Graduating in 2026 from the Strathmore Institute of Mathematical Sciences (SIMS) meant more than completing a master’s degree in Mathematical Finance and Risk Analytics for Caleb Kilonzi, it meant developing a practical solution to one of society’s most pressing challenges. His capstone project explored the pricing of a catastrophe bond for the Tana River Basin, a financial instrument designed to provide funding when natural disasters strike, helping affected communities recover more quickly.

“My motivation to do this project was to develop a financial mechanism that would help people get compensated should a catastrophe happen,” he explained. With climate change increasing the frequency and severity of disasters, Caleb saw an opportunity to apply mathematics and finance to a real-world problem. “I chose this focus because climate change is a huge issue and I wanted to find creative ways to deal with the disaster,” he said.

The journey to completing the project was anything but straightforward. Caleb’s initial proposal attempted to address both droughts and floods, but the review panel advised that the scope was too broad. Although they appreciated the concept, defending it was an intimidating experience. “I was afraid that they might reject my proposal and tell me to come up with a new thing entirely,” he recalled. Instead, the feedback became a turning point, sharpening both his focus and his confidence as a researcher.

Resourcefulness soon became another defining part of the journey. Securing suitable data proved to be one of his greatest challenges, leading him to consult several institutions, including the Kenya Meteorological Department. After weeks of searching, a contact at the department shared a dataset that ultimately made the project possible. Adapting to the new data required Caleb to revise his analysis and restart much of his work under tight deadlines. Rather than discouraging him, the experience taught him how to remain calm and productive amid uncertainty.

While the technical demands of his research required him to master coding, statistics, and rigorous academic writing, his greatest growth was personal. Determined to overcome his reluctance to engage with others, he took on the role of class representative, using the opportunity to strengthen communication between lecturers and his classmates. Although he remains his own toughest critic as a leader, Caleb believes he did his best to bridge communication gaps and support his peers throughout the programme.

The project also challenged him to confront his own social limitations. Reflecting on the experience, Caleb said, “I learned that if you actually talk to people, they’re more than willing to help. Sometimes it’s just about stepping out of your bubble,”. That willingness to seek support and collaborate with others transformed not only his confidence but also his approach to learning. Looking back on his time at Strathmore, Caleb reflected on the stark contrast between his postgraduate and undergraduate experiences. “In undergrad, on a good day I would get an A. On a bad day, I would get a D,” he recalled. At Strathmore, however, he was able to consistently maintain a high standard of performance. He credits much of this progress to the faculty’s supportive culture and the mentorship of his supervisor, Dr. Samuel Chege, who challenged him to move beyond a purely theoretical approach by grounding his research in real-world catastrophic loss data.

As he prepares to graduate, Caleb views his work not as a conclusion but as the beginning of a much bigger journey. He hopes to build expertise at the intersection of finance, statistics, mathematics, and computer science, believing that meaningful innovation often emerges where disciplines overlap. He also sees the research skills he developed during his master’s degree as highly transferable. “Once you understand the scientific method, you can apply it to any field,” he said.

Ultimately, Caleb hopes to use his knowledge to empower others. He dreams of teaching and supporting students who doubt their own potential. “I would like to work with the weaker students who don’t think they can actually make it and then try to help them figure out their best selves,” he shared. Having navigated uncertainty, setbacks, and self-doubt throughout his own academic journey, Caleb offers simple but powerful advice to those beginning theirs: “Just start. Do what you can do, then iterate,”.

Article written by Maitethia Doreen, Communications Administrator, Strathmore Institute of Mathematical Sciences.