Master of Science in Actuarial Sciences - In partnership with Chedid Re

Mission

A Master of Science degree in Actuarial Sciences will fulfill the growing demand in Lebanon and the Arab countries for qualified risk specialists in the fields of life insurance, casualty insurance, pension funding and valuation, credit risk, and hedging and portfolio management. We prepare our graduates to complete all the professional exams leading toward either the ASA designation (Associate in the Society of Actuaries) given by the Society of Actuaries or the FIA Designation given by the Institute of Actuaries, in addition to providing our graduates with the adequate theoretical background to pursue a Ph.D. in Actuarial Sciences or any related field.

Total Credits
30

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Program Objectives

Graduates of this program will be able to:

1.Apply the fundamental skills acquired such as: probability theory, interest theory, finance, economics, statistics, probability, and modeling to perform financial analyses and manage financial risks. They will be able to assess financial security systems and devise methods of funding that account for the underlying economic and financial factors;
2.Become credentialed actuaries after a short period of their graduation given that the program covers most of the material tested by the major professional Actuarial Societies such as the Society of Actuaries and the Institute of Actuaries;
3.Communicate effectively, orally and in writing, on highly technical subjects to technical as well as nontechnical audience;
4.Pursue Ph.D. in Actuarial Sciences as well as any related field such as Enterprise Risk Management, Statistics, Financial Mathematics or Data Science; and
5.Discern and assimilate the ethical and moral responsibility laid upon them by the different stakeholders involved in industries dependent on Actuarial Opinion. They are expected to have full awareness of the ethical precepts embedded in the Actuarial Code of Professional Conduct.

Learning Outcomes

Students who successfully complete the requirements for the Master of Science in Actuarial Sciences will be able to:

1.Devise analytical solutions for actuarial, financial, and statistical problems using the control cycle methodology of model building;
2.Demonstrate proficiency in incorporating assumptions related to economic, financial and other relevant factors in their models, how to stress test them and draw conclusions;
3.Select appropriate software packages related to applications in actuarial practice for data analysis, manipulation, visualization, and interpretation;
4.Sit for all exams required by the major professional actuarial societies to become credentialed actuaries;
5.Communicate actuarial/statistical results professionally and coherently; and
6.Demonstrate knowledge of the major precepts underlying the Actuarial Code of Professional Conduct promulgated by the Society of Actuaries.

Admission Requirements

In addition to the University graduate admission requirements, students holding a BS in Actuarial Sciences or a close field with a cumulative GPA of at least 3.0 or the equivalent will be accepted, while those with a cumulative GPA of 2.7-2.99 or the equivalent will be conditionally accepted. The conditional acceptance will be removed when the student receives a minimum of a “B” average for the 6 credits taken during his/her first semester. Students from other relevant majors may be also given conditional admission pending completion of some supplementary courses over and above the 30 credits required for the MS in Actuarial Sciences, as specified by the faculty graduate committee, with a minimum of a “B” average. These supplementary credits do not count towards the 30 credits required for the MS degree. Normally, a maximum of nine transfer credits from previous graduate work completed at another accredited institution of higher education may be transferred upon the discretion of the faculty graduate committee.

Graduation Requirements

To satisfy the requirements for the degree of Master of Science in Actuarial Sciences, the student must complete a total of 30 credits with an overall average of at least 3.0/4.0.

Thesis

Students in the degree of MS in Actuarial Sciences may consecutively register for the thesis courses ACS 691 and ACS 692 only after successfully completing a minimum of 18 credits with a cumulative GPA of at least 3.0/4.0 and after receiving the approval of both the department chairperson and the thesis advisor.

Work Duration

The thesis work is expected to be successfully completed within a duration of two semesters.

Jury

Immediately after receiving a note of completion from the thesis advisor and three copies of the thesis from the student, the department chairperson shall appoint the oral defense jury and its chairperson, comprising the thesis advisor and two full-time faculty members. The department chairperson shall distribute to each member of the jury one copy of the thesis.

Oral Defense Schedule

The oral defense for the thesis shall take place within two weeks from the jury appointment.

Final Grade

Each jury member shall evaluate the student's thesis work, then the jury shall thoroughly examine the student during the oral defense and consequently assign the proper grade by a majority vote. In case of a tie, the committee chairperson shall have the casting vote.

Thesis Copies Distribution

The student shall submit four copies, two soft bound copies and two unbound copies of the approved final copy of the thesis to the jury chairperson for signatures and distribution to the student, thesis advisor, department, faculty, and the remaining members of the jury. The two unbound copies shall be sent to the university library.

Chedid Re Scholarship Fund for Actuarial Sciences

To qualify for a full or partial Chedid Re Scholarship, applicants must:

1.Be looking to pursue a Master’s degree in Actuarial Sciences at NDU;
2.Have a minimum cumulative GPA of 3.0 /4.0 in their undergraduate studies;
3.Have exemplary academic and personal track records during their undergraduate studies;
4.Be open to perform an internship/ project at Chedid-Re if the opportunity arises;
5.Be willing to sign an undertaking letter in which they pledge to reimburse the full fees paid on their behalf by the scholarship in the event they decide to drop the program for any reason;
6.Be available for an interview; and
7.Complete all requirements and graduate in two years.

Students who meet the above criteria may apply for the scholarship by filling out the Graduate Application Form and the Chedid Re Application Form and emailing it to the Department of Mathematics and Statistics.

Testimonial

"I gained a lot of knowledge in all sub disciplines of Actuarial Sciences in such a short period of time. Faculty members are supportive and considerate, especially during these harsh times. I encourage interested students not to hesitate at all in applying." (Hrair R. Danageuzian - Recipient of the Chedid Re Scholarship)