In this guide, we’ll be looking at the list of universities offering actuarial science in Ghana. We’ll also look at career opportunities for actuarial science graduates in Ghana as well as the requirements of becoming an actuarial scientist in Ghana.
Actuarial science is one of the core disciplines in physical sciences. The discipline assesses financial risks in the insurance and finance fields using mathematical and statistical methods. Actuarial science applies the mathematics of probability and statistics to define, analyze, and solve the financial implications of uncertain future events.
What is Actuarial Science
Actuarial science deals with applying quantitative and statistical techniques to answer uncertainties pertaining to the future. It may relate to finance, insurance, or any other field where there is a possibility of loss or injury. Professionals skilled in this field are called actuaries.
Traditional actuarial science largely revolves around the analysis of mortality and the production of life tables, and the application of compound interest.
What Does an Actuary Do?
Actuaries use their wide range of knowledge in the fields of math and statistics as well as business and finance probability to come up with the premiums of insurance plans. They calculate the risk factors for floods, fires, unemployment, accidents, death, and other risks to give an accurate depiction of the risk that insurance companies will take by insuring an individual or business.
Actuaries are expert in:
- Evaluating the likelihood of future events—using numbers, not crystal balls.
- Designing creative ways to reduce the likelihood of undesirable events.
- Decreasing the impact of undesirable events that do occur.
Entry Requirements for Actuarial Science
Applicants must have Credit in Elective Mathematics and any two (2) of the following elective subjects: Physics, Chemistry, Economics, Business Management, Principles of Costing and Accounting.
ADVANCE LEVEL APPLICANTS
FIVE (5) credit passes at GCE O’ Level including English Language, and Mathematics
and Additional/Elective Mathematics plus THREE (3) passes at the A’ Level including
Applicants must be at least 25 years at the time of submitting the application. In addition
to passing a written and oral Examination, applicants must have;
FIVE (5) credit passes at GCE O’ Level (or its Equivalent) including English Language,
Mathematics and Additional/Elective Mathematics.
Credit passes in three (3) SSSCE/WASSCE core subjects including English Language,
Mathematics, and Integrated Science, plus credit passes in any three (3) Elective subjects
List of Universities Offering Actuarial Science in Ghana
- Catholic University College of Ghana
- Methodist University College Ghana
- University of Cape Coast
- University for Development Studies
- University College of Management Studies
- Presbyterian University College
- University of Energy and Natural Resources
- University of Professional Studies
- Kwame Nkrumah University of Science and Technology
- University of Ghana (Statistics and Actuarial Science)