Actuarial Science encompasses the study of applied mathematics, statistics and financial theory to solve financial problems. It is a study of the financial risks associated with uncertain future events, which emphasis on assurance (life assurance), property and casualty insurance, pension plans and employee benefit programmes.
This programme is designed to meet the rapidly changing needs and challenges of the insurance and investment-related industries by aligning its syllabi with the professional examination requirements. It offers subjects that have been approved by the actuarial organisations for Validation by Educational Experience (VEE) credit, i.e. Economics, Accounting and Finance, and Mathematical Statistics.
It covers all topics on the CAS/SOA Probability (P) and Financial Mathematics (FM) actuarial examinations, plus more than 12 semester hours on the topics for the SOA Fundamental of Actuarial Mathematics (FAM) Exam and Statistics for Risk Modelling (SRM) Exam that entail topics such as contingent payment models and frequency, severity and aggregate claims models, linear and generalised linear models, principal component and cluster analysis.
Besides, UTAR Actuarial Science programme also obtain exemption of CS1 (Actuarial Statistics I), CB1 (Business Finance), CB2 (Business economics) and CM1 (Actuarial Mathematics I) from Institute and Faculty of Actuaries (IFoA). Upon completion of the Bachelor of Science (Honours) degree, students who obtain the marks required by the IFoA will entitle to receive the above-mentioned exemption.
Career Prospects:
Graduates with a degree in Actuarial Science can find employment in a variety of industries, including insurance, banking, and financial services.
- Actuary Analyst
- Pricing Analyst
- Tax Analyst
- Portfolio Manager
- Business Development Manager
