Assessing The Awareness Level Of Actuarial Science Among Staff And Students Of Nigerian Universities A Study Of University Of Jos
1. 18
IKEOBI NNEKA ROSEMARY, MBA, ACA, ACS
nikeobi2002@yahoo.com
JUGU, YOHANNA G. PhD, ACA, CFA
yjugu@yahoo.com
KAMSEN, MORDECAI DAPIM, M.Sc., CNA
dapimk@unijos.edu.ng
AJITA, SULEIMAN ISHAKU, MBA
ajitasuluei@gmail.com
OLADOJA, OLADAPO, B.Sc. (Statistics)
oladojadapo@gmail.com
WILLIAMS, BETHEL, B.Sc. (Mathematics)
Ebubebethel2015@gmail.com
Department of Actuarial Science,
Faculty of Management Sciences, University of Jos, Nigeria
ASSESSING THE AWARENESS LEVEL OF ACTUARIAL
SCIENCE AMONG STAFFAND STUDENTS OF
NIGERIAN UNIVERSITIES:
A STUDY OF UNIVERSITY OF JOS
ABSTRACT
With its recent introduction as a course of study in the University of Jos, the number of students
applying to study actuarial science in the University remains dismally low. This study was designed
to assess the awareness level of actuarial science in the University of Jos community. Primary data
obtained with a semi-structured questionnaire administered on 280 respondents comprising
academic and non-academic staff and students was analyzed using Descriptive statistical
techniques. The study revealed that although the majority of the respondents were aware of actuarial
science as a discipline, a considerable number of respondents had not heard about it until now.
However, a considerable number of respondents are still in the dark about what actuarial science is
and many respondents think that actuarial science and insurance are one and the same. Others are of
the belief that actuarial science has to do with auditing and accounting. Still, many others have no
idea at all of what it is about. From these findings, there is need for more awareness to be created
about the relevance and prospects of actuarial science as it is clear that the number of professional
actuaries in Nigeria is far from adequate. To generate interest in the study of actuarial science so as
to groom future professionals, it is suggested that deliberate and concerted efforts be made by policy
makers, universities and other institutions involved in the training of actuarial science graduates and
professional actuaries to educate the general public on the relevance of actuarial science and
practice in risk management and decision making not only in the insurance and pension industries,
butalso inotherbusiness organizations.
Keywords: Actuarialscience,Awareness,Level,Staff,Students,University
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2. 1.0 INTRODUCTION potential risk. According to Apere (2014),
The requirement for insurers to adopt the actuaries are best known for their expertise
International Financial Reporting Standards in quantifying contingent risk and for the
(IFRS) has revealed the shortage of provision of advice to assist the managers
actuaries in Nigeria. In a report in News and other stakeholders of financial
Herald of October 2, 2013, the International institutions to understand and to manage
Monetary Fund (IMF) affirmed that there theirrisk.
are few professional qualified actuaries
working in Nigeria and therefore advised Actuarial activities in most developing
the National Insurance Commission countries like the United Kingdom, the
(NAICOM) to consider using the Education European countries and the NorthAmericas
Fund to develop university programmes to are at high levels, but that is not the case in
groom future actuarial professionals. This Nigeria. Where there is any kind of business
becomes expedient as the introduction of there is uncertainty and actuaries are the key
IFRS has created a demand that the country players when it comes to finding ways to
cannot currently provide. Similarly, the manage financial uncertainties in the future.
Pension Reform Act of 2014 has also Using mathematical, statistical and
highlighted the need to train more actuaries economic tools, actuaries evaluate the
to ensure the smooth operation of the likelihood of future undesirable events and
ContributoryPension Scheme. design creative ways to mitigate the
occurrence or reduce the impact of such
Actuarial science is the discipline that events.
applies mathematical and statistical
methods to assess risk in insurance, finance In the earlier days, most actuarial skills were
and other industries and professions. An applied only to the insurance industry and so
actuary is a business professional who deals those who were actuaries were employees
with the financial impact of risk and of Life insurance companies and hence part
uncertainty. Actuaries provide expert of the industry. Today, the body of
assessments of financial security systems, knowledge of actuarial science lies in the
using skills primarily in mathematics, actuary's knowledge of how businesses
probability and statistics and also finance, operate. The mathematicians and
economics, business and computer science. economists can postulate different kinds of
They do this by assembling and analyzing models here, but it is the actuary who will
data to estimate the probability that an event need to choose the specific methods and
such as death, sickness, injury, disability data to use and also take responsibility for
loss of property will occur, and the likely the outcome and real life consequences of
cost of the occurrence. Actuaries also beingwrong.
address financial questions, including those
involving the level of pension contributions According to Adeyele (2015), actuarial
required to produce a certain retirement science as a field of study had been offered
income and how a company should invest for more than 30 years in two Nigerian
resources to maximize its return on universities, namely, Ahmadu Bello
investments after due consideration of University and University of Lagos. Up
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3. until 2005, these two universities were the Contributory Pension Scheme under the
only ones providing undergraduate training Pension Reform Act of 2014, it has become
in actuarial science. He further reported that imperative to increase the number of
four newly established universities, namely, actuariesoperatinginthecountry.
Joseph Ayo Babalola University,
Redeemers' University, Salem University The recent developments in the global
and Ibrahim Badamasi Babangida financial environment and the Pension
University are also offering actuarial Reform Act of 2014 have revealed the
science at undergraduate level. More shortage of actuaries in the country.
recently, the University of Jos was Consequently, the Nigerian Universities
accredited by the National Universities Commission (NUC) in a reaction to address
Commission (NUC) to run a Bachelor of this shortage recently granted accreditation
Scince degree in actuarial science, and the to the University of Jos, Nigeria to run a
programme has taken off with its first set of Bachelor of Science degree in Actuarial
students. Science. At the last Joint Admissions and
Matriculation Board (JAMB) examinations,
There appears to be a general low level of the number of students applying to study
awareness about actuarial science as a Actuarial Science in the University of Jos
discipline. As reported by Adeyele (2015), was dismally low. This seemingly low
most of the respondents in his survey could interest in actuarial science and the
not distinguish between insurance and persisting dearth of professionals in the
actuarial science and many had no idea of country suggests that Nigerians may still be
what actuarial science was all about. He also in the dark about the relevance of actuaries
reported that students who were registered ineconomicdevelopment.
for the course were also in the dark about
what actuarial science was about. He further It is on this premise that this present study
was designed to assess the awareness level
noted that there were some elites who claim
of actuarial science in the University of Jos
to have knowledge of actuarial science, but
community. It seeks to answer the question;
were also misinforming the general public
'What is the awareness level of actuarial
that actuarial science is another name for
science among the various stakeholders in
insurance. Indeed some graduates of
the University?' The objective is to
insurance who have worked in the insurance
determine how much the various
industry and are now teaching in the
stakeholders in the University, namely
universities have continued to mislead the
academic and non-academic staff and
university community that actuarial science
students, know about the subject. The
graduates do not have good career
specific objectives will be to determine
opportunities as they were limited to the
whether they have heard about actuarial
insurance industry. The fact that it is rare to
science, their understanding of actuarial
see adverts from employers requesting for
science and also determine how much they
actuarial science graduates lends credence
know about the career opportunities that are
to this assertion. However with the recent
available to graduates of actuarial science.
developments in the global financial
This paper will be of benefit to the general
environment and also the operation of the
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4. public as it sheds light on the subject of 2.2 Evolution ofActuarial Science and
actuarial science and how it relates to risk theActuarialProfession
th
management in business and also highlights The 17 Century was a period in which a
the career opportunities available to number of advances were made in
graduatesofactuarialscience. mathematics in Germany, France and
England. The need to place the valuation of
2 . 0 R E V I E W O F R E L AT E D personal risk on a more personal basis was
LITERATURE rapidly gaining ground at this time.
2.1 ActuarialScienceandActuaries Compound interest was studied
Actuarial science is the discipline that independently of probability theory.
applies mathematical and statistical Another important advance came in 1662,
methods to assess risk in insurance, finance when John Graunt, a London shopkeeper
and other industries and professions. working in the drapery business showed that
Consequently actuarial science combines there were predictable patterns of longevity
an array of interrelated subjects which and death in a demographic group of people
include mathematics, statistics, probability, of the same age, despite the uncertainty of
finance, economics, financial economics the date of death of any one individual. This
andcomputerprogramming. study formed the basis for the original life
table. With this, it became possible to set up
In many countries the term âactuaryâ is an insurance scheme to provide life
limited to those professionals who have insurance or pensions for a group of people,
demonstrated their competence by passing and then calculate with some degree of
through a series of rigorous and thorough accuracy how much each person in the group
professional exams. Thus, a university should contribute to a common fund
graduate with a Bachelor of Science degree assumed to earn a fixed rate of interest.
in actuarial science is expected to pass these Edmund Halley was the first person to
exams before he or she can be called an demonstrate publicly how this could be
actuary. Actuaries are therefore done. He constructed his own Life table, and
professionals who are qualified in this field described how it could be used to calculate
througheducationandexperience. the premium amount someone of a given age
should pay to purchase a life annuity (Halley
To be a good actuary, one needs to have 1693).
good numerical and statistical skills, be a
good communicator, be able to identify and Lewin (2001) reported that although one or
solve problems and generally be able to two similar studies had been carried out
manage many tasks at the same time. At the during the previous 20 years or more by
simplest level, actuaries answer those other authors, Halley's paper was the
questions relating to how finances should influential paper which created actuarial
be managed given that one does not know science. His paper led more than half a
with certainty what obligations could arise century later, to the establishment of pension
in the future. For instance, an actuary will funds and life assurance companies founded
come up with what premiums on an onscientificprinciples.
insurance policy are needed to ensure that
claimscanbecovered.
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5. Hickman (2004) recorded that the formation The process of valuing assets and liabilities
involved the use of assumptions which are
in London in 1762 of the Society for
selected with a combination of analysis of
Equitable Assurance on Lives and
past experiences and informed judgment
Survivorships as a mutual company,
about future trends. In the early years of the
initiated a process that created a public
Equitable, the basic model had to be created,
purpose for actuaries. A mutual insurance
the information system to support the
company is owned by its policy holders,
valuation established, and suitable
who share in the profits of their
approximationsconfirmed.
companythrough dividends on their
policies.
The fulfillment of contracts is a legitimate
public goal, and so the fulfillment mutual
Most life insurance policies are long-term in
insurance contract is at stake. It became
nature. As a result, the estimation of the
clear that the determination of policy
period profit of a mutual life insurance
dividends required technical knowledge,
company involves more than counting cash
business judgment, and a commitment to
in the vault. To estimate the period profit, a
equitably fulfilling contracts. All these
valuation of contingent liabilities
factors combined to create a public purpose
(involving future benefit payments less
foundation for the actuarial science
future premium payments, which may not
profession (Hickman, 2004). The actuarial
be realized as cash payments for many
s c i e n c e p r o f e s s i o n c a m e i n t o
years) must be carriedout. The resulting
formalexistence in 1884, when the Institute
estimate of the value of future liabilities
of Actuaries was organized in London. The
must be subtracted from an estimate of the
Faculty of Actuaries in Edinburgh followed
value of assets. Although the existence of
in 1856. The profession thereafter spread to
market values may assist asset valuation,
the United States and Canada following the
the asset valuation also involves assigning a
pathblazedbytheInstituteandFaculty.
number to the value of future uncertain
payments. The difference between the
2.3 TheRoleofActuaries
estimated asset and liability values is an
Just as economists operate in economic
estimate of surplus. The increase in
systems, engineers in engineering systems,
estimated surplus can be viewed as an initial
and sociologists in social systems, actuaries
estimate of periodic profit and as a starting
operatein the realm of financial security
point in the determination of policy
systems. Trowbridge (1989) defined a
dividends.
financial security system as any economic
system designed primarily to transfer
The random nature of the future cash flows
economic risk from the individual to an
arising from the assets owned and the
aggregate or a collective of individuals, or
insurance liabilities owed, means that the
from one collective to another. He pointed
initial estimate of the profit that might be
out that most insurance systems are
paid as dividends must be reduced to what is
financial security systems, but not all
called divisible surplus. This is to provide a
financial systems are insurance systems. He
suitably high probability that the promise
further noted that the more general term
embedded in the insurance contracts can be
includes systems that are not generally
fulfilled.
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6. thought of as insurance (e.g. pension plans financial strategies in a manner which will
and public welfare systems), those that are help ensure that the plans are maintained on
arguably insurance (social security), and a sound financial basis. According to
some of those arrangements called âself Grubbs (1999), actuaries evaluate the risk of
insurance.â Consequently, the uniqueness adverse events such as accidents or natural
of the actuarial profession lies in the disasters and help insurance companies
actuary's understanding of the financial decide which customers to insure and how
security systems in general and the inner much to charge in premiums. He further
workings of the many different types in asserted that actuaries may be used in any
particular. Trowbridge (1989) summed up business setting to determine the level of
the role of an actuary as that of the designer, risk for an event and its likely financial
the adaptor, the problem solver, risk impact and propose methods to prepare
estimator, the innovator and the technician
should thateventoccur.
of the continually changing field of
financialsecuritysystems.
Traditionally, actuarial disciplines were
applied to insurance and fell into two main
It should be noted that the actuary cannot
categories: life and non-life (also known as
work alone, as many others, professionals
property and casualty or general insurance).
and otherwise, play important roles in the
On both the life and casualty sides, the
financial security systems. These include
classical function of actuaries is to calculate
accountants, lawyers, economists,
premiums and reserves for insurance
sociologists, politicians, administrators and
policies covering various risks. On the
regulators, among others. Therefore, the
casualty side, this analysis often involves
actuarial skills must intertwine with the
quantifying the probability of a loss event,
capabilities of others to ensure that financial
called the frequency and the size of that loss
security systems are successful in
event, called the severity. On the life side,
minimizing the financial consequences of
actuaries quantify how much a potential
economicrisk.
sum of money or a financial liability will be
worth at different points in the future
Actuaries assemble data and analyze data to
(Tolley,Hickman&Lew,2012).
estimate the probability and likely cost of
the occurrence of an event such as death,
2.4 Employmentof actuaries
sickness, injury, disability or loss of
Traditionally actuaries worked in the areas
property. They also address financial
of pension consulting, general insurance,
questions, such as those involving the level
life insurance and investments. Most of
of pension contributions required to
those who regarded themselves as actuaries
produce a certain retirement income and
were employed by the life insurance
how a company should invest resources to
industry, and therefore part of the insurance
maximize its return on investments in light
industry. The few consulting actuaries
of potential risk. Actuaries, using their
broad knowledge, help design and price providing actuarial services to the smaller
insurance policies, pension plans, and other companies were closely associated with the
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7. industry. This close connection between the working more and more in other areas of the
financial sectors such as investment
actuarial profession and the insurance
banking where their ability to identify,
industry is largely a thing of the past
quantify and manage risks come in useful.
(Trowbridge,1989).
Today, apart from their more traditional
roles, actuaries also work in the fields of risk
In traditional life insurance, actuarial management and enterprise risk
science focuses on the analysis of mortality, management for both financial and non-
the production of life tables, and the financial corporations (D'arcy, 2005). They
application of compound interest to produce are also involved in investment advice, asset
life insurance, annuities and endowment management, general business managers
policies. In health insurance, including and financial officers (Stefan, 2010). With
insurance provided directly by employers their financial skills in valuing or
and social insurance, actuarial science discounting risky future cash flows, they
focuses on the analysis of rates of disability, analyze business prospects and apply their
morbidity, mortality, fertility and other pricing expertise from insurance to other
contingencies.Actuarial science also aids in lines of business. Wagner (2006) reported
the design of benefit structures, that actuaries have also acted as expert
reimbursement standards and the effects of witnesses by applying their analysis in court
proposed government standards on the cost trials to estimate the economic value of
of healthcare. In the pension industry, losses such aslostprofitsor lostwages.
actuarial methods are used to measure the
costs of alternative strategies with regard to 2.5 Reviewof EmpiricalStudies
the design, funding, accounting, A literature search reveals that there are
administration and maintenance or re- limited empirical studies that address the
design of pension plans. For instance, when awareness of actuarial science as a subject
benefit changes occur, as was the case in the or discipline. In a study carried out by
country, when the contributory pension Adeyele (2015) to assess the knowledge and
scheme replaced the old defined pension perceptions of actuarial science among
academics and students of the Joseph Ayo
scheme, old and new benefit plans have to
Babalola University (JABU), Nigeria, most
be blended. By so doing, new social
of the respondents in his survey could not
demands and various government
distinguish between insurance and actuarial
discrimination test calculations are
science and many had no idea of what
satisfied, and employees and retirees
actuarial science was all about. He also
provided with understandable choices and
reported that students who were registered
transitionpaths. for the course were also in the dark about
what actuarial science was about. He further
Actuaries also work in reinsurance, which is noted that there were some elites who claim
a field in which one insurance company to have knowledge of actuarial science, but
arranges to share a large prospective were also misinforming the general public
liability policy with another insurance that actuarial science is another name for
company in exchange for a percentage of insurance. He added that some graduates of
the premium. Here actuarial science can be insurance who have worked in the insurance
industry and are now teaching in the
used to design and price reinsurance
universities have continued to mislead the
schemes, and to establish reserve funds for
university community that actuarial science
known claims and future claims and
graduates do not have good career
catastrophes. However, actuaries are
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8. opportunities as they were limited to the and non-academic) and students of the
insurance industry. The fact that it is rare to University of Jos, Nigeria. Primary data
see adverts from employers requesting for obtained from questionnaires, followed up
actuarial science graduates lends credence with interview, were used to obtain the
tothisassertion. information needed for the study. Being an
In a recent study by Jugu, Kamsen, Ikeobi, exploratory study, the objective was to
Ajita, Oladoja and Williams (2016), on the determine the level of awareness about
perceptions on the prospects of actuarial actuarial science. Consequently a semi-
science among stakeholders in Plateau structured questionnaire with two parts was
State, Nigeria, most of the respondents employed. In the first part of the
were aware of actuarial science as a questionnaire, questions were included to
profession. They reported that respondents obtain the demographic characteristics of
exhibited a fair knowledge about the role of respondents. In the second part, three open-
actuaries in risk management and in the ended questions were included. Here,
economic growth and development of the respondents were given the opportunity to
country. They also found a significant express themselves without restrictions on
relationship between the respondents' work how much they know about actuarial
place and their knowledge of actuarial science and the career opportunities
science. The respondents who were staff of availabletograduatesofactuarialscience.
insurance firms, banks, pension fund
administrators and academic institutions The respondents selected for the study were
were however divided on the extent of their academic and non-academic staff and
relevance in their respective organizations. students from various departments in the
They found that while some felt that they University of Jos, Nigeria. The population
were needed to a large extent, others were was made up 1281 academic staff, 2029
of the opinion that they were only needed to non-academic staff and 28,000 students. A
averysmallextent. sample size of 384 was determined using the
sample size formula by Godden (2004). The
There were limited studies that addressed questionnaires were randomly administered
the awareness of actuarial science and so to respondents. Out of the 384
the need for more studies to address this questionnaires given to respondents, 280
gap. From these few studies the level of were returned, giving a response rate of
awareness is still low and thus the need for 72.9%. The responses were categorized and
more awareness creation through the presented on frequency tables. Descriptive
education of various stakeholders and the analysis was used to determine the level of
general public about the relevance of awareness of actuarial science among
actuarial science in the economy. This respondents.
study hopes to make a contribution to
address thisdearthof empiricalstudies. 4.0 RESULTSAND DISCUSSION
Out of the 280 respondents, 131 (46.79%)
3.0 METHODOLOGY were male while 149 (53.21%) were female
This is an exploratory study designed to as shown intable1.
assess the level of awareness about
actuarial science among staff (academic
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9. The majority of respondents were aged
between 26 and 35, with 9 being above 45
years. Respondents were mostly students
(70%), while academic staff made up
16.06% andnon-academicwere12.14%.
Table 2 shows the respondents' responses
on their awareness of actuarial science as
a discipline
Table 2: RespondentsâAwareness of Actuarial Science as a Discipline
Status
Yes No Total
Freq % Freq % Freq %
Academic Staff 39 86.67 6 13.33 45 16.36
Non Academic Staff 22 64.71 12 35.29 34 12.36
Students 136 69.39 60 30.61 196 71.28
Total 197 71.64 78 28.36 275 100.00
Source: Field Survey, 2015
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Out of 275 who responded to the question, existence of actuarial science as a
197 (71.64%) of the respondents had heard discipline. Further interview with some of
about it while 78 (28.36%) had not heard respondents revealed that many had only
about it until now. A breakdown revealed seen the sign board indicating the existence
that 86.67%, 64.71% and 69.39% of the of the Department of actuarial science with
academic staff, non academic staff and its recent introduction at the University, but
students respectively were aware of the hadnoideaofwhatitentailed.
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10. Table 3: Respondentsâ Understanding of Actuarial Scien ce
Academic
Staff
Non
Academic
Staff Students Total
Freq % Freq % Freq % Freq %
Application of
mathematics and
statistics to finance,
insurance and business. 18 46.15 10 45.45 84 61.77 112 56.85
Study of risks and
uncertainties in
insurance business 15 38.46 6 27.27 34 25.00 55 27.92
Study of accounting
applications 4 10.26 1 4.55 8 5.88 13 6.60
No idea
2 5.13 5 22.73 10 7.35 17 8.63
Total 39 100.00 22 100.00 136 100.00 197 100
Source: Field Survey, 2015
From the table, 56.85% out of the 197 From these responses, most of the
respondents who reported that they are respondents have a fair understanding of
aware of actuarial science as a discipline what actuarial science means and know that
indicated that actuarial science is the actuarial science has mathematics and
application of mathematics and statistics to statistics as the foundation and has to do
Finance and Insurance. 55 (27.92%) with the risks and uncertainties in insurance.
respondents reported that actuarial science A few, however appear to confuse actuarial
is the study of risks and uncertainties in science with accounting. On further
Insurance business, while 13 (6.60%) clarification, most respondents indicated
respondents are of the opinion that actuarial that they only got to know about actuarial
science has to do with the study of science recently when it was introduced as a
accounting applications, while 17(8.63%) courseof study intheUniversity.
respondents had no idea of what actuarial
sciencewas about. On where actuarial science graduates can
They further explained that actuarial work, respondents were free to indicate as
scienceprofessionalsareinvolvedin: manyplacesas theyknow.
i. Managementandassessmentofrisks,
Table 4 shows the respondents' perception
ii. Decision making and future forecasts
about where actuarial science graduates can
and
work.
iii. Auditingof accountinginformation.
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Table 3 shows the response of respondents understanding of actuarial science and what
when they were asked to indicate their itentails.
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11. Table 4: Respondents' perception about where Actuarial Science Graduates can work
Academic
Staff (39)
Non Academic
Staff (22)
Students
(136)
Total number of
respondents = 197
Freq Freq Freq Freq %
Insurance companies 26 16 116 158 89.27
Pension industry 11 9 51 71 40.11
Banks 12 10 50 72 40.68
Others- Universities,
Research Institutes etc 2 1 9 12 6.78
Source: Field Survey, 2015.
Out of the total of 197 respondents, 158 subject entails. On the whole many
(89.27%) believe that actuarial science respondents know that actuarial science has
graduates can work in insurance to do with the application of mathematics
companies, while 71 (40.11%) were of the and statistics to finance and insurance and
opinion that they could work in the pension the study of risks and uncertainties in
industry. 72 (40.68%) reported that they can insurance. However, a considerable number
work in banks and 12 (6.78%) indicated that of respondents are still in the dark about
they can work in other places like actuarial science is all about and many think
Universities and Research Institutes. From that actuarial science and insurance mean
this result, majority believe that actuarial the same thing. Others are of the belief that
science is related to insurance. This was actuarial science has to do with auditing and
further confirmed as many respondents accounting. Still, many others have no idea
interviewed think that the actuarial science at all of what it is. It is safe to conclude that
and insurance are one and the same. This the level of awareness of actuarial science
finding agrees with that of Adeyele (2015) among staff (academic and non-academic)
who reported that academic staff and and students is fair as they exhibited a
students of JosephAyo Babalola University reasonable understanding of what actuarial
(JABU), Nigeria thought that actuarial science means, the kind of work that
science was another name for insurance. actuarial science graduates and actuaries do
This may not be unconnected with the fact andalsowheretheycanwork.
that actuarial science and insurance are
From these findings, there is still the need
combined in a single department in many
for more awareness to be created about the
universities where they are studied. From
relevance and prospects of actuarial science
these responses, the majority of
to not just the academic community but also
respondents have a fair understanding of the general public. This has become quite
where actuarial science graduates can work. critical as it is clear that the number of
professional actuaries in Nigeria is far from
5.0 C O N C L U S I O N A N D adequate to satisfy the requirement of IFRS
RECOMMENDATIONS that balance sheets of insurers be certified
The study has revealed that the introduction by actuaries. Clearly, there is a need to train
more actuaries. It is suggested that
of actuarial science as a course of study at
deliberate and concerted efforts be made by
the University of Jos has created a level of
universities and other institutions involved
awareness about it. Consequently, majority
in the training of actuarial science graduates
of the respondents have not only heard
and professional actuaries to educate the
about it, but have demonstrated a general public on their relevance in the
reasonable understanding of what the management of risks, not only in insurance
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ASSESSING THE AWARENESS LEVEL OF ACTUARIAL SCIENCE AMONG STAFFAND STUDENTS OF
NIGERIAN UNIVERSITIES: A STUDY OF UNIVERSITY OF JOS
IJMSR Vol. 2 No. 1
12. and the pension industry, but also their of London, 17(192-206): 596-610.
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Actuarial Science, John Wiley &
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Jugu, Y. G., Kamsen, M. D., Ikeobi, N. R.,
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regular television and radio programs can Williams,B.(2016).
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