Mukami Njeru had originally intended to be an architect, going so far as to register for an architecture degree. That all changed, however, with a timely piece of career advice.
“It came up at the time that there was a different profession I should consider which would use my mathematical skills,” she says. “And that was actuarial science.
“I got curious, I spoke with someone who was already doing the course, and, as they say, the rest is history. I changed my major and began to study actuarial science.”
11 years after qualification, Mukami has worked in the East, West and South African insurance markets and is now Head of Actuarial and Insurance Management with PwC in Anglophone West Africa, so she’s well-placed to comment on the actuarial profession from an African context.
“We have to deal with resource constraints in terms of actuarial capacity across the continent,” she says. “It’s a competitive market, and firms might spend a lot of time training and upskilling someone and then not be able to keep them.
“We also run into issues with data availability, especially from a risk modelling perspective. And we have challenges in terms of development in the insurance industry. Insurance penetration in Africa is low, and in general the products are not as sophisticated as you might find elsewhere.”
Despite the challenges, Mukami finds a lot of satisfaction in her role.
“I enjoy enabling better decisions,” she says. “When the message I’m trying to get across is well received and stakeholders can take my recommendations and further them, that’s very rewarding.
“It is fulfilling when you see results, like when you help to design a product and see it launching, or when you’re helping a client develop a strategy road map.
“Sometimes, because we are risk managers, there are results we don’t want to arise. But if they do, and we’ve adequately managed them, that’s also very satisfying.”
“When stakeholders can take my recommendations and further them, that’s very rewarding.” – Mukami Njeru, Chartered Actuary
Mukami is involved in helping to build the actuarial profession in her home country.
“I’m part of a couple of initiatives that are about giving back to the African profession,” she says. “I work with the Actuarial Academy of East Africa, for example, a nonprofit that aims to upscale the next generation of actuaries in six countries across Africa.
“We want to offer the kind of support an actuary training in the African space may not otherwise have.”
The programme is delivered through three key pillars: mentorship, tutorials and working with universities.
“As mentors, we connect students and professionals on the journey to qualification with experienced actuaries,” Mukami says. “That helps them, for example, to get through exams and position themselves for jobs. That’s very important, especially in the context of not having many role models locally.
“Tutorials help support tuition for exams, as well as the creation of tutorials or content students and trainees can use to practice for them.
“And we support universities, providing a forum where lecturers and students can interact with actuarial lecturers from other parts of the world, and helping make sure their syllabus and curriculum are on a par with what we see globally.”
As a member of the IFoA Council and a Chartered Actuary, Mukami – also a Chartered Enterprise Risk Actuary – backs the introduction of chartered status, and understands its necessity in implementing our vision and mission.
“It’s important, because the name ‘actuary’ is not protected,” she says. “Anyone doing actuarial work can call themselves an actuary. Having the chartered title is a way to protect the qualifications you’ve earned, and to immediately show the professional standards you’ve achieved.
“There’s also work to be done in terms of helping employers to appreciate what actuaries do, especially outside our traditional fields, and I think the designation will help with that.
“I would encourage people to find out more about chartered designation and how it might benefit them.”
We’ll be sharing member stories from around the world on a regular basis, so keep an eye out for updates. If you’ve chosen to adopt Chartered Actuary status, or if you’ve employed an actuary who is helping to transform your organisation, we’d love to hear from you.
