This programme is aimed at students who wish to gain a deep understanding of the concepts of actuarial science, and a mastery of the associated skills and technologies. Our students will become autonomous inquisitive learners capable of formulating and creatively solving relevant problems in actuarial science. Our graduates will continue to be in demand by employers and academic research institutes for their ability to use the tools they have learned to explain, monitor and manage risks and financial schemes with embedded risks. We aim to provide a teaching and learning environment that develops confidence and independence through a wide variety of interactive formats, both inside and outside the classroom including lectures, tutorials, blackboard and computer assisted labs.

• Apply the highest standards of independence and due diligence to protect the public interest
• Approach problems in an analytical, precise and rigorous way
• Build, calibrate, test, and implement models using data relating to future cash flows to estimate their amount and timing
• Communicate the results of their work in an effective way.
• Critically appraise topical applications of actuarial research and practice using case studies
• Demonstrate an in-depth understanding of actuarial science
• Handle data and assumptions underlying models in a critical manner
• Measure, monitor and manage risks embedded in financial products or schemes
• Monitor, and manage the variation in, the progress of the accumulation of a fund and the build up of assets to meet future liabilities and advise on suitable investment strategies
• Operate within an environment that requires professionalism, scrutiny and transparency
• Use economic analyses to form judgements on such matters as future inflation and interest rates.
• Work with other professionals to solve problems

Actuaries are typically employed in the financial services sector where their role is to understand the nature of risk and find ways to manage it. The BAFS (Hons) degree will prepare you for a professional career in the actuarial or financial professions, but it has also been designed to be broader and more diverse than most traditional programmes in actuarial science. It takes a combination of strong analytical skills, business knowledge and understanding of human behaviour to design and manage programmes that control risk and guarantee sufficient funds for the insurance and pension sectors. For example, the actuary works out the risk (i.e. the likelihood of an incident such as a fire happening) and calculates how much the customer should pay for insurance cover in order to ensure the insurance company has sufficient funds to pay out if the incident occurs. The actuary calculates the premium based on the pattern and trends in the entire marketplace. To that end, your degree will focus on statistics, mathematics, economics finance, investment and related actuarial science and business subjects.

STAGE 1
You will study modules in Mathematics, Statistics, Economics and Computer Programming.

STAGES 2-4
Later you will concentrate on more advanced areas of Actuarial Science, Economics, Statistics and Finance. An essential element of the programme is a six-month supervised professional work experience undertaken in Stage 3. You are placed in insurance and financial institutions in which you gain valuable insight into possible careers as actuaries or financial analysts. Most students undergo their work experience in Ireland, the UK or the USA.

You may apply to study abroad for either a semester or a year through the Erasmus programme or on a non-EU exchange. UCD has over 200 Erasmus partners in Europe and an increasing number of non-EU exchange agreements with universities in the USA, Canada, Australia, Japan and elsewhere. Please visit the Erasmus section in International Office link at the top of this page.

BAFS graduates hold a degree with exceptionally good career prospects in the financial services industry and they are highly sought after by employers. Most of them take positions as actuarial trainees in the life, pensions, health or general insurance industry. Although many pursue careers as an actuary, a significant number of graduates have established good careers in areas such as accountancy, banking, computer science, economics, fund management, government regulatory financial services, management consultancy, statistics and stock brokering.

Dr. Shane Whelan, Actuary, FFA
UCD School of Mathematical Sciences
James Joyce Library
Belfield, Dublin 4
Tel: +353 1 716 7155
Email: Shane.Whelan@ucd.ie
Web: www.ucd.ie/horizons

DN015 Commerce
DN026 Economics & Finance
DN032 Mathematical Science