Actuarial Science (BSc)

The BSc Actuarial Science programme is designed for students who are keen on solving real world problems involving risk and uncertainty using mathematical tools. You will learn how to predict future uncertainty, and analyse and evaluate potential risks.

The actuarial profession involves the application of mathematics by probability and statistics tools to analyse risk for future uncertainty.

Why should I study actuarial science at XJTLU?

• You are taught by staff from various departments including Mathematics and International Business School Suzhou
• You are trained and prepared for the professional actuarial exams required for international certification and licensing
• XJTLU's location in Suzhou close to Shanghai, China's financial centre, provides you with the opportunity to undertake internships and work placements at Fortune 500 companies
• Earn two degrees: an XJTLU degree from the Chinese Ministry of Education and a globally recognised degree from the University of Liverpool, a member of the Russell Group of leading UK universities
• Actuarial programmes at the University of Liverpool have accreditation from the Institute and Faculty of Actuaries, the professional body for actuaries in the UK
• Only five domestic universities hold degree awarding powers for actuarial science bachelor degrees.

Knowledge and skills

By the time you graduate from BSc Actuarial Science, you will:

• understand key areas and skills of actuarial sciences
• have a thorough understanding of mathematics, probability and statistics
• be able to analyse risk in real-world situations.

Modules

• Year One

  UK degrees are three years long whereas in China they are four, therefore we do accept students with certain qualifications directly into Year Two, which is the start of the main academic programme. Most students, however, enter into Year One, which provides you with a range of interesting modules, language classes and core skills for your degree.

• Year Two

  Compulsory modules:

  • Financial reporting I
  • Theory of interest
  • Introduction to financial accounting
  • Principles of microeconomics
  • Foundations of financial computing
  • Introduction to probability and statistics
  • Principles of macroeconomics
  • Introduction to finance.

  Elective modules:

  • Advanced linear algebra
  • Analysis I.

• Year Three

  Compulsory modules:

  • Life insurance mathematics I
  • Sampling and hypothesis testing
  • Mathematical risk theory
  • Statistical distribution theory
  • Introduction to financial mathematics
  • Life insurance mathematics II.

  Elective modules:

  • Econometrics I
  • Financial reporting I
  • Security market
  • Macroeconomics II.

• Year Four

  Compulsory modules:

  • Credibility theory
  • Loss distribution
  • Linear statistical models
  • Stochastic modelling in insurance and finance
  • Applied probability
  • Final year project.

  Elective modules:

  • Econometrics of time series
  • International trade.

Careers

Graduates are usually employed as actuaries. They work for the insurance industry to calculate costs and determine the premiums. Actuaries also work for banks to develop derivative products, manage risk and forecast the future. Actuaries provide services for governments and oversee public companies to ensure compliance with regulatory laws.

In recent years, there has been an increasing trend to recognise actuarial skills that can be applied to a range of roles outside the traditional fields of insurance, such as agriculture and weather forecasting.