Starting from the academic year 2018-2019 Birzeit University will introduce a new Bachelor degree program in Actuarial Finance. An interdisciplinary program that uses mathematical and statistical models to assess and manage risk in insurance and pension industries in order to solve emerging financial and social problems. Actuaries design life insurance, annuities and endowment policies by analyzing mortality and developing life tables. They also develop health care modules that account for several life contingencies. Pension actuaries assess whether pension schemes fit the employer and worker future needs, value employer’s liability, and determine the amounts to be paid to retirees. Capitalizing on their knowledge in evaluating risks, actuaries address financial matters and recommend investment strategies on a sound financial basis.
Actuarial Finance
The Bachelor of Actuarial Finance program at Birzeit University seeks to provide high quality actuarial education, which addresses financial and social uncertainties relevant to individuals, corporations and society, in addition to graduating actuaries who can compete at both the local and the international levels.
The bachelor of Actuarial Finance program aims to:
- Provide students with Finance, Economics, Statistics, and Mathematics knowledge necessary for the Actuarial Science.
- Equip graduates with analytical and professional skills to solve emergent financial and social problems.
- Reinforce ethical values, commitment, as well as personal and academic integrity.
- Produce globally recognized actuaries who contribute to the development of actuarial science and practice.
A.Knowledge and Understanding
On successful completion of the program a graduate will be able to:
- Demonstrate knowledge of finance related to risk and return, portfolio and corporate theories.
- Explain the theory of interest and its application to the pricing of derivative products.
- Recognize the economic reasoning relevant to actuarial problems.
- Understand statistical and mathematical methods to account for uncertainties in economics, finance, insurance, investment and pension.
B.Intellectual and Cognitive skills
On successful completion of the program a graduate will be able to:
- Synthesize relevant data from multiple sources to address actuarial issues.
- Identify and select appropriate tools and techniques based on mathematics and statistics to manage risk in insurance, investment and pension.
- Apply quantitative approaches to a problem in order to find effective solutions.
- Assess tools and techniques needed to solve actuarial problems and acknowledge their limitations.
C.Subject-Specific and Practical Skills
On successful completion of the program a graduate will be able to:
- Build financial models to accommodate big data.
- Simulate life contingency models.
- Use computer algorithm to solve actuarial problems.
- Identify assumptions and document computations to verify recommendations.
D.General and Transferable Skills
On successful completion of the program a graduate will be able to:
- Prepare written reports, present and defend results to relevant audience.
- Develop interpersonal and teamwork skills and enhance ability to respond to change.
- Pass the professional exams organized by international actuarial institutions.
- Adhere to highest standards of ethical and professional behavior.
- Actuarial insurance broker: Actuaries are able to develop life insurance products and pricing strategies based on risk assessment.
- Investment analyst: Actuaries are trained to analyze financial performance, evaluate risk prospects, and identify potential investments.
- Data/Business analyst: Actuaries analyze data to help business make better decisions in relation to financial, marketing and operational strategies.
- Fund administrator / manager: Actuaries are able to manage investment portfolios.
- Liability manager: Actuaries are able to establish strategies to manage obligations in financial institutions.
- Consultant: Actuaries provide advice on financial decisions and valuation. Actuaries also design insurance funds, retirement plans and future financial planning strategies.
- Financial manager: Actuaries has strong theoretical background and solid analytical skills needed for high profile positions.
Major requirements (81 credit hours)
a. Compulsory courses: 72 credit hours which include the following courses:
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Course No. |
Course Title |
Prerequisite(s) |
|
Financial Accounting 2 |
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Interest Theory |
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Practical Training in Actuarial Science |
Department’s Chair approval |
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Life Contingencies 1 |
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Risk Theory |
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Survival Models |
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Seminar in Actuarial Science |
Department’s Chair approval |
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Intermediate Microeconomics 1 |
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Intermediate Macroeconomics 1 |
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Introduction to Econometrics |
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Principles of Financial Management |
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Principles of Insurance |
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Corporate Finance |
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Corporate Financial Analysis |
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Investment Management |
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Financial Derivatives and Future Markets |
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Calculus 3 |
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Introduction to Linear Algebra |
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Statistics 2 |
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Probability Theory |
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Statistical Inference |
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Regression Analysis |
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Time Series Analysis |
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Stochastic Processes |
B. Elective courses: select any 6 credit hours from the following level 300 and above:
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Finance courses |
FINN |
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Economics courses |
ECON |
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Mathematics courses |
MATH |
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Statistics courses |
STAT |
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Actuarial finance courses |
ACFI |
General Secondary Examination certificate -, scientific stream or equivalent.
Student must successfully complete 132 credit hours distributed as follows
|
Requirements |
Credit Hours |
|
University Requirements |
19-20 |
|
Faculty Requirements |
25 |
|
Major Requirements |
81 |
|
Elective Courses |
7-6 |
|
Total |
132 |
