Membership & Education
 
 

University of Waterloo (Undergraduate and Graduate Programs)

Undergraduate Program

Website: https://uwaterloo.ca/statistics-and-actuarial-science/ 

Name of Actuarial Science Programs:

  • BMath, Actuarial Science
  • BMath, Actuarial Science with Finance Option
  • BMath, Actuarial Science with Predictive Analytics Option

Description of the Actuarial Science Program:

The Department of Statistics and Actuarial Science at the University of Waterloo is home to one of the largest and most highly renowned actuarial science groups internationally.

The Bachelor of Mathematics (BMath) is offered by the Faculty of Mathematics as a four-year regular honours program or a five-year co-op honours program. Co-op students complete six four-month co-op work terms as part of their academic program. There are a wide variety of co-op employment opportunities, and students can gain up to two years of diverse work experience before graduating.

The BMath program with honours in actuarial science covers a wide range of courses, including full coverage of the material of the SOA/CAS associateship requirements and some coverage of the SOA/CAS fellowship requirements. With a large actuarial faculty, the range of courses offered is broad and extends well beyond the SOA/CAS syllabi. Students may choose to gain a foundational knowledge in property and casualty insurance, pensions, corporate finance, risk theory, and life insurance. Students who are particularly interested in financial or predictive analytics topics may elect to add either option to their actuarial science honours plan.

Students can concurrently earn a Bachelor of Business Administration (BBA) through the Business Administration and Mathematics Double Degree program offered in partnership with Wilfred Laurier University. The Department also offers honour plans in data science, mathematical finance, and statistics.

The University of Waterloo has one of the world’s largest graduate programs in actuarial science. It offers professional masters programs as well as research-oriented masters and doctoral programs in actuarial science and finance, supported by a large and distinguished group of faculty. Faculty research interests include actuarial risk management, applied probability, risk theory, and quantitative finance.

Waterloo's actuarial science program is recognized as a Center of Actuarial Excellence by the Society of Actuaries. Students graduating from the program have typically made substantial progress toward their Associateship designation in the CIA, CAS, or SOA.

Credits for 2018-2019:

SOA/CAS Exam Reference University Course Reference Course Title
Minimum Grade
 
 
FM/2 #1   ACTSC 231   Mathematics of Finance 80
FM/2 #2    
FM/2 #3        
FM/2 #4        
 
IFM/MFE/3F #1    ACTSC 371  Introduction to Investments 80
IFM/MFE/3F #2   ACTSC 446/846*  Mathematical Models in Finance 75
IFM/MFE/3F #3  
 
IFM/MFE/3F #4  
 
 
LTAM/MLC #1   ACTSC  232  Life Contingencies 1 75
LTAM/MLC #2   ACTSC  331  Life Contingencies 2 75
LTAM/MLC #3    ACTSC 455  Advanced Life Insurance Practice 75
LTAM/MLC #4        
 
STAM/C/4* #1  ACTSC 431  Loss Models 1 75
STAM/C/4* #2    ACTSC 432  Loss Models 2 75
STAM/C/4* #3    ACTSC 433/833*  Analysis of Survival Data 75
C/4 #4  
 

*For candidates in the Casualty Actuarial Society education system, conversion credit for Exam C/4 toward MAS II obtained through UAP credit must be earned by December 31, 2018.

**8xx accredited courses relate to master of mathematics in actuarial science. 

Credits for 2017-2018:

SOA/CAS Exam Reference University Course Reference Course Title
Minimum Grade
 
 
FM/2 #1   ACTSC 231   Mathematics of Finance 80
FM/2 #2    
FM/2 #3        
FM/2 #4        
 
MFE/3F #1    ACTSC 371  Introduction to Investments 80
MFE/3F #2   ACTSC 446/846*  Mathematical Models in Finance 75
MFE/3F #3  
 
MFE/3F #4  
 
 
MLC #1   ACTSC  232  Life Contingencies 1 75
MLC #2   ACTSC  331  Life Contingencies 2 75
MLC #3    ACTSC 455  Advanced Life Insurance Practice 75
MLC #4        
 
C/4 #1  ACTSC 431*  Loss Models 1 75
C/4 #2    ACTSC 432*  Loss Models 2 75
C/4 #3    ACTSC 433/833*  Analysis of Survival Data 75
C/4 #4  
 


Transition rules – Undergraduate Program

Credit for FM/2 can also be achieved with ACTSC 231 completed prior to September 1, 2017 with a grade of 80 or higher, subject to the three-year sunset clause. 

ACTSC 371 completed before September 1, 2017 (with a grade of 80 or higher) can be combined with ACTSC 446/846 completed after September 1, 2017 to qualify for a credit for MFE/3, subject to the three-year sunset clause.

Credits for 2016-2017:

SOA/CAS Exam Reference University Course Reference Course Title
Minimum Grade
 
 
FM/2 #1   ACTSC 231
 Mathematics of Finance
80
FM/2 #2 ACTSC 371
Introduction to Investments  80
FM/2 #3        
FM/2 #4        
 
MFE/3F #1   ACTSC 446/846*
Mathematical Models in Finance  75
MFE/3F #2  
 
MFE/3F #3  
 
MFE/3F #4  
 
 
MLC #1   ACTSC 232
 Life Contingencies 1 75
MLC #2   ACTSC 331
 Life Contingencies 2 75
MLC #3   ACTSC 455
 Advanced Life Insurance Practice 75
MLC #4        
 
C/4 #1 ACTSC 431/831*
Loss Models 1  75
C/4 #2   ACTSC 432/832* Loss Models 2
75
C/4 #3   ACTSC 433/833* Analysis of Survival Data
75
C/4 #4  
 

Credits for 2015-2016:

SOA/CAS Exam Reference University Course Reference Course Title
Minimum Grade
 
 
FM/2 #1   ACTSC 231
 Mathematics of Finance
80
FM/2 #2 ACTSC 371
Introduction to Investments  80
FM/2 #3        
FM/2 #4        
 
MFE/3F #1   ACTSC 446/846*
Mathematical Models in Finance  75
MFE/3F #2  
 
MFE/3F #3  
 
MFE/3F #4  
 
 
MLC #1   ACTSC 232
 Life Contingencies 1 75
MLC #2   ACTSC 331
 Life Contingencies 2 75
MLC #3   ACTSC 455
 Advanced Life Insurance Practice 75
MLC #4        
 
LC #1 ACTSC 331
 Life Contingencies 2 75
LC #2
 
LC #3
 
LC #4
 
 
C/4 #1 ACTSC 431/831*
Loss Models 1  75
C/4 #2   ACTSC 432/832* Loss Models 2
75
C/4 #3   ACTSC 433/833* Analysis of Survival Data
75
C/4 #4  
 


Credits for 2014-2015:

SOA/CAS Exam Reference University Course Reference Minimum Grade 
 
FM/2 #1   ACTSC 231 80
FM/2 #2   ACTSC 371 80
FM/2 #3      
FM/2 #4      
 
MFE/3F #1   ACTSC 446/846* 75
MFE/3F #2  

MFE/3F #3      
MFE/3F #4      
 
MLC #1   ACTSC 232 75
MLC #2   ACTSC 331 75
MLC #3    ACTSC 455
75
MLC #4      
 
3L/LC #1* ACTSC 331 75
3L/LC #2*  

3L/LC #3*  

3L/LC #4*      
 
C/4 #1 ACTSC 431/831* 75
C/4 #2   ACTSC 432/832* 75
C/4 #3   ACTSC 433/833* 75
C/4 #4      

* Note:
- 3L: granted for courses taken up to August 2014 (the CAS will automatically convert 3L credit to LC credit);
- LC: granted for courses taken beginning September 2014.


Credits for 2013-2014:

SOA/CAS Exam Reference University Course Reference Minimum Grade 
 
FM/2 #1   ACTSC 231 80
FM/2 #2   ACTSC 371 80
FM/2 #3      
FM/2 #4      
 
MFE/3F #1   ACTSC 445/845* 75
MFE/3F #2   ACTSC 446/846* 75
MFE/3F #3      
MFE/3F #4      
 
MLC #1   ACTSC 232 75
MLC #2   ACTSC 331 75
MLC #3      
MLC #4      
 
3L #1 STAT 333 75
3L #2   ACTSC 331 75
3L #3   ACTSC 432 75
3L #4      
 
C/4 #1 ACTSC 431/831* 75
C/4 #2   ACTSC 432/832* 75
C/4 #3   ACTSC 433/833* 75
C/4 #4      

Credits for 2012-2013:

SOA/CAS Exam Reference University Course Reference Minimum Grade
 
FM/2 #1   ACTSC 231 80
FM/2 #2   ACTSC 371 80
FM/2 #3      
FM/2 #4      
 
MFE/3F #1   ACTSC 445 75
MFE/3F #2   ACTSC 446 75
MFE/3F #3      
MFE/3F #4      
 
MLC #1   ACTSC 232 75
MLC #2   ACTSC 331 75
MLC #3      
MLC #4      
 
3L #1 STAT 333 75
3L #2   ACTSC 331 75
3L #3   ACTSC 432 75
3L #4      
 
C/4 #1 ACTSC 431 75
C/4 #2   ACTSC 432 75
C/4 #3   ACTSC 433 75
C/4 #4      

Note:

The CIA will grant candidates credits based on the achievement of the Credit Grade towards Associate (ACIA) and Felllow (FCIA) in the CIA.  At the time of this agreement, CIA credits are 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

The CIA does not guarantee that credits granted to candidates under the CIA UAP will be recognized by any other actuarial organizations towards their actuarial designations.

* 8xx accredited courses relate to Master of Mathematics in Actuarial Science.

Graduate Program

Website: https://uwaterloo.ca/statistics-and-actuarial-science/

Name of Actuarial Science Program:

  • Master of Actuarial Science (MActSc)
Description of the Actuarial Science Program:

The Master of Actuarial Science (MActSc) is a professional program designed for highly qualified students with strong quantitative and communication skills who have not previously studied actuarial science. The objective of the MActSc is to develop both technical and business skills in the context of the modern risk management environment.

The program comprises three semesters. Students take 15 courses, covering material from introductory interest theory to advanced graduate-level material in risk management and financial mathematics. The objective of the program is to prepare students for top-level actuarial careers, emphasizing both cutting edge technical material and the insurance business environment.

Credits for 2018-2019:

SOA/CAS Exam Reference University Course Reference Course Title
Minimum Grade
 
 
FM/2 #1   ACTSC611 Financial Mathematics I 80
FM/2 #2    
FM/2 #3        
FM/2 #4        
 
IFM/MFE/3F #1    ACTSC 614 Corporate Finance 75
IFM/MFE/3F #2   ACTSC 631  Financial Mathematics III 75
IFM/MFE/3F #3  
 
IFM/MFE/3F #4  
 
 
LTAM/MLC #1   ACTSC  612  Life Insurance Mathematics I 75
LTAM/MLC #2   ACTSC  622  Life Insurance Mathematics II 75
LTAM/MLC #3        
LTAM/MLC #4        
 
STAM/C/4* #1 ACTSC 625  Casualty and Health Insurance Mathematics 75
STAM/C/4* #2    ACTSC 632 (1)  Life Insurance Mathematics III 75
STAM/C/4* #3      
STAM/C/4 #4  
 


*For candidates in the Casualty Actuarial Society education system, conversion credit for Exam C/4 toward MAS II obtained through UAP credit must be earned by December 31, 2018.

(1) No credit will be granted for exam C/4 using ACTSC 632 administered in summer 2018.

Credits for 2017-2018:

SOA/CAS Exam Reference University Course Reference Course Title
Minimum Grade
 
 
FM/2 #1   ACTSC  611  Financial Mathematics I 80
FM/2 #2    
FM/2 #3        
FM/2 #4        
 
MFE/3F #1    ACTSC 614 Corporate Finance  75
MFE/3F #2   ACTSC 631
 Financial Mathematics III 75
MFE/3F #3  
 
MFE/3F #4  
 
 
MLC #1    ACTSC 612  Life Insurance Mathematics I 75
MLC #2    ACTSC 622  Life Insurance Mathematics II 75
MLC #3  
 
MLC #4        
 
C/4 #1  ACTSC 625 Casualty and Health Insurance Mathematics  75
C/4 #2    ACTSC 632  Life Insurance Mathematics III 75
C/4 #3  

C/4 #4  
 

Transition rules – Graduate Program


Credit for FM/2 can also be achieved with ACTSC 611 completed prior to September 1, 2017 with a grade of 80 or higher, subject to the three-year sunset clause. ACTSC 611 completed prior to September 1, 2017 with a grade between 75 and 79 must be combined with ACTSC 614 with a grade of 75 or higher completed before September 1, 2017, subject to the three-year sunset clause.

ACT 631 completed after September 1, 2017 can be combined with ACTSC 614 completed before September 1, 2017 to qualify for a credit for MFE/3F, subject to the three-year sunset clause.

Please note that no credit will be granted for SOA/CAS exams C/4 based on ACTSC 632 completed in spring 2018.

Credits for 2016-2017:

SOA/CAS Exam Reference University Course Reference Course Title
Minimum Grade
 
 
FM/2 #1   ACTSC 611
Financial Mathematics I 
75
FM/2 #2 ACTSC 614
Corporate Finance  75
FM/2 #3        
FM/2 #4        
 
MFE/3F #1   ACTSC 631
Financial Mathematics III
75
MFE/3F #2  
 
MFE/3F #3  
 
MFE/3F #4  
 
 
MLC #1   ACTSC 612
Life Insurance Mathematics I  75
MLC #2   ACTSC 622
Life Insurance Mathematics II  75
MLC #3  
 
MLC #4        
 
C/4 #1 ACTSC 625
Casualty and Health Insurance Mathematics  75
C/4 #2   ACTSC 632* Life Insurance Mathematics III
75
C/4 #3  

C/4 #4  
 

*Please note that no credit will be granted for SOA/CAS exams C/4 based on ACTSC 632 completed in spring 2017.

Credits for 2015-2016:

SOA/CAS Exam Reference University Course Reference Course Title
Minimum Grade
 
 
FM/2 #1   ACTSC 611
Financial Mathematics I 
75
FM/2 #2 ACTSC 614
Corporate Finance  75
FM/2 #3        
FM/2 #4        
 
MFE/3F #1   ACTSC 631
Financial Mathematics III
75
MFE/3F #2  
 
MFE/3F #3  
 
MFE/3F #4  
 
 
MLC #1   ACTSC 612
Life Insurance Mathematics I  75
MLC #2   ACTSC 622
Life Insurance Mathematics II  75
MLC #3  
 
MLC #4        
 
LC #1 ACTSC 622 Life Insurance Mathematics II  75
LC #2
 
LC #3
 
LC #4
 
 
C/4 #1 ACTSC 625
Casualty and Health Insurance Mathematics  75
C/4 #2   ACTSC 632 Life Insurance Mathematics III
75
C/4 #3  

C/4 #4  
 

Credits for 2014-2015:

SOA/CAS Exam Reference University Course Reference Minimum Grade 
 
FM/2 #1   ACTSC 611 75
FM/2 #2   ACTSC 614 75
FM/2 #3      
FM/2 #4      
 
MFE/3F #1   ACTSC 631 75
MFE/3F #2      
MFE/3F #3      
MFE/3F #4      
 
MLC #1   ACTSC 612 75
MLC #2   ACTSC 622 75
MLC #3      
MLC #4      
 
LC #1 ACTSC 622 75
LC #2   ACTSC 624 75
LC #3  

LC #4      
 
C/4 #1 ACTSC 625 75
C/4 #2   ACTSC 632 75
C/4 #3      
C/4 #4      

Credits for 2013-2014:


SOA/CAS Exam Reference University Course Reference Minimum Grade 
 
FM/2 #1   ACTSC 611 75
FM/2 #2   ACTSC 614 75
FM/2 #3      
FM/2 #4      
 
MFE/3F #1   ACTSC 631 75
MFE/3F #2      
MFE/3F #3      
MFE/3F #4      
 
MLC #1   ACTSC 612 75
MLC #2   ACTSC 622 75
MLC #3      
MLC #4      
 
3L #1 ACTSC 624 75
3L #2   ACTSC 622 75
3L #3   ACTSC 613 75
3L #4      
 
C/4 #1 ACTSC 625 75
C/4 #2   ACTSC 632 75
C/4 #3      
C/4 #4      

Credits for 2012-2013:


SOA/CAS Exam Reference University Course Reference Minimum Grade
 
FM/2 #1   ACTSC 611 75
FM/2 #2   ACTSC 614 75
FM/2 #3      
FM/2 #4      
 
MFE/3F #1   ACTSC 631 75
MFE/3F #2      
MFE/3F #3      
MFE/3F #4      
 
MLC #1   ACTSC 612 75
MLC #2   ACTSC 622 75
MLC #3      
MLC #4      
 
3L #1 ACTSC 624 75
3L #2   ACTSC 622 75
3L #3   ACTSC 613 75
3L #4      
 
C/4 #1 ACTSC 625 75
C/4 #2   ACTSC 632 75
C/4 #3      
C/4 #4      

Note:

The CIA will grant candidates credits based on the achievement of the Credit Grade towards Associate (ACIA) and Felllow (FCIA) membership in the CIA.  At the time of this agreement, CIA credits are 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

The CIA does not guarantee that credits granted to candidates under the CIA UAP will be recognized by any other actuarial organizations towards their actuarial designations.