Kevin Morara, a third-year actuarial science student at Jomo Kenyatta University of Agriculture and Technology (JKUAT), was truly introduced to actuarial science during his first semester. This is when he attended the 7th Annual Actuarial Convention organised by The Actuarial Society of Kenya. This early exposure fueled Burieruri Boys High School alumni’s interest in the profession. However, like many actuarial students in Africa, Kevin quickly realised the financial challenges that come with pursuing professional qualifications. “Balancing the costs of study materials and exam fees was going to be a challenge,” Kevin says.
For students like Kevin, an encounter with a program from Actuarial Academy of East Africa (AAEA) provided a lifeline and he sat for his September 2024 CS1 exams by the Institute and Faculties of Actuaries (IFoA), the UK-based professional body. The Africa Scholarship Fund (ASF) by AAEA covered Kevin’s cost of study materials and professional exam fees, allowing him to focus on their studies and develop his potential.
“When I received the email informing me I was awarded the ASF, I felt a huge sense of relief,” Kevin shares. “It was a great opportunity, and I immediately began to plan how to make the most of it.”
One of the key elements that set the AAEA’s programs apart is their focus on thorough preparation for actuarial exams. Kevin, like many ASF beneficiaries, benefited from AAEA’s structured tutorial programs, which are designed to provide students with both theoretical knowledge and practical exam techniques.
“ASF provided me with study materials, tutorials, and a series of mentorship sessions,” Kevin explains. “The tutorials were particularly helpful because they focused on both theory and practice. Our tutors ensured that we understood the concepts, and we had regular assignments and mock exams to test our knowledge.”
Through these tutorials, students not only gain academic knowledge but also develop critical exam techniques, such as time management and structuring answers—a crucial aspect of actuarial exams. “The mock exams were particularly valuable for me. In the beginning, I struggled to finish the paper on time, but with practice, my time management improved significantly,” Kevin recalls.
In addition to tutorials, AAEA’s mentorship program is a cornerstone of its success. The mentorship offered through ASF and AAEA’s wider network provides students with guidance that goes beyond academics. It helps them develop the soft skills necessary for success in the professional world.
For Kevin, the mentorship he received was transformative. “The mentors helped me understand that being an actuary is not just about passing exams. They emphasised the importance of soft skills such as communication, adaptability, and teamwork,” he says.
These skills have helped me set more balanced career goals, where I focus not only on technical expertise but also on developing leadership abilities and interpersonal skills.
The mentorship program also provides students with role models who inspire them to think more broadly about their career paths. “Hearing from professionals like Rendani Mbuvha and Mike Watitwa at the AAEA’s Actuarial Science Students Summit was a game-changer for me,” Kevin reflects. “It showed me how actuaries are playing key roles in fields beyond traditional areas like insurance and pensions. Actuaries are now involved in data science, healthcare, climate risk, and even banking.”
AAEA’s impact extends beyond individual students like Kevin; it also strengthens the institutions that teach actuarial science. Through its university support program, AAEA collaborates with over 400 members of actuarial science faculties across Africa, providing them with the resources, training, and knowledge needed to prepare the next generation of actuaries.
By organising events such as the Actuarial Science Faculties Summit, AAEA ensures that university faculty members stay up-to-date with the latest trends in the actuarial profession. This has a ripple effect on the quality of education that students receive, helping to elevate the standards of actuarial education in Africa as a whole. Kevin, as a student at JKUAT, benefits from the strengthened curricula and the support that AAEA provides to his university.
Another unique aspect of AAEA’s programs is the emphasis on building a supportive community. The sense of belonging and camaraderie that students develop through ASF, mentorship, and tutorials helps combat the isolation that can come with studying for actuarial exams.
“ASF created an environment where I was able to connect with like-minded students going through similar experiences,” Kevin explains. “We would have weekly meetings to discuss our progress and share study tips. This sense of community made studying for the exams more manageable and enjoyable.”
These connections don’t end when the exams do. Many students, like Kevin, form lasting friendships and professional networks that will continue to support them throughout their careers.
Since becoming involved with ASF and AAEA, Kevin’s view of the actuarial profession has expanded dramatically. “I now understand how dynamic actuaries are,” he says. “They’re involved in decision-making and leadership roles in industries like insurance, healthcare, climate risk, and banking. This has opened my eyes to the many opportunities beyond the traditional roles of actuaries.”
Looking ahead, Kevin is excited to leverage the knowledge, resources, and connections he has gained to further his career. “The mentorship, tutorials, and community I’ve been a part of through ASF and AAEA have given me a strong foundation,” he states. “I plan to continue learning, networking, and contributing to the actuarial profession both in Africa and globally.”
For students like Kevin, ASF is more than just a scholarship—it is a transformative experience that opens doors to new opportunities and equips them with the skills and knowledge to excel in a rapidly evolving profession. As Kevin reflects on his journey, he offers this advice to aspiring actuaries: “Do not hesitate, go for it. The benefits of ASF go far beyond financial support. It’s a life-changing experience.”
Since 2018, the AAEA has been at the forefront of empowering actuarial science students across Africa through its various initiatives. Kevin’s journey is just one example of how the AAEA’s programs are transforming the actuarial profession across the continent. Its programs have positively impacted over 1,200 students and 400 members of actuarial science faculties, building a strong pipeline of future actuaries that will drive innovation and create positive change in their fields.
AAEA Website: https://www.actuarialacademy.africa/
AAEA Email Address: AdminOffice@actuarialacademy.africa