Actuarial Science at UNB

Actuaries are risk managers. They set the prices that must be paid for insurance policies, pensions, and health, car and property insurance. Since no-one knows how long a pension will have to last or when benefits must be paid, there is always a risk that the insurer will not have enough funds to cover those payouts. An actuary uses probabilistic modelling and statistics to minimize those risks.

Becoming an actuary requires knowledge of probability, statistics, and finance, but the barriers to entry are primarily mathematical. To fully qualify, you must pass five courses in specialized topics (VEE courses) and write a series of professional exams. Satisfying the requirements of the Certificate in Actuarial Science will give you the best preparation for a career as an actuary that UNB can provide.

The courses required for the Certificate are listed in bold in the table below. Note that VEE courses in statistics and life contingencies are not offered in all years, and that some required courses will have awkward prerequisites regardless of your major. Administration students should note that the mathematics and statistics courses required for the certificate can be substituted for the courses usually required in the BBA program.

Course Description Type When
MATH 1003 or MATH 1053 Calculus 1 Prerequisite First year
MATH 1013 or MATH 1063 Calculus 2 Prerequisite First year
MATH 1503 or MATH 2213 Linear Algebra Prerequisite First or Second year
ECON 1013 or ECON 3013 Microeconomics VEE First or Second year
ECON 1023 or ECON 3023 Macroeconomics VEE First or Second year
STAT 3083 Probability Exam Prep Second year
STAT 3093 Statistics Prerequisite Second year
MATH 3803 Financial Math Exam Prep Second or Third year
MATH 3843 Life Contingencies Exam Prep Second or Third year
ADM 1213 Accounting Prerequisite First or Second year
ADM 2413 Finance Prerequisite Second or Third year
STAT 4053 or ECON 4625 Regression VEE Third or Fourth year
STAT 4443 Time Series VEE Third or Fourth year
ADM 3415 Corporate Finance VEE Third or Fourth year

For more information on actuarial science at UNB, contact Jeffrey Picka (Tilley 424a, 458-7361)

Further information on the profession can be found at the links below. The profession in Canada is very closely linked to the profession in the US.