Mission

The Executive MA in Actuarial Science aims to promote a culture of need for and appreciation of the Actuarial Sciences in Lebanon and the region. It aims as well to disseminate the importance of professional certification in the field and in the insurance industry.

Program Objectives

The objectives of the Executive MA in Actuarial Studies program are to:

1. Allow experienced professionals in Lebanon and the Middle East to  upgrade their insurance knowledge;
2. Assist those professionals in earning professional certification;
3. Provide a solid academic foundation for its constituencies to become successful actuaries; and
4. Offer a structured assistance for those professionals or students wishing to take the international exams of the Society of Actuaries, the Causality Actuarial Society, or others.

Program Outcomes

The Executive MA in Actuarial Science program will enable graduates to:

1. Demonstrate an understanding of the fundamental probability tools for quantitatively assessing risk and an ability to apply these tools to various insurance problems;
2. Demonstrate an understanding of quantitative concepts and basics of financial analysis from accounting to capital budgeting applicable to insurance companies;
3. Demonstrate an understanding of the theoretical basis of certain actuarial models and life contingent models and an ability to apply those models to insurance and other financial risks;
4. Demonstrate an understanding of frequency and severity models and an ability to carry out the steps involved in the modeling process in solving business problems.
5. Analyze data from an application in a business context, determine a suitable model including parameter values, and provide measures of confidence for decisions based upon the model;
6. Establish rapport in groups, be adaptable to new circumstances, be able to work both independently and in collaboration with others, and be able to function effectively as leaders; and
7. Demonstrate the highest standards of ethical conduct and professional behavior, critical, interpersonal and communication skills as well as a commitment to life-long learning.

Admission Requirements

Candidates for admission will normally be holders of B.S. in Mathematics, B.A./B.S. in Economics, or B.S. in Business. Other applicants with solid backgrounds in quantitative and computational skills (such as Engineers, holders of a B.S. in Computer Science) will be considered.

Graduation Requirements

The credits are divided into two categories: 27 core credits and 9 specialized credits that allow students to concentrate on either Insurance Management or Actuarial Mathematics.

Program Requirements

Core Requirements (14 credits)

• ACT711 / Actuarial Statistics I (3 cr.)
• ACT712 / Introductory Financial Mathematics (1.5 cr.)
• ACT721 / Risk Management (3 cr.)
• ACT722 / Group Life and Health Insurance (3 cr.)
• ACT723 / Individual Life and Annuity Insurance (2 cr.)
• ACT724 / Insurance Ethics (1.5 cr.)

Elective Courses (13 credits)

Choose 13 credits of the following: 

• ACT725 / Takaful Mechanism (1 cr.)
• ACT726 / Innovation Discipline in Insurance (1 cr.)
• ACT727 / Insurance Laws and Insurance Intermediaries (2 cr.)
• ACT728 / Insurance Compliance and Corporate Governance (1 cr.)
• ACT731 / Business Analytics for Executive (1.5 cr.)
• ACT732 / Executive Operations Management (1.5  cr.)
• ACT733 / Strategic Marketing (1.5 cr.)
• ACT734 / Executive Leadership and Communication Skills (1.5 cr.)
• ACT735 / Accounting for Executives (1.5 cr.)
• ACT736 / Corporate Financial Strategy (1.5  cr.)
• ACT738 / Duration and Cashflow Matching for Insurance (1 cr.)
• ACT741 / Pension Funds (1 cr.)
• ACT742 / Introduction to Life and Non-life Reserving (2 cr.)
• ACT746 / Valuation of Insurance Portfolios (1 cr.)
• ACT798 / Topics in Actuarial Science (1.5 cr.)

Concentration Area (9 credits)

A. Actuarial Mathematics

• ACT743 / Actuarial Mathematics (3 cr.)
• ACT744 / Actuarial Statistics II (3 cr.)
• ACT799A / Case Studies in Actuarial Mathematics (3 cr.)

B. Insurance Management

• ACT754 / Property, Liability and Other Lines (3 cr.)
• ACT755 / Personal Auto Policy (2 cr.)
• ACT756 / Claims Management / Insurance Fraud (1 cr.)
• ACT799B / Case Studies in Insurance Management (3 cr.)