Actuarial Science Program

Academic Schedule (at end of page)

 

WHAT IS AN ACTUARY?

An actuary is a professionally trained expert in the application of mathematics, statistics and risk theories in the design of insurance and pension programs. Actuaries' areas of expertise are extensive and involve a wide range of business aspects such as, operations research, finances, economics, investment analysis, analysis of medical risk, accounting, legal and regulatory aspects of insurance and pensions, among others. In other words, actuaries apply mathematical skills to the business environment, and they are experts in risk management. The actuarial profession offers continuous challenges and it requires a strong mathematical ability along with proficiency in various business skills. It is also a rewarding career with excellent opportunities for intellectual development and financial gain.

PROFESSIONAL ACTUARIAL QUALIFICATIONS

An actuary is a Fellow of the Canadian Institute of Actuaries (F.C.I.A.); this professional designation is granted after three years of practical experience and successful completion of a series of required courses administered by the Society of Actuaries or the Casualty Actuarial Society. Upon completion of all the courses of the Society of Actuaries, a person receives the designation of Fellow, Society of Actuaries (F.S.A.). The designation of Fellow, Casualty Actuarial Society (F.C.A.S.) is granted after the completion of all the courses of the Casualty Actuarial Society. After these designations are granted a F.S.A. may specialize in group insurance, individual life insurance and annuities, employee pension benefits, and a F.C.A.S. may then specialize in casualty insurance which includes home, auto, aviation and marine, liability, and other forms of insurance including reinsurance. In addition, there is also the possibility of a Professional Development component, agreed between the Society of Actuaries and the employer, to facilitate topics which the practitioner will use throughout his or her career.

ACTUARIAL SCIENCE PROGRAM AT THE UNIVERSITY OF REGINA

The Department of Mathematics and Statistics is the largest department in the Faculty of Science at the University of Regina and offers degrees in Mathematics and Statistics at both the undergraduate and graduate levels. The Department offers a program in Actuarial Science. Interested students begin this program in their first year (see program details following). The Department strives to make it possible for students to transfer in or out of the Actuarial Science Program in the first or second year. Successful students graduate with a Bachelor of Science degree in Actuarial Science. The Actuarial Science Program offered provides a strong statistical and mathematical background in preparation for most of the required associateship courses of the Society of Actuaries and the Casualty Actuarial Society. The program includes courses from other related disciplines, such as administration, economics, computer science, mathematics and statistics.

For the current composition of the Department, please refer to the People page. Faculty members are engaged in research and receive external funding.

Our Department has an online web based mathsite called MathCentral http://MathCentral.uregina.ca/. This site is used by teachers, parents and students world wide seeking resources and solutions to mathematical problems.

INTERNSHIP

The Department of Mathematics and Statistics, in conjunction with crown corporations, compensation boards, insurance companies and consulting firms, has developed a one-year Internship Program to allow actuarial students to gain work experience before completing their undergraduate degrees. This is a valuable opportunity to gain vital work experience and earns students three credit hours towards their program. Interested students should contact the Department of Mathematics and Statistics for further details.

SCHOLARSHIPS

The Department of Mathematics and Statistics has a number of scholarships, supported from various sources, that are available for outstanding candidates who enter the Actuarial Science Program. These will usually be awarded after the second year. For further information contact the Department of Mathematics and Statistics.

AFTER GRADUATION

Normally after graduation students begin their careers in the financial industry or a benefits consulting firm. It is during this time that further preparation and completion of basic and advanced self-study courses (formal examinations) administered by the Society of Actuaries takes place. Preliminary professional examinations are often written while students are still at the University. Historically there has been a strong demand for actuaries and it appears that this trend will continue into the future.

ACTUARIAL SCIENCE PROGRAM CONCISE summary (detailed schedule at end of page)

First Year Courses:

Calculus, Linear Algebra, Statistics, Economics, Finance

Second Year Courses

Applied and Mathematical Statistics, Numerical Analysis, Economics, Finance, Actuarial Models

Third and Fourth Year Courses

Advanced courses in Mathematics, and Statistics, Actuarial Science.

ADMISSION REQUIREMENTS

To be accepted into the Actuarial Program applicants need to fulfill the entrance requirements of the Faculty of Science at the University of Regina, see http://www.math.uregina.ca/. The current Academic Calendar of the University of Regina should also be consulted for detailed admission requirements for all candidates.

FURTHER INFORMATION

Applicants should consult the current Academic Calendar for a schedule of fees. Many University Entrance and in-course scholarships are available including but not limited to the actuarial scholarships previously mentioned. For information concerning financial assistance consult the Office of the Registrar at the University of Regina.

Office of the Registrar
University of Regina
Ad-Hum Building
The University of Regina, Regina, Sask. S4S 0A2
http://www.uregina.ca/student/

Department of Mathematics and Statistics
For further information regarding the Actuarial Science Program and the actuarial profession, students should contact:

Professor Larry Miller,
Actuarial Program Coordinator,
Department Mathematics and Statistics
University of Regina, Regina, Saskatchewan S4S 0A2
Phone: (306) 585-4148 Fax Phone: (306) 585-4020
http://www.math.uregina.ca/

For further information regarding actuarial organizations, students should contact

Canadian Institute of Actuaries
150 Metcalfe Street, Ste. 800
Ottawa, ON Canada K2P 1P1
http://www.actuaries.ca

Society of Actuaries
475 N. Martingale Road, Ste. 600
Schaumburg, Illinois 60173,
USA
http://www.soa.org/

Casualty Actuarial Society
4350 N Fairfax Drive,
Suite 250,
Arlington, VA 22203
USA
http://www.casact.org/

FOUR YEAR PROGRAM SCHEDULE:

Semester:	Fall	Winter
Year 1:	MATH 110 STAT 160 CS 110 ENGL 100 (Natural Science Elective)	MATH 111 MATH 122 ENGL 110 (Natural Science Elective) (Arts/Fine Arts Elective)
Year 2:	ACSC 116 MATH 213 STAT 251 ECON 202 (Arts/Fine Arts Elective)	ACSC 216 ACSC 217 STAT 252 ECON 201 (Science Elective, not ACSC)
Year 3:	ACSC 317 MATH 261 STAT 351 BUS 285 (Science Elective, not ACSC)	ACSC 318 STAT 354 STAT 426 BUS 395 (Science Elective, not ACSC)
Year 4*:	ACSC 417 ACSC 390AA-ZZ or (Open Elective) ACSC 419 (Open Elective) (Science/Arts/Fine Arts Elective)	ACSC 456 ACSC 418 Math/Stats course level 300 or above (Open Elective) (Open Elective)

^* At the completion of the third year of study, students have the option of applying for a one-year internship program, then returning to complete their studies the following year. Students interested in the Actuarial Science Internship should consult the Actuarial Science coordinator at the beginning of their third year of study.