Business

Bachelor of Business Science in Actuarial Science

The Bachelor of Business Science in Actuarial Science is a four-year degree programme offered at Strathmore University. The programme is benchmarked to the Institute and Faculty of Actuaries (IFOA) UK curriculum, providing an internationally recognised qualification for entry into the actuarial profession.

The curriculum covers probability and statistics, financial mathematics, actuarial mathematics, risk theory, survival models, stochastic processes, actuarial modelling, corporate finance, economics, financial reporting, business management, and actuarial professional practice.

Students develop skills in statistical analysis, financial modelling, risk assessment, data analysis, probability theory, investment analysis, pension valuation, insurance pricing, and business communication.

Graduates pursue careers as actuaries, risk analysts, investment analysts, insurance underwriters, pension consultants, and data analysts.

The programme is offered at Strathmore University (private, approximately KSH 450,000 per year) in Nairobi. Strathmore is one of Kenya's premier private universities with strong industry linkages in the financial services sector. The programme requires a KCSE grade of B and includes a university entrance examination in English and Mathematics, followed by an oral interview.

Accreditation is provided by the Commission for University Education (CUE), the statutory body responsible for quality assurance and regulation of university education in Kenya. The programme is also benchmarked to the Institute and Faculty of Actuaries (IFOA) UK curriculum, providing international recognition and professional examination exemptions.

Duration: 4 Years
Public, up to: Ksh 331,000
Private, up to: Ksh 242,800
Job market: High

The programme

What you study, how long it takes, and how it is delivered.

Practicalities

Study mode: Full-time
Attachment: 3 months
Average class: 30 students
Award: Bachelor

What you study

10 subjects

Probability and Statistics
Financial Mathematics
Actuarial Mathematics
Risk Theory
Survival Models
Stochastic Processes
Corporate Finance
Economics
Actuarial Modelling
Actuarial Professional Practice

Modules

12 in the programme

Probability and Statistics
Year 1Semester 14 creditsCore
Foundational probability theory, statistical distributions, and hypothesis testing.
Financial Mathematics
Year 1Semester 14 creditsCore
Financial Mathematics: Time value of money, interest theory, annuities, and bond valuation. Covers theoretical foundations, problem-solving techniques, and practical applications.
Microeconomics
Year 1Semester 23 creditsCore
Microeconomics: Economic principles at the individual and firm level, supply and demand. Covers economic theory, market analysis, and policy evaluation.
Actuarial Mathematics
Year 2Semester 14 creditsCore
Life contingencies, annuities, and assurance calculations. The module covers theoretical foundations, practical applications and industry-relevant skills, assessed through continuous assessment tes...
Risk Theory
Year 2Semester 14 creditsCore
Risk models, loss distributions, and ruin theory. The module covers theoretical foundations, practical applications and industry-relevant skills, assessed through continuous assessment tests, cours...
Corporate Finance
Year 2Semester 23 creditsCore
Corporate Finance: Corporate financial management, capital structure, and investment decisions. Covers financial reporting, budgeting, investment analysis, and regulatory frameworks.
Survival Models
Year 3Semester 14 creditsCore
Survival Models: Mortality models, survival analysis, and graduation of mortality rates. Covers theoretical foundations, practical applications, and industry-relevant skills.
Stochastic Processes
Year 3Semester 14 creditsCore
Stochastic Processes: Markov chains, Poisson processes, and stochastic modelling applications. Covers theoretical foundations, practical applications, and industry-relevant skills.
Actuarial Modelling
Year 3Semester 24 creditsCore
Actuarial Modelling: Generalised linear models, credibility theory, and actuarial reserving methods. Covers theoretical foundations, practical applications, and industry-relevant skills.
Actuarial Professional Practice
Year 4Semester 13 creditsCore
Actuarial Professional Practice: Professional ethics, regulatory framework, and actuarial practice management. Covers theoretical foundations, practical applications, and industry-relevant skills.
Investment Analysis
Year 4Semester 13 creditsCore
Investment Analysis: Portfolio theory, asset pricing, and investment risk management. Covers theoretical foundations, practical applications, and industry-relevant skills.
Industrial Attachment and Research Project
Year 4Semester 26 creditsCore
Supervised industrial attachment at an insurance, pension, or consulting firm and final-year research project.

Specialisations

Life Insurance
Focus on life insurance pricing, reserving, and mortality modelling. This specialisation equips graduates with discipline-specific competencies for professional practice in Kenya and the East African region, with pathways to postgraduate study and professional certification.
General Insurance
Focus on non-life insurance pricing, reserving, and risk modelling. This specialisation equips graduates with discipline-specific competencies for professional practice in Kenya and the East African region, with pathways to postgraduate study and professional certification.
Pensions and Benefits
Focus on pension fund valuation, retirement benefits, and social security. This specialisation equips graduates with discipline-specific competencies for professional practice in Kenya and the East African region, with pathways to postgraduate study and professional certification.
Investment and Finance
Focus on investment analysis, portfolio management, and financial derivatives. This specialisation equips graduates with discipline-specific competencies for professional practice in Kenya and the East African region, with pathways to postgraduate study and professional certification.
Enterprise Risk Management
Focus on organisational risk identification, measurement, and mitigation. This specialisation equips graduates with discipline-specific competencies for professional practice in Kenya and the East African region, with pathways to postgraduate study and professional certification.
Data Science and Analytics
Focus on applying statistical and computational methods to business data. This specialisation equips graduates with discipline-specific competencies for professional practice in Kenya and the East African region, with pathways to postgraduate study and professional certification.

A day as a student

A typical day combines lectures on actuarial mathematics, probability theory, and financial modelling with tutorial sessions for problem-solving. Morning sessions cover theory and derivations, while afternoons focus on computational practicals using statistical software. Students work on actuarial modelling projects, data analysis assignments, and case studies from the insurance and pension industry.

The trade offs

In its favour

Programme benchmarked to IFOA UK curriculum, providing international recognition and professional examination exemptions.
High earning potential with actuaries among the best-paid professionals in Kenya.
Strong industry linkages through Strathmore's connections in the financial services sector.
Small class sizes allowing personalised attention and quality instruction.

Against it

High tuition fees at approximately KSH 450,000/year, making it inaccessible to many students.
Rigorous entry requirements including KCSE grade B, entrance exam, and oral interview.
Mathematically demanding programme requiring strong aptitude in statistics and calculus.
Only offered at one university (Strathmore), limiting institutional choice.

What it costs

Tuition at both ends of the market, and how to pay for it.

What it costs, and where

Against 331 business courses

Public245k to 331k

245k at Kenyatta University331k at University of Nairobi

Private189k to 243k

189k at Kabarak University243k at Daystar University

Annual tuition in Kenyan shillings, rounded. The upright tick is the median for this field, so a bar sitting entirely to its right is an expensive programme by the standards of its own subject.

The fine print

UoN 331K/yr (uonbi.ac.ke), KU 244.8K/yr (ku.ac.ke). Kabarak 188.7K, Daystar 242.8K.

Strathmore University offers internal scholarships based on academic merit and financial need. HELB loans are available for qualifying Kenyan students. The IFOA may also offer examination fee support through its global initiatives.

Funding options

Higher Education Loans Board (HELB)
Strathmore University Scholarships
County Government Bursaries

Scholarships

4 recorded

Higher Education Fund (HEF)
BursaryKenyan
Kenyan undergraduate students placed by KUCCPS in public universities
Strathmore University Scholarships
University scholarshipKenyan
Students with outstanding academic performance and demonstrated financial need at Strathmore University.
Higher Education Loans Board (HELB) Loan
Government loanKsh 60,000Kenyan
Kenyan students admitted to recognised universities. Must demonstrate financial need.
County Government Bursaries
Government bursaryKenyan
Kenyan students from respective counties demonstrating financial need.

Getting in

The grades, the alternatives, and who accredits the award.

What you need

KCSE mean grade: B (Plain)
Alternative entry: KCSE aggregate grade B; OR 6 credits at O-level and 3 principal passes at A-level; OR IB Diploma with 34 out of 45 points. All candidates must sit the Strathmore University entrance examination in English and Mathematics and attend an oral interview. Entrance exam fee is KES 2,000.

How you are assessed

4 components

Continuous Assessment Tests
Coursework25% of the mark
Written tests, problem sets, and assignments throughout the semester.
Computational Practicals
Practical25% of the mark
Hands-on statistical and actuarial modelling exercises using R, Python, and Excel.
End of Semester Examinations
Examination50% of the mark
Written examinations covering all course content, often modelled on IFOA exam format.
Industrial Attachment and Research Project
Project100% of the mark
Final-year industrial attachment at an insurance, pension, or consulting firm including report and presentation.

Accreditation

The programme is accredited by the Commission for University Education (CUE), the statutory body responsible for quality assurance and regulation of university education in Kenya. It is also benchmarked to the Institute and Faculty of Actuaries (IFOA) UK curriculum, providing professional examination exemptions.

Accredited by

Commission for University Education (CUE)
Academic accreditationRequired
CUE is the statutory body responsible for the accreditation and quality assurance of university programmes in Kenya.
Institute and Faculty of Actuaries (IFOA)
Professional accreditation
UK professional body to which the Strathmore programme is benchmarked, providing professional examination exemptions.

Where it leads

The roles it opens, and what you leave with.

Where graduates go

6 roles

Actuarial Analyst
High demandKsh 80,000 to Ksh 300,000
Performs actuarial valuations, pricing, and reserving for insurance and pension firms.
Risk Analyst
High demandKsh 70,000 to Ksh 250,000
Identifies, measures, and mitigates financial and operational risks in organisations.
Investment Analyst
High demandKsh 75,000 to Ksh 280,000
Analyses investment opportunities and manages portfolio risk.
Insurance Underwriter
Moderate demandKsh 60,000 to Ksh 200,000
Assesses insurance applications and determines pricing and coverage terms.
Pension Consultant
Moderate demandKsh 70,000 to Ksh 250,000
Advises organisations on pension fund design, valuation, and management.
Data Analyst
High demandKsh 60,000 to Ksh 220,000
Applies statistical and computational methods to analyse business data.

Graduate outcomes

Graduates work as actuaries, risk analysts, and investment analysts in insurance, banking, and consulting. Demand is high with strong earning potential and international recognition through IFOA exemptions.

Where these fields lead

8 careers

Tools you will learn

R
Statistical softwarePrimary
Statistical programming language for actuarial modelling and data analysis.
Python
ProgrammingPrimary
Programming language for data analysis, statistical modelling, and automation.
Microsoft Excel
SpreadsheetPrimary
Spreadsheet tool for actuarial calculations, financial modelling, and data management.
SAS
Statistical software
Statistical analysis software used in insurance and pension analytics.
PROPHET
Actuarial software
Actuarial modelling software used by insurance companies for reserving and pricing.

Certifications

Industry links

Common misconceptions

Actuarial science is just advanced mathematics.
The programme combines mathematics with business, finance, economics, and professional practice to solve real-world risk problems.
Actuaries only work in insurance companies.
Actuaries work in insurance, pensions, investment banking, consulting, government regulation, and increasingly in data science and technology.
You need to be a genius to study actuarial science.
The programme requires strong mathematical ability and dedication, but success depends more on consistent effort than raw genius.
The Strathmore programme is the same as BSc Actuarial Science at public universities.
The Strathmore programme is benchmarked to the IFOA UK curriculum and offers professional examination exemptions, distinguishing it from standard BSc programmes.