Actuarial science is a discipline that applies mathematics and statistics to analyze and manage risk, especially in the field of insurance, both life insurance and general insurance (including natural disaster insurance and reinsurance); pension fund; investment and banking. Even actuarial science can also be applied in risk management in other industries, such as agriculture, animal husbandry, fisheries, mining, and manufacturing. Actuarial science covers a variety of related disciplines, namely mathematics, statistics, opportunity theory, finance, economics, and computational science.
The aim of Actuarial Undergraduate Program graduates within 5 years after completing their studies are:
- progress in their careers by applying the principle of actuarial science in their organizations engaged in various sectors that require actuarial science, such as the financial industry, construction industry, mining industry, consultants and regulators in government;
- obtaining recognition as an Actuary from the Indonesian Actuary Association as well as from other international actuary associations;
- become a motor in their organization by applying and developing their knowledge skills, as well as communication and leadership;
- contribute to the formulation of strategic policies for community welfare based on high integrity and ethical values;
- actively involved in professional development activities such as professional certification and further study.
The curriculum of the Undergraduate Program in Actuarial Science is divided into two stages, there are The Joint Preparation Stage (Tahap Persiapan Bersama) and the Bachelor Stage. The semester load and credits at both stages are:
- Common First Year Program : 2 semester, 36 sks
- Bachelor Stage : 6 semester, 108 sks
- Compulsory ITB : 8 sks
- Compulsory UPAS : 81 sks
- Directional elective : 4 sks
- Elective : 15 sks (9-12 sks [inside]; 3-6 sks [outside])
- Total : 8 semester, 144 sks
- Compulsory : 89 sks
- Elective : 19 sks (4 sks [directional]; 15 sks [elective])
In the Undergraduate Stage, the structure of the course is organized by involving subjects in the Undergraduate Mathematics Program (MA code). This is in accordance with the development plan of a study program involving the five expertise group.
Undergraduate Program in Actuarial Science and Undergraduate Program in Mathematics have a minor program among them, the curriculum for minor program can be seen
here
| No |
Code |
Course Name |
CP |
| Semester I |
| 1 |
MA1101 |
Mathematics IA |
4 |
| 2 |
FI1101 |
Elementary Physics IA |
4(1) |
| 3 |
KI1101 |
General Chemistry IA |
3(1) |
| 4 |
KU1011 |
Indonesian Language: Scientific Writing |
2 |
| 5 |
KU1160 |
Introduction to Mathematics and Natural Sciences |
2 |
| 6 |
KU1102 |
Introduction to Computation |
3 |
| Total |
18 |
| Semester II |
| 1 |
MA1201 |
Mathematics IIA |
4 |
| 2 |
FI1201 |
Elementary Physics IIA |
4(1) |
| 3 |
KI1201 |
General Chemistry IIA |
3(1) |
| 4 |
KU1202 |
Introduction to Engineering and Design |
3 |
| 5 |
KU1024 |
English |
2 |
| 6 |
KU1001 |
Sports |
2 |
| Total |
18 |
| Semester 3 |
|
|
|
Semester 4 |
|
| Code |
Courses |
SKS |
|
Code |
Courses |
SKS |
| AK2163 |
Microeconomics |
3 |
|
AK2263 |
Macroeconomics |
3 |
| XXLING |
Compulsory Environmental Courses |
2 |
|
KU2071 |
Pancasila and Civic Education |
2 |
| KU206X |
Religion and Ethics |
2 |
|
AK2264 |
Accountancy |
3 |
| MA2021 |
Matrices and Vector Spaces |
3 |
|
AK2281 |
Time Series Analysis |
2 |
| MA2181 |
Data Analysis |
4 |
|
MA2031 |
Mathematics III |
2 |
| MA2151 |
Simulation and Mathematical Computation |
4 |
|
MA2271 |
Introduction to Differential Equation |
4 |
|
SKS Semester 3 |
18 |
|
|
SKS Semester 4 |
16 |
| Semester 5 |
|
|
|
Semester 6 |
|
| Code |
Courses |
SKS |
|
Code |
Courses |
SKS |
| AK3182 |
Linear Model |
3 |
|
AK3283 |
Risk Model I |
3 |
| MA3181 |
Probability Theory |
4 |
|
XXMANJ |
Compulsory Management Courses |
2 |
| MA3071 |
Introduction to Optimization |
4 |
|
MA3281 |
Mathematical Statistics |
4 |
| MA3161 |
Introduction to the Theory of Interest |
3 |
|
MA3261 |
Introduction of Financial Mathematics |
4 |
| MA3131 |
Introduction to Real Analysis |
4 |
|
|
|
|
|
SKS Semester 5 |
18 |
|
|
SKS Semester 6 |
13 |
| Semester 7 |
|
|
|
Semester 8 |
|
| Code |
Courses |
SKS |
|
Code |
Courses |
SKS |
| AK4091 |
Seminar I |
1 |
|
AK4092 |
Seminar II |
1 |
| AK4093 |
Thesis I |
3 |
|
AK4094 |
Thesis II |
3 |
| AK4183 |
Risk Model II and Simulation |
3 |
|
AK4261 |
Optimization of Mathematical Finance |
3 |
| AK4185 |
Life Insurance I |
3 |
|
AK4285 |
Life Insurance II |
3 |
| MA4181 |
Introduction to Stochastic Processes |
4 |
|
|
|
|
|
SKS Semester 7 |
14 |
|
|
SKS Semester 8 |
10 |
Compulsory
ITB Courses
|
Code |
Courses |
SKS |
| 1 |
KU____ |
Agama dan Etika |
2 |
| 2 |
KU____ |
Pancasila and Kewarganegaraan |
2 |
| 3 |
|
Muatan/Matakuliah Manajemen |
2 |
| 4 |
|
Muatan/Matakuliah Lingkungan |
2 |
|
|
Total |
8 |
Compulsory ITB Courses – Management
|
Topic dan Subtopic |
Code and Courses's Name |
SKS |
| 1 |
|
Management Courses offered by ITB |
2 |
| 2 |
|
|
|
|
|
Total |
2 |
Compulsory ITB Courses – Environmental
|
Topic and Subtopic |
Code and Courses's Name |
SKS |
| 1 |
|
Environmental Courses offered by ITB |
2 |
| 2 |
|
|
|
|
|
Total |
2 |
Directional Elective
Courses
|
Code |
Courses |
SKS |
| 1 |
AK3091 |
Workshop: Application of Actuarial Science in Industry |
2 |
| 2 |
AK4095 |
Internship I |
2 |
| 3 |
AK4096 |
Internship II |
2 |
|
|
Total |
8 |
Elective
Courses
| Odd Semester |
Even Semester |
| No |
Code |
Courses |
SKS |
No |
Code |
Courses |
SKS |
| 1 |
AK3081 |
Introduction to Survival Model |
3 |
1 |
MA2281 |
Non-parametric Statistics |
2 |
| 2 |
AK3061 |
Islamic Mathematical Finance |
3 |
2 |
AK3062 |
Investment Mathematics and Credit |
3 |
| 3 |
AK3071 |
Numerical Method in Actuarial Science |
3 |
3 |
AK3251 |
Simulation and Modelling for Actuarial Science |
3 |
| 4 |
MA3182 |
Analysis of Variance and Regression |
2 |
4 |
MA3272 |
Optimization Methods |
4 |
| 5 |
AK4061 |
Corporate Finance |
3 |
5 |
AK4262 |
Analysis of Financial Time Series |
3 |
| 6 |
AK4062 |
Investment and Asset Management |
3 |
6 |
MA4281 |
Multivariate Analysis |
4 |
| 7 |
AK4082 |
Advanced Linear Model |
3 |
7 |
AK6082 |
Health Insurance |
3 |
| 8 |
AK4131 |
Stochastic Calculus |
3 |
8 |
AK6083 |
Qualitative Risk Management |
3 |
|
|
|
|
9 |
AK6282 |
Pension Fund |
3 |
Expected outcomes of Actuarial Undergraduate Study Program are :
- have sufficient knowledge and insight in the field of mathematics with relatively deep understanding in the field of mathematics relating to actuarial and finance, and applying it to solving problems;
- able to determine premiums, determine technical reserves (reserve premiums and claims), and conduct valuations by applying statistics and mathematics;
- able to determine and manage financial portfolios;
- able to integrate actuarial models, financial sciences, economics and computing in designing and managing risks in the fields of insurance, pension funds, investment, and banking;
- has practical experience in actuarial science through internships, independent projects, or research;
- able to communicate effectively both verbally and in writing, work together in teams, be ethical, and behave professionally.
UPAS, as well as other ITB study programmes, offers Minor Programme as minor area of study. Minor is coherent sequences of courses taken in addition to the courses required for the primary programme. Each study programme has designed a programme where a student has to take 12 to 18 credits from certain list of courses. Upon completion of minor requirements, students may propose to the corresponding chair of programme to declare their minor area of study and will be recognized in their academic transcripts.
Students in the minor in Acturial Science complete 12 credits of actuarial science courses (one from each group) from the following table
| No |
Code |
Course Name |
CP |
| 1 |
AK3283 |
Risk Model I |
3 |
| 2 |
AK4183 |
Risk Model II and Simulation |
3 |
| 3 |
AK4185 |
Life Insurance I |
3 |
| 4 |
AK4285 |
Life Insurance II |
3 |
| Total |
12 |
The Undergraduate Programme in Actuarial Science (UPAS) ITB students are encouraged to participate in student mobility programs. Information of the programs offered by ITB is available in student mobility programs.
Since 2021, the Indonesia Ministry of Education and Culture organizes IISMA (Indonesian International Student Mobility Awards). Information of IISMA is available in
other semester mobility programs or kampus merdeka page. The UPAS student participating in IISMA 2021 is Hieronimus Jevon Valerian (ID 10819017).
For local and international students who wish to study at ITB, the information is available in admission page.
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