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.
|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.