Opinions Thu, 19 Oct 2017

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Actuarial Science: The multifaceted programme

The actuarial science programme is one that brings a lot of diversity to its students and graduates. The benefits that the programme presents cannot be overly emphasized since it is globally accepted to be one of the best. As a matter of fact, in many parts of the world, especially in developed countries like United States, Actuaries (Actuarial professionals) are highly revered and well sought after making them one of the highly remunerated professionals in the world.

It is quite intriguing that many people are beguiled into believing that the Actuarial Science programme is related to Biology and Chemistry. Contrary to the misconception, the programme offers a great deal of courses that hone one’s ability to think and analyze issues critically. A few of such courses include Mathematics, Statistics, Economics, Finance and other business related courses.

Actuarial Science and the Industry

Several industries have benefitted greatly from gems graduating with Actuarial Science background. This crop of students present relevant skills required by all industries, especially financial services, energy, utilities, agricultural and mining industries, both in the public and private sectors of the economy. Industry players are desirous of actuarial science graduates to occupying vital roles in businesses such as audit services, advisory services, investments, insurance, risk analysis services, commercial services, banking, business development, research, economics, and the like.

For all employers, three key characteristics of an employee remains constant; delivery, efficiency and effectiveness. This is to ensure value for money and disallow the wastage of resources allocated to employees. Beyond the rich academic skill set that the Actuarial Science programme presents, these high caliber students are also massively endowed with problem solving prowess, top notch work ethics and high levels of compliance buttered with assertiveness at the workplace.

Actuarial Science in Ghana

Until recently, Actuarial Science in Ghana was one of the notably disregarded courses and hence recorded very low participation. However, over the past decade, this flagship programme has witnessed a major boost as far as developing a robust course content and increased participation of both faculty members and students, are concerned.

Major tertiary institutions both in the private and public domain have included Actuarial Science to programmes they offer. Currently, Ghana has one of the highest numbers of Actuarial Science students in the West African sub-region even though industry players have their own reservations on the intake of actuarial science students.

The Actuarial Science Class of 2015 and 2016 in Kwame Nkrumah University of Science and Technology has produced overall best students and valedictorians. The story is not any different in the University of Cape Coast. In the years 2014, 2015 and 2017, Actuarial Science birthed three overall best students. These are just a few testimonies to its growing interest and relevance among all stakeholders.

Actuarial Science and the Way Forward

Industry players and employers who look out for delivery, efficiency, and effectiveness should definitely consider the Actuarial Science student who does not only have a very broad spectrum of knowledge, employable skills and abilities, but is also highly equipped with good work world-class ethics and excellence.

By: Kwamina Abaka-Kwansa

Columnist: Kwamina Abaka-Kwansa

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