Overview
In response to a regional demand from the insurance industry, LAU leads the way with the first Executive Master’s in Actuarial Science (EMA) in the Middle East, a program offered jointly by the School of Arts and Sciences and the Adnan Kassar School of Business. The EMA offers the highest level of executive education and training that can be combined with a full-time career for those working in the fields of insurance or finance and want to advance their careers. It provides the solid academic core and deep understanding of the market to prepare students for a successful career as actuaries.
Mission
The Executive M.A. in Actuarial Science aims to promote a culture of need for, and an appreciation of, actuarial science 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 M.A. in Actuarial Science program are to:
- allow experienced professionals in Lebanon and the Middle East to upgrade their insurance knowledge
- assist those professionals in earning professional certification
- provide a solid academic foundation for its constituencies to become successful actuaries
- 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 M.A. in Actuarial Science will enable graduates to:
- demonstrate an understanding of the fundamental probability tools for quantitatively assessing risk and an ability to apply these tools to various insurance problems
- demonstrate an understanding of quantitative concepts and basics of financial analysis from accounting to capital budgeting applicable to insurance companies
- 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
- 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
- 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
- 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
- demonstrate the highest standards of ethical conduct and professional behavior, critical, interpersonal and communication skills as well as a commitment to life-long learning
Eligibility for Admission
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
A total of 36 credits are required for graduation, including 9 specialized credits that allow students to concentrate on either insurance management or actuarial mathematics.
- Core Requirements (14 credits)
- Electives (13 credits)
- Concentration Area (9 credits)
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 & Health Insurance (3 cr.)
- ACT723 Individual Life & 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 & Insurance Intermediaries (2 cr.)
- ACT728 Insurance Compliance & Corporate Governance (1 cr.)
- ACT731 Business Analytics for Executives (1.5 cr.)
- ACT732 Executive Operations Management (1.5 cr.)
- ACT733 Strategic Marketing (1.5 cr.)
- ACT734 Executive Leadership & Communication Skills (1.5 cr.)
- ACT735 Accounting for Executives (1.5 cr.)
- ACT736 Corporate Financial Strategy (1.5 cr.)
- ACT738 Duration & Cashflow Matching for Insurance (1 cr.)
- ACT741 Pension Funds (1 cr.)
- ACT742 Introduction to Life & 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 & 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.)
