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.

Learning Outcomes

The Executive MA in Actuarial Science 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 total number of credits is 36, divided into two categories: 27 core credits and 9 specialized credits that allow students to concentrate on either Insurance Management or Actuarial Mathematics.

• Core Requirements (14 cr)
• Electives (13 cr)
• Concentration Area (9 cr)

Curriculum

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.)

Electives (13 credits)

Choose 13 credits from 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)

Actuarial Mathematics

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

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.)