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The Actuarial Profession

Talk by Daniel Mutuku on the Occasion of the Jomo Kenyatta University Actuarial Students
Association (JKUASA) Event Risk is our Diet held on 27th July 2013 at the New Science
Complex, Lecture Theatre, JKUAT, Juja

All invited Guests,
Mukami Njeru, Resident Actuary at CIC Insurance,
Elias Omondi, Actuarial Officer at the Insurance Regulatory Authority (IRA),
Officials from the Co-operative Bank of Kenya,
Officials from the Kenya Actuarial Students Association (KASA)
Hosts,
Dr. Caroline Njenga, Patron of JKUASA and Lecturer at JKUAT,
The Chairperson and Officials of JKUASA,
Actuarial Students,
Ladies and Gentlemen.

Thank you very much for this opportunity; an opportunity to come share some ideas, views and
experiences about the Actuarial Profession and the professional world. As you have heard, my
name is Daniel Mutuku, from Pan Africa Lifes Actuarial Unit. I am also a past student here at
JKUAT and a former official of the JKUASA. I was therefore uniquely delighted to have had
received an invite for this event. I trust that we are all going to be better enlightened from this
event and most especially, act on it.

The Actuarial Profession in Kenya has an interesting history, at least as far as the Actuarial
Society of Kenya (TASK) is concerned. TASK was incepted in 1993, 2 decades ago, and
relaunched in 2005. When TASK was shaping up, no Kenyan university offered a degree in
Actuarial Science, and it was only until 1999 when University of Nairobi began a pilot class of
actuarial students. JKUAT started in 2002 at the Nairobi Campus, where also JKUASA was
formed. When the courses began, it was believed that only students with extra mathematical
and near-genius capabilities could study the course. This is because the mathematical problems
raised in the courses were considered to be very complex, and with a background of elementary
calculus and elementary financial mathematics, only a student who would be able to grasp the
concepts very quickly and surely would make it.

In our class, we considered ourselves fortunate not to have encountered Financial Mathematics
(FM) in our first semester of our first year this was after a syllabus-order adjustment. We had
heard of harrowing experiences of our predecessors who, fresh from high school, encountered
FM as soon as they joined, such that passing required a miracle. At that point I thought one
would really do some soul searching to find out whether this course was really meant for
him/her.

However, I believe since then, actuarial study has been laid bare more and more. Many
universities have now started offering it. Increasing numbers of Kenyan students are now sitting
for the professional papers. And both categories of Kenyan actuaries and actuaries based in
Kenya have increased numbers.

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I do believe that we know the definition of Actuarial Science I noted in the JKUAT syllabus a
unit called Introduction to Actuarial Science. And the JKUASA leadership correctly captured it
in the theme for todays event: Risk is our Diet. We talk about financial risk and uncertainties
that would have an impact of a financial nature. That is why you would find us in the Insurance,
Pensions, Investments, and like industries. Therefore, the tip for anyone seeking out a career in
actuarial science would be to begin passing professional papers as early as possible and get a
foot in the door of any of the traditional sectors mentioned.

Possibly I can give a short account of how I got in not quite spectacular but an example
nonetheless! I joined JKUAT in 2006 in my first year, 3 weeks into the first semester. With
average grades in my first year, I also did a bit of soul searching about whether this course is for
me or not. However, my grades improved in my second and third years. It is at this time that I
noticed JKUASA and the events that the association organised. The then JKUASA officials
during my third year invited me to the 2008 Actuarial Convention at Grand Regency. When I
attended the event, I thought student involvement in the meetings especially with regards
presentation of talks should increase. At the end of the year I applied for the Chairs position in
the association and was eventually elected. It is at this time that I started thinking of what I
should present in the next Actuarial Convention. I started preparing and when the call for papers
was announced I applied. Thankfully I got the opportunity and presented the talk. Earlier on I
had heard of an internship opportunity at Pan Africa Life of which I applied. When I got it, I later
came to realise that my boss had seen me in the earlier 2008 convention receiving an award.
After the internship I applied for a permanent position when a vacancy arose and got in, so to
speak. I have always considered it Gods providence because competition around is quite cut-
throat and even with the best of efforts people sometimes do not get the cut.

Many of my colleagues have different experiences leading to their entry into the profession. I
believe this is because we are each unique. With unique backgrounds. And it does make sense.
What also makes sense to me is that we each have unique destinies. We are all in the actuarial
industry in one way and another. As students, as professionals, as faculty. But we each have a
unique internal make-up. You know the kind of make-up I mean! And this make-up should tell us
what we need to be. What we must be. Each one of us. Some of us will need to become
actuaries, others lecturers, others insurance and pensions professionals and many others.

I attended a retirees forum earlier this year and realised that retirees, people in their mid 50s
and 60s do have dreams. They do have that thing that they enjoy doing. That thing that brings
them fulfilment. Isnt it interesting that that unique internal make-up does not change with age?
That is why I will advise that we all pursue our niches as early as possible. That we consider our
respective vocations as service to others. That we see the big picture in what we are doing and
what we are seeking to do. That we see ourselves from a birds eye view in the society so that
we understand our place and formulate strategies of how to get there. Seek that calling. Let
your life possess and give out meaning. Impact. Aspire. Inspire.

Realise that impactful lives such as Martin Luther King Jr, Steve Jobs and so on have been
made of this. They have taken risk in their lives. Risk truly was their diet. Their God-given
callings and passions really were their diet. And surely the outcomes are clear for all to see.

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I hope to meet you guys later on, doing what you enjoy, being the best you you can be and
living your unique purposes in your lives. And yes, you will also make a lot of money!

Thank you all for your audience and God bless you all.