Actuarial science is the quantification of risk - actuaries use tools from mathematics, statistics, economics and finance to measure and quantify risk. This is done by assessing the chances that things will happen to planning ways to potentially keep undesirable events from happening.
The B.Sc. program in actuarial science provides the student with the necessary background coursework for a career as actuary. The program is an interdisciplinary program where students take courses from different disciplines such as mathematics, statistics, finance, economics, insurance, accounting, and computer science.

 

Detailed Study Plan


Press here to download the Academic Plan of the program 2018

 

Admission Criteria




In addition to the University admission criteria, students must meet the following requirements to be enrolled in the Actuarial Science Program:

  • Passing the department interview
  • Passing the department entrance exam

Curriculum




You can download the program curriculum, courses description as well as four years sample plan from the university webpage by clicking here



Structure




The Bachelor of Science degree in actuarial science consists of 128 credit hours distributed between courses in actuarial science, mathematics and statistics as well as courses in economics, accounting and finance. In addition, by the end of the third year, students are expected to enroll in an internship course which will allow them to work in an insurance company two months during the summer. This will expose them to the field work in the context of actuarial science.

The intended learning outcomes that a student is expected to achieve upon graduation from the program in actuarial science are listed below.

  1. Demonstrate knowledge of various fields related to actuarial science such as mathematics, statistics, economics, finance and accounting.
  2. Formulate practical problems in actuarial terms and design an appropriate actuarial model to its solution.
  3. Apply critical thinking to make decisions in situations involving risk and uncertainty.
  4. Demonstrate ability to conduct quantitative risk analysis to identify consequences of an event in actuarial profession.
  5. Use software packages and information technologies to solve practical problems in actuarial profession.
  6. Demonstrate ability to work independently and collaboratively.
  7. Communicate effectively (orally and written) in practice to convey actuarial ideas.
  8. Understand ethics, responsibility, legal and social issues within professional practice.
  9. Conduct an actuarial science related research to track recent developments.
  10. Pursue long-life learning through continuous professional development.
The curriculum prepares students to pass most of the professional exams offered and organized by the two main societies in the United states, Society of Actuaries (SOA) and Causality Actuarial Society (CAS) which enhances the program level and prepares students for future career upon graduation. Moreover, the curriculum is built to fulfill all the requirements of Validation by Educational Experience (VEE) set by SOA in the topics of economics, applied statistics and corporate finance.
This table shows the correspondence between the Society of Actuaries (SOA) preliminary examinations and Casualty Actuarial Society (CAS) and UOB courses as well as the courses that fulfill the VEE requirements.

Society of Actuaries

Casualty Actuarial Society

UOB Courses

Examinations

Exam P
Probability

Exam 1
Probability

STAT 371 and
STAT 372

Exam FM
Financial Mathematics

Exam 2
Financial Mathematics

MATHS 371

Exam MFE
Models for Financial Economics

Exam S
Statistics and 
Probabilistic Models

STAT 372

Exam 3F
Models for 
Financial Economics

MATHS 372

Exam MLC
Models for Life Contingencies

 

MATHS 471 and MATHS 472

Exam C
Construction and Evaluation of Actuarial Models

Exam 4
Construction and Evaluation of Actuarial Models

MATHS 473 and MATHS 474

Validation by Educational Experience

VEE – Corporate Finance

VEE – Corporate Finance

FIN 425

VEE – Economics

VEE – Economics

ECON 140 and ECON 141

VEE – Applied Statistics

 VEE-Applied Statistical Methods

STAT 473 and STAT 481