In response to “Actuarial Science: an abandoned major?”
I am writing to say that I find the recent Caravan article, “Actuarial science: an abandoned major?”, to be misrepresentative of the major and the faculty who make this subject possible. The comments made in that article focus on a narrow set of negative occurrences, without providing a complete portrayal of what the major is and why we are lucky to have it at AUC.
Like every program at AUC, especially newly established ones, the actuarial science program faces challenges toward its implementation. I contend, however, that the dedicated faculty, both full and part time, have made many significant contributions that have a positive impact for AUC and Egypt that should also be publicized. Please allow me to provide a better-rounded view of the program.
What caused me to write a response to the Caravan article, “Actuarial science: An abandoned major?” is the title of the article and the cartoon showing the Actuarial Science major as “no man’s land” which do not by any means reflect the incidents covered in the article. The major, established at AUC in fall ‘04, aims to reduce the gap between the supply and demand for actuaries in Egypt and the Arab region, and to develop a partnership between AUC and financial institutions.
Only ten students are accepted in the actuarial science major every year. A minimum GPA of 3.0 is required for admission as well as an interview to determine aptitude, genuine interest and seriousness. The reason why few students are accepted is that the science requires special abilities that range from advanced mathematical skills to the readiness to dabble in the study of business and commercial law and to develop knowledge of languages and communications skills.
Vice provost and director of the actuarial science program, Ali Hadi, holds regular meetings with the students to address the different areas of concern for the students. Through his relationships, he arranges summer internships for students at the Central Bank of Egypt, insurance companies and different financial institutions.
The actuarial science program holds much potential for AUC and its students. Focusing solely on criticisms undermines the countless hours that are put in by dedicated faculty and students, especially ones as specialized as those required for this program, and ignores the possibilities that this new major has made available for AUC and Egypt. We hope that the AUC community recognizes the value that this program has to offer.
Zeinab Amin
Assistant Professor of Statistics
Department of Mathematics & Actuarial Science
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