Actuarial Science
Actuarial Science is the application of mathematics, statistics, and risk theories to the design of insurance and pension programs. Actuaries' areas of expertise are extensive and involve a wide range of business aspects such as, operations research, finances, economics, investment analysis, analysis of medical risk, accounting, legal and regulatory aspects of insurance and pensions, among others. In other words, actuaries apply mathematical skills to the business environment, and they are experts in risk management. The actuarial profession offers continuous challenges and it requires a strong mathematical ability along with proficiency in various business skills. It is also a rewarding career with excellent opportunities for intellectual development and financial gain.
An actuary is a Fellow of the Canadian Institute of Actuaries (FCIA); this professional designation is granted after three years of practical experience and successful completion of a series of required courses. Members can achieve their fellowship by completing the Society of Actuaries exam system (covering life insurance, health insurance and pension topics) or the Casualty Actuarial Society exam system (covering property and casualty insurance topics). Under the Canadian Institute of Actuaries University Accreditation Program, University of Regina students can obtain exemptions to up to four preliminary exams under either system.
The BSc in Actuarial Science is the only program of its kind in Saskatchewan, and it is one of only 11 programs nationally that are accredited by the Canadian Institute of Actuaries.
Further information on Actuarial Designations and Qualifications can be found at the Canadian Institute of Actuaries.
The Department of Mathematics and Statistics, in conjunction with crown corporations, compensation boards, insurance companies and consulting firms, has developed a sixteen-month Internship Program to allow actuarial students to gain work experience before completing their undergraduate degrees. This is a valuable opportunity to gain vital work experience and earns students four credit hours towards their program.
- Information Sessions and Application deadlines occur each Fall (mid-semester) and Internships are expected to start in May every year.
- Students interested in the Actuarial Science Internship should consult Jan-Paul Venter at the beginning of their third year of study.
See Center for Experiential and Service Learning for further details.
The Bachelor of Science in Actuarial Science program at the University of Regina has received accreditation from the Canadian Institute of Actuaries (CIA). Students graduating with a BSc in Actuarial Science from our university can achieve their ACIA designation by successfully completing the CIA ACIA Capstone Exam. This unique opportunity is made possible through the University Accreditation Program, allowing students to bypass the traditional exam routes offered by both the Society of Actuaries (SOA) and the CIA. For additional information on this innovative pathway, please visit the CIA website.
For a degree to be recognized by the CIA, a student must successfully complete the following mandatory courses:
Course |
Course Title |
| ACSC/STAT 116 | Mathematics of Finance I |
| ECON 201 | Introductory Microeconomics |
| ECON 202 | Introductory Macroeconomics |
| ACSC/STAT 216 | Mathematics of Finance II |
| ACSC/STAT 217 | Introduction to Actuarial Mathematics |
| STAT 251 | Introduction to Probability |
| STAT 252 | Introduction to Statistical Inference |
| BUS 285 | Introduction to Financial Accounting |
| ACSC/STAT 300 | Statistical Learning and Predictive Modeling |
| ACSC 316 | Mathematics of Finance III |
| ACSC/STAT 317 | Actuarial Models I |
| ACSC 318 | Actuarial Models II |
| STAT 351 | Intermediate Probability |
| BUS 395 | Finance: Theory and Application |
| ACSC 417 | Introduction to Casualty Insurance and Credibility |
| ACSC/STAT 418 | Time Series Analysis and Forecasting |
| ACSC 419 | Estimation and Selection of Actuarial Models |
| ACSC 456 | Applied Stochastic Processes |
BSc Program
Click here to view/download the course requirements for this program.
Suggested Four Year Schedule
| Fall Semester | Winter Semester | |
| Year 1 | MATH 110 STAT 160 CS 110 ENGL 100 Natural Science Elective |
MATH 111 MATH 122 ENGL 110 Natural Science Elective Arts/Fine Arts Elective |
| Year 2 | ACSC 116 MATH 261 STAT 251 ECON 201 MATH 213 |
ACSC 216 ACSC 217 STAT 252 STAT 351 Science Elective (not ACSC) |
| Year 3 | ACSC 317 STAT 354 BUS 285 (Science Elective, not ACSC) Arts/Fine Arts Elective |
ACSC 318 STAT 426 → ACSC 316* ECON 202 BUS 395 Science Elective (not ACSC) |
| Year 4** | ACSC 417 ACSC 390AA-ZZ or Open Elective ACSC 418 Open Elective Science/Arts/Fine Arts Elective |
ACSC 456 ACSC 419 Math/Stats course level 300 or above Open Elective Open Elective |
* ACSC 316 may replace STAT 426 as an BSc ACSC program requirement.
** At the completion of the third year of study, students have the option of applying for a one-year internship program, then returning to complete their studies the following year.
For further information on course schedules, see our Course Offerings by semester.