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Undergraduate Program in Actuarial Science

Undergraduate Program in Actuarial Science

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:
  1. 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;
  2. obtaining recognition as an Actuary from the Indonesian Actuary Association as well as from other international actuary associations;
  3. become a motor in their organization by applying and developing their knowledge skills, as well as communication and leadership;
  4. contribute to the formulation of strategic policies for community welfare based on high integrity and ethical values;
  5. 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
Total 2
  Compulsory ITB Courses – Environmental
Topic and Subtopic Code and Courses's Name SKS
1 Environmental Courses offered by ITB 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 :
  1. 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;
  2. able to determine premiums, determine technical reserves (reserve premiums and claims), and conduct valuations by applying statistics and mathematics;
  3. able to determine and manage financial portfolios;
  4. 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;
  5. has practical experience in actuarial science through internships, independent projects, or research;
  6. 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
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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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