JAMB Subject Combination for Actuarial Science

JAMB Subject Combination for Actuarial Science: Are you interested in a career that combines mathematics, statistics, finance and economics? If yes, you should consider studying Actuarial Science. But first, you need to pick the right subjects in JAMB UTME to gain admission into this competitive program.

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries. Actuaries use their skills to help organizations plan for the future and minimize the impact of uncertain events.

This comprehensive guide provides insights into suitable JAMB subject combinations for Actuarial Science in Nigeria. Follow the recommendations carefully to maximize your chances of success.

Overview of Actuarial Science Programmes in Nigeria

Actuarial Science is offered as a 4-year bachelor’s degree B.Sc programme at very few universities in Nigeria currently. Reputable polytechnics also offer 3-year National Diploma (ND) and 2-year Higher National Diploma (HND) programs.

The degree equips students with skills in statistics, mathematics, economics, finance to assess and manage risk in fields like insurance, pension and finance.

Upon graduation, you will qualify to work in insurance companies, pension administration, risk/investment management, and consulting. Professional certifications like FCIA, FSA, CISA await you.

O’Level Subject Requirements for Actuarial Science Programmes

To apply for Actuarial Science degree programmes in Nigeria through JAMB UTME, you must have:

a) 5 Credit Passes in SSCE/GCE O’Levels/NECO

Including:

• English Language
• Mathematics
• Any other 3 subjects

b) Minimum Grade

Some universities require at least a ‘C’ grade in English Language and Mathematics.

c) Relevant Subjects

Having credits in Physics, Chemistry, Economics, Accounting, Technical Drawing is an advantage.

Recommended O’Level Subjects for Actuarial Science

Given the above requirements, students aiming for Actuarial Science programmes need credit passes in:

• English Language
• Mathematics
• Physics
• Chemistry
• Economics/Accounting/Technical Drawing

This combination provides a strong base for university Actuarial Science courses.

JAMB Subject Combination for Actuarial Science

The JAMB subject combination for Actuarial Science typically includes Mathematics, English Language, Economics, and one other relevant subject, such as Physics or Chemistry.

When selecting your UTME subjects, it is advisable to register for:

• English Language – compulsory for all candidates
• Mathematics – mandatory for science-based programmes
• Economics/Accounting – relevant for actuarial programmes
• Physics/Chemistry/Technical Drawing – fulfills science requirement

This combination covers essential science, commercial and arts subjects relevant to Actuarial Science.

Meeting the cut-off mark for these subjects qualifies you to study Actuarial Science.

Best Universities in Nigeria that Offer Actuarial Science

There are several universities in Nigeria that offer actuarial science as a course. However, not all of them are accredited by the National Universities Commission (NUC) or recognized by the Institute and Faculty of Actuaries (IFoA), which is the professional body for actuaries in the UK and other countries.

Therefore, you should be careful when choosing a university to study actuarial science in Nigeria. Some of the factors you should consider are:

• The quality of education and facilities
• The accreditation status and reputation of the university
• The curriculum and syllabus of the actuarial science program
• The availability of scholarships and financial aid
• The alumni network and career support

Based on these criteria, some of the best universities in Nigeria that offer actuarial science are:

• University of Lagos (UNILAG)
• University of Ilorin (UNILORIN)
• University of Benin (UNIBEN)
• University of Ibadan (UI)
• Covenant University (CU)
• Federal University of Technology Akure (FUTA)
• Ahmadu Bello University (ABU)
• Obafemi Awolowo University (OAU)

These universities have proven records of academic excellence and research output in actuarial science. They also have strong partnerships with local and international organizations that provide opportunities for students to gain practical experience and exposure.

Career Opportunities and Salary Prospects for Actuarial Science Graduates

Actuarial science graduates have a high demand and earning potential in Nigeria and abroad. This is because they possess the skills and knowledge that are essential for managing risk and uncertainty in various sectors and industries.

Some of the common career paths for actuarial science graduates are:

• Actuary: An actuary is a professional who analyzes the financial impact of risk and uncertainty. They use mathematical and statistical models to calculate the probability and cost of future events, such as death, illness, injury, or loss of property. They also advise clients on how to reduce or manage their exposure to risk. Actuaries work in various fields, such as insurance, pension, banking, health care, investment, and government.
• Risk Analyst: A risk analyst is a professional who evaluates the potential risks and opportunities associated with a project, product, or strategy. They use quantitative and qualitative methods to measure and monitor the level of risk and its impact on the performance and objectives of an organization. They also recommend solutions and actions to mitigate or control the risk. Risk analysts work in various sectors, such as finance, energy, engineering, manufacturing, and consulting.
• Data Scientist: A data scientist is a professional who collects, analyzes, and interprets large and complex data sets to discover patterns, trends, and insights that can help solve problems or create value for an organization. They use advanced tools and techniques, such as machine learning, artificial intelligence, and data visualization, to extract meaningful information from data. They also communicate their findings and recommendations to stakeholders and decision-makers. Data scientists work in various domains, such as e-commerce, health care, education, and social media.
• Financial Analyst: A financial analyst is a professional who evaluates the financial performance and potential of a company, industry, or market. They use financial statements, ratios, models, and forecasts to assess the profitability, growth, and valuation of a business or investment. They also provide guidance and advice on financial planning and strategy. Financial analysts work in various settings, such as banks, corporations, investment firms, and rating agencies.

The salary prospects for actuarial science graduates depend on several factors, such as the level of education, experience, certification, location, and employer. However, according to PayScale.com (as of September 2021), the average salary for actuarial science graduates in Nigeria is ₦3.6 million per year.

Wrapping Up

Actuarial science is a rewarding and challenging course that requires a strong background in mathematics, statistics, economics, and finance. It offers a wide range of career opportunities in different sectors and industries that deal with risk and uncertainty.

To study actuarial science in Nigeria, you need to have at least five credits in O’level subjects, including English Language, Mathematics, Economics, and any two of Physics, Chemistry, Biology, or Geography. You also need to score at least 180 in your JAMB UTME examination and choose the correct JAMB subject combination for actuarial science, which is Mathematics, Economics, and any one of Physics or Chemistry. You also need to pass the post-UTME screening test of your chosen university.

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