Getting to Know the Bachelor of Actuarial Science Programme with Dr. Nelson Dzupire, Head of the Department of Mathematical Sciences in the School of Natural and Applied Sciences
The Bachelor of Actuarial Science programme, which is a relatively new programme at the University of Malawi, has specific entry requirements: applicants must have at least six credits in the MSCE, with a minimum of 4 points in English, and at least 2 points in both Mathematics and Additional Mathematics. This is one of the most competitive programmes at UNIMA.
Here’s what you need to know about the programme.
Q. What skills and knowledge does the programme aim to equip students with?
Dr. Nelson Dzupire:
Actuarial Science is a discipline that applies mathematical methods to assess risk in insurance companies, health organizations, pension plans, risk management, government, regulatory regimes, and other fields.
Those working in this field are called actuaries. Actuaries assemble and analyse data to estimate the probability and likely cost of events such as death, sickness, injury, disability, or loss of property. They also address financial questions, such as determining the level of pension contributions required to produce a certain retirement income, and advising companies on how to invest resources to maximize returns while managing potential risks.
Using their broad knowledge of statistics, finance, and business, actuaries help design insurance policies, pension plans, and other financial strategies to ensure that these plans remain financially sound.
Additionally, actuaries are involved in developing climate models to analyse and forecast weather elements and design insurance policies that help mitigate climate change impacts, such as droughts, floods, and poor yields. These policies can assist smallholder farmers and communities in hedging against climate change risks.
The programme equips students with skills in data analysis, risk management, pricing, communication, critical thinking, and collaboration.
Q. What are the career prospects or opportunities for graduates of this programme?
Dr. Nelson Dzupire:
Graduates of the Bachelor of Actuarial Science programme can work in various sectors, including as financial analysts, pension managers, investment analysts, risk assessors, data analysts, asset managers, and in other related roles.
Potential employers include, but are not limited to, insurance companies, banks, pension schemes, medical schemes, academic institutions, and investment firms.
Q. How does the programme align with industry trends or professional standards?
Dr. Nelson Dzupire:
The programme has been developed to align with professional bodies such as the Institute and Faculty of Actuaries (IFOA) and the Actuarial Society of South Africa (ASSA). It has also been benchmarked against a similar programme at the University of Cape Town.
Our department has already initiated the process of registering with IFOA, which will enable our graduates to be exempted from certain professional exams, offering them significant advantages in their careers.
Q. Are there any partnerships with industry, organizations, or research institutions?
Dr. Nelson Dzupire:
Yes, the department has established partnerships with several local institutions, including Old Mutual, Reserve Bank of Malawi, NICO, Smile Life, Vanguard Insurance, and the Insurance Institute of Malawi. Our fourth-year students are required to complete an industrial attachment, where they are placed in actuarial or related departments within these organizations and others. Additionally, the Actuarial Science Society collaborates with the industry on certain activities, as evidenced by the recent Insurance Week event.
Internationally, we have partnerships with the IFOA, the Actuarial Academy of East Africa, the International Actuarial Association (IAA), and the University of Cape Town.
