Actuarial Science (BSC)

Programme Overview

Actuarial Science deals with the analysis of the consequences of risk. Actuaries are highly trained professionals, versed in mathematical, statistical and economic techniques for the evaluation of the risk of uncertain future events.   The B.Sc. Actuarial Science programme is designed to expose students to a wide range of courses which prepares candidates for the professional examinations offered by the Casualty Actuarial Society, Faculty and Institute of Actuaries and the Society of Actuaries. The application of the concepts presented within the programme to problems encountered in actuarial science is emphasized. These include areas such as Probability, Applied Statistics, Financial Mathematics, Actuarial Mathematics, and Asset-Liability Management. The programme will prepare the students for a career in traditional as well as non-traditional actuarial areas. The new design of the programme extends training in the fields of Pensions, Life and General Insurance, and in the high demand application areas of Finance and Investments.  This three year programme consists of a total of 111 credits.

Programme Objectives

The programme enables participants to: 
1.    Integrate actuarial concepts, principles and techniques to solve complex actuarial problems.
2.    Demonstrate detailed knowledge of fundamental theories and models including their derivation, application and context.
3.    Demonstrate coherent written (and oral) communication skills through the formulation of precise definitions and written (and oral) arguments.
4.    Critically analyze the issues contributing to real-life scenarios and effectively use analytical software and visual media.
5.    Demonstrate a range of skills which embrace communication and effectiveness in order to enhance employability
6.    Develop critical thinking skills

Admission Requirements

In order to do the BSc Actuarial Science Degree, candidates must satisfy the requirements for entrance to the Faculty of Science and Technology they must:

1.    Satisfy the University requirements for Normal Matriculation.
2.    Have obtained passes at CSEC Secondary Education General Proficiency level (or     equivalent) in Mathematics and two subjects at CAPE (both comprising Units 1 & 2) or at     GCE A-level (or equivalent) one of which must be an approved science subject.

1.    Satisfy the University requirements for Lower level Matriculation. 
2.    Have obtained passes at CSEC Secondary Education General Proficiency level with     grades I, II, or since 1998 grade III (or equivalent) in Mathematics and two approved science subjects.

Programme Structure

During the first year, students are introduced to Mathematics, Computer Science, Economics and Accounting. In the second year, the courses include Pure Mathematics, Financial Mathematics, Actuarial Mathematics and Financial Management. In the final year, students focus on actuarial practice courses in pension valuation, individual and joint life insurance, general insurance and investments.  The course requirements and structure are as follows:         
Level I: Thirty six (36) credits as follows:
MATH1141   Introduction to Linear Algebra & Analytic Geometry 
MATH1142  Calculus I 
ECON1000   Principles of Economics I
ACCT1005   Introduction to Financial Accounting 
COMP1126  Introduction to Computing I 
COMP1127  Introduction to Computing II 
MATH1151   Calculus II  [3 credits]
MATH1152   Introduction to Formal Mathematics  
ECON1012    Principles of Economics II 
ACCT1003    Introduction to Cost & Management Accounting
COMP1167   Object-oriented Programming 
COMP1220   Computing & Society I 

Level II: Twenty seven (27) credits as follows:
MATH2401   Elements of Mathematical  Analysis 
MATH2404   Introduction to Probability Theory 
MATH2410  A first course in Linear Algebra  
MATH2701  Financial Mathematics I 
MATH2407   Stochastic Modelling 
MATH2420    Ordinary Differential Equations 
MATH2702    Actuarial Mathematics I  
MGMT2023 Financial Management I    
STAT2001      Inferential Statistics 

Level III: Twenty seven (27) credits as follows:
MATH3801   Financial Mathematics II
MATH3804  Actuarial Mathematics II
MATH3805  Mathematics of Pension Funds
MATH3802  Evaluation of Actuarial Models 
MATH3803  Models for Financial Economics
MATH3806  Topics in General Insurance 
MGMT3048  Financial Management II 
STAT3001    Regression Analysis    
STAT3002    Time Series
    Plus 12 credits from the following 3-credit elective courses: 
MATH2403  Multivariable Calculus 
MATH2411  Introduction to Abstract  Algebra 
MATH2430  Linear Optimization 
MATH2431  Non-Linear Optimization 
MATH3414  Selected Topics in Operations  Research
MATH3410  Advanced Linear Algebra
MATH3421  Partial Differential Equations
MATH3422  Mathematical Modelling
MATH3423  Research Project
MATH3424  Numerical Methods
MATH3400  Complex Variables  
COMP2140  Software Engineering 
COMP2180  Web Design and  Programming I
COMP3110  Information Systems in Organizations  
COMP3180 Web Design and Programming II  
SOCI2004   Introduction to Population  
SOCI3018   Demography I (Population Trends and Policies)  
SOCI3021   Demography II (Population Trends and Policies)  
ECON2000 Intermediate Microeconomics I  
ECON2001 Intermediate Microeconomics II  
ECON2002 Intermediate Macroeconomics I  
ECON2003 Intermediate Macroeconomics II  
STAT2002: Discrete Statistics
STAT2003: Linear Models
STAT2004: Multivariate Method
STAT3001: Regression Analysis    
STAT3003: Design & Analysis of Experiments    

Plus 9 foundation courses credits 

Careers after Graduation

Pension Management
Pension Valuation
Insurance Underwriter
Insurance Pricing
Risk Management
Regulation and Actuarial Research