pdc121205-5.1 university of windsor program development ... · an article by guangyao liu in...

PDC121205-5.1 University of Windsor

Program Development Committee

5.1 Master of Actuarial Science - New Program Proposal Item for: Approval MOTION: That the Master of Actuarial Science New Program Proposal be approved. * Subject to approval of expenditures required.* Rationale/Approvals: § This proposal has been approved by the Mathematics and Statistics Departmental Council, the Faculty of

Science Coordinating Council, the Faculty of Graduate Studies Council and, the Provost. § Provost’s comments: “This is an impressive proposal that I support. It identifies a real need, responds to it

with a program that will embrace high academic standards, and has the potential to become a revenue generator for Science and Mathematics.”

§ See attached.

PROGRAM DEVELOPMENT COMMITTEE PROPOSAL BRIEF FOR NEW PROGRAMS

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A. Basic Program Information FACULTY: Science AAU: Mathematics & Statistics Program Title: Master of Actuarial Science Name of Program as it Will Appear on the Diploma (e.g., Bachelor of Arts Honours Psychology with thesis) [Please note that, for general degrees, the discipline is not included on diplomas.]

Master of Actuarial Science

Proposed Year of Offering [Fall 20xx]: Fall 2013 Mode of Delivery: Classroom lecture Planned Student Enrolment 15 in year one/ 20 in subsequent years Normal Duration for Completion: 4 terms Will the program run on a cost-recovery basis? yes B. Overall Program Plan Abstract/Summary of Proposal Please provide a brief statement about the direction, relevance and importance of the new program.

An April 18, 2008 article by T.E Narasimhan in the Business Standard (India), states “It is boom time for actuaries as demand for them is growing, especially from insurance and outsourcing companies. It is estimated that there is a 20-25 per cent shortfall of actuaries in the country [India].” (http://www.rediff.com/money/2008/apr/18act.htm) An article by Guangyao Liu in International News (2009 – Issue No.4) states “China’s insurance industry is still in its infancy. More and more actuarial graduates who study abroad and actuaries who work abroad choose to go back to China. They bring dynamism to the domestic actuarial industry. Because of their overseas education or work experience, they are highly valued by the company.” (http://www.soa.org/library/newsletters/international-section-news/2009/december/isn-2009-iss49-liu.pdf) There is a strong demand for actuaries internationally. The program will accept (primarily international) students with strong quantitative undergraduate degrees and provide an intensive focused program in actuarial study corresponding to the Society of Actuaries (SOA) exam syllabi. Academic Goal Overall aim and intended impact of the proposed new program

The program will give international students an opportunity to focus on actuarial studies for careers in insurance, pensions, and healthcare. As extra benefits, there will be improvements in their English language skills and familiarity with Canada and Canadian culture and values. It is anticipated that students will return to their home countries upon graduation and apply the information they have learned. The program will be offered through the CEPE who will work with the Faculty of Science and specific program staff on all academic matters. Program Content Evidence that the proposed curriculum is consistent with the current state of the discipline or area of study.


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The coverage will include actuarial mathematics as required for Society of Actuaries (SOA) professional exams P (Probability), FM (financial mathematics), MLC (actuarial Models: Life Contingencies) , MFE (actuarial Models: Financial Economics), C (Construction and evaluation of actuarial models) and SOA VEE (validation by educational experience) topics in economics, finance, and statistics. Unique or innovative curriculum, program delivery, or assessment practices distinguishing this proposal from existing programs elsewhere.

Comparable programs exist at University of Waterloo and at Cass Business School in London, England. There is room for another program, at the University of Windsor. Both the Waterloo and Cass programs are three terms (12 months) in length. There are 21 people currently in the Waterloo program (as of March 28, 2011). Windsor has an advantage in location compared with Waterloo. Windsor is the Canadian neighbour of metropolitan Detroit, with 4 million people. Windsor has direct transportation links (car, bus, train, plane) to Toronto. The Windsor program is 4 terms - (Fall, Winter, Summer, Fall), which gives more time to cover the material and has potential visa advantages. (A post-graduation Work Permit may be granted with the same length as the study program and the duration of the study program may be rounded up to two years.) -The University of Windsor program requires 12 courses and is based on the SOA (Society of Actuaries) exam structure. -The Cass program is based on the United Kingdom system and lasts 12 months (http://www.actuaries.org.uk/students/pages/our-exams-explained) -The University of Waterloo program requires students to take 15 courses and pass at least 12 of them. The program is 12 months in length. None of the above three programs makes one an actuary. To become an ASA (Associate of the Society of Actuaries), one must pass five challenging professional exams set by the SOA. To become an FSA (Fellow of the Society of Actuaries), one must pass 2 more professional exams. There are additional educational course and module requirements. To pass the professional exams, it is possible to learn the material through self study, and there are lots of (expensive) study manuals available. However, the best way is to study in a classroom setting with highly focused material and an instructor and fellow students available for help. Many universities have undergraduate programs in actuarial studies, which would normally take 4 years to complete, and would often not cover as much specific required material as presented in the proposed program. Program Name and Degree Designation/Nomenclature Explanation of the appropriateness of the name and degree designation for the program content and current usage in the discipline

Master of Actuarial Science. The program consists of graduate level training in courses that match the Society of Actuaries requirements. The material would be similar to that offered in an undergraduate Actuarial Science undergraduate program in the same way that an MBA would offer material similar to that in an undergraduate Business program. For details, see the program description section. Collaborative Program If this is a collaborative program with another college/university, identification of partners and institutional arrangements for reporting eligible enrolments for funding purposes.

na RELATIONSHIP OF GOALS AND OBJECTIVES TO UNIVERSITY AND OTHER PRIORITIES Area/Department’s Goals and Objectives Consistency of proposed program with the area/department’s overall goals and objectives.


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The department provides quality education in mathematics and statistics according to societal demands. The proposed Master of Actuarial Science is consistent with this goal. Goals of the department include increased enrolment and increased revenue. The proposed degree is consistent with both of these goals. Faculty Five Year Plan Consistency of proposed program with the Faculty’s overall goals and objectives as defined in its Five-year Plan.

The Faculty of Science five year plan (2006-2011; The Science of Excellence) advocated the development of an undergraduate actuarial program. The proposed graduate degree would have many of the same goals and would be an impetus for the development of an undergraduate actuarial program. The Faculty of Science promotes quality academic programs, with quality teaching, hands-on experience. The proposed program will be of high quality with excellent instructors and will incorporate testing procedures on the same type used in the SOA professional exams. The whole program will have benefits to the students, the faculty members directly involved, and there should be financial benefits to the Faculty of Science and Department of Mathematics and Statistics. The program is addressing the goal of increased student recruitment by offering a high-quality and useful degree that appeals to a demographic that we have not served before. University Strategic Plan Consistency of proposed program with the University’s mission, overall goals and objectives as defined in its strategic plan.

The University of Windsor Strategic Plan “Thinking Forward …Taking Action” includes a mission of “enabling people to make a better world through education, scholarship, research and engagement.” The proposed Master of Actuarial Science program will have an international student body who will take their training back to their home countries to deal with priority issues such as insurance, health care, pensions and reduction of risk. The five strategic priorities of the University of Windsor are to: 1. provide an exceptional and supportive undergraduate experience 2. create a research intensive university with graduate program built on academic/professional strengths 3. recruit and retain the best faculty and staff 4. engage the community in partnerships 5. promote international engagement. Certainly priority 5 is satisfied with the international students in the program and the fact that Canadian based training and ideals will return with the students to their home countries. Priority 3 is satisfied since increased revenue will allow new hiring. Further, faculty members will have the opportunity, if they choose, to participate in a high quality teaching system within the actuarial area. The teaching style of the faculty members for such courses will be different than the style for other courses. The material has to be prepared with extra care, as content has to be covered quickly, with precision, and for a very specific purpose. The class size will be small and the motivation of the students will be high. As a result, instructors will have to modify their current teaching style in order to teach at this level. Although the Master of Actuarial Science is not intended as a research program, there may be opportunities for both faculty and students to do research in actuarial models and in teaching methods. As with most courses, the presentation of material often prompts novel curious questions from students, or new observations from the instructor, which can result in new research ideas. Thus priority 2 is also satisfied. Priority 4 could be satisfied with local actuarial consulting firms. DEMAND FOR THE NEW PROGRAM/PROGRAM CHANGE


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Student and Market Demand Tools and methodology used to conduct the market assessment.

The Centre for Executive and Professional Education at the University of Windsor (CEPE) has conducted informal surveys and discussed the program with international recruiters. CEPE foresees a successful cohort of 15 students in the first year. Conversations with faculty at other universities indicate a strong demand for actuarial studies. A web search was conducted. The website careercast.com ranks jobs in the USA and is regularly referenced by such publications as The Wall Street Journal and Forbes magazine. In 2009, actuary was ranked as the second best job of all possible jobs. In 2010, actuary was ranked first. In 2011, actuary was ranked third. See the later section Evidence of geographic scope of societal need for graduates for a set of web sites indicating actuarial demand which is an indicator of demand for the new program. Quantitative evidence of student and market demand both within and outside the local region (e.g., responses/statistics from surveys, etc.).

Locally, within the Windsor/Detroit area, information on demand is available from the US Bureau of Labour Statistics, with information provided in the appendix. However, the proposed program is aimed at international students who will return to their home countries and the CEPE information is the best indication of demand. There were 21 people in the Waterloo program (as of March 28, 2011, information obtained from U of Waterloo). Expected proportion (percentage) of domestic and visa students. For graduate programs, identification of undergraduate or master’s programs from which students would likely be drawn.

We expect 95% international students although it may be possible that some Canadian students will join the program. The students accepted into the program need a strong quantitative background. Students with an undergraduate (or graduate) background in engineering, mathematics, statistics, physics, economics and business (with strong math components), or other quantitative fields would be best suited for the program. Estimated Enrolments Provide details on projected enrolments in the following tables. NB: normally an annual intake of a minimum of 20 students is required for new co-op programs or programs with other experiential learning component.

Projected enrolment levels for the first five years of operation. (If the program is in operation, use actual and projected data.)

First Year of Operation

Second Year of Operation

Third Year of Operation

Fourth Year of Operation

Fifth Year of Operation

15* 20* 20* 20* 20*

Projected steady-state student enrolment per academic year:

# of First-year students

# of Second-year students

# of Third-year students

# of Fourth-year students

20* 20* N/A N/A *The program runs for four semesters (1 full-year, plus one semester). There will be an overlap of students each Fall term, with one group finishing and a second group beginning. The numbers in the table list only starting students for each year.


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Projected steady-state student enrolment overall:

20

Societal Need Evidence of societal need for the program will typically include a review of relevant industry and provincial survey and statistical data, as well as review of the proposed program by relevant experts in the field. The development of this proposal included consideration of:

• comments or letters solicited from potential employers regarding the

need for graduates of the proposed program within their organization and field of endeavour.

___Yes

_ x__No

• comments or letters solicited from relevant professional societies or associations about the need for graduates of the proposed program.

___Yes

_x_No

• review of industry employment surveys for evidence of societal need (indicating numbers of positions in the field, numbers of new positions anticipated in the field, number of positions in the field current being advertised, etc.)?

x___Yes

___No

• statistical evidence of the number of Ontario students leaving the province to study the field elsewhere in Canada or abroad?

___Yes

_x_No

If yes, append letters, survey or statistics to proposal. See end of this document. If no, explain: Potential employers are in other countries and we do nor have direct access to them. However, actuarial recruiters do have web sites, e.g. http://www.actuaryjobs.com/asia.html, http://www.actuaryjobs.com/india.html http://www.actuaryjobs.com/middleeast.html Professional societies do not generally make statements about demand as that is not part of their mandate. However, the widely used “Be an Actuary” website states “We are very optimistic about the job market over the next few years. We see a continued high demand, especially for entry-level actuaries.” The number of Ontario students is not relevant to this proposal, as it is aimed at international students.

Tools and methodology used to assess societal need.

Extensive web searches were undertaken. Consultation with CEPE. US Bureau of Labor Statistics information. (See appendix.) Dimensions and evidence of societal need for graduates of the new program (e.g., socio-cultural, economic, scientific, or technological).

As documented in various web sites, there is a demand for actuaries internationally. From Services Canada website (http://www.servicecanada.gc.ca/eng/qc/job_futures/statistics/2161.shtml) “Actually, job prospects are good for statisticians and actuaries, and barely fair for mathematicians” and “One indication of the strong demand for actuaries is the high job placement rate for people with a bachelor's degree in actuarial studies, which is much higher than for all bachelor's graduates.” From the actuarial blog: http://actuarialprofession.blogspot.com/ “In India, Life Insurance, KPO and Consulting companies provide large portion of the actuarial demand. Further, the General Insurance sector after de-tariffing promises to provide very lucrative job profile in near future.


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The Pension and Benefits field is also likely to benefit given the reforms that are taking place in Pension and related areas. Banking and Financial Companies are also now hiring actuaries for analyzing risks. Health insurance actuaries are also in great demand, given that in India the scope of Medical Insurance is tremendous and lot of companies around the world want to enter India as soon as possible. Demand for health actuaries is bound to increase.” From http://www.the-actuary.org.uk/697498 “The natural disasters that have hit central America, south Asia, and Africa in recent years underscore the failure of formal insurance markets in developing countries. Without properly functioning insurance markets or access to the global reinsurance system, these nations bore devastating fiscal losses and became even more dependent on donor support.”

Evidence of geographic scope of societal need for graduates of the new program (e.g., local, regional, provincial, or national)

Some web sites that deal with actuarial job recruitment and demand for actuaries are listed below: 1. http://www.actuaryjobs.com/asia.html (web site of DW Simpson Global Actuarial recruitment) ; 2. http://www.the-actuary.org.uk/872398 (2010 article deals with actuarial demand in Bahrain, Saudi Arabia, Abu Dhabi, Dubai) 3. http://www.psoa.org.pk/index.php?option=com_content&view=article&id=242&Itemid=308 (Pakistan actuarial society – “Private sector life insurance companies now operate in Pakistan. This has increased the demand for actuarial expertise.”) 4. http://chineseactuary.groupsite.com/discussion/topic/show/130906 (Casualty Actuarial Development in China; “…the demand for sophisticated casualty actuaries is intense, and there is a severe shortage of qualified actuaries.”) 5. http://career.webindia123.com/career/options/accounting_finance/actuarial_science/intro.htm (web site in India, 2011 update, “Actuarial profession[als] are [also] wanted by non-life insurance companies, banks, stock exchanges, private and government agencies and this is one field where demand exceeds supply.” Evidence of anticipated duration of, and trends in, societal need for graduates of the new program.

From Service Canada website “While technology may make it possible to perform calculations more quickly, it has led to a considerable increase in the number of opportunities for actuaries. This increased efficiency no doubt provides much of the explanation of the extent to which their fields of endeavour have become diversified. This trend should continue over the coming years.” Also from Service Canada web site (http://www.servicecanada.gc.ca/eng/qc/job_futures/statistics/2161.shtml) “In this industry, they [actuaries] are responsible for developing new products and services tailored to very specific clients and involving all types of insurance-including life, health, disability, theft, disaster, and automobile insurance. Therefore they benefit from the trend toward developing new products, especially in the life insurance field, but also in the fields of property insurance and reinsurance. For example, evaluating computer piracy risks and developing products to meet the needs of an aging population and to address health concerns, such as products for assisted living, seriously ill children and people with infectious diseases (such as the West Nile virus, avian influenza and H1N1 flu virus) are promising niches. They are also required to research the consequences of global warming on the frequency and severity of natural catastrophes.” See Appendix for US Bureau of Labor Statistics information. “Employment of actuaries is expected to increase by 21 percent over the 2008–18 period, which is much faster than the average for all occupations.” List similar programs offered by other institutions in the Ontario university system. Resources to identify similar programs offered in Ontario include www.electronicinfo.ca, www.electronicinfo.ca/einfo.php, and www.oraweb.aucc.ca/showdcu.html.

University of Waterloo. See http://www.stats.uwaterloo.ca/master/about/index.shtml


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If the proposed program is similar to others in the system, demonstrate that societal need and student demand justify the duplication. Identify innovative and distinguishing features of proposed program in comparison to similar programs

Discussions with faculty at institutions with actuarial programs indicate a strong demand. Windsor has some special features (inexpensive housing; easy access to train/car/plane transportation; international border; large neighbour city of metropolitan Detroit, which is accessible to students with proper visas). The 4 term duration of the program means that the student gains valuable skills in a short time frame. The Windsor program consists of 12 courses in four terms, while the Waterloo program requires 15 courses, in three terms, of which the student must pass at least 12. Thus the Windsor program allows more time for the students to focus on the most important material, and prepare for the professional exams. RESOURCES Identify, in detail: • resources currently available • anticipated sources of new resources, • reallocation of resources or cost-savings, and • additional resources required to run the proposed new program. The resource impact of a proposal is almost never neutral. Note: Proposers must also complete and submit the attached Budget Summary with the new program proposal.

The University of Windsor has instructors available from Mathematics & Statistics, Economics, Finance, actuarial consulting firms in Detroit. The University of Windsor is already an official Society of Actuaries (SOA) exam site, with regular offerings of SOA exams P, FM, MLC, MFE, C, and VEE approved courses. Some of the material has been or could be taught by faculty in the Department of Mathematics and Statistics. Exams P, MFE and C consist mainly of material in probability and mathematical statistics. The material for Exam P will be covered in the proposed course 69-501 and can be taught by University of Windsor statistics faculty. Exam FM covers material currently taught in the University of Windsor course 03-62-392, and will match the proposed 69-502 course. Exam MLC covers material that is currently taught in University of Windsor courses 03-62-490 and 03-62-492, and will match the proposed 69-505, 69-506 courses. Traditionally, 03-62-490 and 03-62-492 have been taught by a Canadian, U of Windsor alumnus and FSA (Fellow of the Society of Actuaries) from a local (metropolitan Detroit) actuarial consulting company. The proposed Master of Actuarial Science program will cover similar (and additional) material. Faculty members in Economics and Business regularly teach material similar to that on the proposed courses 69-510 (Microeconomics), 69-511 (Macroeconomic) 69-515 (Corporate Finance I), 69-516 (Corporate Finance II), which will satisfy the VEE requirements of the SOA in Economics and Finance. The first five professional actuarial exams are offered three times per year at the University of Windsor, and have been offered at the University of Windsor for several decades. The courses have been scheduled in such a way that the first actuarial professional exam (exam P) can be taken after term 1, the second exam (FM) can be taken after term 2, exam MFE can be taken after term 3, and exam MLC can also be taken after term 4. The remaining courses for the proposed degree cover material for SOA exams MFE (courses 69-503, 69-504) and C (69-507) and the VEE Statistics requirement (69-520). Additional funding and space resources are needed for instructors and classrooms and tutorial assistance. It is intended that these courses would be restricted to students in the proposed Master of Actuarial Science program. An overall program director will be needed, with funding. RESOURCES AVAILABLE Available Faculty and Staff Resources Describe all faculty and staff resources (e.g., administrative, teaching, supervision) from all affected areas/departments currently available and actively committed to the proposed program.


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Windsor has departments of Mathematics & Statistics, Economics, and Finance. The teaching would be outside of the regular teaching loads for faculty members. Instructors could be regular faculty members or some of the well qualified sessional faculty who are available. Windsor also has the possibility of hiring individuals from actuarial consulting firms (such as Towers-Watson) located in the metropolitan Detroit area. There are numerous Canadian residents who are University of Windsor graduates and FSAs (Fellows of the Society of Actuaries) or ASAs (Associates of the Society of Actuaries) at Towers Watson (Southfield, Michigan) or are employed as actuaries elsewhere in the Detroit area (William Mercer, Blue Cross of Michigan, AAA Michigan). All faculy members from the Department of Mathematics and Statistics are listed in the following table as well as faculty members from the Odette School of Business and the Department of Economics who have taught courses with similar content to the proposed finance and economics courses (69-515/516 and 69-510/511). Their CVs are appended as well.

Faculty Name & Rank (alphabetical)

M/F Supervisory Privileges

Department

Category 1: Tenured Professors teaching exclusively in this AAU

Alfakih, Abdo Associate Professor

M

Full

Mathematics & Statistics

Caron, Richard Full Professor

M

Full


Hlynka, Myron Full Professor

M

Full


Hu, Zhiguo Full Professor

F

Full


Hussein, Abdul Associate Professor

M

Full


Monfared, Mehdi Associate Professor

M

Full


Nkurunziza, Severien Associate professor

M

Full


Paul, Sudhir Full Professor

M

Full


Traynor, Tim Associate Professor

M

Full


Yee, Wai Ling Assistant Professor

F

Full



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Category 2: Tenure-track Professors teaching exclusively in this AAU

Shapiro, Ilya Assistant Professor

M

Full


Yang, Dilian Assistant Professor

F

Full


Category 3: Ancillary Academic Staff as Learning Specialists Positions

Lariviere, Justin

M


Category 4: Limited-term Appointments teaching exclusively in this AAU

Mansoora, Abida

F


Sarker, Animesh

M


Category 5: Tenure or tenure-track or LTA professors involved in teaching and/or supervision in other AAUs, in addition to being a member of the program under review

Barron, Ron Full Professor

M

Full


Caron, Richard Full Professor (also in category 1)

M

Full


Category 6: Sessionals and other non-tenure


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track faculty Battaglia, John

M


Jraiche, Pierre M


Wang, Jing F Mathematics & Statistics

Category 7: Others – Tenure or Tenure Track professors or limited term or sessionals from Business, Economics

An, Yunbi Assistant Professor, Business

M

Full

Odette School of Business

Assaf, Ata Associate Professor, Business

M

Full


Cheung, Keith C.K. Assistant Professor, Business

M

Full


Elsaid, Eahab Assistant Professor, Business

M


Gowing, Maureen, Associate Professor, Business

F


Sinha, Rajeeva, Associate Professor, Business

M

Full


Meng, Ronald Full Professor, Economics

M

Full

Department of Economics

Townley, Peter Full Professor, Economics

M

Full


Bajic, Vladimir Associate Professor, Economics

M


Charette, Michael Associate Professor, Econimcs

M


Jouini, Tarek Assistant Professor,

M

Full



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Economics Assess faculty expertise available and actively committed to the new program. Provide evidence of the appropriateness of collective faculty expertise to contribute substantially to the proposed program. Include evidence (e.g., qualifications, research/innovation/scholarly record) that faculty have the recent research or professional/ clinical expertise needed to: • sustain the program • promote innovation, and • foster an appropriate intellectual climate.

SOA exams have been offered at the U of Windsor for over 20 years. The proposed program is designed to be a professional program, and not a research program. The degree will be course based with no thesis. The faculty members in the Department of Mathematics and Statistics have wide backgrounds in probability and statistics. Windsor also has the possibility of hiring individuals from actuarial consulting firms (such as Towers Watson) located in the metropolitan Detroit area. Regular faculty have PhDs. Other instructors would have PhD’s or FSA or ASA designations. Dr. Hlynka has taught a course on Theory of Interest for many years. This is material covered in the proposed course 69-502 which is the major part of exam FM. Dr. Paul and Dr. Hussein have taught courses on risk and survival analysis, which are part of exam C, and covered in the proposed course 69-507. Dr. Nkurunziza has expertise in Brownian motion and Ito integration, which are part of the MFE exam and covered in proposed course 69-504. Describe the area’s expected reliance on and the role of adjunct, limited-term, and sessional faculty in delivering the proposed program.

It is likely that half of the courses would be taught by regular faculty as courses on contract, and the rest by sessional faculty. The qualifications of the instructors appear in the next section. For graduate programs: Explain how supervisory loads will be distributed, and describe the qualifications and appointment status of faculty who will provide instruction and supervision.

The degree will be course-based so supervisory positions in terms of research are not relevant. In terms of course instruction, there should be a director of the program who would play an overall supervisor role. Administrative aspects of the program will be undertaken by the CEPE at the University of Windsor. The courses will be distributed in a manner consistent with other CEPE courses, with hiring made by the program director and the Centre for Executive and Professional Education (CEPE). All tenured or tenure track faculty have PhDs. Other instructors would have PhD’s or an FSA (Associate of the Society of Actuaries; essentially equivalent to a PhD in terms of the number years of exams needed after an undergraduate degree) or an ASA (Associate of the Society of Actuaries; equivalent to a Master’s degree). The qualifications of the sessional instructors would be either a PhD or a Master’s degree or an FSA or an ASA. In rare cases, there might be exceptionally well suited candidates with other credentials (such as many years of experience in the actuarial profession plus the relevant SOA exams). There are numerous University of Windsor graduates who are FSAs or ASAs and work in the Detroit area, while living in Windsor. Other Available Resources Describe all other resources currently available and actively committed to the proposed program, including for example: • library, • teaching and learning support, • student support services, • space, • equipment,


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• facilities • GA/TA

Library resources are generally sufficient, but study manuals would be helpful. There is a tremendous amount of relevant material available on the web, and the U of Windsor library is part of consortium that has access to a wide selection of journals and books (such as some of the Springer collection). Space is needed for classes. There is no specialized equipment needed. Likely two GA (type) positions will be needed, for courses 69-501 (probability) and 69-501 (theory of interest), which lead directly to Society of Actuaries Exams P and FM. English language requirements will match those for graduate study in the Department of Mathematics and Statistics and students must satisfy such requirements before being accepted. It is possible that some students may wish to take advantage of ESL opportunities for English improvement while they are here. Resource Implications for Other Campus Units

All of the courses are expected to be restricted to the students in this program only. Classroom space, library access, computer access, computer maintenance, CLEW, are all needed, and may cause scheduling difficulties with existing courses. However, new space is opening up on campus so that should not be a major issue. These are the same requirements needed for any other program and should not add noticeably to the current operations of the University. The classroom space must be suitable for a professional program. The classes must hold 20 students comfortably. The classes should have chalk boards or white boards (preferably chalk boards) and computer display capability. The number of class hours needed would be 10 hours per week for Winter and Summer terms, and 20 hours per week for Fall Term, after the first year (because of overlap). Computer packages likely to be used are R and EXCEL. R is a free statistical language and EXCEL is readily available on most university computers. ANTICIPATED NEW RESOURCES List all anticipated new resources originating from within the area, department or faculty (external grants, donations, government grants, etc.)

This is a full-cost professional course based program so no external grants are anticipated or required. PLANNED REALLOCATION OF RESOURCES AND COST-SAVINGS Identify all opportunities for • internal reallocation of resources and • cost savings identified and pursued by the area/department in preparing this proposal.

There will be no reallocation cost savings. All courses will be new and dedicated to the program. Cost will be covered by new revenue.

Describe the proposed program’s reliance on existing resources from other campus units , including for example: • existing courses, • equipment or facilities outside the proposer’s control, • external resources requiring maintenance or upgrading using external resources Provide relevant details.


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ADDITIONAL RESOURCES REQUIRED Describe all additional faculty, staff and GA/TA resources (in all affected areas and departments) required to run the proposed program.

CEPE ROLE:

Centre for Executive and Professional Education (CEPE): CEPE will be responsible for delivering full client service to the Department, including:

· Facilitating the admissions process, including: o design, development, and deployment of all marketing efforts o liaising with international recruitment agencies o student recruitment (all markets) o application processing o facilitation of candidate selection

· Facilitating faculty recruitment, selection, and evaluation · Delivery of comprehensive student-centric services and support, including:

o student registration o textbook ordering o special event planning o orientation o scheduling o program logistics o student advising o alumni relations

Faculty: One program director is needed. All of the work of planning and recruiting instructors and assigning courses and any other non-teaching duties would be completed or assigned by the director. The director will also be responsible for admissions, in consultation with faculty from the Department of Mathematics and Statistics. Staff: CEPE staff will be responsible for the operation of the program, such as arranging for class space and handling information requests and documentation requirements. CEPE staff will also oversee admissions and processing of applications. GA/TAs. Two GA’s may be needed for tutorial or grading or exam supervisory duties. Describe all additional institutional resources and services required by all affected areas or departments to run the proposed program, including library, teaching and learning support services, student support services, space and facilities, and equipment and its maintenance.


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Library Resources and Services: There are several commercial study manuals for each the SOA professional exams. Copies of each manual (meaning perhaps 3 different manuals for each professional exam) should be placed on reserve in the library, with use restricted to this program. Teaching and Learning Support: CLEW (faculty/ student computer interface). Audio visual support. Student Support Services: Standard student support (counseling, medical) may be needed. Some students may wish to take advantage of ESL training (perhaps before their initial term), although they need to receive acceptable English scores before admission. Space and Facilities: Classrooms. 10 hours per week for Summer and Winter terms. 20 hours per week for Fall term after year 1. Regular classroom space with blackboards and projection and computer equipment with internet access must be provided and maintained. Space will also be needed for tutorial and exam practice sessions. This is not a lab based program so no specialized lab equipment is needed. Classroom space will be needed for students to write the SOA exams during their program. This will require quiet rooms for 3 hour periods about 8 times per year. Equipment (and Maintenance): Computer equipment with internet access and software must be provided and maintained. Demonstrate the consistency of requested additional resources with the focus of and requests in the area’s Faculty Plan.

The items needed are consistent with non lab based programs in science. The classrooms should be of excellent quality for this professional based program. C. Program Details Program Description Provide a brief program description (2-3 sentences) for possible use in recruitment initiatives.

The Master of Actuarial Science program provides courses aimed directly at covering the material required by the Society of Actuaries and their professional exams. This material includes courses in probability, theory of interest, financial derivatives, finance, economics, regression and time series, risk and loss functions. The program is intended for students who have already obtained at least a Bachelor degree in a calculus-based quantitative area, such engineering, business (only with a very strong math component), mathematics, physics, economics, and chemistry. If students choose to write SOA professional exams while in the program at Windsor, this will involve additional fees payable directly to the SOA. Admission Requirements Describe • program-specific admission requirements, • selection criteria, • credit transfer, • arrangements for exemptions or special entry, and • alternative admission requirements, if any, for admission into the program, such as additional language


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requirements or portfolios, recognition of prior work or learning experience, etc. Required: Bachelor’s degree in a calculus-based quantitative discipline (e.g. Engineering, physics, chemistry, business) with at least a B- average (or equivalent) overall, and good mathematics grades. Knowledge of calculus and matrix algebra is essential. Admission is limited and competitive. Up to two courses may be accepted for credit based on previous background (although the total fee remains the same.) Students from programs with a three year university degree would be admitted if their university course background in mathematics is strong. English Language: Minimum IELTS 6.5 or equivalent. Demonstrate that admission requirements are sufficient to prepare students for successful attainment of the intended learning outcomes established for completion of the program.

Given a calculus based background, the initial courses build on this background and should be accessible to all students in the program. Some courses are sequential and others are stand-alone. The initial course in a sequence should be accessible immediately and later courses build on the earlier courses. The stand alone courses should be accessible based solely on the calculus background. The intended learning outcome of the program is to cover material appropriate for the SOA professional exams up to the Associate level (ASA). This will be attained by the end of the program. Program Curriculum Structure/Program of Study [NB: For graduate programs, each graduate student in the program is required to take a minimum of two-thirds of the course requirements from among graduate-level courses.] Total courses: 12 Major requirements: 12 Other requirements: none Recommended options (if any): na Description of thesis option (if applicable): na Description of experiential learning components (if applicable): na Explanation of how credit will be awarded for the experiential learning component (length of component, credit weighting, etc.), if applicable: For Co-op components:

Guidelines for co-op work term reports: na General length of co-op work term: na

Standing Required for Continuation in Program GPA requirements for continuation in the program Must conform to the regulations for standing required for continuation in the program described in the undergraduate and graduate web calendars [www.uwindsor.ca/calendars].


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At least a B- grade in each course. Upon positive recommendation from the program, credit may be granted for up to two courses for which grades of C+, C, or C- have been obtained. Decisions will be made by the Graduate Studies Academic Standing Committee with recommendation from the MAcSc director. The director will also monitor the progress of all students at the end of each semester. Standing Required for Graduation Minimum GPA requirement to graduate in the program Must conform to the regulations for standing required for continuation in the program described in the undergraduate and graduate web calendars [www.uwindsor.ca/calendars].

Minimum = 8 GPA (B-). Suggested Program Sequencing Provide suggested program sequencing for each year of the program, ensuring that all pre-requisites are met in the sequencing.

Year 1 Term 1: 69-501 Probability for Risk and Actuarial Science 69-502 Financial Mathematics, Theory of Interest 76-503 Introduction to Financial Management* Year 1 Term 2: 69.503 Derivatives Markets I 76-512 Financial Management 69-520 Regression and Time Series Year 1 Term 3: 69-504 Derivatives markets II 69-505 Life Contingencies I 69-510 Microeconomics Year 2 Term 4 69-506 Life Contingencies II 69-507 Special Topics in Actuarial Science 69-511 Macroeconomics Calculus ---- 501 ------ 507 Prerequisite Structure | | | --------- 520 | \ | \ -------------502 ------ 503 --- 504 | ----------505 --- 506 76-503 --- 76-512 510 --- 511 * - Students who do not possess a quantitative background will be required to undertake a non-credit pre-course workshop prior to the start of Introduction to Financial Management. LEARNING OUTCOMES


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In the following table provide the specific learning outcomes that constitute the overall goals of the program (i.e., the intended skills and qualities of graduates of this program). Link each learning outcome to the Characteristics of a University of Windsor Graduate” by listing them in the appropriate rows. A learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate. All University of Windsor programs should produce graduates able to demonstrate each of the nine characteristics. Program design must demonstrate how students acquire all these characteristics. All individual courses should contribute to the development one or more of these traits: a program in its entirety must demonstrate how students meet all of these outcomes through the complete program of coursework. Proposers are strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning, for assistance with the articulation of learning outcomes.

Program Learning Outcomes This is a sentence completion exercise. Please provide a minimum of 1 learning outcome for each of the boxes associated with a graduate attribute. At the end of this program, the successful student will know and be able to:

Characteristics of a University of Windsor Graduate

A U of Windsor graduate will have the ability to demonstrate:

A. Understand the mathematical basis for life insurance, health insurance, property insurance, pensions

A. the acquisition, application and integration of knowledge

B. Address new insurance situations and design appropriate models for their analysis

B. research skills, including the ability to define problems and access, retrieve and evaluate information (information literacy)

C. Analyze actuarial problems and prepare for SOA actuarial exams

C. critical thinking and problem-solving skills

D. Solve mathematical insurance models and express these solutions in a coherent organized manner

D. literacy and numeracy skills

E. Show ethical behaviour so that clients understand all risks involved and help clients to make reasonable choices

E. responsible behaviour to self, others and society

F. Communicate effectively in presentation format and to be willing to explain and clarify situations

F. interpersonal and communications skills


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Program Learning Outcomes This is a sentence completion exercise. Please provide a minimum of 1 learning outcome for each of the boxes associated with a graduate attribute. At the end of this program, the successful student will know and be able to:

Characteristics of a University of Windsor Graduate

A U of Windsor graduate will have the ability to demonstrate:

G. Work with others, as needed to prepare for actuarial exams, And to work with others in an actuarial consulting setting

G. teamwork, and personal and group leadership skills

H. Work with new actuarial models

H. creativity and aesthetic appreciation

I. Self study in an area which involves many changes over time

I. the ability and desire for continuous learning

Describe how the program’s structure and regulations ensure that its specified learning outcomes can be met by successful students.

The structure will involve continual learning and testing and cooperation among the students. The small class size will help to foster a team spirit with all students working toward the same goals. It is likely that many of the students will be attempting professional exams during the term of studies. Success in the professional exams will be a positive incentive while lack of success on the first try should focus the students on areas that need improvement and more study. Student Workload Provide information on the expected workload per course credit (3.0) of a student enrolled in this new program/major program change.

Expected Workload per 3.0 Course Credit/week

Average Time the Student is Expected to Devote to Each Component Over the Course of the Program per week

Lectures 3 hours Tutorials 0 or 1 hours Practical experience 0 hours Service or experiential learning 0 hours Independent study 4 hours Reading and work for assessment, including meeting classmates for group work/project assignments (essays, papers, projects, laboratory work, etc.)

3 hours

Studying for tests/examinations 5 hours Other: [specify] Compare the student workload for this program with other similar programs in the department or


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program. The workload is similar to other Master’s level programs. In particular, the workload would be similar to that of a Master’s program in the Department of Mathematics and Statistics in non-actuarial areas. The number of courses is larger than other Masters degrees in Mathematics and Statistics, but students will not have assistantship duties.

Mode of Delivery Demonstrate that the proposed modes of delivery are appropriate to meet the intended program learning outcomes. Discuss online vs. face-to-face modes of delivery, as well as specialized approaches intended to facilitate the acquisition of specific skills, knowledge, and attitudes.

The material will be delivered in a classroom lecture style setting. Electronic notes may be available. Previous actuarial exams and new practice exams will be made available both inside and outside of class. D. MONITORING AND EVALUATION Explain the appropriateness of the proposed methods of assessing student achievement given the intended learning outcomes and degree level expectations.

Students will be evaluated using tests, assignments, and a final exam. The nature of the tests and exams will be of the style that is used in the Society of Actuaries professional exams. The assignments will require the students to present the material in a much more complete and organized manner than would be needed for an exam. The material will be graded quickly to provide feedback. Extra sessions will be provided if the class (or certain students) need extra instruction on proper presentation of solutions. The Society of Actuaries (SOA) exams are multiple-choice but not simply knowledge based. SOA questions are quite challenging. The student must translate the verbal question in to a mathematical model and then solve the mathematical model. Both the translation and solution can be challenging. The solution is usually numerical and the student must do considerable calculation to find the solution and then select the correct response from the multiple choices available. If there is no choice matching the student’s solution, then the student can reattempt the problem or continue taking into consideration the limited time available. By comparison, in the courses, students will have questions similar to those on the SOA exams, but must show complete solutions. This method of testing is appropriate in the courses because it provides practice for the professional exams which students can take while in the program or after the program is finished. Describe the plan for documenting and demonstrating student performance level and demonstrate its consistency with the stated learning outcomes and degree level expectations.

Tests will be graded promptly with solutions posted. Students will receive quick feedback on their performance. Past tests, assignments, and exam3 questions will be made available for inspection by students or external sources. The final exams will be stored for 7 years so that they are available for evaluation by external sources. Early in the first semester, students will be asked to evaluate aspects of the program for value and presentation style. The student evaluations will be used to modify aspects as necessary. Graduates of the program will be tracked to evaluate success of the program and to suggest improvements. Describe how the success of the program will be monitored and evaluated. The description should include types of data to be gathered, criteria for evaluation, review process, and use of information to adjust program activities or planning.

The program success will be evaluated on the success of recruiting new students, especially from the same

locations as the original students. Records will be kept, with the help of the graduates, of the number of SOA exams that subsequently are passed, and by the ability of the graduates to find relevant employment on completion of the degree.


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Students will be requested to provide feedback during and at the end of the program. The information will be used to dynamically adjust the presentation and evaluation style.

A Program Committee to monitor the overall direction of the program may be created which would include the director, plus representatives from CEPE and FGS.

E. GRADUATE PROGRAMS ONLY [Complete this section ONLY if this is a graduate program proposal.] Normal Duration for Completion Provide a clear rationale for program length that ensures that the program requirements can be reasonably completed within the proposed time period.

4 terms. This is different than the programs that exist at London (UK) Business School and at the University of Waterloo. as the Windsor program will require an extra term and the complete program will cover terms Fall (Year 1), Winter, Summer, Fall (Year 2). Program Research Requirements Explain the nature and suitability of the major research requirements for completion of the degree.

NA. This is intended to be a course only program. Program Financial Assistance Resources Provide evidence that financial assistance for graduate students will be sufficient to ensure a well-qualified and sufficient pool of applicants. Students must provide their own financial resources. F. EXPERIENTIAL LEARNING COMPONENT ONLY (including Co-op programs) [Complete this section ONLY if the proposed program includes an experiential learning component involving paid or unpaid placements.] Definitions: Co-operative Education provides students with a well-rounded education that is founded both in academic theory and real world application. Co-op Education combines semesters of study with semesters of full-time, paid employment in career-related positions. All other unpaid placement opportunities or initiatives fall under the category of other “Experiential Learning components involving placements”. (this may include field placements, internships, etc.)

Describe the experiential learning component and the nature of the experience (field placement, required professional practice, service-learning, internship, etc.)

NA. There is no experiential aspect to this program. The students will likely get job experience in their home countries upon completing the program. G. TO BE COMLPETED FOR CO-OP COMPONENT ONLY Provide a summary of the types of positions that would be suitable at each level of work-term.

NA. This is not a co-op program.


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Budget Summary Sheet

The following budget was provided by the Dean of Science office. At the request of the committee of the Faculty of Graduate Studies, the revenue section was deleted. MASTER OF ACTUARIAL SCIENCE PRELIMINARY BUDGET 2011/12 1012/13 2013/14 Acct # Description Rate Notes/Comments --------------------------------------------------- ---------------------------------- ----------------------------------------------------- Variables/Assumptions: Courses for program 12 per year 12 12 12 Stipend Amount per course 8000 8000 8000 Tuition for International students per student 27000 27000 27000 University Overhead as % of revenue 43.25% 43.25% 43.25% Enrolment Projections New International Students 15 20 25 ---------------------------------------------------- Total Enrolment 15 20 25 ---------------------------------------------------- Recruitment Fees Cost of Recruitment 48745 64307 80898 University Overhead 154080 205737 256949 EXPENDITURES Fixed Expenses Start-up costs 2011/12 One time expense Funded by CEPE 15000 Overload/Sessional Instructor stipends 96000 96000 96000 Salary- Admin staff Program Coordinator (in CEPE) 0 0 0 Course Release/ Academic Coordinator Mathematics/Dean 12000 12000 12000 Pub. & Adv. – Other Alumni Relations/ Graduation gifts 0 2000 2500 Orientation (includes catering) 1500 1500 1500 Marketing Promotion & Advertising 10000 15000 15000 Travel - For program promotion/Admin Math professors/Dean 10000 10000 10000 Equipment Computers, etc. 5000 0 0 Seminar, Workshop, Guest (Occasional meals) 5000 5000 5000 Estimate of CEPE Recovery Final TBD (includes program admin) 45000 60000 75000 Transfer to Grants 0 0 0 General Office Supplies Copies, handouts, etc. 2500 2500 2500 Publishing Costs Program Materials 1500 1500 1500 Student events 6000 6000 6000 Miscellaneous Mathematics 4000 5000 7000 Transfer to Trust 5% Trust fund retired members 4800 4800 4800 Total expenses without overhead 218300 223300 247800 TOTAL EXPENSES (with overhead) 372380 429037 504749 * Note CEPE will fund $15,000 for start-up costs in Year 1 ** 16 month program


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Appendix A: FINAL CHECKLIST FOR PROPOSERS

Having completed the program/course change proposal form, please complete the following table by marking an “X” in the appropriate column.

PRIMARY CRITERIA

Yes

No

N/A

Does the program or course tie into the University’s Strategic Plan? x

Is the program or course “Unique” in Ontario? In Canada? In North America?

x

Is there evidence that a market exists for this program or course (a) on-campus; and/or (b) off-campus?

x

Does this program or course have income potential? (How many students would it generate?)

x

Does this program or course address current issues? (e.g., double cohort, large-class problem, absence of upper-level on-line classes, etc.)

x

Are there U of W courses which have been developed for flexible learning indicating either (a) partial development already exists, or (b) a degree of expertise exists?

x

Are there departmental procedures in place for (a) course planning; (b) course development; and, (c) course delivery (Policy documents, Committees, Timelines, etc.)?

x

Is there evidence of support from the Dean(s), AAU Head(s)/Director(s)/Chair(s) for this program?

x

SECONDARY CRITERIA

Yes

No

N/A

Does the new program or course have partnership options (with other departments or faculties, or other universities)?

x

Does the new program or course allow for staggering options (e.g., every other year, or Windsor one year and another site the following year)?

x

Is the new program or course a complement to other Windsor flexible learning programs (will not interfere with other programs)?

x

Is the new program or course a complement to other Windsor on-campus programs (will not interfere with other programs)?

x

Does the department have the “critical mass” to undertake the program or course (a) sufficient interested and capable faculty; (b) academic support; and (c) TA/GA support?

x

Are additional resources required: (a) faculty/staff/GA/TA; (b) equipment; (c) library; (d) IT support?

x

Are there data on (a) incoming student demographics (profiles) that align with flexible learning (age, geographic location, employment, family responsibilities, etc.); and (b) technological profiles (hardware and software resources and skills)?

x

Does the department have a plan regarding (a) marketing flexible learning courses; (b) the timely appointment of instructors; (c) technical support (CTL, Tutorials, TA/GAs, staff contact person, etc.); (d) intra-departmental communications (committees, policies); and (e) inter-department communications (committees)?

x

Are there mechanisms and policies in place to address quality-control of (a) instruction; (b) materials (audio, video, PowerPoint, textual load, discussions and so on; and (c) learning (student assessment)?

x


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Attached material One international undergraduate Math & Stat major whose courses emphasize Actuarial Science had a summer (2010) position in the discipline. I had an actuarial summer job in Ghana. The firm is called Enterprise Life Assurance Company. Kwei Hesse ============================================ US Bureau of Labor Statistics Occupational Outlook Handbook, 2010-11 Edition Actuary: Employment Actuaries held about 19,700 jobs in 2008. About 55 percent of all actuaries were employed by insurance carriers. Approximately 16 percent work for management, scientific and technical consulting services. Others worked for insurance agents and brokers and in the management of companies and enterprises industry. A relatively small number of actuaries are employed by government agencies. Job Outlook

Employment is expected to grow much faster than the average for all occupations. Competition for jobs will be keen as the number of qualified candidates is expected to exceed the number of positions available.

Employment change. Employment of actuaries is expected to increase by 21 percent over the 2008—18 period, which is much faster than the average for all occupations. While employment in the insurance industry—the largest employer of actuaries—will experience some growth, greater job growth will occur in other industries, such as financial services and consulting.

Despite slower than average growth of the insurance industry, employment in this key sector is expected to increase during the projection period as actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks. Natural disasters should continue to require the work of actuaries in property and casualty insurance while the growing popularity of annuities, a financial product offered primarily by life insurance companies, will also spur demand. Penetration among actuaries into non-traditional areas, such as the financial services sector, to help price corporate security offerings, for example, will also contribute to some employment growth.

Consulting firms should experience strong employment demand as an increasing number of industries utilize actuaries to assess risk. Increased regulation of managed healthcare companies and drafting healthcare legislation will also spur employment growth.

Nonetheless, growth may be, to a degree, offset by corporate downsizing and consolidation of the insurance industry—the largest employer of actuaries. Life insurance companies, for example, are expected to increasingly shed high level actuarial positions as companies merge and streamline operations. Pension actuaries will also experience declining demand. This is largely due to the decline of defined benefit plans, which required review by an actuary, in favor of investment-based retirement funds, such as 401k’s.

Job prospects. Job seekers are likely to face competition because the number of job openings is expected to be less than the number of qualified applicants. College graduates who have passed two of the initial exams and


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completed an internship should enjoy the best prospects. A solid foundation in mathematics, including the ability to compute complex probability and statistics, is essential. Experience or skills in computer programming can also be important. In addition to job growth, a small number of jobs will open up each year to replace actuaries who retire or transfer to new jobs.

The best employment opportunities should be in consulting firms. Companies that may not find it cost-effective to employ their own actuaries are increasingly hiring consulting actuaries to analyze various risks. Openings should also be available in the healthcare field if changes take place in managed healthcare. The desire to contain healthcare costs will provide job opportunities for actuaries who will be needed to evaluate the risks associated with new medical issues, such as the impact of new diseases.

Because actuarial skills are increasingly seen as useful to other industries that deal with risk, such as the airline and the banking industries, additional job openings may be created in these industries.

Other Relevant Web Material related to demand

Simon Mortlock (March 21, 2011)

“Life insurance actuaries are in demand in Singapore, forcing firms to push up pay and scour the planet for talent.

Actuaries are hard to find because theirs is specialist mathematical function, and because they need to pass vigorous academic and professional exams, says Patrick Tan, principle consultant, Key International Search & Consulting. ” (http://news.efinancialcareers.co.za/newsandviews_item/newsItemId-31553) “The natural disasters that have hit central America, south Asia, and Africa in recent years underscore the failure of formal insurance markets in developing countries. Without properly functioning insurance markets or access to the global reinsurance system, these nations bore devastating fiscal losses and became even more dependent on donor support.” (http://www.the-actuary.org.uk/697498) “Actuarial Society of Malaysia president Patrick Cheah says the establishment of pension schemes will raise the demand for actuaries as they are technically equipped to evaluate the pension funds effectively and ensure their smooth operation. “This will only take place if the funds are manage by insurance companies as they are in the position to employ actuaries to handle the technical assessment and evaluation of these funds.” (http://biz.thestar.com.my/news/story.asp?file=/2009/10/3/business/4824891&sec=business)

pdc121205-5.1 university of windsor program development ... · an article by guangyao liu in...

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