An actuary is a professional concerned with: the design and administration of insurance policies, pension plans, government welfare plans and similar programs. The main responsibility of actuaries is to ensure that these programs operate on a sound financial basis. To do this, they use many areas of mathematics and statistics, as well as general principles of economics and finance.
Actuarial Science is the area of mathematics that applies quantitative methods to assess risks in the insurance and finance industries. It became a formal discipline in the late 17th century, when the increased demand for such long-term insurance coverages as life insurances, annuities, and burials expense coverages emerged. Since then and for a long time, actuaries have been interested in studying the present monetary value of future obligations as well as the variability of these present values in the contexts of life and health insurance, property and casualty insurance, pension funds and social wealth-fare programs. Today actuaries are also being employed in the areas of enterprise risk management, and even in general finance and investment.
Sample First-year Schedule
- Problems, Conjectures and Proofs
- Computing for Math and Statistics
- General Education Course(s)
Possible Career PathLearn more about our Career Centre
- financial analyst
- financial risk analyst
You are required to provide official evidence of academic achievement in secondary education. This can be demonstrated through:
- Final grades under the Ontario curriculum (obtained through correspondence, night school or through TVO)
- Credentials through other curricula, such as results from Advanced Placement (AP) or Advanced-level courses in the General Certificate of Education (Gene). (Students may register to sit for the AP and GCE examinations as private candidates.)
In the absence of final grades in courses:
- You must submit the results of standardized tests such as the Scholastic Aptitude Test (SAT) with a minimum of 550 (Reading) and 550 (Math) or a composite American College Testing (ACT) score of 24.
- Your application will be reviewed by an admissions sub-committee. If admitted, you will not be eligible for entrance scholarships. You will be considered for continuing student scholarships at the end of your first year of study, if you satisfy those criteria.
You may also be required to provide proof of language proficiency. You will be considered for entrance scholarships on the basis of your overall averages in the six 4U/4M (Ontario curriculum) or equivalent courses.
We are adding to our database of admission requirements by country. Please check back in October for additional admission requirements by country. General requirements are currently available by country — note that program-specific requirements may apply in addition to general requirements.