Other Africa countries

Discussion in 'Other countries' started by Anna Bishop, Jan 23, 2013.

  1. Anna Bishop

    Anna Bishop ActEd Tutor Staff Member

    We are aware, from our social media pages, of a growing number of actuarial students based in African countries. We wanted you to have a forum to discuss issues relating to:

    - studying
    - exam results
    - getting on the job ladder
    - experience of African students working in the UK

    Best wishes, and we look forward to hearing from you.
  2. jollyfakey

    jollyfakey Very Active Member

    Hello Anna,

    Thats a great idea. I work and live in Nigeria. I must confess, studying alone for the exams isnt easy at all. Not that it is easy anywhere in the world, but part of the challenges we face here is that there are only a few people writing the exams, compared to UK and other parts of the world.

    I have completed my CT series but this was by self study. It is hard to find a study partner because the few students that take the exams take different exams. From my exam history, i have only written an exam with a maximum of 4 students. In sept 2012 i was the only one in Nigeria that sat for CA1. It is not uncommon for you to see an exam hall with only one or two candidates.

    The exams performance is unsurprisingly poor.

    But then, there is a reward just like anywhere else for consistent success. The reward goes beyond the financial compensation.

    I hope to connect more and share thoughts with people from around here.
    Last edited: Jan 29, 2013
    Retrieva likes this.
  3. tatos

    tatos Member

    Hi Jollyfakey - what are the actuarial opportunities like in Nigeria? How would you compare the level of pay to the UK, if you're aware of this to any extent? I work in South Africa but just somewhat interested to know how things are over there..
  4. jollyfakey

    jollyfakey Very Active Member

    Hello Tatos,

    Actuarial opportunities in Nigeria are great. There is increasingly high demand, as now the insurance and other companies are beginning to appreciate the roles actuaries can play in their institutions. Regulations, especially in the insurance industry, are beginning to create roles for actuaries.

    As regards pay, it is 'generally' lower than UK institutions, but fairly close. I worked for an actuarial firm that has its parent company is South Africa and they tried to index salary increases per exam pass to that obtainable in other parts of the world. When you are outside actuarial firms, then your pay would depend on initial negotiation and subsequently on general promotions. Only 1 or 2 insurance companies here reward you for exam success.

    But the advantage here is that tax isnt as threatening as in the UK. But then it depends on the angle you look at it as some guys dont believe that it is an advantage if you spend all the tax saving providing all the amenities your tax should be providing.
  5. tatos

    tatos Member

    Thanks for that info Jollyfakey - I like how you reasoned out the tax implication there. Hopefully I can work that explanation in, following a point made in a CA1 question this April! :D

    I guess it's nice to know that pretty much across the globe it appears as though actuaries earn more or less at a certain standard

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