Actuarial Science Program
Updates
Major Modifications to Act-Sci programs
• Purpose: Integrate data science and modern statistics in the core
actuarial science curriculum. This goal is also in line with the new SOA
professional curriculum. We also changed the structure of high-year
courses in the Specialist program to provide more flexibility to
accommodate students’ different academic and professional
interests.
• Effective from March 2019.
New Specialist Program Requirements
• Enrollment requirements:
1) MAT137Y (63%+)/MAT157Y (60%).
2) ACT240H1 and ACT245H1 and ACT247H1 with a final mark of at least 70% in each course.
• Program completion requirements (13 FCE):
First Year:
1. MAT137Y1 (63%)/MAT157Y1 (60%)
2. MAT223H1/MAT240H1 (should be taken in first year, enforced as a prereq for MAT237Y1)
3. ECO101H1, ECO102H1
To be completed before the end of Second Year:
1. NEW: STA130H1 (students are strongly recommended to complete this in their first year due to enrollment
priorities)
2. CSC108H1/CSC120H1/CSC148H1 (note CSC121 will no longer be offered)
Second Year:
1. ACT240H1 (70%), ACT245H1 (70%), ACT247H1 (70%)
2. MAT237Y1/MAT257Y1
3. STA257H1, STA261H1
4. MGT201H1/RSM219H1
New Specialist Program Requirements
(continued)
• Higher Years:
1. A set of mandatory courses (3.5 FCEs): ACT348H1, ACT370H1, ACT451H1,
ACT452H1, STA302H1, STA314H1 (a new data science course), ACT350H1 (a
new course on stochastic process)
2. 2 FCE to be selected from lists 1 and 2 (students can only use at a
maximum 1FCE from list 2, the practice oriented courses, to fulfill program
requirements, but are welcome to take as many list 2 courses as one likes):
(1) ACT349H1, ACT371H1, ACT455H1, ACT460H1, ACT466H1, STA457H1,
STA414H1, and
(2) ACT372H1, ACT470H1, ACT471H1, ACT473H1, ACT475H1.
New Major Program Requirements
• Enrollment requirements: MAT137Y (63%+)/MAT157Y (60%).
• Program completion requirements (8.5 FCE):
First Year:
1. MAT137Y1 (63%)/MAT157Y1 (60%)
2. MAT223H1/MAT240H1 (should be taken in first year, enforced as a
prereq for MAT237Y1)
To be completed before the end of Second Year:
1. NEW - STA130H1 (students are strongly recommended to complete
this in their first year due to enrollment priorities)
2. NEW- CSC108H1/CSC120H1/CSC148H1
New Major Program Requirements
(continued)
• Higher Years:
1. ACT240H1, ACT245H1, ACT247H1, ACT348H1, ACT370H1
2. MAT237Y1/MAT257Y1
3. STA257H1, STA261H1
4. ACT451H1, ACT452H1, STA302H1
• STA314H1 (a new course on data science) is strongly recommended.
NOTES:
In order to enroll in ANY 300- or 400-level ACT course, the minimum grade of
C (63%) must be obtained in each of ACT240H1, ACT245H1 and ACT247H1.
Professional Exams with SOA and UofT Course
Mapping (continued)
• Exam Probability (P): STA257
• Exam Financial Mathematics (FM): ACT240, ACT245
• Exam Investment and Financial Markets (IFM): ACT245, ACT370, ACT349
• Exam Long-term actuarial mathematics (LTAM): ACT247, ACT348, ACT455,
ACT452*, ACT350 (NEW)
• Exam Short-term actuarial mathematics (STAM): ACT451, ACT452, ACT466,
ACT371, ACT372
• Exam Statistics for Risk Modeling (SRM): STA261, STA302, STA314 (NEW), STA457
*ACT452 is most related to STAM exam. However, Chapter 12 of Loss Model (now a
study note for LTAM exam available on SOA website) is also covered in this course.
Note: Students should seriously consider taking ACT451 and ACT452 in their third
year, given the importance of those two courses in the new SOA curriculum.
ACT451 now only requires a prerequisite of STA257 and STA261 (i.e. you can now
take ACT348 and ACT350/STA347 at the same time with ACT451 in your third year).
Canadian Institute of Actuaries (CIA)
University Accreditation Program (UAP)
• “The UAP allows candidates to enjoy a rich and rewarding university experience that will make
travel time to the Associate (ACIA) and Fellow (FCIA) designations more predictable, with minimal
duplication of effort, while leveraging the strength of Canadian universities.”
• The CIA grants UAP credits to candidates for the following Society of Actuaries (SOA)/Casualty
Actuarial Society (CAS) exams: FM/2, IFM/MFE/3F, LTAM/MLC, and STAM/C/4.
• Great news - From 2019-2020 academic year, credits will also be given to Exam P and Exam SRM!
• CIA credits are currently recognized by the following actuarial organizations towards their
respective designations:
• Casualty Actuarial Society (CAS): ACAS, FCAS
• UK Institute and Faculty of Actuaries (IFoA): FIA, AIA
• Institute of Actuaries of Australia (IAA): AIAA, FIAA
• Actuarial Society of South Africa (ASSA): AMASSA, FASSA
• American Academy of Actuaries (AAA): MAAA
• It is currently NOT recognized by SOA.
• UofT’s UAP courses: https://www.cia-ica.ca/membership/university-accreditation-program-
home/accredited-universities/accredited-university-detail?pav_universityid=06f6b138-61e5-e511-
80b9-00155d111030
Professional Exams with CAS and UofT Course
Mapping
• CAS has also published their 2018 new curriculum:
https://www.casact.org/cms/files/2018_Changes_to_CAS_Credentialin
g_Requirements.pdf
• Most notable changes are the addition of Modern Actuarial Statistics I
(effective spring 2018) and Modern Actuarial Statistics II (effective fall
2018).
• Exam MAS I: ACT451, ACT452, STA261, STA 302, ACT350 (NEW), STA
457
• Exam MAS II: ACT466, STA 302, STA314 (NEW)
UofT Practice-oriented Courses
The following courses taught by FCIAs, FSAs, or FCAS from the
profession can help students gain practical knowledge from various
practice tracks and potentially improve competitiveness when applying
for internship and employment:
• Property and Casualty (P&C): ACT371, ACT372, ACT471
• Life and annuity (and AXIS software): ACT475
• Pension: ACT470
• Professional Communication (using case studies in various practice
tracks): ACT473
What about “double majors”?
The statistics program has also undergone major modifications, and has just published its new calendar
(https://fas.calendar.utoronto.ca/section/Statistical-Sciences). For actuarial students who enrolled in or after
March 2019, there are several things to keep in mind:
(1) If you complete an actuarial science specialist program, you will also graduate with a statistics minor.
(2) If you complete an actuarial science specialist program and have completed STA457 or STA414 as part of
your actuarial science specialist program, you may only need to take one extra 3rd year STA course in order to
graduate with a statistics major as well. You still need to declare those programs before graduation.
(3) If you are in the actuarial science major, and intend to do a double major of actuarial science and statistics,
you should be aware of the "12FCE different course" rule from Faculty of Arts and Science (FAS), to avoid last-
minute surprises before graduation (https://fas.calendar.utoronto.ca/degree-requirements-hba-hbsc-bcom).
- Under the two new calendars, you may now have up to 5FCE common courses between the two programs.
- If you have planned your courses this way, you will then complete another 3.5FCE ACT courses to fulfill the
new actuarial science major requirements, and another 2FCE STA courses to fulfill the new statistics major
requirements.
- However, due to the "12FCE different course" rule, you will still need to complete another 1.5FCE from
actuarial science (ACT) OR statistics (STA) that are beyond the completion requirements of either program in
order to complete your "double majors".
Upcoming in 2020-2021 academic year
Professional Experience (PE) Program for actuarial science SPECIALIST!
Proposed Program Structure:
(1) The program will be structured as an “integrated learning requirement”
which is mandatory for students enrolled in the program. This way
international students can also get the work visa to do internships.
(2) The PE mandatory requirement is comprised of a PE course (offered in
the Fall) and a practicum component. The PE course should be taken in the
fall semester of the 3
rd
year, although 4
th
year specialist students can enroll
too. This means you should declare your Act-Sci Specialist as early as
possible!!
(3) The practicum component should be fulfilled with a semester-long
internship (longer is fine). Students are ultimately responsible for securing
the internship, however, the department will provide ample support.
Upcoming in 2020-2021 academic year
Support for our Specialist students under the Professional Experience
(PE) Program includes:
1) Invited speakers series (from every major field of actuarial science)
2) Professional skill workshops (business writing, career planning,
networking skills, resume workshop, interview skills)
3) Networking events to connect students with industry professionals
4) For students with good academic records, we will consider
compiling a book of their resumes to be distributed to employers
Internship/Work Term in the proposed
Specialist PE Component
• We will allow you to complete the work term requirement in Winter
3
rd
year, Summer 3
rd
year, Fall 4
th
year, or Winter 4
th
year.
• For students who really cannot secure a work term, alternative
arrangements may be made to fulfill the experiential learning
mandate of the program (e.g. extra 4
th
year practicum courses)
• If you are an international student, with the new PE mandatory
component, you will be able to secure a work permit to take an
internship in the above mentioned semesters.
• Our objective is that you can still complete your degree in four years.
But this will require careful course planning on your part.
Sample Pathway – Scenario 1: work term is in
the winter of 3
rd
year
(1) Complete all required first and second year courses by the end of the
second year.
(2) Fall of 3
rd
year: ACT348, STA314, ACT350, 0.5FCE from list 1 or 2 (potential
courses: ACT349, ACT371), and the new PE course.
(3) Winter of 3
rd
year: work term
(4) Summer of 3
rd
year: ACT370 and STA302. To avoid a summer term,
students can also take ACT370 in the winter of their fourth year and take
STA302 in the fall of their third or fourth year.
(5) In the 4th year: ACT451 in the Fall (note this course can be taken in the
fall of the third year, if they so choose) and ACT452 in the Winter. Students
will then take 1.5FCE from list 1 or 2 in either fall or winter of the fourth year
to complete the program.
Scenario 2: work term is in the summer of 3
rd
year
In this scenario, there is no interruption of course work compared to
the existing calendar. Do your regular course planning.
Sample Pathway – Scenario 3: work term is in
the Fall of 4th year
(1) Complete all required first and second year courses by the end of the
second year.
(2) Fall of 3
rd
year: ACT348, ACT451, STA314, ACT350, and the new PE course.
(3) Winter of 3
rd
year:ACT370, ACT452, STA302, 0.5FCE from list 1 or 2
(potential courses: ACT466, STA414, ACT470, ACT473, ACT475)
(4) Summer of 3
rd
year: make up for courses you need for program
completion only if needed (e.g. if you did not have space to take STA302 in
the winter, you do that in the summer)
(5) Fall of 4
th
year: work term
(5) Winter of 4th year: 1.5FCE from list 1 or 2 to complete the program
requirements (potential courses: ACT455, ACT466, STA457, ACT470, ACT473,
ACT475).
Sample Pathway – Scenario 4: work term is in
the Winter of 4th year
(1) Complete all required first and second year courses by the end of the
second year.
(2) Fall of the third year: ACT348, ACT451, STA314, ACT350, and the new PE
course.
(3) Winter of the third year: ACT370, ACT452, STA302, 0.5FCE from list 1 or 2
(potential courses: ACT466, STA414, ACT470, ACT473, ACT475)
(4) Summer of the third year: make up for courses they need for program
completion if needed (e.g. if they did not have space to take STA302 in the
winter, they could do that in the summer)
(5) Fall of the fourth year: 1.5FCE from list 1 or 2 to complete the program
course requirements (potential courses: ACT349, ACT371, ACT460, STA457,
STA414).
(6) Winter of the fourth year: work term.
Scenario 5 – Enter the PE course in your 4
th
year
• If you enter the PE course in your fourth year, you may risk delaying
graduation.
• It is still possible for you to graduate in four years, if you have
completed the set of higher year mandatory courses (3.5FCE) in year
3 (as shown in scenario 3 and 4 above).
• You can then complete the 2FCE from list 1 and 2 (potential courses:
ACT349, ACT371, ACT460, STA457, STA414) and PE course in the Fall
of year 4. You will do an internship in the Winter of year 4, or you can
complete your course requirements in Fall and Winter of year 4, and
do an internship in the summer of Year 4.
Tips for Actuarial Science Students
• Do your course planning early, preferably for all four years
• Study the subjects deeply to prepare for your professional career –
studying for SOA exams is NO SUBSTITUTE for academic studies at UofT
• Research the profession and find your personal interest/passion
• Start your first internship search as early as possible
• Go to job information sessions, bring your resume and talk to the
recruiters!
• Get involved in the actuarial science student club
• Participate in the mentorship program offered by the actuarial science club
• Participate industry activities/conferences for university students
• Participate in case study competitions
• Read widely, take courses from other departments (e.g. business,
humanities), hone your oral and written communications skills!
