|Tuition Fees:||$20,890 /year|
|Applications Begin:||January 2021|
|Final Award:||Bachelor of Science in Actuarial Science|
|Start Date:||September 2021|
|Academic Unit:||School of Science and Engineering|
|Application Deadline:||March 2021|
AUC’s actuarial science program, which cuts between the School of Sciences and Engineering and the School of Business, prepares students for careers as actuaries who provide risk management expertise to insurance companies, consultancies, government, regulatory bodies and a range of investment and banking institutions. The program helps graduates obtain the actuarial license from the Egyptian Financial Supervisory Authority by preparing them to pass the examinations required to earn an ASA/FSA or CERA designations of the Society of Actuaries (USA) or the AIA/FIA designation of the Institute and Faculty of Actuaries (UK).
Graduates of the program will be able to:
– Establish a career as an actuary who provides risk management expertise to insurance companies, consultancies, government, regulatory bodies and a range of investment and banking institutions
– Earn an ASA/FSA or CERA designations of the Society of Actuaries (USA), the AIA/FIA designation of the Institute and Faculty of Actuaries (UK), or earn a graduate degree in actuarial science or a related field
– Adhere to high standards of conduct, practice, and qualifications of the actuarial profession
– An ability to identify, formulate, and solve problems typical of a career in actuarial science using standard techniques of mathematics, probability and statistics
– An ability to use appropriate financial and actuarial modeling techniques to assess uncertainty and risk
– An ability to analyze and interpret data, use statistical inference to draw conclusions about populations, and make informed data analysis decisions
– An ability to communicate effectively with a range of audiences
– An ability to understand ethical and professional responsibilities and the role of actuaries in protecting individuals, companies and other organizations from unforeseen or burdensome financial effects of random or contingent events
– An ability to function effectively on teams that establish goals, plan tasks, meet deadlines, and analyze risk and uncertainty
The life of nearly every one is impacted by the work of actuarial experts. Actuarial experts apply mathematical models to improve financial decision-making by evaluating the financial implications of uncertain future events.
The number of certified actuarial experts in Egypt is notoriously low, whereas the demand for actuarial experts is very high. One objective of the program leading to the Bachelor of Science degree is to reduce the huge gap between supply and demand for actuarial experts in Egypt.
To be able to solve the problems of evaluating and measuring risk, an actuarial expert has to be trained in the disciplines of mathematics, probability, statistics, economics, finance, business law, accounting, and marketing. Consequently, the Actuarial Science Program cuts across the School of Science and Engineering and the School of Business.
What a major in Actuarial Science offers:
To summarize, there are many reasons why a student might choose to pursue the B.Sc. program in Actuarial Science. The program prepares students for:
– many positions within Egypt, where the demand for actuarial experts in insurance companies, actuarial consulting firms, banks and other financial institutions, as well as government agencies like the Egyptian Financial Supervisory Authority (EFSA), greatly exceed their supply.
– a wide variety of jobs in Egypt, in multi-national companies, and international institutions abroad, where training in mathematics, probability, statistics, economics, finance, business law, accounting, and marketing are essential.
– completing the first five certification examinations jointly offered by the Society of Actuaries and Casualty Actuarial Society, an important step toward actuarial certification and toward obtaining the actuarial license from the Egyptian Financial Supervisory Authority (EFSA).
A total of 130 credits is required for the Bachelor’s degree in Actuarial Science:
Concentration Requirements (60 Credits)
– Calculus I (3 credits)
– Calculus II (3 cr.)
– Statistics for Business (3 cr.)
– Calculus III (3 cr.)
– Differential Equations (3 cr.)
– Linear Algebra (3 cr.)
– Applied Probability (3 cr.)
– Statistical Inference (3 cr.)
– Introduction to Financial Mathematics (3 cr.)
– Stochastic Processes (3 cr.)
– Short Term Actuarial Mathematics I (3cr.)
– Short Term Actuarial Mathematics II (3 cr.)
– Mathematics of Derivatives Pricing I (3 cr.)
– Mathematics of Derivatives Pricing II (3 cr.)
– Financial Modeling (3 cr.)
– Long-Term Actuarial Mathematics I (3 cr.)
– Long-Term Actuarial Mathematics II (3 cr.)
– Applied Regression Methods (3 cr.)
– Analysis of Time Series Data (3 cr.)
– Applied Multivariate Analysis (3 cr.)
Collateral Requirements (24 Credits)
– Financial Accounting (3 cr.)
– Fundamentals of Computing I (3 cr.)
– Introduction to Macroeconomics (3 cr.)
– Introduction to Microeconomics (3 cr.)
– Intermediate Macroeconomic Theory (3 cr.)
– Intermediate Microeconomic Theory (3 cr.)
– Business Finance I (3 cr.)
– Investment Analysis (3 cr.)
Culminating Project Experience (3 Credits)
MACT 497/4950 – Practical Internship (3 cr.)
MACT 495/4980 – Senior Thesis (3 cr.)
Actuarial Science Electives (9 Credits)
– Managerial Accounting (3 cr.)
– Introduction to Business (3 cr.)
– Fundamentals of Computing II (3 cr.)
– Fundamentals of Database Systems (3 cr.)
– Database Systems (3 cr.)
– Monetary Economics (3 cr.)
– Introduction to Econometrics (3 cr.)
– International Trade (3 cr.)
– Applied Banking (3 cr.)
– International Finance (3 cr.)
– Corporate Finance (3 cr.)
– Portfolio Theory and its Applications (3 cr.)
– Numerical Methods (3 cr.)
– Guided Studies in Mathematics (1-3 cr.)
– Selected Topics in Mathematics (3 cr.)
– Selected Topics in Actuarial Science (3 cr.)
– Practical Internship (3 cr.)
– Senior Thesis (3 cr.)
– Enterprise Risk Management (3 cr.)
– Management Fundamentals (3 cr.)
– Managing the Human Capital (3 cr.)
– Principles of Marketing (3 cr.)
– Marketing Research (3 cr.)
– Introduction to Information Systems/Technology (3 cr.)
– Management Information Systems and Database Management (3 cr.)
– Decision Support Systems and Business Intelligence (3 cr.)
Core Curriculum (34 Credits)
The remaining 6 credit hours required to satisfy the core are fulfilled by the concentration Science (3 crs) and the MACT 495/4980 – Senior Thesis (3 cr.) or MACT 497/4950 – Practical Internship (3 cr.)
* Actuarial Science students must take 1 credit hour of Natural Science lab.
The following is a summary of the admission requirements for each certificate:
– American High School Diploma:
Completion of an advanced-level math course in grade 12, and one other science course in grade 10, 11 or 12 is required to qualify for admission. A minimum SAT I-math score of 560 is required to be eligible for admission.
– British Certificate (IGCSE/GCSE):
Completion of O-level and advanced-level math courses with a minimum grade of B in each of the two courses is required to qualify for admission.
– Canadian Certificate:
Completion of an advanced-level math course in grade 12 and one other science course in grade 10, 11 or 12 is needed to be eligible for admission. A minimum overall score of 80 percent in addition to a minimum per subject score of 80 percent are required to qualify for admission.
– French Baccalaureate:
Completion of a math and one other science course with a minimum average of 70 percent in both courses is required to qualify for admission.
– German Abitur:
Completion of a math and one other science course is required to qualify for admission. A minimum grade of 10 in a math course and an average of 10 in both courses is required to qualify for admission.
– International Baccalaureate (IB):
Completion of high-level math and one other science course with a minimum grade of 4 in math and an average of 4 in both courses is required to qualify for admission.
– Thanawiya Amma (Egypt):
Completion of pure math and applied math courses with a minimum score of 80 percent in each is required to qualify for admission. A minimum overall thanawiya amma score of 90 percent is also required to qualify for admission.
– Thanawiya Amma (Arab Countries):
Completion of math with a minimum score of 92 percent and one other Science course is required to qualify for admission. A minimum overall thanaweya amma score of 92 percent is also required to qualify for admission.
How to Apply
1- Submit the online application form. (Application is available online only). The application can be renewed from the fall to the spring semester of the same academic year only. A new application should be submitted for a new academic year.
2- Fulfill the requirements of your secondary school certificate. The most common secondary school certificates accepted by AUC are listed below. The minimum cut-off scores for each certificate may change from one semester to another according to University requirements. Having the minimum academic requirements does not grant you an offer of a place but rather ensures entry to the selection process.
– Thanawiya Amma
– German Abitur
– IGCSE/GCSE/GCE British Certificate
– International Baccalaureate
– French Baccalaureate
– American High School Diploma
– Canadian Certificates
– Other Certificates
1. Late submission of admission credentials decreases your chances of declaring science and engineering majors because places in these programs are limited.
2. Check that you have fulfilled all the University’s language requirements, as demonstrated by your TOEFL/IELTS scores.
– Results of the TOEFL/IELTS exams may be sent directly to the admissions office. AUC’s code number is 0903
– Both tests should be completed no more than two years prior to the first day of the term for which you are applying for admission
– English placement depends on your TOEFL/IELTS test scores
– Students who believe their placement in the ELI is not appropriate for their level of English proficiency are encouraged to re-take the TOEFL or IELTS. AUC does not offer “exemption” exams of any kind
– The deadline to submit improved English placement test scores is the last working day before the first day of classes each semester
3. Check that you have submitted all required documents by the set deadlines. Your application and a final admission decision will be pending the submission of all these documents. Applications submitted after the set deadlines will be considered according to space availability.
4. Provisional Admission: AUC considers the most academically qualified applicants for provisional admission if they earned excellent grades or submitted the necessary documents prior to the set deadlines.
5. Final acceptance will be given after submitting your final transcript and proof of graduation by or before the assigned deadlines.
About the Application Deadlines:
**Spring Semester (American system) which begins in January and ends in early May, has as Undergraduate Application Deadline October 1, 2020.
**Fall Semester (American system) which starts in late August and ends in late December, has as Undergraduate Application Deadline March 1, 2021.
Career Opportunities available for Bachelor of Actuarial Science include:
– Insurance Actuarial Analyst
– Actuarial Consultant
– Business Analyst
– Risk Analyst
– Investment Analyst
– Post Secondary Teacher
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**Tuition Fee per year for Egyptian Students: 332,047EGP ($21,027)
**Tuition Fee per year for International Students: 377,144EGP ($23,887)
– The tuition rate is based on a flat rate of $647 for Egyptian students per credit hour and $735 for international students per credit hour.
– Tuition fees for Egyptian students may be paid in Egyptian pounds according to CIB (Commercial International Bank) exchange rate on the day of payment. Tuition fees for international students must be paid in US dollars.
– Tuition fees are collected each semester. No student with an outstanding bill (including charges for breakage or library fines) will be admitted to any examination, given any certificate or report of academic standing, or be permitted to register for a subsequent semester.