Kenya adds 7 actuaries in its fold, number to double by 2020

Kenya has added 7 qualified actuaries in its fold, bringing to 46 total number of the risk professionals in the regional market.

According to James Olubayi, President of The Actuarial Society of Kenya (TASK), a consistent focus on transforming the actuarial profession in the country is beginning to show positive results with the number of qualified actuaries expected to increase exponentially.

“The growth is consistent and tremendous. TASK has put specific initiatives to ensure the steady growth,” said Olubayi.

One of the newly qualified actuaries, Justine Otieno, was awarded Charles M Stern Award for the September 2016 actuarial examinations.

An actuary is a business professional who deals with the measurement and management of risk and uncertainty.

The prestigious Charles M Stern Award is given to the best qualifying Institute and Faculty of Actuaries (IFoA) member at an overseas centre who has performed outstandingly in the ST/SA series examinations.

To be a qualified actuary, an actuarial science graduate has to successfully complete a series of professional papers from bodies that are full members of International Actuarial Association. The papers include those from Canadian Institute of Actuaries (CIA), Britain’s Institute and Faculty of Actuaries (IFoA), Institute of Actuaries of Australia (IAA), American Actuarial Society (AAS) and the Actuarial Society of South Africa.

The Society has undertaken a number of education initiatives targeting high school learners, aiming to equip them with the skills needed to progress up the pipeline into the actuarial profession.

This includes recent partnership with USAID-backed Financial Services Volunteer Corps (FSVC), University of Nairobi and University of Dar es Salaam to introduce the Actuarial Academy of East Africa (AAEA) for the regional market

“We therefore have a duty to the regional market to offer guidance on matters requiring actuarial input such as pensions, insurance, banking, investments and risk management. The academy will provide adequate actuarial capacity for the market in the long-term and short-term,” says TASK’s Secretary Mukami Njeru.