Actuarial Science

Actuarial science is about assessing risk, mainly used in the insurance industry.  While we do not offer a degree program in actuarial science, a good preparation in actuarial science can be achieved through one of our Mathematics and Finance programs or our Honors Statistics program.

Actuaries are accredited by the Society of Actuaries.  The first level of accreditation is the Associate of the Society of Actuaries (ASA), which includes passing five actuarial exam modules and obtaining validation of educational experience (VEE) in three areas.

It is possible for students to take some of the exam modules while completing their degree.  The following courses at the University of Alberta are helpful in preparing for the exam modules:

Exam Module
University of Alberta Courses
Probability STAT 265, 266
Financial Mathematics
MATH 253, FIN 301
Investment and Financial Markets
MATH 356, 357, FIN 301
Long-Term Actuarial Mathematics
STAT 353, 432, and a significant portion of topics through self-study
Short-Term Actuarial Mathematics STAT 453, and a significant portion of topics through self-study
Statistics for Risk Modeling
STAT 378, 479, and a significant portion of topics through self-study
Predictive Analytics
MGTSC 405, and a significant portion of topics through self-study 

VEE qualifications can be achieved by obtaining a minimum of a grade of B- in specific courses, as follows:

VEE Area
University of Alberta Courses
Economics ECON 101 (or 281) and ECON 102 (or 282)
Accounting and Finance
ACCTG 311 (or 300 or 501) and FIN 301 (or 501)
Mathematical Statistics
STAT 266 and STAT 372

For more information on the requirements to obtain the Associate of the Society of Actuaries (ASA) designation, visit the ASA pages of the Society of Actuaries website.

For more information about the actuarial profession in general, visit the Be an Actuary website.