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

Total Credits
30

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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.

Program Educational Objectives

The main objectives of the Masters of Science in Actuarial Sciences are to:

1.Prepare graduates to assume leading positions in risk management.
2.Equip students with the theoretical background needed to become credentialed actuaries and achieve the ASA designation with the Society of Actuaries or its equivalent with other international professional societies such as CAS, CIA or IFoA.
3.Inculcate in students the moral and ethical standards extracted from the precepts governing the actuarial code of professional conduct. To make them aware of the responsibilities laid upon them by the different stakeholders that depend on their actuarial opinion.
4.Equip students with the academic skills needed to pursue a Ph.D. degree in any applied mathematical discipline such as Statistics, Financial Mathematics, Actuarial Sciences, etc.
5.Provide students with hands-on industry-based applications and projects that bolster students’ assimilation of the theoretical concepts and fosters creativity, collaboration, leadership and communication skills.

Program Learning Outcomes

The Master of Science in Actuarial Sciences aims to prepare graduate students to apply mathematics, statistics, finance and economics to model future risks (life, casualty, health, catastrophe etc.). They learn how to use their models to evaluate the frequency and severity of occurrence and how to devise methods to mitigate the risks through insurance, hedging or diversification. Students will acquire:

1.A theoretical and practical application of Actuarial Mathematics to life insurance products such as single life, multiple life, single decrement, multi decrement or any combination of them. Students will become proficient in pricing, reserving and profit testing any life insurance product. The learning outcomes pertaining to life insurance align with those of the LTAM exam of the Society of Actuaries.
2.A theoretical and practical coverage of Loss Models applicable to casualty and health insurance products. Students will learn how to use parametric distributions to model frequency and severity of occurrence and how to devise aggregate loss models incorporating actuarial provisions such as deductibles, ceilings and coinsurance. Students will practice with the modelling control cycle from assumption setting, to parameter estimation and calibration, to model testing and finally model selection. Students will also learn how to incorporate credibility into their analysis using Classical Credibility, Bayesian, Buhlmann, and Buhlmann- Straub methods. The learning outcomes pertaining to casualty insurance align with those of the STAM exam of the SOA.
3.A theoretical and practical coverage of Ratemaking and Reserving for casualty insurance. Students will be able to calculate rates using rate manuals, aggregate exposures, premiums and losses from experience years in order to determine indicated rate changes applicable on a specified future period using Loss ratio and Loss cost methods. Students will learn how to segregate the data into homogeneous groups and adjust the rate differential for each group, estimate IBNR and IBNER and decide on needed reserves. The learning outcomes of Ratemaking and Reserving align with those of Exam 5 of the Casualty Actuarial Society.
4.A theoretical and practical coverage of financial derivatives: Students will tackle the mathematical fundamentals of option valuation from risk neutral valuation in continuous time, to random walk and Brownian motion to stochastic differential equations and Ito’s lemma and modelling stock prices using geometric Brownian motion. They will derive the Black-Scholes - Merton formula and learn how to apply it formula to other assets. The learning outcomes of the Financial Derivatives align with those of the second half of IFM exam of the SOA.
5.The ability to write and effectively communicate actuarial and mathematical concepts to technical and non-technical audience as will be demonstrated by the thesis and the projects.
6.The ability to apply the theoretical concepts acquired through course work on industry provided hands-on projects in the context of ACS 680 (Internship and Project) using computer programs such as excel, SPSS, Python or R.

Admission Requirements

In addition to the University's graduate admission requirements, students holding a BS in Mathematics or Actuarial Sciences with a cumulative GPA of at least 3.0 (or the equivalent) will be accepted. Those with a cumulative GPA between 2.7 and 2.99 (or the equivalent) will be conditionally accepted. Conditionally accepted students may take up to 6 credits (two 3-credit courses) in their first semester. Conditional acceptance will be removed once the student achieves a minimum grade of “B” in each of these courses.

Students may be admitted with some remedial undergraduate courses in Mathematics or Actuarial Sciences. These students must achieve an average passing grade of 2.7/4.0 (“B-”) in the remedial courses. Note that these supplementary credits do not count toward the 30 credits required for the MS degree.

A maximum of 9 transfer credits from previous graduate work at another accredited institution may be accepted at 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 a cumulative GPA of at least 3.0/4.0 with no more than 2 “Cs.” The minimum passing grade of a graduate course is “C.”

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 or be currently enrolled in the program.
2.Have a minimum cumulative GPA of 3.6/4.0 on their undergraduate studies.
3.Have exemplary academic and personal track record during their undergraduate studies.
4.Be willing to support Chedid Re in any tactical support through their graduate studies and beyond.
5.Integrate the human capital of Chedid Re throughout their graduate studies and, when job vacancies become available, after graduation.
6.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.
7.Be available for an interview.
8.Complete all requirements and graduate in two years.

Students who meet the above criteria may apply for the scholarship by completing 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)

Courses

Core and Major Requirements (15cr.)

Elective Requirements (6cr.)

6 credits from the following pool of courses:

Internship and Project Requirement (3cr.)

3 ACS 680 Internship and Project

Thesis Requirements (6cr.)

The Faculty of Natural and Applied Sciences has specific regulations and guidelines for master’s thesis courses, including jury selection, oral defense procedures, grading criteria, manuscript submission, and other relevant information. Upon registering for a master’s thesis course, each graduate student will receive detailed information on these regulations and guidelines.

3 ACS 690 Master Thesis I

3 ACS 691 Master Thesis II

GRADUATION REQUIREMENTS

Core and Major Requirements

15 Cr

Elective Requirements

6 Cr

Internship and Project Requirement

3 Cr

Thesis Requirements