ACTUARIAL SCIENCE

Actuarial Science is a challenging and exciting field where numbers and theories are applied to solve real-world financial and insurance problems. If you have a passion for mathematics, finance, and insurance, this program is the perfect step to build your career in a promising and high-income industry.

Program Introduction

Actuarial Science utilizes knowledge and skills from mathematics, statistics, economics, and finance to quantify uncertain financial or economic events, ensuring the stability and safety of business operations. Actuarial science not only studies how to assess and manage financial risks but also focuses on how to develop appropriate insurance product pricing and risk-sharing strategies. Actuaries are often referred to as the "gold collar workers" because of their high salary and the great demand for their expertise in social security, finance, insurance, and other fields.

Program Objectives

The program aims to cultivate high-quality talents with solid mathematical foundations, extensive knowledge in economics, finance, insurance, and statistics, as well as a strong professional ethics. Students will master modern risk management and actuarial theories and methods, and develop the necessary skills to engage in actuarial and risk management work. Graduates will be equipped to work in various departments such as insurance companies, banks, securities, social security, asset assessment, and investment, dealing with risk management, actuarial analysis, insurance pricing, asset evaluation, solvency supervision, and more. They will be able to apply modern actuarial methods and risk management techniques in actuarial, financial management, product innovation, and risk control.

Graduation Requirements

This program aims to train students with a solid mathematical foundation and broad knowledge in economics, finance, insurance, and statistics. Students will develop strong professional ethics, mastering modern risk management and actuarial theories and methods. Graduates will be capable of engaging in actuarial and risk management work. They will be well-equipped to handle roles such as actuarial analysis, insurance pricing, asset evaluation, and solvency regulation in insurance companies, banks, securities, social security, asset assessment, and investment sectors.

Core Courses

• Microeconomics

• Macroeconomics

• Econometrics

• Finance

• Insurance

• Accounting

• Statistics

• Applied Stochastic Processes

• Multivariate Statistical Analysis

• Insurance Economics

• Asset-Liability Management

Course Structure Diagram

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Research Directions

The research directions in Actuarial Science typically include:

Pension and Social Security Actuarial

• Pension insurance actuarial models and applications

• Social insurance actuarial and monitoring systems

• Pension fund asset-liability management

• Occupational annuity actuarial management control systems

Insurance Actuarial

• Life insurance company asset-liability management

• Survival analysis in medical insurance and life insurance

• Life tables and demographic analysis

• International accounting standards for life insurance companies

• Risk management in insurance companies

Non-Life Insurance Actuarial

• Risk analysis

• Loss models

• Automobile insurance pricing systems

Degree Awarded

Graduates of this program will be awarded a Bachelor's Degree

Career Development

Actuarial science has permeated various fields of commercial insurance in China, and it plays an increasingly important role in investment institutions, social welfare organizations, government consulting, and regulation. For example, in social security—retirement pensions are entirely government-funded, and each enterprise and employee must contribute a certain amount annually to ensure that current retirees receive their pensions. Insurance companies must determine how much premium to charge customers to guarantee compensation and profitability.

Since 2002, there have been fewer than 10 actuaries in all of China. With the growing emphasis on improving the social security system, the Chinese government has begun scientifically formulating policies and regulations. The insurance, investment, finance, and actuarial industries have been rapidly developing, with the demand for actuaries far exceeding the current supply. In North America, the starting salary for actuaries is around $100,000, with top salaries reaching $1 million. Actuary levels are primarily determined through exams and work experience.

Graduates of the actuarial science program typically pursue careers as:

• Actuary

• Insurance product development/project planning

• Auditors

• Risk control personnel

• Asset valuation

Related Majors

• Finance

• Financial Engineering

• Insurance

• Investment

• Financial Mathematics

• Credit Management

• Economics and Finance

• Internet Finance

• Financial Technology

• Financial Auditing

University Rankings (Actuarial Science Programs)

1. Nankai University

2. Central University of Finance and Economics

3. University of International Business and Economics

4. Hunan University

5. Southwestern University of Finance and Economics

6. Zhongnan University of Economics and Law

7. Jiangxi University of Finance and Economics

8. Shandong University of Finance and Economics

9. Shanghai International Studies University