The MSc in ASI curriculum is tailored for fresh graduates and junior professionals who want to obtain a solid foundation in insurance knowledge, actuarial science, mathematics and statistics skills.
The curriculum of MSc in ASI is aligned to standards of professional bodies. It covers the associate-level exam materials administered by the Society of Actuaries (SOA). Notably, the programme has received University-Earned Credit status from the SOA for five preliminary exams – FM, FAM, SRM, ALTAM and ASTAM – underscoring its rigorous and industry-aligned approach.
To graduate from the programme, you will need to complete 36 units of coursework. This includes 10 core courses and 2 elective courses.
- Full-time programme (1 year)
Term 1 | September-December
4 core courses
1 elective course
Term 2 | December-March
3 core courses
1-2 elective course(s)
Term 3 | March-June
3 core courses
1-2 elective course(s)
- Each course is held 3 hours per week for 12 weeks.
- Core and elective courses are subject to change.
- The medium of instruction is English
CORE COURSES* (TOTAL 10 COURSES / 30 UNITS)
FINA6601 Economics for ActuariesThis course introduces the basic tools of micro and macroeconomic analysis, and how these can be used in an insurance business environment to help decision-making and behaviour. Topics include: the macroeconomic role of insurance, the demand and supply of insurance, adverse selection, moral hazard, imperfections in insurance markets, utility functions and life-cycle hypothesis.
FINA6602 Accounting and Corporate FinanceThe course provides both a framework for and tools necessary to analyse an insurance company’s financial statements. Topics include: financial ratios, equity and debt capital, weighted-average cost of capital, capital budgeting and rates of investment return.
FINA6603 Probability with Applications in Finance and InsuranceThe purpose of this course is to familiarise students with the fundamental mathematical knowledge and tools for quantitative risk assessment. The application of these tools to problems encountered in actuarial analysis is emphasised. Topics include: derivatives and integrals of multivariate functions, simple differential equations, general probability, Bayes’ Theorem and univariate and multivariate probability distributions.
FINA6604 Financial Mathematics for ActuariesThis course discusses the mathematical and technical aspects of the theory of interest in both discrete and continuous time. Topics include: measurement of interest and discount rates, accumulated value and present value, annuities, sinking funds, debt amortisation, determination of yield rates on securities and bone evaluations.
FINA6605 Statistics for Risk ModellingAn introduction to mathematical statistics and basic risk modelling, the course’s goal is to help students understand the theoretical foundations of modern insurance analytics and risk management. It covers the fundamental statistical concepts of inference, parameter estimation, confidence intervals and hypothesis testing using the tools of probability theory.
FINA6606 Actuarial Mathematics for Long-Term InsuranceThrough this course, students will obtain theoretical knowledge on actuarial pricing and reserving models and the application of these models to long-term life insurance.
FINA6607 Actuarial Mathematics for Short-Term InsuranceThis course introduces students to severity models, frequency models and their applications in short-term insurance coverages.
FINA6608 Derivatives for ActuariesThis course provides students with knowledge of derivatives and their applications in pricing and reserving insurance products. Topics include: financial forwards, futures, swaps and options; basic insurance strategies; parity relation; binomial option pricing models; the fundamental theorem of asset pricing; foundation of the Black-Scholes model; Brownian motion and stochastic calculus; derivation of Black-Scholes-Merton partial differential equation and Black-Scholes formula; and volatility surface.
FINA6609 Data Science for Insurance AnalyticsThe course gives an overview of data science and insurance analytics, covering a broad selection of key challenges and methodologies for working with big data. Topics include: data collection, integration, management, modelling, analysis, visualisation, prediction and informed decision-making, as well as data security and data privacy. Students will acquire a working knowledge of insurance analytics through hands-on projects and case studies using R and Python (programming languages) with real financial and insurance datasets.
FINA6610 Statistical Modelling for Insurance AnalyticsThis course focuses on insurance analytics by covering key concepts of statistical learning using R and Python programming languages. It includes the transition from mathematical statistics to insurance analytics and its applications. The course also covers regression and time series topics as well as generalised linear models, principal component analysis, decision tree models and cluster analysis.
ELECTIVE COURSES (TOTAL 6 UNITS)
FINA6611 Insurance and Risk ManagementIn this course, insurance is treated as a major risk management tool. The course covers risk management concepts; risk identification and measurement; property, net income and liability loss exposures; analysis of life, property and liability insurance contracts; methods and problems of insurance pricing; and insurance regulation and public policy.
FINA6612 Life InsuranceThis course covers the laws and regulations of life insurance, needs analysis, life insurance contract, policy provisions and ownership rights, settlement options, pricing of life products, the underwriting function, medical insurance and long-term disability income policies.
FINA6613 Commercial Property and Liability InsuranceThis course examines risk management and operations of insurance buyers and sellers. It also discusses the basic principles and methods for assessing risks facing a non-insurance company and for selecting an optimal risk management programme in broad insurance, finance and statistical contexts. Because insurance is an important component of a risk management programme, the functional areas of insurance providers (particularly property and casualty insurers) and the regulatory and market environment in which they operate are also discussed.
FINA6616 Advanced Life ContingenciesThis course covers advanced concepts in long-term actuarial mathematics. Topics include: determination of benefit premium and benefit reserves for life insurance and annuities; analysis of insurance loss random variables; and theory of life contingencies for multiple lives.
FINA6617 Loss and Survival ModelsThis course covers advanced concepts in short-term actuarial mathematics. Topics include: credibility theory; limited fluctuation; the Bayesian, Buhlmann and Buhlmann-Straub models; empirical Bayes parameter estimation; statistical inference for loss models; maximum likelihood estimation; effect of policy modifications; and model selection.
FINA6614 Selected Topics in Actuarial ScienceTopics and issues in subfields in actuarial science, to be selected by the finance faculty, are addressed in this course. Students are advised to contact the department for current offerings and prerequisites.
FINA6615 Current Topics in InsuranceTopics and issues in subfields in insurance, to be selected by the finance faculty, are addressed in this course. Students are advised to contact the department for current offerings and prerequisites.
FINA6618 Selected Issues in Actuarial ScienceTopics and issues in subfields in actuarial science, to be selected by the finance faculty, are addressed in this course. Students are advised to contact the department for current offerings and prerequisites.
FINA6619 Current Issues in InsuranceTopics and issues in subfields in insurance, to be selected by the finance faculty, are addressed in this course. Students are advised to contact the department for current offerings and prerequisites.
Other elective courses
You may take up to 3 credits’ worth of courses offered by the MAcc, MBA and other MSc programmes within CUHK Business School, subject to the approval of the programme directors.
Exemptions may be granted for up to 2 core courses. If a student is exempted from any of the selected core courses, they will be required to replace the units with other elective courses.
An exemption may be granted if a student has completed an equivalent undergraduate-level course and obtained a grade of “B” or above, or if they have passed a professional exam such as the SOA or IFOA.
Granting exemptions will be at the discretion of the programme and the university.
To become a qualified actuary, students need to complete the requirements set out by professional bodies, some of which can be fulfilled by finishing coursework with good grades in accredited universities. Examinations held by the Society of Actuaries (SoA) in the US are divided into two parts: written examinations and Validation by Educational Experience (VEE). Our programme offers courses that cover the contents of these two areas. For written exams:
|Fundamentals of Actuarial Mathematics
|Advanced Long-term Actuarial Mathematics
|Advanced Short-term Actuarial Mathematics
|Statistics for Risk Modeling
For the three areas covered by Validation by Educational Experience, students can fulfill them if they can pass the relevant courses with a grade of B- or above:
|Area under VEE
|Accounting and Finance
You can find details about the details of actuarial exams on the SoA website. See https://www.soa.org.
Your performance is assessed based on exams and assignments, according to CUHK’s grading system.
To graduate, you must complete the prescribed coursework and achieve a cumulative grade point average (GPA) of at least 2.50.
Students who obtain a cumulative GPA below 2.50 in the term assessment will be put on academic probation. If the probation is not lifted after two consecutive terms, the student will be required to discontinue their studies.
Students who receive a grade of D+ or below in a course must repeat it or take an approved substitute course.
Students in the top 20 percentile who achieve a cumulative GPA of 3.60 or above are eligible for the Dean’s List. These students will be issued a Dean’s List Certificate, and the honour will be recorded on their academic transcripts.
Check out our latest brochure now to learn more about the programmes!