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.

ACT240H1, 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. ACT245H1 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.

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. Some professional requirements can be satisfied through courses in the actuarial program. For more information about actuarial studies and careers, contact Professor Broverman or Professor Lin.

Enquiries: 100 St. George Street, Sidney Smith Hall, Room 6018 (416-978-3452)
Associate Chair, Undergraduate Studies: Professor D. Brenner; e-mail: brenner@utstat.utoronto.ca

Actuarial Science Programs

Enrolment in these programs requires completion of four courses including MAT137Y1(55%)/MAT157Y1 and ECO100Y1(70%).

Actuarial Science (Science program)

Consult Department of Statistics.

NOTE: it is the student’s responsibility to meet any prerequisites for courses offered by other departments.

Specialist program
(13 courses or their equivalent, including at least four 300+-series courses, one of which must be at the 400-level)

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. MGT120H1
2. ECO100Y1(70%)
3. MAT137Y1(55%)/MAT157Y1
4. MAT223H1/MAT240H1 (may be taken in 2nd year)

Second Year:
1. ACT240H1, ACT245H1, ACT247H1
2. MAT237Y1/MAT257Y1
3. ECO206Y1
4. (STA257H1, STA261H1)

Higher Years:
1. ACT348H1, ACT349H1 (Note: any of the following courses can be substituted for ACT349H1: MGT 331Y1/MGT337Y1/[ECO358H1, ECO359H1] ), ACT370H1, ACT451H1, ACT455H1, ACT460H1, ACT466H1
2. One of: ACT470H1, ACT471H1, ACT472H1
3. STA302H1, STA347H1, STA457H1

NOTES:
1. ECO208Y1 (strongly recommended); STA352Y1; MAT244H1, MAT246H1; MGT 331Y1 are recommended
2. Students in the Actuarial Science Specialist program who have successfully completed ACT348H1 are eligible to enrol in the following MGT courses (provided the appropriate prerequisites and co-requisites are met): MGT 331Y1, MGT431H1, MGT438H1
3. CSC108H1 recommended

Major program:
(8-8.5 courses or their equivalent, including at least two full-course equivalents at the 300+-level)

First Year:
1. MGT120H1
2. MAT137Y1 (55%)/MAT157Y1
3. ECO100Y1 (70%)

Higher Years:
1. ACT240H1,ACT245H1, ACT247H1, ACT348H1, ACT370H1
2. MAT237Y1/MAT257Y1
3. (STA257H1, STA261H1)
4. Two of: ACT349H1 (any of the following courses can be substituted for ACT349H1: MGT 331Y1/MGT337Y1/[ECO358H1, ECO359H1]/ACT451H1); STA302H1, STA347H1, STA457H1
5. MAT223H1/MAT240H1 is recommended