MActSc - Frequently Asked Questions

This page contains answers to the most common questions asked by prospective students. If you cannot find the answer you are looking for please send us an inquiry. 

1. What is an Actuary?

• Actuaries are business professionals who apply their knowledge of mathematics - particularly statistics, probability and risk modeling - to real-life financial problems involving uncertainty.
• Most actuaries work in the fields of insurance or pensions risk management. 
• Visit the Canadian Institute of Actuaries website for more information on the profession and the exam process in Canada, and the Institute and Faculty of Actuaries for information on the UK profession and exams. 

2. Why become an Actuary?

• Actuaries are at the forefront of risk management in insurance and pensions.  It is an exciting job which allows you to apply quantitative and business skills in a vitally important industry, protecting the financial security of millions of people.
• Actuaries find themselves at the top tier of job rankings year after year, for the combination of job satisfaction, high salaries and professional recognition. 

3. Is this program for me?

• This program is perfect for you if:
  • You have, or will soon have, a bachelor’s degree in a quantitative area (e.g., engineering, mathematics, statistics, computer science), with a high GPA or equivalent.
  • You are interested in an elite, fast-track program to help launch your successful career as an actuary.
  • You are ambitious and hard-working, good at math, and have strong communication skills.
• This is not the right program for you if you majored in actuarial science in your undergraduate degree.  You should consider the MMath in Actuarial Science instead.

4. Is this program suitable for career changers?

• The program is designed for career changers, as well as for people fresh from a non-actuarial undergraduate degree. The class benefits from a diversity of backgrounds.
• Career changers may be given some recommended reading to help prepare for their return to a university environment, and to ensure that their foundational math skills are up-to-date at the start of the program.

5. How important is mathematics?

• It’s very important! The foundation of actuarial science is the application of mathematics to problems involving financial risk. We want to be very sure that you have sufficient background in mathematics to cope with the courses in the program.
• We may ask you to take a short online test, covering calculus, algebra and some probability and statistics, to assess whether your background is sufficient.
• In some cases we may give you some recommended reading to help ensure your math skills are where they need to be at the start of the program.

6. How big is the class?

• Typical class sizes range from 13 to 20 students. Students take all classes together, and the classes are not open to students from any other programs.

7. Why should I come to University of Waterloo?

• The University of Waterloo is a world leader in actuarial science research and education.
• Many of our professors are internationally recognized for their innovative research and contribution to the actuarial profession. 
• You’ll learn about the most advanced tools and techniques in actuarial risk management, and how these are applied in real-world settings.
• You will enjoy guest lectures from some of the most accomplished actuaries in practice.
• You will receive an education that goes beyond the professional exams, with a unique blend of technical rigor,  business analytics and communication skills.

8. How do I apply?

• Review the graduate studies website for detailed instructions on how to apply.

7. Are there any scholarships available?

• The Master of Actuarial Science is a professional program, similar to an MBA. The university does not provide support though bursaries or research assistantships. However, we do offer the Mary R. Hardy Graduate Award in Actuarial Science to an incoming MActSc student who demonstrates both academic excellence and a strong commitment to serving the public good through volunteering and community service. If you are interested in applying for this award, please include a description of how you satisfy the criteria in your admission package

8. What courses will I take?

• The courses are listed on our course requirements page.

9. Will I get an actuarial job when I graduate?

• Around 85% of our graduates start working in actuarial analyst positions within three months of graduating from the program.  For more detailed information, see our job placement page.

9. What exam exemptions can I qualify for?

• Review our accreditation page for the most up-to-date information on exam exemptions. 

10. What is the difference between the MActSc and the Master of Mathematics (MMath) in Actuarial Science?

• MActSc is a professional program, designed for high calibre students with a quantitative undergraduate degree, but who have little or no previous formal study in actuarial science. The objective of the MActSc program is to prepare students for a career at the leading edge of actuarial science. You should apply for MActSc if you have little or no previous university study in actuarial science, and you are looking for the fast track to actuarial jobs and an actuarial credential.
• The MMath in Actuarial Science is a research degree, requiring an undergraduate degree with an actuarial major or equivalent. The main objective of the MMath is to pursue mathematical research. The MMath program has a more does not cover the business, industry, and communications topics that form the capstone content for the MActSc program. You should apply for the MMath if you have an undergraduate degree in actuarial science, and you are interested in exploring research topics in actuarial science, finance, and risk management.