Curriculum

The ACS Major has two tracks: Actuarial Analyst (AA) Track and Risk Analyst (RA) Track. The AA
Track prepares students for the professional credential as an actuary under the SOA, i.e.,
Associate (ASA) and Fellow (FSA) of the SOA. The RA Track prepares students for the
professional credential as an enterprise risk analyst under the SOA, i.e., Chartered Enterprise
Risk Analyst (CERA).
Apart from the usual requirements of the respective degree programmes, the ACS Major requires
students to complete 14 courses. 11 of these courses are common and compulsory to both
tracks. Students who have completed these courses will satisfy the Validation for Education
Experience (VEE) of the SOA (subject to minimum grade requirements).

COMPULSORY COURSES FOR BOTH TRACKS

Introductory Statistics (STAT101) or Introduction to Statistical Theory

(STAT151)

Probability Theory and Applications (STAT201)

Financial Mathematics (STAT203)

Risk Theory and Loss Models (STAT311)

Statistical Methods for Actuarial Analysis (STAT314)

Intermediate Microeconomics (ECON101)

Intermediate Macroeconomics (ECON102)

Financial Accounting (ACCT101/ACCT111)

Finance (FNCE101)

Financial Instruments, Institutions and Markets (FNCE 102) or Corporate

Finance (FNCE201)
Analysis of Derivative Securities (FNCE305) or Structured Finance (QF301)

COMPULSORY COURSES FOR THE AA TRACK ONLY

Applied Econometrics (ECON107)

Intermediate Econometrics (ECON207)

Life Contingent Risks (STAT310)

COMPULSORY COURSES FOR THE RA TRACK ONLY

Select 3 of the following:

Life Contingent Risks (STAT310)

Quantitative Risk Analysis (STAT313)

Risk Management and Insurance (FNCE215)

Enterprise Risk Management (FNCE309)

Computing Technology for Finance (QF205)

Global Financial Risk Management (QF305)

Modern actuarial training requires multidisciplinary knowledge

such as probability, statistics, finance and accounting. The
Actuarial Science (ACS) major reflects this by incorporating various
interdisciplinary courses in the programme. Students taking this
major can choose either the Actuarial Analyst (AA) or the
Risk Analyst (RA) track, with slightly different focuses in their
applications. This programme has gained accreditation of the
Validation for Education Experience (VEE) of the Society of
Actuaries (SOA). It also provides training for students to sit for the
SOA Preliminary Examinations.
Structure & Curriculum
To fulfill the requirements of a second major in ACS, students must
complete the following:
Compulsory courses for AA Track
1. STAT 101 Introductory Statistics or STAT 151 Introduction to
Statistical Theory
2. STAT 201 Probability Theory and Applications
3. STAT 203 Financial Mathematics
4. STAT 310 Life Contingent Risks
5. STAT 311 Risk Theory and Loss Models
6. STAT 314 Statistical Methods for Actuarial Analysis
7. ECON 101 Intermediate Microeconomics
8. ECON 102 Intermediate Macroeconomics
9. ECON 107 Applied Econometrics
10. ECON 207 Intermediate Econometrics
11. ACCT 101/111 Financial Accounting
12. FNCE 101 Finance
13. FNCE 102 Financial Instruments, Institutions and Markets or
FNCE 201 Corporate Finance
14. FNCE 305 Analysis of Derivative Securities or QF 301
Structured Finance
Compulsory courses for the RA track
1. STAT 101 Introductory Statistics or STAT 151 Introduction to
Statistical Theory
2. STAT 201 Probability Theory and Applications
3. STAT 203 Financial Mathematics
4. STAT 310 Life Contingent Risks
5. STAT 311 Risk Theory and Loss Models

6. STAT 314 Statistical Methods for Actuarial Analysis

7. ECON 101 Intermediate Microeconomics
8. ECON 102 Intermediate Macroeconomics
9. ECON 107 Applied Econometrics
10. ECON 207 Intermediate Econometrics
11. ACCT 101/111 Financial Accounting
12. FNCE 101 Finance
13. FNCE 102 Financial Instruments, Institutions and Markets or
FNCE 201 Corporate Finance
14. FNCE 305 Analysis of Derivative Securities or QF 301
Structured Finance
In addition, select any three from the following
1. Risk Management and Insurance (FNCE215)
2. Enterprise Risk management (FNCE309)
3. Computing Technology for Finance (QF205)
4. Global Financial Risk Management (QF305)
5. Life Contingent Risks (STAT310)
6. Quantitative Risk Analysis (STAT313)