Overview

Actuarial Science is the study of risk, usually risk associated with insurance, pension, and investment plans. An actuary is a professional who practices this science. Actuarial Science uses techniques from mathematics, statistics, business, economics, and finance.

The Bachelor of Science with a Major in Actuarial Science prepares students to write the early exams required to become an Actuary. Actuaries are in demand as professionals who develop solutions for complex financial issues, and have excellent career opportunities following graduation as well as excellent co-op work opportunities during their studies.

We offer the only complete actuarial degree in Atlantic Canada. The unemployment rate for actuaries in Canada is 0%, and the mid-career average salary is near $100,000. 

Course Structure

Common Core

All degree programs in the School of Mathematical and Computational Sciences are built on a common core of courses that should be completed in the first two years of study. This common core consists of the following courses:

 

Course Course name Credits
MATH 1910 Single Variable Calculus I 4
MATH 1920 Single Variable Calculus II 4
MATH 2610 Linear Algebra I 3
STAT 1910 Intro to Probability and Statistics 3
CS 1910 Computer Science I 3
CS 1920 Computer Science II 3

One of:
UPEI 1010
UPEI 1020
UPEI 1030


Writing Studies
Inquiry Studies
University Studies

3
Total Semester Hours of Credit   23

Common Breadth Requirement

Students must take at least 15 semester hours of credit beyond the core course requirement in courses outside the School of Mathematical and Computational Sciences, and of these 15 semester hours of credit at least 6 must be from outside the Faculty of Science.

Common Advanced Courses

Students in all degree programs in the School of Mathematical and Computational Sciences must complete MCS 4210 Professional Communication and Practice (writing-intensive) and MCS 3050 Tutoring in Mathematical and Computational Sciences. 

Requirements for a Major in Actuarial Science

The Major in Actuarial Science requires a total of 120 semester hours of credit, as described below:

 

  Credits
The Common Core 23
MATH 2910 - Multivariable and Vector Calculus 4
STAT 2910 - Probability and Mathematical Statistics I 3
STAT 3910 - Probability and Mathematical Statistics II 3
STAT 3240 - Applied Regression Analysis 3
MATH 3010 - Differential Equations 3

At least one of: 

OR MCS - 2040 Visual Basic in Excel Technology Lab
OR AMS 3040 - Introduction to GGY Axis Lab

1
MCS 2030 - R Technology Lab 1
AMS 2160 - Financial Mathematics I 3
AMS 2410 - Financial Economics I 3
AMS 3410 - Financial Economics II 3
AMS 2510 - Long Term Actuarial Mathematics I 3
AMS 3510 - Long Term Actuarial Mathematics II 3
AMS 3310 - Advanced Corporate Finance 3
AMS 4540 - Loss Models I 3
AMS 4550 - Loss Models II 3
AMS 4700 - Short-term Insurance Pricing and Reserving 3
AMS 4580 - Credibility Theory 3
At least one of: STAT 4110 - Statistical Simulation
OR STAT 4330 - Time Series I 
3
At least one of: STAT 4410 - Stochastic Processes OR
STAT 4280 - Generalized Linear Models
3
AMS 2030 - Intermediate Microeconomics I 3
AMS 2040 - Intermediate Macroeconomics I   3
ACCT 1010 - Introduction to Accounting 3
BUS 2310 - Corporate Finance  3
MCS 3050 - Tutoring in Mathematical and Computational Sciences  1
MCS 4210 - Professional Communication and Practice  3
Additional general electives 27
Total Semester Hours of Credit       120
Specializations
Major in Actuarial Science with Pre-professional Specialization

This specialization is designed for those students who plan to complete the full suite of exams required to apply for Associate status from the Canadian Institute of Actuaries or the Society of Actuaries. The specialization contains six additional courses compared with the major.  Students enrolled in the specialization would receive all courses related to the exams needed to obtain the designation of Associate from the Canadian Institute of Actuaries (CIA), as well as the Society of Actuaries (SOA).  

 

  Credits
The Common Core 23
MATH 2910 - Multivariable and Vector Calculus 4
STAT 2910 - Probability and Mathematical Statistics I 3
STAT 3910 - Probability and Mathematical Statistics II 3
STAT 3240 - Applied Regression Analysis 3
MATH 2620 - Linear Algebra 3
MATH 3010 - Differential Equations 3

At least one of: 

OR MCS - 2040 Visual Basic in Excel Technology Lab
OR AMS 3040 - Introduction to GGY Axis Lab

1
MCS 2030 - R Technology Lab 1
AMS 2160 - Financial Mathematics I 3
AMS 2410 - Financial Economics I 3
AMS 3410 - Financial Economics II 3
AMS 2510 - Long Term Actuarial Mathematics I 3
AMS 3510 - Long Term Actuarial Mathematics II 3
AMS 3310 - Advanced Corporate Finance 3
AMS 4540 - Loss Models I 3
AMS 4550 - Loss Models II 3
STAT 3250 - Statistical Learning and Modelling 3
AMS 4600 - Predictive Analytics 3
AMS 4610 - Predictive Analytics for Actuaries 3
AMS 4700 - Short-term Insurance Pricing and Reserving 3
AMS 4580 - Credibility Theory 3

At least one of:

STAT 4110 - Statistical Simulation
OR STAT 4330 - Time Series I

3
STAT 4410 - Stochastic Processes 3
STAT 4280 - Generalized Linear Models 3
MCS 3920 - Numerical Analysis 3
AMS 2030 - Intermediate Microeconomics I 3
AMS 2040 - Intermediate Macroeconomics I   3
ACCT 1010 - Introduction to Accounting 3
BUS 2310 - Corporate Finance  3
MCS 3050 - Tutoring in Mathematical and Computational Sciences  1
MCS 4210 - Professional Communication and Practice  3
Additional general electives 9
Total Semester Hours of Credit       120
Co-operative Education
Combining classroom studies with practical work experience

A student works on an iPad

The UPEI Co-op Program is an integrated approach to university education which enables students to alternate academic terms on campus with work terms in suitable employment. The success of such programs is founded on the principle that students are able to apply theoretical knowledge from course studies in the workplace and return to the classroom with practical workplace experience. 

Students accepted into the program, complete at least three 14-week paid work terms and three professional development courses.

The Co-op option is available to full-time students in any Mathematical and Computational Sciences Major or Honours program. Applications to the Co-op Education Program are normally made after completion of the first year of study.

Mathematical and Computational Sciences students must complete 126 semester hours of credit in order to graduate with the Co-op designation; students who successfully complete all the requirements of the program will have the notation entered on their transcripts and on the graduation parchment.

Visit the Co-operative Education Program website for more information.

A student works in a lab
A student works in a lab
Admissions Criteria
What's required for science admission?

High School Graduates

Canadian High School Equivalency Chart

  • Grade 12 Academic English
  • Grade 12 Academic Mathematics
  • Two Grade 12 Academic Science subjects (acceptable subjects: Chemistry, Biology, Physics, Computer Science, Oceanography, Animal Science, Environmental Science)
  • One additional Grade 12 Academic course

Please note: Successful completion of Grade 12 Chemistry (or equivalent) is required as a prerequisite for permission to register in CHEM-1110.

Please refer to the UPEI Academic Calendar for complete admissions information.

Fees and Funding
Faculty of Science Programs Tuition

UPEI's undergraduate tuition is the second-lowest in the Atlantic region, and we offer more than $5 million in scholarships and awards. 

Tuition

$6,270 per year, based on 30 credit hours ($627 per 3 credit course).
International students pay $7,320 per year in addition to full-time student tuition.

For a complete breakdown of part-time or full-time study as a student in the Faculty of Science, visit our Tuition and Fees page.

Scholarships and Awards

UPEI supports you and your educational goals. We administer millions of dollars in scholarships and awards to our undergraduate and graduate students every year. Depending on your faculty or program, and year of study, you may be eligible for available awards.

Search the complete list of scholarships for information and application forms.  

Celebrating Student Achievement

Including Guaranteed Entrance Scholarships and Academic Excellence Awards, these awards recognize the academic achievements of all students who meet the eligibility criteria while studying towards their first undergraduate degree.

Visit the Scholarships site for complete information.

Faculty Members
Your mentors. Our professors.

UPEI has about 250 faculty—exceptional scholars, teachers, and mentors, with more being hired each year as we open new, progressive, and unique programs. But the story isn’t just in the numbers. It’s in the quality of our people. Award-winning faculty from around the globe have made UPEI home. Here, you’ll learn directly from these world-class professors and researchers in small classes where you’ll have easy access to them.

Related Programs
Not quite the program for you?