An actuary is a business professional who analyzes the financial consequences of risk. Out of the public eye, actuary was ranked 1st in 2010/2013/2015, as well as 2nd and 4th in 2009/2012 and 2014, respectively, according to the CNBC list of best jobs in North America. One of the reasons is perhaps that the unemployment rates for actuaries have been traditionally very low, and the job prospects are good with the number of actuaries expected to grow significantly. Indeed, the U.S. Bureau of Labor Statistics projects a growth of 18% during 2014–2024, which is much faster than average for all occupations. Another reason is probably the importance of the profession to Society. In fact, numerous empirical studies conclude that a sound national insurance market is an essential characteristic of the macro-economic growth. Yet one more reason is the paystub. Namely, actuaries have been consistently very well-paid; for instance, due to CNN Money, the job is one of the ten best-paying jobs of 2017. However, with the high income comes responsibility, and during the subprime mortgage crisis of 2007–2009, an actuary was accused of inventing the formula that ‘killed Wall-Street’.
Actuarial Science is very interdisciplinary in its nature, and not surprisingly, therefore, actuaries often have diverse educational backgrounds, e.g., Mathematics, Statistics, Computer Science, Engineering, Physics, Economics, Business, Biology, and even Medicine. In line with this, at York University we have observed ample of interest in Actuarial Science that comes from outside of the Department of Mathematics and Statistics, and even beyond the Faculty of Science. In addition, we have met many career changers, which looked for joining the field of insurance and finance.
For the aforementioned groups, the Specialized Honours and Honours B.A. programs are as a rule too long. Indeed, these programs are very intense subject-wise – required courses span all of Mathematics, Statistics, and Economics, and time-wise – four years of full-time studies are necessary. For this reason, a Professional Undergraduate Certificate in Actuarial Science (36 credits in total) can serve as an ideal way to go. The Certificate can be completed in one or two years, depending on the student’s background.
Admission Requirements: All students who have successfully completed calculus, statistics and linear algebra courses equivalent to the ones in the list below are admissible.
- Calculus – similar to SC/MATH 1013 3.00; SC/MATH 1014 3.00;
- Statistics – similar to SC/MATH 1131 3.00; and
- Linear Algebra – similar to SC/MATH 1025 3.00.
Note: Students lacking the admission requirements listed above, may choose to enrol in the required courses at York. This would be in addition to the 36 credits required by the Certificate.
Program Requirements: To qualify for the Certificate in Actuarial Science, students must complete 36 credits from the following list of approved courses.
- AP/ECON 1000 3.00; AP/ECON1010 3.00 – this requirement can be waived if the assessment of student’s past academic credentials reveals that the topics were covered at a satisfactory level, which is of particular relevance to Degree Holders in Economics*;
- SC/MATH 2015 3.00 (or SC/MATH 2310 3.00) – this requirement can be waived if the assessment of student’s past academic credentials reveals that the topics were covered at a satisfactory level, which is of particular relevance to Degree Holders in Mathematics/Statistics*;
- SC/MATH 2030 3.00; SC/MATH 2131 3.00 – this requirement can be waived if the assessment of student’s past academic credentials reveals that the topics were covered at a satisfactory level, which is of particular relevance to Degree Holders in Statistics*;
- SC/MATH 2280 3.00; SC/MATH 2281 3.00.
- SC/MATH 3280 3.00; SC/MATH 3281 3.00;
- SC/MATH 3330 3.00;
- SC/MATH 4280 3.00; SC/MATH 4281 3.00.
Graduating with a certificate: Minimum cumulative grade point average of 4.00 is required to satisfy certificate requirements.
If you would like further information, contact Professor E. Furman, efurman@yorku.ca.