An actuary is a professional who uses mathematics and statistics to estimate the financial impact of uncertainty and helps clients minimize risk to ensure that businesses remain profitable.An actuary designs models to minimize losses and evaluates the likelihood and impact of future events that companies use to avoid undesirable outcomes.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.
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.
The programme at Mahidol University is the only international programme in Thailand offering a degree in Actuarial Science.
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.
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.
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).
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.
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 this programme will prepare you for the 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)
Traditional actuarial fields
Graduates can apply analytical skills and business knowledge to solve financial, economic, and other problems for businesses. Employment opportunities include:
Graduates of the Actuarial Science programme are experts in statistics and financial mathematics and can apply their skills in the following related fields:
Data Analysts, and
What you will experience
The Department of Mathematics, Faculty of Science, Mahidol University foresaw the growing need for actuaries and began offering a Bachelor of Science Programme in Actuarial Science (International Programme) in 2009. The programme was co-developed by Curtin University and qualified students can spend the last 1.5 years of the degree at Curtin University and receive a double degree. To date, our programme is the only international programme in actuarial science in Thailand. All courses are taught in English.
Although it is a relatively young programme, our graduates and students are doing exceptionally well in career advancement. Two of our graduates have already become actuarial fellow, and a handful have passed the Associate’s exam. As a result, incoming and current students are becoming increasingly aware of their career path and progression.
We as a department strive to excel and are always looking for potential qualifications for our programme and exciting opportunities for our graduates. The Department of Mathematics at Mahidol University has been also seeking accreditation from the actuarial professional body in the United Kingdom, in order to fulfil its mission – to distinguish its educational programme and provide students with a world-class education to the students. Recently, the programme was accredited on a subject by subject basis by the Institute and Faculty of Actuaries (IFoA), the UK professional body dedicated to the education, development and regulation of actuaries. The institution offers qualifications to achieve designations such as Associate and Fellow for individuals seeking a career within the actuarial profession. The benefits of accreditation at the Actuarial Science Programme at Mahidol University include:
● Students benefit from exemption from four of the professional examinations.
● Accreditation is a guarantee that the programme meets international standard and would lead to a sustainable future for the programme.
● The programme will develop students who have the skills, knowledge and abilities that will be relevant in a competitive international job market.
● The programme will also support an increased number of qualified actuaries and the development of personnel quality in the actuarial profession according to international standards.
● Curriculum Book (TQF2) (Thai/English versions) contains information on programme and course specifications and all relevant information about the programme.
● MU Degree Profile (English version)
● Program Learning Outcomes (PLOs) and Sub PLOs (English version)
Educational Pathway and IFoA Accreditaion
The programme aims to produce highly qualified graduates in actuarial science, who are equipped with the necessary skills in Mathematics, Statistics, Finance, Economics, Accounting, Law, Computing and Demographics as well as English to prepare graduates for employment in international organizations.
The curriculum has been continuously revised in order to respond to the needs of the employment market and society.
In 2013, the curriculum was developed under the guidelines of the Qualifications Framework for Thailand’s higher education system (TQF), announced by the Ministry of Education in 1999. With respect to the qualification framework, the expected learning outcomes of students consist of five domains including ethical and moral development, knowledge, cognitive skills, interpersonal skills and responsibility, and analytical and communication skills.
In 2018, the curriculum was recently developed under the guidelines of TQF and AUN-QA. The revised program plans to produce fully-equipped graduates with communication skills, collaboration skills, critical thinking skills and creative ideas which are required as important skills for the 21st century. The graduates are also expected to acquire MU graduate attributes; i.e., T-shape breadth and depth, globally talented, socially contributing and entrepreneurially minded.
The programme is accredited on a subject by subject basis by the Institute and Faculty of Actuaries (IFoA), United Kingdom, the UK professional body.
Expected Learning Outcomes
The Bachelor of Science Programme in Actuarial Science (International program) established the following programme learning outcomes (PLOs). These learning outcomes were formulated in alignment with the demand and needs of stakeholders and the vision and mission of the university. In addition, the curriculum is also developed under the guidelines of the Qualifications Framework for Thailand’s higher education system (TQF).
1. Plan and design methods to solve problems in mathematics, statistics and actuarial science by using appropriate tools.
2. Design appropriate methodology for managing risks in the context of insurance business and finance.
3. Write computer programs or use statistical analysis software to perform computation, statistical analysis or problem-solving in mathematics, statistics and actuarial science.
4. Communicate effectively mathematical and actuarial knowledge and results from statistical analysis both formal and informal contexts in English.
5. Work with others effectively and respect individual differences according to the specific role and responsibility of an actuary.
Programme Structure and Contents
The programme structure and contents are developed in alignment with the programme learning outcomes and complied with the standard of undergraduate programmes of the study announced by the Ministry of Education 2015. The programme contains 120 credits comprising general education courses (30 credits), specific education courses (84 credits), and free elective courses (6 credits).
The specific education courses include core courses, compulsory courses, and compulsory electives. The specialised focus emphasises mathematical, analytical, computer, and financial modelling skills while assessing, anticipating, and managing risk.
The curriculum is designed based on constructive alignment with the expected learning outcomes.
This page contains links to the stakeholders’ survey for curriculum development and revision.
The curriculum is developed with input and feedback from academic staff, students, alumni and stakeholders from industry, government and professional bodies. Feedback mechanisms through the Stakeholder Portal have been developed to gather inputs and feedback from staff, students, alumni and employers. Please refer to the relevant pages for more information about programme general information and curriculum handbook.
To start the survey, please click on the appropriate link. We greatly appreciate your valuable time and efforts that you will spend in filling out this questionnaire.
The plan and procedures are designed to clarify the necessary steps involved in the development/revision of an academic degree program.
Forms can be downloaded from the website Mahidol University, including.
Request for approval on revising program submitted to MU Dean/ MU Council Meeting
MU template for degree program profile
SMO 08 (Minor curriculum change form)