myshsrank * December 12, 2020 * 35
If you are excited about mathematics and are actually good at it in addition to being curious about financial matters, you should enjoy studying actuarial science. Actuarial science graduates learn how to analyse risk using mathematics and statistics. They also learn how to use their findings to solve management problems in insurance and other businesses.
The two main applications of actuarial science are life insurance and pension plans. However, actuarial science is also applied in the study of financial organisations to analyse their liabilities and improve financial decision-making.
Students undertake courses such as Multivariate Distributions, Life Contingencies, Differential Equations,Probability Distributions, Operations Research, Investment Fundamentals ,Discrete Mathematics, Financial Accounting, Business Finance amongst many others as part of the programme. Relevant career internship opportunities are also provided for all students during the course of their studies.
AIMS AND OBJECTIVES
At the end of the programme, graduates are expected to:
• Be able to use financial theory, problem- solving skills, and technology, to aid insurers develop business models and products that minimize the impact of risk.
• Be able to analyse the financial costs of risk and uncertainty in any given industry besides the insurance sector.
• Have been exposed to popular industry standard software and systems which will ultimately ensure that graduates have an immediate productive impact when they begin their careers.
Historically, actuarial science used deterministic models in the construction of tables and premiums.
The science has gone through revolutionary changes during the last 30 years due to the proliferation of high- speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990). Some of the common modern approaches of the discipline can be seen in the following:
• Health insurance In this application, actuarial science focuses on the analysis of rates of mortality, disability, morbidity, fertility and other contingencies.
• Pension Industry Actuarial methods are used to measure the costs of alternative strategies with regard to the design, funding, accounting, administration, and maintenance or redesign of pension plans.
Actuaries are problem solvers, business analysts, consultants and financial risk assessors all rolled into one.
Their skills are applied in the worlds of insurance, pensions, healthcare, banking, and business management and risk assessment. This field offers immense intellectual challenges and high incomes. In Ghana, most actuaries are employed in the insurance industry, specialising in life and health insurance or property and casualty insurance.
The proliferation of both bank and non-bank financial institutions in Ghana also present exciting career opportunities for graduates in this field. They are mostly employed by these firms to manage credit and price corporate security offerings. They also devise new investment tools to help their firms compete with other financial services companies
Students are assessed on the basis of completed assignment, examination, laboratory activities and project or other methods outlined in specific subject outlines
Lectures, Class discussion and Practical tutorials.
Source: Johnny Doe