In the BSc Actuarial Science we train you to quantify risk by using mathematics, probability and statistics. How likely is it that a factory will burn down? What would be the financial damage if that were to unexpectedly happen? What is the likelihood of you living to 110 so that your pension fund has to pay out for 45 years? As an actuary or risk manager you analyse data, make calculations and make a decision or recommendation.
The first 2 academic years of the BSc Actuarial Science are in common with the Bachelor's programme in Econometrics.
This year is all about your basic knowledge of mathematics, statistics and economics. During the courses:
The 2nd year enhances your mathematical, statistical and research skills. You will start to apply these tools to econometrics and data science. You will execute your first ever research project. Also, you will take mandatory courses like Risk Theory and Life Insurance Mathematics.
The 1st semester of this year is all yours to construct: take electives, follow a minor, or study abroad. In the 2nd semester, you will become more and more familiar with the process of mathematically translating and clarifying the financial and economic risk-management problems faced by insurers, financial institutions and government bodies. And of course, you will be writing your BSc thesis.
Are you enthusiastic about a new development or idea in Actuarial Science? Wile writing your thesis, you have the chance to explore it fully while simultaneously training your ability to independently conduct and communicate relevant research. Your thesis is the final requirement to be completed for your graduation.
Expanding your knowledge and at the same time developing your skills is key. That is why you will participate in a variety of teaching activities. Most of the courses are evaluated with one or more tests. This is usually a written examination, but it can also be an essay, a report, or a presentation.
Lectures give an introductory overview into the course content. You will attend them together with your fellow students. You take notes and have the opportunity to ask questions.
Also, you can expect guest lectures from experts working in a wide range of economic organisations and fields.
During seminars you will discuss specific subjects from the lectures in small groups. Exercises and practice assignments will help you to become adept with the theory.
During practicals you learn how to work with various mathematical and statistical computer programmes.
During your study week, you spend time to study theory, go over lectures and seminars, and prepare for exams and presentations.
If you take out a car insurance policy, the insurance company agrees to help pay for the repair in case of an accident. For this you pay a fixed amount (premium) to the insurance company.
But how does an insurance company determine the height of the premium? Should every driver be charged the same amount, or should more ‘risky’ drivers pay more? If so, how can we rate drivers in terms of riskiness? Does age or gender matter? And their history of previous insurance claims? Or the age and model of the car?
Learn how to answer these questions (and more) using empirical data, sophisticated statistical models, and programming and data processing skills.
Daniëlle Ruiter: ‘Insurance, pensions and banks are things everyone has to deal with and everyone has an opinion about. I love being able to give background information about current events, explain why something is the way it is and reflect on difficult issues such as pension cuts.’ Read Daniëlle's full testimonial