New Master of Actuarial Science Program (Fall 2027)

Effective Fall 2027 the Master of Actuarial Science will be a direct entry co-op program.

What's new?

Effective Fall 2027, the Master of Actuarial Science (MActSc) program will undergo significant changes. A co-op term will be added to the program, extending the program to four terms (16 months) long. The program curriculum has been updated to accommodate this change.

Course schedule

The structure of the program will be as follows:

 

Term Courses
One (Fall)
Two (Winter)
  • ACTSC 621 - Accounting, Investment Science, and Corporate Finance
  • ACTSC 622 - Life Insurance Mathematics II
  • ACTSC 623 - Applied Statistics
  • ACTSC 624 - Casualty and Health Insurance Mathematics
Three (Spring) Co-operative term (four month work placement)
Four (Fall)
  • ACTSC 631 - Pricing and Hedging Financial Derivatives
  • ACTSC 632 - Life Insurance Mathematics III
  • ACTSC 633 Quantitative Risk Management
  • ACTSC 634 - Economics (optional). This course is available for students who would like to obtain the SOC VEE-Econ credit, but it is not a degree required course.

Frequently asked questions

Answers to frequently asked questions are listed below. If you have a question that is not listed here, please reach out to us using the "request more information" button below. 

Do these changes impact available exam accreditations?

All existing exam accreditations have been preserved except the Institute and Faculty of Actuaries CP1 exam. ACTSC 634-Economics, which covers the Society of Actuaries VEE-Econ is now optional, students that have already received this exemption may choose not to take it. 

Will adding co-op increase the cost of the program?

The program's tuition remains unchanged. There is a small cost to access the University of Waterloo's coop system and resources, which will be offset by the work term pay. Revised fee schedules for the new program are expected to be available in Winter 2027. 

Can I apply to the option without co-op?

No. The co-op program is the only program students can apply to directly for Fall 2027 and beyond.

Is this program still appropriate for students with no actuarial experience?

Yes. The program is still designed for students with little-to-no actuarial background. By the time you complete your second term of coursework, you will be sufficiently prepared for your co-op position. 

What types of co-op jobs are available?

Our co-op program is supported by the CEE so students will get access to the Waterloo Works job board as well as additional career support. Our advisory board members all expect to have postings available. 

Typical roles available include positions such as Actuarial Analyst/Assistant/Associate/Intern, Data Analyst/Scientist, Financial Analyst, Risk Management Intern, etc. 

To learn more about co-op at Waterloo, please visit the Co-operative Education website.