Minor in Mathematics
The minor in Mathematics will acquaint non-mathematics majors with the diversity of the field and enhance the student's ability to formulate and solve problems in other disciplines.
Requirements (15 credits)
For students majoring in the Science & Engineering School: MATH 233, MATH 303, and 3 courses among:
MATH 232 and the 300-level and 400-level MATH courses.
For all the other students:
MATH 112, MATH 131, and any other 3 MATH courses (excluding MATH 100 and MATH 101).
Minor in Applied Probability and Statistics
Applied Probability and Statistics are essential tools for analyzing data in various fields. A minor in Applied Probability and Statistics will prepare students and enhance their abilities to understand and solve problems in their own major fields. The minor in Applied Probability and Statistics is also designed to meet a demand by industry and governmental agencies for personnel who are able to utilize appropriate statistical and other quantitative methods to solve problems as diverse as quality control and population dynamics and to facilitate wise decision making in the face of uncertainty.
Requirements (15 credits)
MATH 112, MATH 306 and MATH 307, and two courses from the following: MATH 404, 405, 406.
Bachelor of Science in Actuarial Science
The life of nearly every one is impacted by the work of actuarial experts. Actuarial experts apply mathematical models to improve financial decision-making by evaluating the financial implications of uncertain future events. See the Mathematics Department's Web site for a more detailed description of the work of actuarial experts. The number of certified actuarial experts in Egypt is notoriously low, whereas the demand for actuarial experts is very high. Actuarial experts are well paid. They are employed by a large variety of organizations, such as insurance companies, actuarial consulting firms, banks and other financial institutions, and government agencies like the Egyptian Insurance Supervisory Authority (EISA).
To be able to solve the problems of evaluating and measuring risk, an actuarial expert has to be trained in the disciplines of mathematics, probability, statistics, economics, finance, business law, accounting, and marketing. An actuarial expert must also know how to use computers and acquire communications skills to explain ideas to non-actuaries.
Because of the important financial implications of actuarial work, and the incomprehensibility of this work to many outside the actuarial profession, actuarial associations are set up in many countries to regulate the profession, set business ethics, and maintain disciplinary procedures for members.
A person becomes certified as an actuarial expert by passing a series of examinations offered by an actuarial society. Examples of these organizations are:
- The American Society of Actuaries, SOA (www.soa.org)
- The American Casualty Actuarial Society, CAS (www.casact.org)
- The British Institute of Actuaries/Faculty of Actuaries
Upon passing a certain number of examinations, a person is designated as an Associate Actuary. After becoming an Associate, a person can choose to take a few more examinations to receive the higher designation of a Fellow Actuary. The number of examinations required for Associate or Fellow designations depends on the society. For a more detailed list of various designations see www.beanactuary.org/whatis/desig.htm. The Egyptian Society of Actuaries (ESOA) is one of about 50 actuarial associations (see www.actuaries.org/public/en/membership/full.cfm and www.beanactuary.org/whatis/organizations.htm). These associations are members of the International Actuarial Association, IAA (www.actuaries.org), which reviews and approves the standards and bylaws of all member associations. Actuarial associations vary in size. For example, the SOA membership exceeds 17,000 members, whereas the ESOA currently has less than 10 members of which only two are Fellows.
In Egypt, once a person becomes an Associate Actuary, he/she becomes eligible to obtain a license from the Egyptian Insurance Supervisory Authority (EISA) to work as an Actuarial Expert. One objective of the program leading to the Bachelor of Science degree is to reduce the huge gap between supply and demand for actuarial experts in Egypt. The program prepares students for taking the first four examinations jointly offered by the Society of Actuaries and the Casualty Actuarial Society. Consequently, the degree helps graduates to obtain the actuarial license from the Egyptian Insurance Supervisory Authority and also to compete in the international job market for Actuarial Experts.
A total of 133 credits are required for the Bachelor of Science degree in Actuarial Science. Students may be exempted from MATH 131 requirement by passing a placement examination. Students who pass a placement examination will be required to complete 130 credits. Students can be admitted to the Actuarial Science Major at either their freshman or sophomore years. See the Mathematics Department's Web site for a sample schedules for completing the requirements for the B.Sc. degree in Actuarial Science.
The following are the requirements for the Bachelor of Science degree in Actuarial Science:
Core Curriculum (40 credits)
Concentration Requirements (54 credits)