KNOWLEDGE AND PERCEPTIONS OF ACTUARIAL SCIENCE AMONG STUDENTS AND ACADEMICS: EVIDENCE FROM JABU

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 go for actuarial science. Knowledge and perceptions of people about actuarial science (KPPAAS) in Joseph Ayo Babalola University (JABU), one of the institutions offering Actuarial Science in Nigeria were investigated. Statistical tools such as Yates’ Correction for Continuity, Phi and Lambda were 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 study 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 argues that since insurance industry cannot survive without active roles of trained actuaries and that no economy in the world can survive without active role of insurance, it becomes necessary to create awareness programmes for the actuarial profession, in order to train and bring up more actuaries for the growth of the insurance industry in Nigeria.