# Actuarial Science

Identify, assess and manage risks to achieve success in the financial and insurance industries

### The specialization is also designed to gain some Validation by Educational Experience (VEE) credit with the Society of Actuaries.

The Society of Actuaries is the sole authority on credit recognition for VEE.

A minimum cumulative GPA of 5.5 (70%) is required to pass from the second year to the third year of the program. Students in good standing but not meeting the GPA requirement will be transferred to the B.A. in Mathematics.

#### Academic Advisor

##### Peter Adamic

Telephone: 705.675.1151 x 2325

Email: PAdamic@laurentian.ca

Office: Secretary: Louise Rancourt 705.675.1151 x 2310

**Delivery Method:**On campus

**Program Language:**English

Successful completion of the actuarial specialization does not guarantee that candidates will become qualified actuaries. Students will be required to pass exams administered by the Society of Actuaries to practice as an Actuary in Canada or the United States. Students should start writing actuarial exams while enrolled in university and should continue writing exams after graduation as well. Most of the material for the following preliminary exams will be covered by the specialization: Exam P, Exam FM. Furthermore, significant portions of the material for the following exams will also be covered: Exam IFM, Exam LTAM, Exam STAM, Exam SRM, Exam PA. The specializations also offer the possibility to gain either most or all of the VEE (Validation by Educational Experience) credit with the Society of Actuaries.

**Ontario High School Applicants**

1 grade 12 English U/M course

1 grade 12 4U Advanced Functions

1 additional grade 12 U/M Math course

3 other grade 12 U/M courses

A minimum overall average of 70% in the 6 best grade 12 U/M courses

Additional information for applicants who have completed Advanced Placement courses.

Additional information for applicants who have completed the International Baccalaureate.

**Applicants from outside an Ontario High School **

Canadian High School Applicants from outside Ontario

#### For Current Students

The degree options listed below are for the upcoming academic year, not the current academic year. If you are a current student looking for which courses to take in order to complete your degree options from a previous academic year's curriculum, please consult with an academic advisor.

Students must follow these __regulations__ in order to meet graduation requirements for the BA or B.Sc.

**Specialization in Actuarial Science (BA)**

1st year:

ACCT 1001 Understanding and Using Financial Information

ACCT 2001 Introductory Accounting

ECON 1006 Introduction to Microeconomics

ECON 1007 Introduction to Macroeconomics

MATH 1036 Calculus I

MATH 1037 Calculus II

MATH 1056 Discrete Mathematics I

MATH 1057 Linear Algebra I

+ 6 elective credits in ARTS

2nd year:

COSC 2836 Software for Sciences

FNCE 3006 Financial Management I

FNCE 3007 Financial Management II

MATH 2037 Advanced Calculus

MATH 2056 Discrete Mathematics II

MATH 2057 Linear Algebra II

MATH 2066 Introduction to Differential Equations

STAT 2246 Statistics for Scientists

+ 6 elective credits in ARTS

3rd year:

*MATH 3206 Introduction to Actuarial Mathematics

MATH 3236 Probability and Statistics

*MATH 3237 Regression Analysis OR ECON 3466 Introduction to Econometrics (not both)

+ 6 credits from: MATH 3000 level courses

+ 15 elective credits in ARTS

4th year:

*MATH 4247 Time Series Analysis

*MATH 4606 Statistical Models in Actuarial Science

+ 9 credits from: MATH 4000 level courses

+ 6 credits from MATH 3000 or MATH 4000 level courses

+ 9 elective credits in ARTS

* Denotes courses that may be cycled biennially. Students should consult an academic advisor to ensure that all course requirements are met.

Program Notes

1. A minimum cumulative GPA average of 5.5 is required to pass from the second year to the third year of the program. Students not meeting this requirement but would be in good standing will be transferred to the B.A. in Mathematics.

2. Successful completion of the actuarial specialization does not guarantee that candidates will become qualified actuaries. Students will be required to pass exams administered by the Society of Actuaries to practice as an Actuary in Canada or the United States. Students should start writing actuarial exams while enrolled in university, and should continue writing exams after graduation as well. Most of the material on the following preliminary actuarial exams will be covered by the specialization: Exam P, Exam FM, Exam C. Part of the material necessary for Exam MLC will also be covered as part of the specialization.

3. The specialization is also designed to gain some VEE (Validation by Educational Experience) credit with the Society of Actuaries. Although it is believed that the courses that are part of the specialization will satisfy the Society of Actuaries VEE requirements for Economics and Applied Statistical Methods (if the student achieves a sufficiently high grade, currently GPA of 5.5), Laurentian University makes no guarantee that the courses taken at Laurentian for VEE credit, nor the mark obtained, will necessarily satisfy the Society of Actuaries requirements.

General requirements:

• Maximum of 48 credits allowed at First Year level

• The Honors degree designation will be given to a student who obtains an overall GPA average of at least 5.5.

Elective requirements for BA

1. A total of 42 credits in ARTS

**Specialization in Actuarial Science (B.Sc.)**

1st year:

ACCT 1001 Understanding and Using Financial Information

ACCT 2001 Introductory Accounting

ECON 1006 Introduction to Microeconomics

ECON 1007 Introduction to Macroeconomics

MATH 1036 Calculus I

MATH 1037 Calculus II

MATH 1056 Discrete Mathematics I

MATH 1057 Linear Algebra I

PHYS 1006 Introductory Physics I

PHYS 1007 Introductory Physics II

2nd year:

CHMI 1006 General Chemistry I

COSC 2836 Software for Sciences

FNCE 3006 Financial Management I

FNCE 3007 Financial Management II

MATH 2037 Advanced Calculus

MATH 2056 Discrete Mathematics II

MATH 2057 Linear Algebra II

MATH 2066 Introduction to Differential Equations

STAT 2246 Statistics for Scientists

3 credits from Faculty of Science, Engineering and Architecture

3rd year:

*MATH 3206 Introduction to Actuarial Mathematics

MATH 3236 Probability and Statistics

*MATH 3237 Regression Analysis OR ECON 3466, Introduction to Econometrics (not both)

6 credits from: MATH 3000 level courses;

6 credits from courses in the Faculty of Science, Engineering and Architecture;

6 credits in Arts

3 credits in general electives

4th year:

*MATH 4247 Time Series Analysis

*MATH 4606 Statistical Models in Actuarial Science

9 credits from: MATH 4000 level courses

6 credits from MATH 3000 or MATH 4000 level courses

9 credits in general electives

* Denotes courses that may be cycled biennially. Students should consult an academic advisor to ensure that all course requirements are met.

Program Notes

1. A minimum cumulative GPA average of 5.5 is required to pass from the second year to the third year of the program. Students not meeting this requirement but would be in good standing will be transferred to the B.Sc. in Mathematics.

2. Successful completion of the actuarial specialization does not guarantee that candidates will become qualified actuaries. Students will be required to pass exams administered by the Society of Actuaries to practice as an Actuary in Canada or the United States. Students should start writing actuarial exams while enrolled in university, and should continue writing exams after graduation as well. Most of the material on the following preliminary actuarial exams will be covered by the specialization: Exam P, Exam FM, Exam C. Part of the material necessary for Exam MLC will also be covered as part of the specialization.

3. The specialization is also designed to gain some VEE (Validation by Educational Experience) credit with the Society of Actuaries. Although it is believed that the courses that are part of the specialization will satisfy the Society of Actuaries VEE requirements for Economics and Applied Statistical Methods (if the student achieves a sufficiently high grade, currently B-), Laurentian University makes no guarantee that the courses taken at Laurentian for VEE credit, nor the mark obtained, will necessarily satisfy the Society of Actuaries requirements.

General requirements:

• Maximum of 48 credits allowed at First Year level

• The Honors degree designation will be given to a student who obtains an overall GPA average of at least 5.5.

Elective requirements for BSc:

A minimum of 18 credits from the Faculty of Science, Engineering and Architecture, in at least three different topics than MATH or STAT.

**Major in Actuarial Science**

ACCT 1001 Understanding and Using Financial Information (3 credits)

ECON 1006 Introduction to Microeconomics (3 credits)

MATH 1036 Calculus I (3 credits)

MATH 1037 Calculus II (3 credits)

MATH 1057 Linear Algebra I (3 credits)

MATH 1056 Discrete Mathematics I (3 credits)

COSC 2836 Software for Sciences (3 credits)

MATH 2037 Advanced Calculus (3 credits)

MATH 2056 Discrete Mathematics II (3 credits)

STAT 2246 Statistics for Science (3 credits)

*MATH 3206 Introduction to Actuarial Mathematics (3 credits)

MATH 3236 Probability and Statistics (3 credits)

*MATH 3237 Regression Analysis (3 credits) OR ECON 3466 Introduction to Econometrics

*MATH 4606 Statistical Models in Actuarial Science (3 credits)

* Denotes courses that may be cycled biennially. Students should consult an academic advisor to ensure that all course requirements are met.