Actuarial Science

The Bachelor of Actuarial Science program at the University of Waterloo is a comprehensive undergraduate degree designed to prepare students for a dynamic and rewarding career in the field of actuarial science. This rigorous program combines strong foundations in mathematics, statistics, economics, finance, and computer science to equip students with the analytical and problem-solving skills necessary for assessing and managing financial risks in various industries such as insurance, pension plans, healthcare, and government.

Students in the Actuarial Science program engage in a challenging curriculum that emphasizes mathematical modeling, probability theory, and financial mathematics. The coursework is carefully structured to align with the requirements for professional actuarial examinations, including those administered by the Society of Actuaries and the Canadian Institute of Actuaries. Throughout their studies, students gain practical experience through case studies, projects, and internships, fostering a real-world understanding of actuarial applications.

The program benefits from the university’s excellent connections with leading industry partners, providing students with opportunities to participate in co-op placements, internships, and networking events. This integration of academic learning with professional experience enhances graduates' readiness to pursue full-time employment in actuarial roles upon graduation. The university also offers support and resources for students aiming to achieve actuarial accreditation, including access to exam prep materials and mentorship from experienced professionals in the field.

Graduates of the Actuarial Science program at Waterloo are well-equipped for careers in insurance companies, consulting firms, government agencies, and financial institutions. They are also prepared to continue their education through graduate studies or advanced actuarial certifications. With a strong emphasis on both theoretical knowledge and practical skills, the program ensures its graduates are competitive in the global job market and capable of contributing to the development of innovative solutions for complex financial challenges.

Fields (areas of research)

• Actuarial Science Practice
• Actuarial Science Theory
• Finance
• Probability

PhD Comprehensive Examination I

• In Stage I of the PhD Comprehensive Examination, the aim is to ensure that the student has an adequate knowledge of topics covered in the Honours Statistics program at the University of Waterloo. To demonstrate that the student has this adequate knowledge, the student will normally be required to write a formal comprehensive examination designed to test the student's ability to integrate the material from several topic areas (courses).

• Alternative examination methods may be utilized by the Examining Committee to determine if the results are a true indication of the student's knowledge of the material. For example, if the Committee feels that the student has the knowledge of the material in a topic, but has not been able to demonstrate it in the written examination, the Committee may conduct an oral examination for that topic. The choice of the examination method is at the discretion of the Examining Committee.

PhD Comprehensive Examination II. 

• The Stage II Comprehensive Examination is a diagnostic examination, the purpose of which is to test a student's preparedness to undertake thesis research. The format of this aspect of the comprehensive requirement is that of a public, oral presentation of a thesis proposal, followed by questioning from the student's Stage II Committee and any other members of the university community who may be present. A written thesis proposal is submitted prior to the examination. Normally, the Stage II examination must be completed within seven full terms of enrolling in the PhD program.

• The Stage II Comprehensive Examination Committee consists of the supervisor and at least two additional faculty members from the Department. The composition of the Stage II Committee must be approved by the Graduate Committee, and the Associate Chair for Graduate Studies will act as a neutral chair of the Committee of examiners, or will appoint a faculty member to serve in that capacity.

PhD Thesis

• The PhD thesis examination, which is the culmination of the candidate's research efforts as a graduate student, is divided into two stages:
  • Departmental Thesis Presentation
  • University Thesis Defence
• Departmental Thesis Presentation: PhD students are required to present the results of their research before interested members of the department. This departmental thesis presentation is intended to fulfil several purposes. Students have an opportunity to practise their presentation skills and to gain valuable experience in answering questions about their work in a public setting. As well, faculty and graduate students who are interested in the thesis topic are provided with an overview of the student's research prior to the actual thesis examination.
• PhD Thesis Examination: the student shall defend the thesis in an oral examination before an Examining Committee, which shall consist of the supervisor(s), two faculty members in the Department, one faculty member from outside the Department, and an external examiner familiar with the student's research field. The Committee is approved by the Faculty Graduate Committee.

Requirements

• A Master's degree in statistics or actuarial science, completed or expected.
• At least an overall 78% average from a Canadian university (or its equivalent).
• Résumé
• Supplementary information form
• Transcript(s)
• 3 references normally from academic sources
• Internet-Based TOEFL (iBT) 90 overall, IELTS 7.0

Want to improve your English level for admission?

Prepare for the program requirements with English Online by the British Council.

• ✔️ Flexible study schedule
• ✔️ Experienced teachers
• ✔️ Certificate upon completion

📘 Recommended for students with an IELTS level of 6.0 or below.

Enroll in the course

Scholarships

• International Master's (IMSA) & International Doctoral Student Awards (IDSA)
• Ontario Graduate Scholarship (OGS)
• Ontario Trillium Scholarship (OTS)
• Trudeau Foundation Scholarships
• Vanier Canada Graduate Scholarship (CGS)

The Bachelor of Mathematics in Actuarial Science at the University of Waterloo is a highly regarded undergraduate program designed to prepare students for careers in the actuarial profession, risk management, and related areas. This program integrates rigorous coursework in mathematics, statistics, finance, and economics, providing students with a strong analytical foundation. Students would undertake coursework in calculus, linear algebra, probability, and statistics, alongside specialized actuary courses covering areas such as financial mathematics, risk theory, and actuarial modeling.

The program is designed with a focus on developing quantitative skills essential for evaluating and managing financial risks. It also emphasizes practical applications, preparing students for professional actuarial exams offered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The curriculum includes opportunities for cooperative education (co-op), enabling students to gain hands-on work experience in insurance companies, consulting firms, and risk management organizations. These co-op placements are integral to the program, combining academic learning with real-world professional experience.

In addition to technical courses, students participate in seminars, projects, and risk management exercises aimed at enhancing communication, problem-solving, and teamwork skills. The university supports students through dedicated academic advising and training programs to prepare for professional accreditation exams. The program often emphasizes the importance of ethical considerations and professional responsibility, aligning with the standards expected in the actuarial industry.

Graduates of the Actuarial Science program at Waterloo are highly sought after due to the university’s strong emphasis on experiential learning and its reputation in mathematics and finance fields. Many graduates successfully obtain actuarial credentials and pursue careers in insurance, investment management, pension planning, and risk consultancy. The university’s location and industry connections facilitate access to internships, networking opportunities, and employment after graduation. Overall, the Bachelor of Mathematics in Actuarial Science provides a comprehensive, career-oriented education designed to equip students with the skills, knowledge, and professional credentials necessary for success in this dynamic, rapidly evolving industry.