Actuarial Science and Risk Management can be defined as applied science, focusing specifically on mathematics and statistics, economics and finance to solve financial problems involving uncertainty in value. Actuarial science knowledge will use mathematical skills and numeracy skills to identify, analyze, and solve problems in business and social. Those who want to follow this program must have a strong interest and ability in math.
Therefore, the Actuarial Science and Risk Management programme intends to produce actuarial practitioners and risk managers who will:
- PEO1: Can combine knowledge (LO1) and practical skills (LO2) in Actuarial Science and Risk Management to serve the nation and society(LO1, LO2);
- PEO2: Able to lead (LO5), teamwork (LO5), social skills (LO3), effective communication skills (LO5) and knowledge-solving problems in critical and scientific thinking (LO6) (LO3, LO5, LO6);
- PEO3: Always trying to improve lifelong knowledge (LO7), have good management skills (LO8) and ability to identify entrepreneurial opportunities (LO8) in the Actuarial Science, Risk Management and related industries (LO7, LO8);
- PEO4: Practice ethical and professional values in a career (LO4).
At the end of the program, students are able to:
- PO1: Seek and use core and advanced knowledge in Actuarial Science and Risk Management (LO1);
- PO2: Have practical skills in a particular field, as well as analyzing and interpreting data for research use in Actuarial Science and Risk Management (LO2);
- PO3: Have social accountability as a learned and responsible person (LO3);
- PO4: Committed to upholding ethical and professional responsibilities and integrating with the knowledge of Naqli and Aqli (LO4);
- PO5: Communicate effectively and demonstrate leadership skills in team work environments (LO5).
- PO6: Think critically in identifying, analyzing and solving problems using appropriate techniques (LO6);
- PO7: Obtain and disseminate scientific information related to the field of Actuarial Science and Risk Management as well as demonstrating a desire for lifelong learning (LO7);
- PO8: Skills in entrepreneurship and management and apply it (LO8);
Students are encouraged to take professional examinations, whether organized by the Actuarial Society in the USA, Australia or Canada, or the Actuarial Institute in England, or the Faculty of Actuaries in Scotland. Those with professional qualifications will be more likely to work and have a better chance of earning a higher salary.
Graduate in this field may enter the takaful and insurance industry, consultancy, funds, securities, stocks, finance, banking, marketing, reinsurance, investment, capitalization, health, transportation (land, sea and air), mining, oil, business and multinational companies . They can also be entrepreneurs, franchise holders or work in the public sector (such as in central banks, inland revenue, financial groups, public trustees, or education).