MActSc - Frequently Asked Questions

• 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. 
• See Be An Actuary for more information on the profession and the exam process in North America, and the Institute and Faculty of Actuaries for information on the UK profession and exams.

• 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.  See Careercast  for the 2015 rankings.

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.

• 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.

• 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.

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.

There are many reasons why the University of Waterloo may the best place for you to study actuarial science; here are a few.

• 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.
• Fees and cost of living in Waterloo compare favourably with programs in the U.K. and U.S.   More information about Waterloo can be found on the Graduate Studies website.

Learn how to apply to this program.

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.

The courses are listed on our course requirements page. All students take all 15 courses, even if they have studied similar material in their undergraduate programs.

Probably! 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 MActSc webpage.

This is explained in detail on the Master of Actuarial Science course requirements page.

The MActSc program has been accredited by the Institute and Faculty of Actuaries in the U.K. (IFoA) for most of the preliminary exams (CS1, CS2, CM1, CM2, CB1, CB2, CP1, CP2, CP3) in their system. An average of 75% over all 15 courses of the program will be required to get credit for all of these exams.

If this average requirement is not met, then it will still be possible to get credits for some professional exams if the corresponding MActSc courses have been completed with a sufficiently high average grade.

Currently, the IFoA exam credits may be applied for exemption from some Society of Actuaries (SOA) or Casualty Actuarial Society (CAS) exams. See SOA exam waivers or CAS exam credits for more information.

The program has also been accredited with the Canadian Institute of Actuaries (CIA). Exemptions are offered course-by-course for subjects P, FM, IFM, LTAM, STAM, and SRM of the CIA exams. See the CIA University Accreditation Program for more information.  The CAS also currently recognizes the CIA exemptions.

• You will be contacted by email and you should also check your Quest account for updates.
• You may send us an email if you want an updated anticipated date for the status of your application or where we are with the application processing.

The MActSc is a professional program, similar to a Master of Business Administration (MBA). Like other professional programs, we do not provide financial support, through TA or RA positions, for students in this program.