Actuarial science is a tough course, but that does not mean that Actuaries earn more than other courses in Kenya. But there is a small group that draws huge salaries. This group, however, does not exceed 50 people.
Fresh Actuarial Science graduates normally secure employment in financial organizations as graduate trainees. These people are employed just like other graduates because most of them have basic degree, BSc Actuarial Science.So,at this point, no one should expect to be paid Sh 1 million because they don’t possess the professional papers offered by SOA or Institute of Actuaries UK.
You should be aware that without Actuarial professional paper or qualification in CFA, no one will treat you as more special than other graduates. If you are employed at KRA, your salary will be the same as other employees’ salaries, unless you are employed as an Actuary. By the way, starting salary for Graduate Trainees at KRA was reduced from Ksh 68,00,000 to Ksh 25,000, but once you are through with training, you are be paid Sh 80,000.
The average salary of fresh graduates in Kenya-including Actuarial Science graduates-is Ksh 50,000-Ksh 80, 000.However, if a student becomes clever enough and pursue Actuarial Science papers, I swear the starting salary will not be anything less than Sh 200,000.Companies like CIC insurance and Britam and Alexander Forbes pay more than Sh 200,000 to qualified Actuaries regardless of work experience.
There are several companies in Kenya that employ actuarial science graduates. They include Alexander Forbes, Insurance Regulatory Authority, PWC.KPMG, Deloitte, Earnest &Young, Britam and other insurance companies. Retirement Benefits Authority, Kenya Re,NSSF,NHIF,Capital Markets Authority, Investment banks and Stock Brokers.