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:
Either:
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.
Or:
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