Knowledge and Perceptions of Actuarial Science among Students and Academics: The Case Study of JABU

Abstract

The study discusses the link between actuarial science and insurance, and how the growing importance of investment in the latter operation has increased the role of actuaries in financial world. Attempts were made to find out reasons why few students do actuarial science; knowledge and perceptions of people (KPP) about actuarial science in Joseph Ayo Babalola University (JABU), one of the institutions offering actuarial science in Nigeria were sought. Descriptive method was used to analyze the data generated from 220 participants (194 students and 26 academics) randomly selected from four colleges of the university. The result of the findings shows that more than 96 percent of respondents in the survey mistakes actuarial science for insurance or do not have an idea of what actuarial science is. The study also reveals that since insurance industry cannot survive without active roles of trained actuaries and that no any economy in the world over can survive without active role of insurance, it becomes necessary to create awareness programmes in actuarial profession, in order to train and bring up more actuaries for the growing up of insurance industry.

Keywords: mathematics, actuaries, insurance and actuarial prospects