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Undergraduate Programme

6729 BSc in Actuarial Science

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A gateway to the actuarial profession with internationally recognised qualifications

 

What is an Actuary?

An actuary is a professional who deals with the application of probability and statistical theories to problems in insurance, investment, pensions and financial risk management. The majority of actuaries work for life, health and property/casualty insurance companies, which heavily rely on actuaries’ judgement to ensure their financial security. Other actuaries work for actuarial consulting firms, offering their expertise on financial services, risk management, health care, pension plans and asset/liability management. Other opportunities are available for actuaries in a variety of industries.

 

Actuaries work with facts, figures and people to solve business problems. They are not only the statisticians of the insurance industry, but also have broader responsibilities in financial management. They frequently evaluate the past, make use of known changes, interpret expected changes and set future directions to determine insurance premiums and retirement benefits.

 

Actuaries work in many capacities within businesses, consulting firms, government agencies and universities, and often fill senior managerial roles in insurance companies, even becoming senior officers or company heads. Most importantly, all actuaries must have a strong aptitude for mathematics and the ability to apply actuarial knowledge to a range of financial situations. 

 

How to become an Actuary?

actuary

 

The Programme

  • Provides specialist academic and professional training to students in actuarial science
  • Prepares students for professional examinations to Associateship level
    UK – Institute and Faculty of Actuaries
    North America – Casualty Actuarial Society, and Society of Actuaries
  • Accredited by professional body, while graduates will be exempted from various professional examinations (subject to re-accreditation)
    UK – Institute and Faculty of Actuaries
  • Validation by Educational Experience (VEE) obtained
    North America – Casualty Actuarial Society, Society of Actuaries, and Canadian Institute of Actuaries
  • Internship opportunities with major insurers, actuarial consulting firms, reinsurers, investment firms, auditing firms, and management consulting firms

 

Unique Features

soa-cae-logo
  • Specialisation: The ONLY programme of its kind in Hong Kong
  • Professional recognition: The Department of Statistics & Actuarial Science has been designated a Centre of Actuarial Excellence by the Society of Actuaries since 2011
  • Career prospects: Given Hong Kong's booming insurance industry and the rapid development of the mainland China market, actuaries enjoy very attractive career prospects. Recent graduates hold positions in major insurance and reinsurance companies, actuarial consulting firms, and investment banks

 

BSc(ActuarSc) Curriculum Structure (240 Credits)

Forty 6-credit courses spanning over 4 years of full-time study

UNIVERSITY EDUCATION

Language Courses 

Common Core Courses

(54 credits)

+

PROGRAMME CORE

Disciplinary Courses
Capstone Course

(132 credits)

+

2nd MAJOR* /
MINOR(S) / ELECTIVES

(54 credits)

 *Additional credits required

 

 

Admissions Talk 

 

 

Dr Patrick S C Poon Scholarship in Actuarial Science

  • 5 scholarships are awarded annually to freshly-admitted first year students with outstanding entrance records, each at HK$50,000 or HK$60,000
  • Renewable based on satisfactory performance in each year’s study in the programme

 

Accreditation

The HKU BSc(ActuarSc) programme is the first actuarial programme in Asia to obtain accreditation from the Institute and Faculty of Actuaries (IFoA), the UK's only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally. Students who graduate with a BSc(ActuarSc) degree from HKU with the required marks in specified courses will be exempted from taking various IFoA subjects (e.g. CT1-CT8) as they begin their journey towards qualifying as an actuary.

 

Internship Programme

Internship opportunities with major insurers, actuarial consulting firms, reinsurers, investment firms, auditing firms, and management consulting firms are provided.

The programme assists students by advertising part-time/summer/temporary or full-time positions, sending to employers resumes of interested students, and assisting students in their preparation for the internships. Recruitment activities normally begin six months or more prior to the expected starting date of a position.

As an intern, the student will gain insight into the challenging world and daily activities of an actuary while increasing his/her technical, analytical and communication skills.
 

Non-exhaustive list of companies participating in the internship programme:

  • CHUBB Life Insurance Company
  • AIA Group Limited
  • AXA China Region
  • BOC Group Life Assurance
  • Census and Statistics Department HKSARG
  • Ernst & Young
  • FTLife Insurance
  • HSBC Insurance (Asia-Pacific)
  • FWD Life Insurance
  • JP Morgan
  • KPMG
  • Manulife
  • Prudential Hong Kong
  • PWC
  • RGA Reinsurance
  • Sun Life Hong Kong
  • Swiss Re
  • Willis Towers Watson
     

Career Prospects

Actuaries’ duties are varied, challenging and so important that they are frequently called the “brains” of the insurance business. Given Hong Kong’s booming insurance industry and the rapid development of the mainland China market, actuaries enjoy very attractive career prospects. Recent graduates hold positions in major insurance and reinsurance companies, actuarial consulting firms, and investment banks, including but not limited to: 

 

  • AIA Group Limited
  • AXA Asia
  • BOC Group Life Assurance
  • HSBC Life
  • Manulife
  • Sun Life Financial
  • Prudential
  • Willis Towers Watson
  • General Re
  • RGA Reinsurance
  • JP Morgan
  • Standard Chartered Bank
  • FTLife Insurance
  • Ernst & Young
  • Mercer
  • Goldman Sachs
  • Morgan Stanley
  • Deloitte Touche Tohmatsu

The Department of Statistics & Actuarial Science has introduced the Career Advising Programme (CAP) to help students pinpoint their strengths and weaknesses in terms of interview/CV writing skills and better prepare students to seize career opportunities readily. Besides one-to-one tailored consultation on CV and cover letter, the CAP will organise other career-related activities, such as career talks, company visits and mentorship programmes to deepen students’ understanding of the industries.

 

Student Sharing

Yeung-Shu-Nga

YEUNG Shu Nga

2018 BSc (Actuarial Science) graduate

Actuarial Intern at Swiss Reinsurance Company Ltd (Hong Kong Branch), 2016

 

“Internship is indeed an essential experience in university life, especially for students who plan to pursue a profession after graduation. Being an actuarial science student, like many others who share the same major, I joined the internship programme to work as an Actuarial Intern in the insurance world. Having the opportunity to perform pricing in Swiss Re, a reinsurance company, I was able to consolidate my actuarial knowledge learned in lectures through integrating it to my costing work. With hands-on experience working with technical pricing tool and helping to develop new products, I acquired actuarial software skills as well as insurance product knowledge, which can hardly be learned from textbooks. I would strongly recommend actuarial science students to take part in the internship programme, for not only can they gain a more comprehensive view towards the insurance market, but also equip themselves with both hard and soft skills that are critical for standing out in a crowd.” 

Cheng-Wai-Yin

CHENG Wai Yin

2018 BSc (Actuarial Science) graduate 
Actuarial Intern at Prudential Corporation Asia, 2016

 

"The internship programme at Prudential Cooperation Asia provided me with insights into what actuaries actually do in traditional life insurance company. Tasks given to me may not be relevant to my previous lessons but I treat it as an opportunity to learn more. Through different tasks, both my technical skills (use of simple coding, Excel formula, prophet modelling etc.) and soft skills (time management, communication and task responsibility) have been boosted. Besides skills, getting a broader image of the insurance field is something for me to treasure. Seeing a bigger picture let me understand how my work affects others or even the whole team project. Working in a company as a full-time intern is never an easy task, especially when the company is doing real business in which efficiency of work is highly required. The manager is not your teacher that can teach you everything just like at school. You should learn by first trying to solve the problems yourself before seeking any help."

 
Leung_Wales

CHAN Wing Ho Ronald

2019 BSc (Actuarial Science) graduate 
Ronald is now working as an Actuarial Assistant in China Life Insurance (Overseas) Company Limited

 

"Being recognized by the Society of Actuaries, the programme is arguably the most prestigious actuarial programme offered in Asia. From what I have learnt and experienced throughout the 4 years of study, it is no exaggeration. It has extensive connections with business institutions from various fields for potential job opportunities. Most students graduate with at least an internship experience and several passed actuarial exams, which give us the edge in job applications and career progression. The programme has equipped me with the essential analytical skills and a wide exposure in actuarial, economic, financial and risk management fields to kickstart my career. The comprehensiveness and thoroughness are unmatched by other programmes in related fields. I am grateful for everything learnt here."