Uptake of actuarial professional exams by actuarial science graduates in Uganda

Abstract

The objective of this study was to assess the factors influencing the uptake of Actuarial professional exams by Actuarial science graduates in Uganda. It used primary data that was collected through an online questionnaire guide that was filled by Actuarial science graduates. Analysis was done using frequency distribution, chi-square and binary logistic regression to analyze the joint effect of the independent variables on the uptake of Actuarial professional exams. In the findings, slightly more than half of the respondents (53%) were males, more than quarter of the respondents were employed (46%), 33% were self-employed and the rest were not employed. Nearly a half of the respondents were in the age group of 25 to 30 years (45%), followed by those in the age group of 31 to 36 years (23%). Those in 37 to 42 years were 20% and the rest were in 43 to 48 years. Nearly a half of the respondents were single (46%) followed by those who were married (26%). Furthermore, those who divorced were 17% and the rest were widowed. The respondents that reside in urban areas were slightly more than a half (55%) as compared to those who reside in rural areas. Additionally, slightly more than quarter of the people work in insurance companies (26%) and very few work in pension schemes (5%), most of the respondents were employed (46%), 33% were self-employed and then the rest were not employed. Furthermore, results revealed that the Actuarial professional exams are expensive (61%) according to the respondents as compared to those who said that they are affordable. In the multivariate analysis, the uptake of Actuarial exams was directly influenced by gender (OR=0.016), employment status (OR=0.001) and CGPA for two ranges (4.4-5.0 and 3.6-4.39) (OR=0.014 and OR=0.047) The results indicate need to improve and boast the uptake of Actuarial professional exams by Actuarial science graduates in Uganda. To increase the awareness among Actuarial science students through sensitization and education on the relevance of the uptake of the Actuarial exams. The Actuarial Association of Uganda in partnership with academic institutions to come up with policies like offering sponsorship to some aspiring student actuaries in Uganda. This may increase and favor the uptake of Actuarial professional exams.