2001-2002 Calendar: Actuarial Science Program

ACT Actuarial Science

Introduction

Actuarial Science is based upon the application of mathematical techniques to reduce the impact of such hazards as loss of income through death, disability, or retirement, or loss of property through fire, accident, or theft. Actuaries are the chief architects of life, health, and property insurance plans, and pension plans, and bear the major responsibility for their financial soundness. By using concepts from the areas of probabilities and finance, actuaries model, forecast and value the costs of benefits that will be provided to the participants in such plans. Methods developed for modeling insurance risk can also be applied to modeling investment risk, and actuaries apply their expertise to the valuation of sophisticated investment vehicles such as options on equities, bonds and other investment derivatives.

ACT 240H, though somewhat technical, is a course of interest to a wide audience, since almost every student will from time to time be either a saver or a borrower, and will be covered by insurance and pension plans. ACT 245H synthesizes basic mathematics (including calculus) and probability concepts with introductory concepts in financial risk management, providing insight into some of the basic issues involved in actuarial science. Other actuarial courses deal with more specialized topics, and are generally taken by students with a more serious interest in the field or who want to pursue a career as an actuary.

A Professional Experience Year program in actuarial science may be available after a student has completed the third-year of the specialist program. Contact the "PEY" office at 416-978-3132 for details.

Professional accreditation as an actuary is obtained via the Canadian Institute of Actuaries by passing a series of examinations set by the Society of Actuaries or the Casualty Actuarial Society. For more information about actuarial studies and careers, contact Professors Broverman.

Enquiries

: 100 St. George Street, Sidney Smith Hall, Room 6018 (416-978-3452)

Undergraduate Studies Coordinator

: Professor P. McDunnough; e-mail: undergrad@utstat.utoronto.ca

ACTUARIAL SCIENCE PROGRAMS

Enrolment in these programs requires completion of four courses; no minimum GPA is required.

ACTUARIAL SCIENCE (B.Sc.) Consult Department of Statistics.
NOTE: it is the student's responsibility to meet any prerequisites for courses offered by other departments.

Specialist program
(13 full courses or their equivalent, including at least one 400-series course)
This program is designed to prepare a student for professional work as an actuary, and more generally in the financial risk management industry.

First Year:

1. CSC 108H/148H/260H (may be taken in 2nd year)
2. ECO 100Y(70%)
3. MAT 137Y(55%)/157Y
4. MAT 223H/240H (may be taken in 2nd year)

Second Year:

1. ACT 240H, 245H, 247H
2. MAT 235Y/237Y/257Y (MAT237Y/257Y recommended)
3. ECO 206Y
4. STA (257H, 261H)

Higher Years:

1. ACT 348H, 349H, 370H, 451H, 455H, 460H, 466H
2. One of: ACT 470H, 471H, 472H
3. STA 302H, 347H, 457H
NOTES:
1. ECO 208Y; STA 352Y; MAT 244H, 246H; MGT 331Y are recommended
2. Students in the Actuarial Science Specialist program who have successfully completed ACT 348H are eligible to enrol in the following MGT courses (provided the appropriate prerequisites and co-requisites are met): MGT 310Y, 330H, 431H, 438H

Major program:
(8 full courses or their equivalent)

First Year:

1. CSC 108H/148H/260H (may be taken in 2nd year)
2. MAT 137Y/157Y
3. ECO 100Y

Higher Years:

1. ACT 240H,245H, 247H, 348H, 370H
2. MAT 235Y/237Y/257Y (MAT 237Y/257Y recommended)
3. STA (257H, 261H)
4. Two of: ACT 349H, 451H; STA 302H, 347H, 457H
5. MAT 223H/240H is recommended

Minor program:
R06081 (4 full courses or their equivalent)
1. MAT 137Y/157Y
2. ACT 240H, 247H
3. STA (257H, 261H)
4. Any two 300- or 400-level ACT or STA half-courses