Actuarial Science
Faculty of Science
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.
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.
In North America, the standard way to become an actuary is to pass the examinations administered by either the Society of Actuaries or the Casualty Actuarial Society.
You can get a Bachelor of Arts Honours (BA Hons) or Bachelor of Arts Specialized Honours (BA Spec. Hons) degree in Actuarial Science. A Certificate in Actuarial Science is also possible.
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