuarial cum insurance tools and techniques used to address these risks.
3. EMPLOYMENT PROSPECTS OF GRADUATES
According to the Institute of Actuaries, UK, the main engagement of Actuaries is in the financial sector (e.g. investment, insurance and pensions) and risk management for large companies. Examples of careers for graduates from this Actuarial Science programme include, but not limited to:
- Consultancies – offering advice on issues such as acquisitions, mergers and financing capital projects, and also on occupational pension schemes.
- Investment – involved in research and on the pricing and management of investments, particularly in mitigating the risk of investments, and often using their understanding of insurance or pension liabilities to manage the corresponding assets.
- Insurance – providing a service to companies which need a huge range of numerical information investigated, analysed and explained; for example to create and price polices, or to ensure they have the money to cover claims.
- Pensions – designing and advising on company pension schemes, especially placing a value on accumulated pension commitments.
- Graduates from this programme gain employment in organisations such as banks, insurance companies, investment companies, consultancies as actuaries, risk managers, financial analysts etc.
4. ENTRY REQUIREMENTS FOR ADMISSION OF STUDENTS
Admission will be open to all who fulfil the entry requirements approved by the National Accreditation Board (NAB). In particular, applicants with the following qualifications shall be considered:
4.1 SSSCE holders: Candidates should have six (6) credits including Core English, Core Mathematics, and Integrated Science and three (3) electives including Elective Mathematics. Applicants should have an aggregate score of 6 to 24 in the West Africa Examination Council (WAEC) Senior Secondary School Certificate Examinations.
4.2 WASSCE holders: Candidates should have six (6) credits including Core English, Core Mathematics, and Integrated Science and three (3) electives including Elective Mathematics.
Applicants should have an aggregate score of 6 to 36 in the West Africa Examination Council (WAEC) Senior Secondary School Certificate Examinations WASSCE.
The interpretation below applies to both SSSCE and WASSCE:
4.3 ‘A’ Level holders: Candidates should have five (5) credit credits including English Language and Mathematics at the GCE ‘O’ Level. In addition, candidates should have three (3) credits at the GCE ‘A’ Level, including Mathematics. A pass in the General paper is required.
4.4 Holders of Diplomas in Mathematics, Statistics or related areas or its equivalent from an accredited tertiary institution.
4.5 HND holders in Mathematics, Statistics or related areas. HND holders must possess passes in Core Mathematics and Core English to qualify.
4.6 Mature students applying for admission, who do not satisfy the approved requirements, must have a reasonable education and working experience and should have attained the minimum age of 25 years at the time of submitting their applications. Candidates who undergo a Qualifying Examination in English (Essay, Comprehension, Grammar and Usage) and General Paper (Quantitative Methods, Critical Thinking and Current Affairs) may be considered for admission. The candidate must obtain an overall grade, not below C in each paper. The policy and procedures for the selection of mature students shall be determined by the University Academic Board.