Executive M.A. in Actuarial Science

“Actuaries are recognized for their authoritative advice and valued comment wherever there is financial risk and uncertainty.” 

(Casualty Actuarial Society)

LAU makes a pioneering step into the highly regarded study of Actuarial Science, offering an Executive Master Degree to prepare professionals and students to enter the field of risk management.

What is an Actuary?

Actuaries are risk management experts who use mathematics, financial theory, probability, and statistics to predict the likelihood of events and create innovative solutions to minimize risk and its impact. They are creative thinkers, problem solvers, analysts and experienced business professionals with a wide understanding of financial structures.

Executive Master in Actuarial Science at LAU (EMAAS)

In response to a regional demand from the insurance industry, LAU, supported by Medgulf, leads the way with the first Executive Master in Actuarial Science in the Middle East. If you are working in the field of insurance or finance and want to advance your career, our EMAAS offers the highest level of executive education and training that can be combined with a full-time career. We provide the solid academic core and deep understanding of the market to prepare you for a successful career as an Actuary. 

Program Philosophy

If you want to enter the challenging yet rewarding world of actuarial science, our executive degree will give you the training to become leaders at the cutting edge of what is a relatively new field, with skills applicable to work both in the region and abroad.

Individual courses are available to professionals looking to broaden their knowledge of the market, risk analysis and statistical analysis and gain insight into the field of actuarial science.

The EMAAS program is jointly run by LAU’s School of Arts and Sciences and School of Business, and offered in the Department of Computer Sciences and Mathematics.  This interdisciplinary program has two main strands: insurance management and actuarial mathematics. The two concentrations offered allow students to hone their knowledge, develop specialist expertise and learn the professional skills and the code of conduct associated with the insurance and actuarial field.

International Examinations

The EMAAS courses cover most of the syllabi of international Actuarial exams. These prestigious international exams, administered by the Society of Actuaries (SOA) and/or the Causality Actuarial Society (CAS), give you the internationally recognized professional qualification to establish yourself as an actuary with the designation “Fellow of the Society of Actuaries (FSA)” or a “Fellow of the Causality Actuarial Society (FCAS)”. 

Career Potential

Experienced actuaries are an essential part of any management team across numerous industries in the fields of insurance, healthcare, banking, investments and pensions. With only a handful of qualified actuaries in the Middle East and a growing market demand for actuarial professionals, there is a huge potential for a career in what is a financially rewarding field.

Admission requirements

Candidates for admission will normally be holders of B.S. in Mathematics, B.A./B.S. in Economics, or B.S. in Business. Other applicants with solid backgrounds in quantitative and computational skills (such as Engineers, holders of a B.S. in Computer Science) will be considered. As this is a professional program, neither the GRE nor the GMAT will be admission criteria. General university admission requirements are explicitly stated in the graduate admissions page.

Curriculum

The credits are divided into two categories: 27 core credits and 9 specialized credits that allow students to concentrate on either Insurance Management or Actuarial Mathematics.

The program offers 1-credit, 1.5-credit, 2-credit, or 3-credit courses. Each credit is equivalent to 14 hours offered on evenings or on Saturdays at the new LAU Executive Center at Solidere or on the Beirut campus.  No prerequisites are required for the courses. Students can enroll in any course at any time during the year.

Courses are scheduled in a way so that students earn the EMAAS in two years.

I. Core requirements (14 credits)

Number	Course	Cr
ACT711	Actuarial Statistics I	3
ACT712	Introductory Financial Mathematics	1.5
ACT721	Risk Management	3
ACT722	Group Life and Health Insurance	3
ACT723	Individual Life and Annuity Insurance	2
ACT724	Insurance Ethics	1.5

II. Electives (13 credits)

Number	Course	Cr
ACT725	Takaful Mechanism	1
ACT726	Innovation Discipline in Insurance	1
ACT727	Insurance Laws and Insurance Intermediaries	2
ACT728	Insurance Compliance and Corporate Governance	1
ACT731	Business Analytics for Executive	1.5
ACT732	Executive Operations Management	1.5
ACT733	Strategic Marketing	1.5
ACT734	Executive Leadership and Communication Skills	1.5
ACT735	Accounting for Executives	1.5
ACT736	Corporate Financial Strategy	1.5
ACT738	Duration and Cashflow Matching for Insurance	1
ACT741	Pension Funds	1
ACT742	Introduction to Life and Non-life Reserving	2
ACT746	Valuation of Insurance Portfolios	1
ACT798	Topics in Actuarial Science	1.5

 III. Concentration Area (9 credits)

A. Actuarial Mathematics

Number	Course	Cr
ACT743	Actuarial Mathematics	3
ACT744	Actuarial Statistics II	3
ACT799A	Case Studies in Actuarial Mathematics	3

B. Insurance Management

Number	Course	Cr
ACT754	Property, Liability and Other Lines	3
ACT755	Personal Auto Policy	2
ACT756	Claims Management / Insurance Fraud	1
ACT799B	Case Studies in Insurance Management	3

Some of the courses in the EMAAS program are cross-listed with the Executive MBA program. Please find a list of these courses below.  

Actuarial Science Course		EMBA Course
ACT731	Business Analytics for Executives	QBA730	Business Analytics for Executives
ACT732	Executive Operations Management	OPM711	Executive Operations Management
ACT733	Strategic Marketing Research	MKT725	Strategic Marketing Research
ACT734	Executive Leadership & Communication Skills	MGT751	Executive Leadership & Communication Skills
ACT735	Accounting For Executives	ACC711	Accounting For Executives
ACT736	Corporate Financial Strategy	FIN721	Corporate Financial Strategy

Tentative Course Offering Plan

Fall 2014

Course	Instructor	Cr.	Dates
ACT711: Actuarial Statistics	Mr. Samer   Abi Ghanem	3	October 3, 4, 10, 11, 17, 18, & October 31, November 1, 2014
ACT798: Topics (Financial Derivatives)	Dr. Kouzeima Moutannabir	1.5	November 7,8, 28, 29, 2014
ACT728: Insurance Compliance and Corporate Governance	Dr. Charilaos Mertzanis	1	January 9, 10, 16, 17, 2015

Spring 2015

Course	Instructor	Cr.	Dates
ACT743: Actuarial Mathematics	Mr. Samer Abi Ghanem	3	February 20, 21, 27, 28,March 13, 14, 20, 21, 2015
ACT744: Actuarial Statistics II	Dr. Kouzeima Moutannabir	3	April 3, 4, 10, 11, 24, 25, May 8, 9,2015
ACT798: Topics (TBD)	Dr. Andreas Milidonis	1.5	May 22, 23, 29, 30, 2015

Mission

The Executive MA in Actuarial Science aims to promote a culture of need and appreciation for the Actuarial Sciences in Lebanon and the region. It aims as well to disseminate the importance of professional certification in the field and in the insurance industry.

Educational objectives

The objectives of the Executive MA in Actuarial Studies program are:

•  To allow experienced professionals in Lebanon and the Middle East to upgrade their insurance knowledge;
• To assist those professionals in earning professional certification;
• To provide a solid academic foundation for its constituencies to become successful actuaries;
• To offer a structured assistance for those professionals or students wishing to take the international exams of the Society of Actuaries, the Causality Actuarial Society, or others.

Learning outcomes

The Executive MA in Actuarial Science program will enable the graduates to:

• Demonstrate an understanding of the fundamental probability tools for quantitatively assessing risk and an ability to apply these tools to various insurance problems.
• Demonstrate an understanding of quantitative concepts and basics of financial analysis from accounting to capital budgeting applicable to insurance companies.
• Demonstrate an understanding of the theoretical basis of certain actuarial models and life contingent models and an ability to apply those models to insurance and other financial risks.
• Demonstrate an understanding of frequency and severity models and an ability to carry out the steps involved in the modeling process in solving business problems.
• Analyze data from an application in a business context, determine a suitable model including parameter values, and provide measures of confidence for decisions based upon the model.
• Establish rapport in groups, be adaptable to new circumstances, be able to work both independently and in collaboration with others, and be able to function effectively as leaders.
• Demonstrate highest standards of ethical conduct and professional behavior, critical, interpersonal and communication skills as well as a commitment to life-long learning.