B.Sc. Actuarial Science (International Program)

Actuary is a profession that utilizes mathematics and statistics to estimate the financial impact of uncertainty and manages risk exposure to ensure a profitable business operation.

 

An actuary speculates future events and provides financial security by reducing the impacts of any adverse outcomes. This profession evaluates the likelihood and designs actuarial models that businesses can use to outline the best course of action.

 

The future for actuaries is constantly evolving as advances in artificial intelligence (AI), the Internet of Things (IoT), and industrial automation accelerate. These technologies will create new opportunities for actuaries as true business strategists.

Common Misconception

Despite the common Thai term “ประกันภัย”, the actuary is the “brain” in the operation of an insurance company. The actuarial profession is not usually associated with marketing or direct sales of insurance products. 

Summary

This programme trains students for the actuarial profession, which is the analytical backbone of our society’s financial security systems. This profession is heavily represented in the financial services sector, including insurance companies, commercial banks, investment banks, and pension fund agencies.

Program Highlights

  1. The programme at Mahidol University is the only international programme in Thailand offering a degree in Actuarial Science.

  2. The programme is accredited by the Institute and Faculty of Actuaries (IFoA) on a subject-by-subject basis. The following IFoA examinations may be waived: CS1 Actuarial Statistics, CM1 Actuarial Mathematics, CB1 Business Finance, and CB2 Business Economy. For details on the IFOA’s professional requirements, visit IFOA site

  3. The programme is co-developed by Curtin University, Australia, whose Actuarial Science degree is accredited by the Institute of Actuaries Australia (IAA). Students from Mahidol University may choose to spend 1.5 years at Curtin and earn a double degree. The degree at Curtin also offers students the opportunity to gain exemptions from the six subjects comprising the Foundation Program, which is the first part of the professional examinations of the Actuaries Institute. For details on Actuarial Science Bachelor Degree at Curtin University, visit Curtin University site.

  4. Students with sufficient academic performance in the programme may receive an exemption from VEE Mathematical Statistics, VEE Economics, and VEE Accounting and Finance from the Society of Actuaries (SOA). For details on VEE: Validation by Educational Experience, visit SOA site.

  5. Mahidol University has signed Memoranda of Understanding (MOU) with the Office of Insurance Commission, Thai Life Assurance Association, and the Thai General Insurance Association on enhancing academic collaboration in our actuarial professional development programme.

  6. Our graduates have a broad knowledge not only in insurance but also in business, finance and investments. Qualified graduates, who are designated as Associate or Fellow by an international actuarial association, can be employed in any part of the world.

How Programme Prepare You For Industry

During the course you will gain a comprehensive knowledge of mathematics, probability, statistics, finance and economic principles that will help you gain a professional qualification. The programme offers a range of resources and experiences to help you compete in the job market and improve your employability.

 

You can also gain exemptions in relevant subjects from the Institute and Faculty of Actuaries (IFoA).

What you will learn and experience

Analytical Problem-Solving Skills: Plan and design methods for solving problems in mathematics, statistics and actuarial science using appropriate tools.

Risk Management: Design appropriate methods for managing risks in the context of insurance and finance in accordance with objectives and professional ethics of actuaries.

Computer and Programming Skills: Use statistical computing environments to perform calculations, perform statistical analysis, or solve problems and as a tool for lifelong learning.

Communication: Communicate effectively mathematical and actuarial knowledge and results of statistical analyses in formal and informal contexts in English.

Teamwork: Work effectively with others and respect individual differences according to the specific role and responsibilities of an actuary.

Academic system

  1. An academic year runs under Mahidol University’s semester system, which consists of two regular semesters (16 weeks) and a summer semester (6 weeks).

  2. A student must enroll and complete all requirements of the Bachelor of Science Programme in Actuarial Science (International Programme) to qualify for graduation.

  3. A student who chooses to pursue the double degrees must meet the requirements set forth in the Student Articulation Principal Agreement between Curtin University and Mahidol University. Generally, a student takes courses according to the curriculum and spends the first 5 regular semesters consecutively at Mahidol University and then studies the last 3 regular semesters consecutively at Curtin University.

*The selection criteria for transferring to Curtin University can be found at this link.

Career Opportunities

Traditional actuarial fields

Graduates can apply analytical skills and business knowledge to solve financial, economic, and other problems for businesses. Employment opportunities include: 

  • Actuary, 

  • Business Analyst, 

  • Risk Analyst, 

  • Consultant, and 

  • Insurance Underwriter.

Non-traditional Fields

Graduates of the Actuarial Science programme are experts in statistics and financial mathematics and can apply their skills in the following related fields: 

  • Financial Services, 

  • Investment, 

  • Banking, 

  • Management, 

  • Data Analysts, and 

  • Statisticians.

Admission Requirements

A candidate must:

  1. Hold a high-school (Grade 12) diploma or its equivalence by the time of enrollment.
  2. Pass the entrance examination in Mathematics given by the Department of Mathematics, Faculty of Science, Mahidol University.
  3. Demonstrate his/her proficiency in listening, speaking, reading, and written English by passing an English examination given by the Department of Mathematics, Faculty of Science, Mahidol University, OR provide evidence of an English test score,
    – TOEFL score not less than 500 (paper based) or 173 (CBT) or 61 (iBT)
    – IELTS score not less than 6
    – Other equivalent test
    – Test date must be within 2 years of the admission date.
  4. Must not have contagious disease or serious illness or unsound mind.

Documents

  • Completed Application Form
  • A one inch applicant photo
  • Official Academic Transcript
  • Personal Statement giving future plans of study and career (100 – 150 words)
  • Recommendation letter from student’s adviser or person of authority, stamped with the school’s official seal
  • Test score (if any): at least 500 TOEFL (PBT), 173 TOEFL (CBT), 61 TOEFL (iBT), 6 IELTS, or other equivalent test scores, within 2 years of application date.
  • Evidence of application fee payment from the bank (official copy). The applicant should also keep a copy of this document.

Note: application fee of 1000 Baht for each applicant is to be paid by transferring into the bank account named “ACTUARIAL SCIENCE”, at the SIAM COMMERCIAL BANK, Ramathibodi Branch, Account number: 026-4-46748-4 (in case that the online payment system error)

Documents must be submitted to the Department of Mathematics, Faculty of Science, Mahidol University, Rama VI Road, Ratchathewi, Bangkok 10400

Academic System​

  1. An academic year is run under Mahidol University semester system composed of two regular semesters (16 weeks) and a summer semester (6 weeks).
  2. A student must enroll and complete all the requirements of the Bachelor of Science Programme in Actuarial Science (International Programme) in order to qualify for the degree.
  3. A student who selects to obtain the double degrees must meet requirements as specified in the Student Articulation Principal Agreement between Curtin University and Mahidol University. In general, a student will take courses following the study plan and spends the first 5 regular semesters consecutively at Mahidol University, then studies at Curtin University for the last 3 regular semesters consecutively.
  4. **Selection requirements for Curtin University transfer can be found in this link

Duration of Study

The duration of study must not less than 3 years and no longer than eight years. The program is designed for the duration of three years and a half.

Registration

A student is required to register for a full – time study of no more than 23 credits each regular semester and no more than 8 credits in the summer semester.

Program Structure

CoursesCredits
Languages8
Basic Science/Mathematics18
Total30 credits
CoursesCredits
Core Courses43
Compulsory Cources35
Compulsory E lecture6
Total84 credits

Graduation Requirements

To qualify for graduation, the student must accomplish the followings.

  1. The duration of study must not exceed 8 academic years.
  2. A Student must pass the subjects in accordance with the programme curriculum which has the minimum requirements of the 120 credits including;
    • a minimum of 30 credits of general education courses
    • a minimum of 84 credits of specific education courses
    • a minimum of 6 credits of free elective courses
  3. A student must have a minimum grade point average of 2.00 (out of 4.00 grade point system) at the completion of the program.

Double Degree Mahidol-Curtin

Student who meet requirements as specified in the Student Articulation Principal Agreement between Curtin University and Mahidol University and passes all education requirements.

A student who carries out his or her studies entirely at Mahidol University will obtain a degree from Mahidol University only, provided the student passes all education requirements.

In the case that the student who chooses to obtain the double degrees does not complete satisfactorily all the required courses within the 3 semesters at Curtin University, the student can choose to continue his or her studies at Mahidol University. However, the student will obtain a degree from Mahidol University only, provided the student completes all the required courses and passes all graduation requirements. In this case, Mahidol University awards all academic records obtained during the study at Curtin University.

Program Co-ordinator

Assistant Professor Pairote Satiracoo, Ph.D.

Contact Us

For more information about B.Sc. Actuarial Science Programme,
please contact K.Natthawooth at 064-692-1716 or send email to pakin.sia@mahidol.edu.
(this number is available during working day 8.30-16.30)