Bachelor’s Degree in Actuarial Science


Career Objectives

To give increased stability to *economical and *financial activity of business organizations as well as the social insurance area, favoring their developments and competitiveness.


Professional Profile

Professional qualified in reducing the *risks of economical activity analyzing and solving *financial problems through the use of math, statistics and computing.

Also, he comprehends the nature and orientation of the social and political processes and their relation to the country insertion in the international financial context.


Specific tasks or activities carried out in the profession.

He designs *methodologies for problem *analysis and observation, through statistics.

He finds mathematical expressions which represent an economical-financial situation or phenomenon and solves the problem based on application of mathematics and statistics.

He creates mathematical *models which simulate the behavior of economical-financial systems for their programming and computer processing and thus to anticipate both their behavior and their consequences.

He expresses mathematical *models in ideas or solutions easy to assimilate by professionals with whom he collaborates.

He evaluates every type of fact, circumstance or event which involves risks and may affect people’s or public or private entities’ economical or financial assets.

He evaluates future commitments in relation to the assumed risks.

He evaluates the operating conditions of the public or private entities, profit-seeking or nonprofit, setting procedures which ensure the *viability and stability of the operations in order to manage the *economical or *financial risk scientifically.

He studies the *viability and efficiency of the *investments.

He *optimizes *investment and *financing strategies, through the reduction of risk and the maximizing of benefit.

He develops policies and *procedures prone to stability, *solvency and *return on investment in the long run.

He *implements the schemes that he proposes in order to perform each project where he intervenes successfully.

He makes wise decisions under uncertain situations.

He conducts studies about *viability, performance and risks of new projects.

He investigates the acceptance or *demand of a product in the market.

He designs *credit systems.

He elaborates production programs, minimizing costs and maximizing utilities.

He optimizes *inventories.

He *formulates *marketing strategies.

He evaluates collective work contracts.

He addresses insurances, retirements, *pensions, also *social security benefits.

In the field of insurances, he studies the chances in relation to death, disability, accident, disease, fire and industrial loss,

natural disasters, as well as calculating the corresponding *premiums.

In the field of insurances he carries out the study of *monetary reserves needed to cope with the expected complaints.

He designs *pension and retirements plans.

He restructures social security when managing *programmed retirements and *life annuities.

He designs, plans, evaluates and proposes prediction models, as well as indicators about population movements in natality, death rate and migration, considering economical, political and social causes and effects.


Occupational Field

Private companies of the productive, commercial or service sector

Public institutions

*Financial Institutions.

Insurance Companies.

*Stock Exchange

Managers of investment and *pension funds.

Companies with risk rating agency

International financial organizations

Labor unions

*Foundations

Teaching and Research in Universities

Financial Consulting


Estimated time of College years:

5 years.


Main courses considered in the syllabus.

Professional Domain

Algebra (2 semesters)

Advanced Algebra

*Analytic Geometry

*Calculus (3 semesters)

*Discrete Mathematics

*Numerical Analysis (2 semesters)

*Differential Equations (3 semesters)

*System Optimization (2 semesters)

IT

Programming (2 semesters)

Advanced Statistics

Mathematical Analysis

*Simulation (2 semesters)

Decision Analysis

Project *Formulation and *Appraisal

Quality System

*Accounting

*Finance

*Economy

Financial and Commercial Systems

*Stochastic Processes

*Financial Engineering

Financial Modeling

*Operations Research

*Business Management


Vocations, Skills and Interests required in the candidate to this career


Interests

• Motivation to the economic development

• Tendency to quantify the facts

• Joy for facing situations with strategy

• *Analytic and *deductive mentality

• From what you’re going to talk about or deal with, place value on defining it in advance and accurately.

• Interest in the meticulous and exhaustive work.

• Interest in evaluating situations and making decisions.

• Motivation to predict if a commercial project will be successful or not.

• Interest in *Management

• Satisfaction in being able to solve a mathematical problem.

• Interest in the search of new solutions to mathematical problems.

• Joy for both demonstrative mathematical developments and mathematics application.

• Natural and frequent tendency to associate the facts numerically.

• Appraisal for the exactness, accuracy and rigor which math contributes.

• Note that mathematics has truths to know from how a supermarket works to how the cosmos is organized.

• Tendency to use patterns, schematics and graphs when studying or analyzing something.


 Skills

• Good level of Mathematical Reasoning.

• Ability to pursue a mathematical reasoning and retain it mentally while reasoning lasts.

• Dexterity in mathematical and numerical operation.

• *Analysis capacity to diagnose and solve problems

• *Abstraction capacity

• *Deduction and *synthesis capacity

• Ease in take a real situation to a schematization

• Commercial vision and creativity

• With sense of opportunity

• Ease in interacting and communicating with people

• Capacity to carry out tasks and agreements or put them into practice

• Capacity of teamwork


Vocation

For planning systems that generate wealth and obtain achievements in the economical and social aspect

Or any specific dream or longing which feels involved or oriented towards this direction.


Candidate Personality

Organized and planned in his activities

Critical

Persistent

Independent

Practical and concrete

Entrepreneurial spirit


Work Scope

Urban

Office environment


Related Careers

Economy, Bachelor in Financial Management, Accounting and Auditing, Mathematical Engineering, Bachelor in Statistics


*Glossary of Terms

*Abstraction: Isolating mentally or considering an object attribute separately. Or also, consider an object in its essence. For instance, mathematics is a symbolic language of the behavior of physical phenomenon or relations between entities.

All of them are abstractions of reality, expressed as symbols.

*Analysis: Method of understanding which starts focusing on all to end decomposing it in its basic parts to then see the relation between such parts.

Example: Study made about a reality or situation, distinguishing the facts, describing them and seeing the relation between them.

*Numerical Analysis: This type of analysis is the branch of mathematics which is in charge of designing *algorithms which through numbers and simple math rules simulate more complex mathematical processes, applied to processes of the real world.

*Algorithms: Operation list which allows finding the solution of a problem.

*Stock Exchange: Approved establishment where stockbrokers assemble in order to effect buying and selling transactions of *shares, *bonds and other investment instruments, at its clients’ expense.

*Shares: Documents which represent the company value. The number of shares belonging to a partner indicates his economic involvement and his corresponding membership in that society, owner of that company.

*Bond: Document in which stipulates the value to be paid by the issuer of such document, at the due date. It bears interests which are paid in the way defined in this contract.

*Calculus, *Differential Equations:

Unit of mathematics which is in charge of dynamic factors of reality, dealing with concepts of derivatives and antiderivatives (or primitive integral), where the derivative of a function presents the idea of how fast it grows (or decreases) in a certain point.

*Marketing: Discipline which studies the needs, desires and behavior of the consumers to determine the production accordingly.

*Accounting: Adopted order to keep accounts in an appropriate way.

*Credit: Loan of money.

*Deduct: Begin from a general principle to conclude in a particular one.

Example: A physical law is presented (general principle), and it is asked to give an example where this law can be applied (particular case). In this case, a deduction is being made; from a general fact, a particular case is deduced from it.

*Demand: Amount of goods or services that consumers are willing to acquire or buy.

*Economy: Science which subject of study is the social organization of the economical activity, in which tries to quantify the main existing connections between the multiple variables of an economic model through statistical and mathematical techniques.

*Project Evaluation: Useful concepts and methods in decision making linked to the economical aspects of a project.

Such as: Alternatives analysis of the development of the project, *Finance, Devaluation (lowering of the value or price of a device), Taxes, among other factors.

*Funding:*Finance: Collection and determination of the cash flow (inflows or outflows of money) required by the company, in addition to the distribution and management of those funds in order to maximize the economical value of the company.

*Financing: Obtaining the required funds to carry out the desired project.

*Foundations: These are constituted organizations by the will of their creators, who contribute their goods or wealth, without the purpose of making profit, for the realization of general interest purposes of the population.

*Analytic Geometry: This is the one which addresses geometric problems through graphics with the use of coordinates. With that it is achieved that these are transformed in algebraic problems.

*Management: Inquiries and procedures to carry a project forward.

*Implement: Carrying out a plan.

*Financial Engineering: Mathematical concepts and techniques applied in the analysis, comparison and evaluation of financial alternatives of engineering projects, to choose the most cost-efficient one as possible.

*Financial Institutions: they correspond to banks, saving banks, *credit cooperatives or *stock exchanges.

*Inventories: Goods of an entity which are intended for sale or the production to their later sale.

*Investment: *Invest: Allocating goods to produce a future profit instead of their immediate consumption.

*Market Research: Process of linking, recording and analyzing information related to the commercialization of goods and services.

*Operations Research: Course which concentrates practical applications of decision making in organizations.

*Discrete Mathematics: It is the unit of math in charge of the discrete sets; in other words, the study of processes which elements can be counted one by one separately.

Unlike continuous mathematics, which are in charge of processes which answer and variation are continuous (as a line).

*Mathematical Model: It is the mathematical representation of relations between entities, variables or operations, to study the behavior of complex systems in situations difficult to observe in reality.

*Optimize: Modifying a system to improve its efficiency.

*Politics: Criteria or guidelines which serve as roadmap to reach the objectives of an organization.

*Social Security Benefits: Measures which put into operation the Social Security to anticipate, repair or overcome certain situations of misfortune or state of need of people.

*Premiums: Fixed fee a person pays to keep active an insurance he has acquired.

*Procedures: Methods to carry out something.

*Stochastic Processes: Statistical study of processes which result is not possible to predict.

*Return on Investment: Utility or benefit obtained from an investment that has been made previously.

*Life Annuity: Contract obtained with an insurance company for a fixed monthly pension (income) for lifetime, once retired.

*Monetary Reserves: Forthcoming money saved as forecast of possible needs.

*Programmed Retirement: Monthly issue of money which is given to a *retiree, corresponding to the money he has accumulated for his retirement.

*Retiree: Retired person.

*Financial Risks: The possibility that financial loss happens due to variations in market-related factors.

*Synthesis: Mental operation which consist on reducing an accumulation of diverse data in one which represent them as a whole. Summary.

*Simulation: Software program which tries to be a mirroring of phenomenon of reality, to take an exploratory work with it.

*Solvency: Capacity to face debt payment.

*Viability: Viable: That there are possibilities to carry something out.

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