The Actuarial Science Program prepares a student for a career as an actuarial professional. Actuarial Science is concerned with the construction of models and solutions for financial, business, and societal problems involving uncertain future events. Actuarial practitioners, also known as actuaries, have been described as financial architects and social mathematicians. Broadly speaking, actuaries forecast the cost of future risks and improve financial decision making by developing models to evaluate the current financial implications of uncertain future events. Actuarial students learn about advanced mathematical and statistical techniques useful for this purpose, but also study topics like actuarial mathematics, demography, economics, marketing, mathematics of investment and finance, pension mathematics, risk management and insurance, and accounting. By its very nature, the Actuarial Science Program is interdisciplinary and the skill sets developed by an actuarial student are applicable in many business settings and are in high demand. Most graduates find employment in one of the fields of insurance, employee benefits, pension and management consulting, or banking and finance, and have the option of switching fields during their career. More information about the actuarial profession is given in the Career Focus section of this document, and on the web sites of the Society of Actuaries (www.soa.org), Casualty Actuarial Society (www.casact.org), Canadian Institute of Actuaries (www.actuaries.ca), and International Actuarial Association (www.actuaries.org).
In order to best prepare students for a career as an actuarial professional, the university courses included in the Actuarial Science Program essentially cover all of the topics tested in the first 4 of the professional actuarial examinations sponsored by the Society of Actuaries and Casualty Actuarial Society, along with a number of the additional topics tested in the later examinations. Preparing for, and writing, these professional examinations is a form of experiential learning valued by employers of actuarial students. The Actuarial Science Program is international in its focus as the examinations of the Society of Actuaries and Casualty Actuarial Society are consistent with the education guidelines and the syllabus for internationally recognized actuarial qualifications set by the International Actuarial Association. These guidelines are designed to improve international portability and increase uniformity of practices and education among the world's actuaries as business becomes increasingly global. The International Actuarial Association represents more than 95 percent of the world's actuaries.Thus, a graduate of the Actuarial Science Program is well prepared to be employed in the global actuarial industry.
The main body of this explicit syllabus describes the BA or BSc and BA or BSc Honours in Actuarial Science Program. See the Program Degree Requirements section of this explicit syllabus for details concerning the BA or BSc and BA or BSc Honours in Actuarial Science Co-operative Education Program, BComm / BSc Joint Degree in Actuarial Science and Management Program, Actuarial Science and Economics or Statistics Double Major Programs, and the Minor in Actuarial Science. Most Actuarial Science majors complete a BSc (or BSc Honours) degree. The BA (or BA Honours) degree is an attractive option for students wishing to combine studies in Actuarial Science with studies in Fine Arts, Humanities, or Social Science disciplines. Otherwise, students would normally pursue the BSc (or BSc Honours) degree.
Students who have obtained one of several approved degrees (BSc, BEd, etc.) in a discipline other than Actuarial Science may enroll in a "second" bachelor's degree program. With transfer credit, it is possible to complete the second degree in two years. Formal application for admission to a second degree program should be made to the Registrar.
The Society of Actuaries maintains a detailed list of Actuarial Science Schools, and has placed the Actuarial Science Program at the University of Calgary in the highest category (Graduate level education and research equivalency). See www.soa.org/academic/schoollist.html for details.
ACSC 325 (Theory of Interest) will be of interest to any individual who will ever take out a car loan or a mortgage, or need to calculate the current value of a set of future cash flows. Most people fall into this category. [Prerequisite: MATH 253; or MATH 249 or 251 or AMAT 217.]
ACSC 535 (Mathematics of Demography) will be of interest to students majoring in Ecology or Sociology who are interested in the mathematics behind population growth and the definition and determination of demographic statistics like fertility, morbidity, and mortality rates. [Prerequisite: ACSC 327 and MATH 323.]
ACSC 539.02 (Introduction to Actuarial Practice) will be of interest to mathematically inclined individuals studying Risk Management and Insurance who would like to advance their knowledge of the mathematics behind property and casualty and / or life insurance products. [Prerequisite: ACSC 327; Corequisite: STAT 421.]
ACSC 539.04 (Stochastic Models of Investments) will be of interest to mathematically inclined individuals studying Finance. [Prerequisite: ACSC 327; Corequisite: STAT 421.]
Observe that these courses do have prerequisites, and interested students should see the University of Calgary Calendar for specific details and additional course information. Prerequisites may be waived with the permission of the Division of Statistics and Actuarial Science.
In the insurance and employee benefits industry, computers have taken over some of the purely technical work that used to be the actuary's traditional domain. At the same time, the uncertainty of today's rapidly changing economy is opening up potential opportunities for actuarial problem solving. Insurance companies are calling on actuaries to help them respond to increased regulation and public pressure to hold down insurance rates. On social issues relating to unemployment insurance, health-care costs, the impact of AIDS, and retirement benefits (such as the Canada Pension Plan), government agencies are asking actuaries to help develop and critique legislative proposals and estimate their potential financial impact. In addition, there are also whole new risks and business problems to evaluate in other countries as international business grows and private economies take shape in Eastern Europe. How can a company determine the financial risks of running a bicycle factory in China or funding a pension plan in Poland? By consulting with an actuary. To seize these opportunities, the next generation of actuaries must be broad based business professionals who are as good at communicating as they are at calculating and projecting.
The Jobs Rated Almanac printed six editions between 1988 - 2002. In two of these editions, "actuary" was rated the best job in America and in two others, actuary was rated second best. "Actuary" has never been rated lower than fourth, a ranking it received in the fifth edition before climbing two spots in the most recent edition in which it was rated second best. "Actuary" has never been rated lower than fourth and it consistently beats other highly regarded careers like accountant, attorney, physician, or even university professor. (See here.) The editors of the JRA compiled statistics on a number of professions, ranging from accountant to zoologist, and ranked them on the basis of environment, income, outlook, physical demands, security and stress. Some important points to note are that actuaries are generally highly paid with strong starting salaries, face good employment prospects throughout the next decade, enjoy moderate geographic flexibility (i.e., actuarial jobs exist in most major urban centers), usually work regular hours in an office environment, and can control the pace of their own career progress through the effort they devote to the professional examination process.
While a university program will prepare you to join the ranks of the actuarial profession, it is also important for a student to begin writing the professional examinations of the Society of Actuaries and / or Casualty Actuarial Society as soon as possible - but normally not before the end of second year studies - if he or she wishes to find employment in the actuarial industry after graduation. The professional examinations are normally offered on campus twice a year, in November and May. For more information, please speak with one of the Actuarial Science professors listed in the Contact Names and Addresses section of this document. More information about the examination process and the actuarial profession is also available on the web sites of the Society of Actuaries (www.soa.org) and the Casualty Actuarial Society (www.casact.org). The website www.BeAnActuary.org may also be of interest to a student contemplating actuarial studies.
Students may be interested in knowing that the first several professional actuarial examinations test calculus, statistics, micro and macro economics, corporate finance, interest theory, and a wide range of specialized actuarial topics described in Section 5.4. Most of the early professional examinations have a multiple choice answer format. The later, more advanced, examinations include point form and essay answer solutions as well. Normally, students can expect to complete the entire professional examination process within 3 to 5 years from their date of graduation. But, of course, time varies by student ability and life experience. It should be noted that most actuarial employers recognise how difficult and time consuming these examinations are and provide their actuarial employees with up to six weeks of paid study leave per year in order to better prepare for them. Employers usually also provide study texts and aids at no cost.
As there are no formal university course prerequisites to writing the professional examinations, even a student with a Minor in Actuarial Science could attempt them. However, a student with a Minor would not be as well prepared as a student completing a Major in Actuarial Science.
Students writing and passing the professional actuarial examinations earn professional designations, such as Associate of the Society of Actuaries (ASA), Fellow of the Society of Actuaries (FSA), Associate of the Casualty Actuarial Society (ACAS), and Fellow of the Casualty Actuarial Society (FCAS). Other designations are available, depending on the country one is employed in (e.g., Fellow of the Canadian Institute of Actuaries or FCIA). The designation(s) you achieve will depend in part on which actuarial career path you decide to pursue (e.g., pension consulting, life insurance, property and casualty insurance, etc.). This is a decision normally made post-graduation, after you have found an employer willing to sponsor you through the advanced professional examintions. You needn't and shouldn't make those decisions today or anytime soon, but you may want to speak with the Actuarial Science Advisor or one of your actuarial science professors for advice during your third or fourth year of studies. These individuals are listed in the Contact Names and Addresses section of this document.
First Year - Basic Mathematical Skills
First year provides the basic mathematical skills required in all science and engineering disciplines, including Actuarial Science:
Courses in first year may also include economics, which actuarial students are encouraged to take for the sake of interdisciplinary content and also to prepare for the economics portion of the second professional actuarial examination. As actuaries need to be good communicators in order to deal effectively with clients and the public, one or more courses in Communications Studies should also be viewed as valuable Out-of-Faculty options in first or second year.
Students whose native language is not English may seek permission to
English Language Foundation Program (ELFP) courses. Guidelines for admission
to this
program can be found in the Academic Regulations section of the University
of Calgary Calendar. Note that the ELFP courses are not available for
credit towards a degree/diploma program.
Second Year - Introduction to Probability and Statistics and Actuarial Science
Second year builds on the basic skills learned in first year, and introduces the actuarial student to probability and statistics, elementary mathematics of finance, basic survival models, and elementary contingent payment models:
Third and Fourth Year - Actuarial Models, Actuarial Modeling, and Advanced Topics in Actuarial Science
Third and fourth year provides courses in actuarial models and actuarial modeling, and advanced topics in Actuarial Science and Statistics:
In all cases, students should consult with one of the advisors in the Division of Statistics and Actuarial Science in order to plan a program that best matches their needs and interests. These individuals are listed in the Contact Names and Addresses section of this document.
1. A clearly identifiable field of study
Of course, this is the field of Actuarial Science itself. Actuarial Science is concerned with the construction of models and solutions for financial, business, and societal problems involving uncertain future events. Actuarial practitioners, also known as actuaries, have been described as financial architects and social mathematicians. Broadly speaking, actuaries forecast the cost of future risks and improve financial decision making by developing models to evaluate the current financial implications of uncertain future events. Actuarial students learn about advanced mathematical and statistical techniques useful for this purpose, but also study topics like actuarial mathematics, demography, economics, mathematics of investment and finance, pension mathematics, risk management and insurance, and accounting.
2. A defined interdisciplinary component
As described previously in this document and in the program description below, Actuarial Science encompasses a variety of disciplines including Business, Economics, Finance, Mathematics, Risk Management and Insurance, and Statistics. The subject of Actuarial Science is truly and significantly interdisciplinary. To give one concrete example, the single text "Life Insurance Products & Finance" used in one of the senior Actuarial Science classes includes material relating to the following diverse subject areas: actuarial mathematics; financial mathematics; financial modeling; insurance product design; insurance product marketing; law (regarding insurance reserves and taxes); medicine; stochastic modeling; survival models. In addition, students are encouraged to take as many elective advanced courses in these subjects as they possibly can from the appropriate departments outside of Mathematics and Statistics. The Undergraduate Director and Actuarial Science Advisor in the Department of Mathematics and Statistics will assist students with the selection of these elective courses.
Faculty of Science regulations for the BSc degree with Actuarial Science major require that at least 10 full course equivalents (FCEs) be taken from outside the major field (see the Program Degree Requirements section of this explicit syllabus for an explanation of these terms). At least 4 of these FCEs must be from other faculties, including at least one FCE each from each of the Faculties of Humanities and Social Sciences. These courses provide breadth and contribute towards the interdisciplinary component of the Actuarial Science Program when they are selected in the manner described in the paragraph above.
3. An international component
In order to best prepare students for a career as an actuarial professional, the university courses included in the Actuarial Science Program embrace the topics tested in the first 4 of the professional actuarial examinations sponsored by the Society of Actuaries and Casualty Actuarial Society, along with a number of the additional topics tested in the later examinations. The Actuarial Science Program is international in its focus as the examinations of the Society of Actuaries and Casualty Actuarial Society are consistent with the education guidelines and the syllabus for internationally recognized actuarial qualifications set by the International Actuarial Association. These guidelines are designed to improve international portability and increase uniformity of practices and education among the world's actuaries as business becomes increasingly global. The International Actuarial Association represents more than 95 percent of the world's actuaries. A graduate of the Actuarial Science Program is well prepared to be employed in the global actuarial industry.
A number of the courses taken by students in the Actuarial Science Program discuss international concerns, and some examples follow.
The course ACSC 535 (Mathematics of Demography) exposes the student to North American demographic characteristics and trends and presents actuarial applications of demographic characteristics and trends in relation to social security programs around the world. It discusses how regional and cultural concerns can affect activities like citizen enumerations and census takings. Practices and methodologies utilized in North America are compared to those utilized in Asia and Europe, and in third world countries.
The course ACSC 539.02 (Introduction to Actuarial Practice) discusses the societal role of life insurance and the forms it takes in different countries, how the mortality data necessary to price insurances is obtained in different countries and how its collection differs between developing and developed countries, and how regulatory practices differ in various countries.
The course RMIN 559.02 (International Insurance Markets) exposes students to the operation of the increasingly global insurance market. RMIN 559.02 is designed as a travel-study course. Students begin the course with three weeks of classroom activities and then the class will go "on the road" to visit two top international insurance markets (such as Bermuda, and London, England).
As an Actuarial Science student, you may also apply to participate in the University of Calgary Co-operative Education Program. This is a five year degree program which includes 16 months of supervised work experience. One or more of your work-terms may be spent outside of Canada.
Faculty of Science regulations for the BSc degree with Actuarial Science major require that at least 10 full course equivalents (FCEs) be taken from outside the major field (see the Program Degree Requirements section of this explicit syllabus for an explanation of these terms). At least 4 of these FCEs must be from other faculties, including at least one FCE each from each of the Faculties of Humanities and Social Sciences. These courses provide breadth and will contribute towards the international component of the Actuarial Science Program when they are selected from the following recommended list of subjects:
African Studies, Anthropology, Ancient History, Archaeology, Central and East European Studies, Chinese, Classical Studies, Development Studies, East Asian Studies, Film, French, German, Greek, International Relations, Italian, Japanese, Latin American Studies, Northern Planning and Development Studies, Russian, Spanish
Students are encouraged to choose, as options, courses with cultural content different than the Canadian culture. Courses selected from the areas listed above would provide a cross-cultural component to a student's program.
The Department is also putting in place opportunities for students to study abroad. An example that is currently being explored is that students may opt to study for a term at a University or Institute in Budapest (Hungary). Please refer to the opportunities provided by the International Student Centre.
French-speaking students may also be interested in expanding their knowledge of the language by studying Actuarial Science for a term at the University of Laval, home of one of North America's strongest actuarial programs (www.act.ulaval.ca).
Over the past decade, international students have comprised over 20% of the full time students enrolled in the Actuarial Science Program. Over the same period, international students have comprised less than 5% of the full time students enrolled in all programs at the University of Calgary. (These statistics were provided by the Faculty of Communication and Culture.) This evidences that the actuarial student body is significantly more international compared to the average at the university. Since the actuarial class sizes are small and students often study together, you will have many opportunities to interact with students from other lands and cultures and engage in cross-cultural exchanges. In addition, there are many foreign-born scholars who instruct and conduct laboratories and tutorials in the Department of Mathematics and Statistics.
4. An experiential learning component relevant to the program objectives
Students in the Actuarial Science Program will learn experientially by: attending lectures where skills are developed through example and explanation; by solving mathematical and statistical problems in tutorials, workshop sessions, and in graded assignments; completing projects involving real-world data; using statistical computer packages to analyse data; performing team work with other students; independent self-study.
In order to qualify as an actuary in Canada or the United States, you will eventually need to write and pass the professional examinations sponsored by the Society of Actuaries and Casualty Actuarial Society. Although the University of Calgary does not require that you pass any of these professional examinations in order to graduate from the Actuarial Science Program, most students begin attempting them by the end of their second year in order to maximize their chances of securing good employment opportunities. Studying for, and writing, these professional examinations is a form of experiential learning that is intimately connected with the actuarial profession and with the topics studied in your Actuarial Science classes. These examinations require you to synthesize material learned in several different Actuarial Science classes and apply it in a real world context. Actuarial professionals from downtown will frequently be writing these examinations alongside yourself. The first four professional examinations are offered on campus twice a year. Many of your Actuarial Science professors have written and passed these actuarial examinations, and will share valuable insights regarding this part of your practical education with you as you proceed through the Actuarial Science Program.
As an Actuarial Science student, you may participate in the University of Calgary Co-operative Education Program. This is a five year degree program which includes 16 months of supervised work experience in various companies and government agencies. The Co-op program allows a student to apply classroom knowledge in a business setting, gain work-related experience prior to graduation, confirm his or her job choice, and establish a network of industry contacts.
By becoming a part of SCUM (Society of Calgary Undergraduate Mathematics), you will have the opportunity for extra-curricular experiential learning relevant to the major programs offered in the Department of Mathematics and Statistics. Students in SCUM often form study groups, and assist one another with problems on homework assignments. Students in SCUM also offer tutorial services and review sessions to students in other departments, in order to raise money for SCUM activities. SCUM also often invites guest speakers on campus to lecture students about applications of mathematics and statistics, and related career opportunities, in the outside world.
Top students are often employed by the Department of Mathematics and Statistics as Tutorial Assistants and assist their supervising professor by leading tutorial sessions and / or grading quizzes and tests. Many students find that being exposed to the questions and mistakes of other students is an invaluable learning experience. Interacting with other students in these ways is also often a great confidence builder.
The Actuarial Science Program includes a course sequence in linear algebra and linear methods (Math 211 or 221, and Math 311). This sequence exposes students to the Interactive Linear Algebra Workshop (ilaw.math.ucalgary.ca). ILAW is a computer-based learning system which allows the student to visualize and manipulate abstract mathematical constructs with the aid of a simple hands-on computer interface. Exploring abstract concepts in this manner allows a student to develop his or her understanding through concrete manipulation. ILAW provides students with an individualized study resource, including tutorials, exploration modules and self-assessment, which can be accessed from anywhere through an internet connection.
5. Integration of research
Research faculty members in the Department of Mathematics and Statistics do research that is very similar to the kinds of work you will learn to do as a student in this department. They write and publish papers and books about their research interests, prove mathematical theorems, present their findings orally at conferences and at public lectures, research topics of interest in the library and on the World Wide Web, and program computer simulations to explore the behaviour of complicated stochastic models.
As a student in this department you will develop and practice the same kinds of research skills by reading texts carefully and analytically, through discussion in class, by working on term projects that are essentially small research projects, and by researching in the library and on the World Wide Web. In some courses, you will learn how to use the same mathematical and statistical software packages (like Maple, Minitab, S-PLUS, and SAS) that professors use in their research programs. In addition, you will complete a variety of other assignments, including group projects, in-class tests, examinations, journal research projects, short analytical exercises, oral presentations, and so forth throughout your university career.
Your professors are frequently evaluated for their professional research activity. Editors of research journals often return papers to your professors with suggestions for improvements, and your professors' research is also evaluated whenever they make applications to research grant competitions. Likewise, instructors will evaluate your work, often offering suggestions for improvement.
Students are welcome to attend the weekly departmental colloquium where a wide range of talks on mathematical and statistical research topics are presented at a level appropriate for non-specialists.
6. Broad and extended faculty-student interaction
Many of your Actuarial Science classes will be small enough so that you can easily ask questions of your professor in class, and interact with your peers in classroom discussions. Throughout your undergraduate career, you will have many other opportunities to interact with your professors and fellow students, through group projects, office hours, discussion with your faculty advisors, and participation in Actuarial Industry Nights when employers come on campus to meet the students in the Actuarial Science Program. If you take advantage of extra-curricular lectures and talks and attend the SCUM (Society of Calgary Undergraduate Mathematics) faculty-student gatherings, you will have many other opportunities to talk to professors and fellow students about your common interests.
As previously mentioned, many of your Actuarial Science professors have written the professional actuarial examinations and will share valuable insights regarding this part of your practical education with you as you proceed through the Actuarial Science Program. Your actuarial professors will act as examination mentors and recommend effective study techniques for these examinations.
If you have difficulties with your course selections or with other aspects of your program, an Undergraduate Director is available for consultation in the Department of Mathematics and Statistics. The Undergraduate Director will also keep tabs on your academic performance, and touch base with you in the case that problems arise. An Actuarial Science Advisor is also available to answer your questions regarding the actuarial profession and its examination process. These individuals are listed in the Contact Names and Addresses section of this document.
7. An explicit syllabus describing the knowledge and skills to be acquired in the program
The document that you are presently reading is the Explicit Syllabus for Actuarial Science.
An Explicit Syllabus is a document that describes the purposes and objectives of a program of study at the University of Calgary. It explains what kinds of experience, knowledge, and goals the program values and develops, and it summarizes for students the requirements and expectations of the program. Explicit Syllabus documents are available for all of these undergraduate programs offered by the Department of Mathematics and Statistics :
To view these Explicit Syllabus documents, please visit the Undergraduate Studies link on the Department of Mathematics and Statistics Home Page. Additional details are available in the University of Calgary Calendar. Please note that the Co-operative Education programs are available in both Statistics and Actuarial Science.Actuarial Science Applied Mathematics General Mathematics Pure Mathematics ( originally in doc, converted to html ) Statistics
Please see The Learning Commons for information about these and all other University of Calgary undergraduate programs.
1. Pose questions which approach the frontiers of knowledge
Actuaries are problem solvers. Unfortunately, problems in real life do not always have textbook solutions. For this reason, actuaries need to be creative thinkers and be able to utilize the skills they have learned in new and innovative ways. Problems discussed during normal lectures and problems included on homework assignments in your Mathematics, Statistics, and Actuarial Science classes will help you develop this ability by asking you and your classmates to formulate solutions applicable to scenarios not explicitly considered in your textbooks or in class.
The syllabus of the Actuarial Science Program closely follows that of the professional actuarial examinations. Since cutting edge actuarial research and the latest actuarial techniques quickly make their way into the latter, they quickly find their way into the classroom as well.
2. Solve the academic, professional, and ethical problems they face
Training in rigorous mathematical thought affects a student's approach to all problems. In particular, students learn to think clearly, critically, and independently, and to articulate and focus on the essential elements of a problem and the key features in a solution.
Actuarial Science in particular is concerned with the construction of models and solutions for financial, business, and societal problems involving uncertain future events. A graduate of the Actuarial Science Program will have begun to develop the skills and modeling techniques (see Program Description and Course Clusters) required to improve financial decision making and evaluate the current financial implications of uncertain future events. Actuarial students learn about advanced mathematical and statistical techniques useful for this purpose, but also study topics like actuarial mathematics, demography, economics, mathematics of investment and finance, pension mathematics, risk management and insurance, and accounting.
Some of the most interesting professional and ethical problems students will face early on involve the professional actuarial examinations. These examinations require significant commitments of study time, and are offered exactly when students are normally already busy with midterms (November) and final examinations (April / May). You may prefer to ignore the professional examinations while you are a university student, but doing so will probably restrict your employment opportunities after graduation. On the other hand, if you place too much emphasis on the professional examinations, you may run into problems of a different sort (conflicts with employers and family, and no social life). Successful students must develop effective study habits and time scheduling abilities in order to come up with an arrangement they can live with. The rewards are well worth it.
3. Relate theory and practice
Actuarial Science is a mix of theory and practice, and is presented as such during your studies. You will quickly learn that exact theoretical solutions to actuarial problems are often too difficult or time consuming to develop every single time in business settings. For this reason, you will be exposed to many simplifying theoretical tricks of the trade in your lectures (such as the simplifying assumptions of UDD, CF, and Balducci, which are introduced in your life contingencies classes). You will also learn how to use computer simulation methods in place (and / or in support) of exact theoretical answers.
4. Work alone and with others
Throughout the Actuarial Science Program, students learn and are expected to complete assignments, manage material, and meet deadlines. Many students also work in groups or exchange ideas for assignments. Many students also participate in study groups when preparing for the professional actuarial examinations.
5. Communicate meaning in competent and effective ways
Through written assignments, students are encouraged to develop high standards of clarity, succinctness, and logical structure in any type of discourse. In the smaller lectures and tutorials, students are encouraged to contribute to verbal discussions of material problems and approaches to problems.
Top students are often employed by the Department of Mathematics and Statistics as Tutorial Assistants and assist their supervising professor by leading tutorial sessions and / or grading quizzes and tests. Many students find that being exposed to the questions and mistakes of other students is an invaluable learning experience. Interacting with other students in these ways is also often a great confidence builder.
6. Engage meaningfully with those from other cultural and linguistic communities
Over the past decade, international students have comprised over 20% of the full time students enrolled in the Actuarial Science Program. Over the same period, international students have comprised less than 5% of the full time students enrolled in all programs at the University of Calgary. (These statistics were provided by the Faculty of Communication and Culture.) This evidences that the actuarial student body is significantly more international compared to the average at the university. Since the actuarial class sizes are small and students often study together, you will have many opportunities to interact with students from other lands and cultures and engage in cross-cultural exchanges. In addition, there are many foreign-born scholars who instruct and conduct laboratories and tutorials in the Department of Mathematics and Statistics.
The Actuarial Science Program is international in its focus as it is consistent with the education guidelines and the syllabus for internationally recognized actuarial qualifications set by the International Actuarial Association. These guidelines are designed to improve international portability and increase uniformity of practices and education among the world's actuaries as business becomes increasingly global. The International Actuarial Association represents more than 95 percent of the world's actuaries. Although actuaries around the world speak the same professional language, it is true that actuarial problems and solutions differ with locales and regional contexts. You will be exposed to some of these regional and cultural differences in some of your advanced Actuarial Science courses.
7. Understand the world from a variety of perspectives
Students in the Actuarial Science Program will develop new mental skills and habits as described above, transforming the way they think. They will also develop facility in adopting many different perspectives in order to be able to apply the standard methods learned in the lectures and in the assigned readings to new types of problems.
The interdisciplinary nature of Actuarial Science, along with the required courses in the Faculty of Social Sciences and the Faculty of Humanities, also ensures exposure to other perspectives and approaches to understanding the world.
Clusters 1 through 3 form the heart of the Actuarial Science program and prepare students for the first four professional actuarial examinations. These examinations are offered on campus twice per year, and students may register for them through the professional societies when they feel adequately prepared. Cluster 4 introduces the students to advanced topics in Actuarial Science that appear on some of the subsequent professional examinations. Clusters 5 and 6 define the courses comprising the remainder of the Actuarial Science Program.
Course Cluster 1: Mathematical Foundations of Actuarial Science (Exam 1 Topics)
Objectives: Courses in calculus and linear methods provide the actuarial student with the basic tools required to set up and solve models for quantitative problems. Courses in probability and statistics provide the methods used for incorporating randomness into these models, and then estimating the unknown model parameters using observed data. Risk management and insurance provides the context for many of the problems and models arising in the field of Actuarial Science.
Outcomes related to specific courses:
Course Cluster 2: Interest Theory, Economics, and Finance (Exam 2 Topics)
Objectives:The course in the theory of interest introduces the student to the basic concept of the time value of money, and discusses how payments made with certainty can be valued when the effect of interest is non-stochastic. Courses in basic interest theory and finance are essential to understanding the business of insurance. Concepts from microeconomics and macroeconomics are fundamental to understanding the general business environment.
Outcomes related to the topics included in this course cluster:
Course Cluster 3: Actuarial Models and Actuarial Modeling (Exam 3 and 4 Topics)
Objectives: Courses in actuarial models and actuarial modeling provide the actuarial student with knowledge of the theoretical basis of actuarial models and the application of these models to insurance and other financial risks, along with knowledge of the important actuarial and statistical methods that are useful in modeling.
Outcomes related to the topics included in this course cluster:
Course Cluster 4: Advanced Topics in Actuarial Science
Objectives: These advanced courses expose students to actuarial topics beyond those included in the first four professional actuarial examinations.
Outcomes related to selected topics included in this course cluster:
Evaluation Methods: Written quizzes, midterms, and final examinations, including some multiple choice tests and long answer format. Also, project presentations and graded assignments.
Course Cluster 5: Computer Science
Objectives: To understand the basic operation of a general purpose computer, and control its operation though programming. By learning a recognized, standard computer language, the student is able to create his or her own programs to complete specific calculations and other computational tasks.
Outcomes: Students who successfully complete this cluster are able to:
Evaluation Methods: Graded assignment problems, midterm tests and final examinations.
Course Cluster 6: In-Faculty and Out-of-Faculty Options
Rationale: These courses are related by the following common characteristics:
Objectives: Offers the student an opportunity to expand the range of knowledge and skills to areas outside of the list of courses constituting the field of Actuarial Science.
Outcomes: Students who successfully complete this cluster will have developed:
Evaluation Methods: Depends on the course. No separate evaluation is made within the Actuarial Science Program.
Most Actuarial Science majors complete a BSc (or BSc Honours) degree. The BA (or BA Honours) degree is an attractive option for students wishing to combine studies in Actuarial Science with studies in Fine Arts, Humanities, or Social Science disciplines. Otherwise, students would normally pursue the BSc (or BSc Honours) degree.
Students who have obtained one of several approved degrees (BSc, BEd, etc.) in a discipline other than Actuarial Science may enroll in a "second" bachelor's degree program. With transfer credit, it is possible to complete the second degree in two years. Formal application for admission to a second degree program should be made to the Registrar.
For a complete description of degree requirements, including courses required from High School, the student should consult the Admission to the University section and the Faculty of Science section of the University of Calgary Calendar.
Recommended First Year Sequence
Fall
Mathematics 251 or 249 or Applied Mathematics 217
Mathematics 211 or 221
Humanities or Social Sciences option
Option
Option
Winter
Mathematics 253
Computer Science 231 or 215
Humanities or Social Sciences option
Option
Option
Recommended Second Year Sequence (Normally taken after transferring into the Faculty of Science)
Fall
Mathematics 349
Mathematics 321
Mathematics 311
Actuarial Science 325
Option
Winter
Mathematics 353
Mathematics 323
Actuarial Science 327
Option
Recommended Options for an Actuarial Science Student in Second (or Subsequent) Years
Accounting 317
Communication Studies 361 and / or 363
Economics 301 (*)
Economics 309 or 357 (*)
Risk Management and Insurance 317 (strongly recommended)
(*) At least one half course in Economics is strongly recommended.
Options in first year should be selected with these second year options in mind, in order to satisfy prerequisites.
Recommended Options for an Actuarial Science Student in Third and Fourth Years
Finance 317 (**)
Finance 443 and / or 463
Risk Management and Insurance 449 and / or 459 and / or 559.01 and
/ or 559.02
(**) Actuarial Science students are advised to register for Finance
317 in Winter term of their third year. This course is normally not available
to Actuarial Science students in Fall term.
Faculty of Science regulations for the BSc degree with Actuarial Science major.
Any student wishing to complete a degree in Actuarial Science is strongly advised to consult with a department advisor early in their university career.
Courses constituting the field of Actuarial Science:
All courses labelled Actuarial Science
Statistics 407, 421, 429, 433, 437, 505
Applied Mathematics 217
Note: Courses in Risk Management and Insurance are not included in the field, but are relevant and are recommended electives for Actuarial Science students. Interested students should consult the Division or the Chair in Risk Management and Insurance in the Faculty of Management.
Required Courses - BA or BSc Major Program
(i) * Mathematics 211 or 221, 251 or 249 or Applied Mathematics 217, Mathematics 253, 311, 321, 323, 349, and 353; Computer Science 231 or 215.
(ii) Actuarial Science 325, 327, 427, 527; Statistics 421.
(iii)** Three full-course equivalents selected from the following: all Actuarial Science courses ; Statistics 407, 429, 433, 437, 505.
* Courses in (i) should be taken in the first two years of study.
** Many of these courses are offered in alternate years only. Students in third year should ensure they take a sufficient number of these in order to graduate at the end of their fourth year.
Required Courses - BA or BSc Honours Program
(i)* Same as Major Program.
(ii) Same as Major Program.
(iii)** Same as Major Program.
(iv) One full-course equivalent selected from the following: all Actuarial Science courses; any course in Economics at the 400 level or above; any course in Risk Management and Insurance at the 300 level or above; any additional 400- or 500-level course in Statistics.
* Courses in (i) should be taken in the first two years of study.
** Many of these courses are offered in alternate years only. Students in third year should ensure they take a sufficient number of these in order to graduate at the end of their fourth year.
The Actuarial Science Co-operative Education program is a five year degree program which includes 16 months of supervised work experience in various companies and government agencies. Students who wish to enter the Actuarial Science Co-operative Education program are urged to discuss their pre-admission course selection with the Department of Mathematics and Statistics as early in their program as possible.
Application deadlines are: December 1, May 1 and September 1.
Students must have successfully completed at least eight full-course equivalents appropriate to their degree program, including Mathematics 321 and 323 and Actuarial Science 327, before commencing the first co-operative education placement. Students must have a minimum grade point average of 2.70 in the field before commencing the Co-operative Education major program, or a minimum grade point average of 3.30 in the field before commencing the Co-operative Education honours program.
Students must complete the following four courses in addition to the regular requirements for the BA or BSc and the BA or BSc Honours in Actuarial Science degree programs: Co-operative Education 501.01, 501.02, 501.03, 501.04. Co-operative Education 501.05 is not required but may be completed.
The first four-month work term (Co-operative Education 501.01) is normally taken in the summer between years two and three. The remaining four-month work terms are taken during the last three years of the program. Other combinations of work and study sessions are also possible.
BComm / BSc Joint Degree in Actuarial Science and Management Program
Students may pursue a five-year program which leads to both degrees. This program requires careful selection of courses in order to complete the requirements of both the Faculty of Management and the Faculty of Science. Interested students are urged to contact the Undergraduate Program's Office (UPO) of the two Faculties for advice in choosing their first year courses.
Students wishing to embark on the sequence of courses leading to this joint degree should enter the Faculty of Science after one year of studies (if not sooner), and be accepted into an Actuarial Science program. At the end of the second year of studies, students should then apply to the Faculty of Management, either to pursue the Bachelor of Commerce degree described earlier, or to pursue the joint degree described below. In this regard, it should be noted that for administrative purposes, students of this joint degree shall be registered students of the Faculty of Management which is a quota-restricted Faculty and consequently shall be governed by the same admission criteria that apply to the regular Bachelor of Commerce program.
Once admitted to the joint program, a student may elect to remain in it or switch to either of the two separate degree programs, as long as the requirements of each Faculty continue to be met. Failure to meet requirements will result in a student being required to withdraw from the joint or separate programs, as the case may be.
Actuarial Science and Economics or Statistics Double Major Programs
Double Major Programs are offered in Actuarial Science and Economics and in Actuarial Science and Statistics. See the Actuarial Science / Statistics Division for program details.
Minor in Actuarial Science
Mathematics 249 or 251 or Applied Mathematics 217, Mathematics 253, 321 and 323; Actuarial Science 325 and 327; plus two full-course equivalents selected from the following: all Actuarial Science courses, Statistics 407, 421, 433, 437.
For further information about the Department of Mathematics and Statistics and its academic programs, please contact one of:
Joanne Longworth
Undergraduate Secretary
Mathematical Sciences Building, Room 476
University of Calgary
Calgary, Alberta
Canada T2N 1N4
Phone: 403-220-5203
Email: undergrad@math.ucalgary.caDr. Viena Stastna, Ph.D.
Undergraduate Director
Mathematical Sciences Building, Room 456Professor Peter Ehlers, Ph.D.
Chairman of the Division of Statistics and Actuarial Science
Mathematical Sciences Building, Room 564
For specific information about the actuarial profession and the
actuarial examinations, please contact one of the following faculty members:
Professor David P.M. Scollnik, Associate of the Society of Actuaries, Ph.D.
Actuarial Science Advisor
Mathematical Sciences Building, Room 324Professor Rohana S. Ambagaspitiya, Associate of the Society of Actuaries, Ph.D.
Mathematical Sciences Building, Room 556
Additional contact persons:
Professor Christiane Lemieux, Associate of the Society of Actuaries, Ph.D.