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Photo: Giovanni Montanez
Some of what actuaries do on a daily basis are: • Determine how much an insurance company should charge for auto insurance, taking into account many factors such as the car that is being insured and details about the driver. • Develop life insurance products so that clients can enjoy a fully active life while guaranteeing that their children will be cared for in the event of an accident • Determine how much an insurance company should charge for homeowners insurance • Determine how much an insurance company should charge businesses for the many different types of insurance that businesses need, such as liability insurance and business continuity • Develop retirement plans, help manage client assets, liabilities and financial risk. Now that you’re convinced that you have a knack for numbers and a good grasp of human behaviour, what else do you need to pursue studies in actuarial science? According to The UWI Admissions, applicants to the Department of Mathematics and Statistics must obtain passes in at least two (2) A-Level or CAPE subjects, one of which must be Mathematics. A limited number of students, 40 to be exact, are selected each year.
STAN JANUARY - APRIL 2016
Professor Broverman with Executives of UWI’s Actuarial Science Club
After the three year degree programme, graduates qualify for entry into a range of jobs in the financial sector, not just entry into the world of actuary science. In fact, the road to becoming an Actuarial Scientist is paved with a series of examinations including the Associate examinations and then the Fellowship examinations under the bodies that govern them. The average minimum time frame for this is usually 10 years with persons progressing along the career ladder during each stage. Students in the programme must undertake courses in Actuarial Mathematics, Statistics, Applied Statistics, and Finance; with options to moving on to graduate work in Actuarial Science, Financial Engineering, Finance, and Statistics and even into Pure Mathematics. The university has an excellent work/study programme. Apart from a relationship with companies such as First Citizens Asset Management, KR Consulting, APEX Consulting, Guardian Life, Sagicor and Tatil, that all facilitate summer
internships, the semester-abroad programme with Canada facilitates a student exchange programme with the University of Toronto (UofT) and University of Waterloo (UOW) in Canada. In the exchange programme, students pay no more than they would pay in Trinidad but they are responsible for their room and board expenses. Here’s what you should know about The UWI B.Sc. programme in Actuarial Science The B.Sc. in Actuarial Science at St. Augustine (UWI) was first introduced in September 2011. Led by Head Actuary Mr. Stokeley Smart, the courses are structured along the UofT degree programme. Mentor and head of the UofT’s Actuarial Science programme, Professor Samuel Broverman recently visited The UWI, St. Augustine as an External Examiner, to strengthen ties between the two universities and to offer advice. Students from both universities are granted the option to study one semester in year 2 and credits from the other institution will be transferred towards the degree.