Career, Employment, and Job Opportunities in Actuarial Science in Nigeria - NigeriaBoom

Career, Employment, and Job Opportunities in Actuarial Science in Nigeria

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This article will give provide you with insight into the career, employment, or job opportunities in actuarial science in Nigeria.
Actuarial science is offered by very universities in Nigeria. That is, not all Nigerian universities offer admission to read actuarial science.
Before I proceed with the career, employment, or job opportunities in actuarial science, it is of relevance to discuss what actuarial science entails. 

Job Opportunities in Actuarial Science in Nigeria

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 financial risks and gain of the 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 Requirements to be Successful in Actuarial Science

·        Communication and interpersonal skill
·        Math and numeracy skill
·        Solid written skills
·        Excellent 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 underwriter
·        Risk analyst or consultant
·        Actuary
·        Investment analyst
·        Actuary director
·        General officer
·        Health care directors/managers/analysts
·        Appointed actuary
·        Financial/insurance consultants in the IT sector

Employment Opportunities in Actuary Science

·        Insurance company/industry
·        Consultancy
·        Pension sectors
·        Banks

JAMB UTME Subject Combination to Actuary Science in Nigeria

The subjects needed in UTME to study actuary science in Nigeria include;
·        English language(compulsory)
·        Mathematics
·        Economics and one more art subject

O’level Subject Combination to Study Actuarial Science In Nigeria

You require five credit passes
·        Mathematics
·        English language
·        Economics
·        Biology and one other relevant subject

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