BANKING AND FINANCE PROGRAMME ACTUARIAL SCIENCE B.Sc. ACTUARIAL SCIENCE PROGRAMME IN UNIVERSITY OF BENIN

INTRODUCTION

Actuarial Science is an interesting discipline that applies mathematical and statistical methods to assess risks in insurance, finance, investment and other professions. It involves the application of quantitative skills to problems involving risks and uncertainties.

PHILOSOPHY

To produce skilled manpower with the requisite knowledge and expertise to manage and perform productively in the insurance, finance and other industries.

AIMS AND OBJECTIVES

The major aims and objectives of the programme are to

  1. Provide basic knowledge and skills needed for the understanding and analysis of problems related to the management and administration of industrial, commercial, public and other human organizations.
  2. Impart basic knowledge and technical skills needed for understanding, analyzing and producing professional actuaries with fair values for making decisions;
  3. Equip students with the analytical skills needed for recognizing, defining and solving problems involving risk and uncertainty in all spheres of human endeavor;
  4. Develop in students, leadership and interpersonal skills for managing at all levels in all industries and sectors of the economy.

ADMISSION REQUIREMENTS

A. Four- Year programme

  1. The minimum academic requirement is credit passes in five

subjects including English, Language, Mathematics and Economics at not more than two sittings. Applicants must possess a credit pass in Further Mathematics.

  1. The required Unified Tertiary Matriculation Examination (UTME)

subjects are; English Language, Mathematics, Economics plus any other Social Sciences subject.

B. Direct Entry Admission

  1. Requirement A(i) above plus two subjects at GCE, A/L or HSC in relevant discipline.
    1. OND in relevant discipline with at least upper credit grade in addition to five credits passes.
    2. OND in relevant discipline with at least upper credit grade in addition to five credits passes.
    3. HND in relevant discipline with at least lower credit in addition to five credit passes.
  1. Final Certificate of relevant Professional Bodies in addition to five credit passes.

DEGREE PROGRAMME AND DEGREE REQUIREMENTS

The first and second year of the four year programme in the Actuarial Science run parallel courses with other Departments in the faculty. Major Actuarial science courses are taken at 300 and 400 levels though students will be required to offer courses in other Departments. To graduate, students admitted to the 4year programme of the Department must successfully complete minimum of 170 credits. Students undergoing the 3 year programme are required to accumulate 135 credits in order to graduate.

Students are expected to earn the following credits at different levels to remain in programme:

  • To move to the next level, students must earn minimum credits as follows:

100 level                       23 credits

200 level                        20 credits

300 level                       22 credits

  • To remain in the faculty and on probation, students must earn minimum number of credits as follows;

100 level                        12 credits

200 level                        10 credits

300 level                        11 credits

Any student who accumulates less than the credits specified in (ii) above will be required to withdraw from university.

  • Average credits/units required to graduate are 170 credits
    • If at any time during the session, a student falls ill and desires to apply for temporary withdrawal, such application must be supported with medical report and presented within 30 days of such students absence from school
ACTUARIAL SCIENCE – Courses