In December 2021, Notre Dame University-Louaize (NDU) received recognition from the Society of Actuaries (SOA) as one of the Universities and Colleges with Actuarial Programs (UCAP) with an Advanced Curriculum (UCAP-AC). The SOA is a global professional organization for actuaries, dedicated to advancing actuaries as leaders in measuring and managing risk to improve financial outcomes for individuals, organizations, and the public.
The Department of Mathematics and Statistics at NDU submitted an application for the UCAP-AC, and after careful review, the university has been approved for the following exams: Investment & Financial Markets (IFM), Short-Term Actuarial Mathematics (STAM), Long-Term Actuarial Mathematics (LTAM), Probability (P), and Financial Mathematics (FM). Additionally, NDU's coursework for the following Validation by Educational Experience (VEE) topics: Applied Statistics, Corporate Finance, and Economics, has also been approved.
This recognition means that NDU students are now well-equipped to complete all the professional exams leading toward either the Associate in the Society of Actuaries, ASA designation, given by the Society of Actuaries, or the FIA Designation given by the Institute of Actuaries. Furthermore, students will receive a solid theoretical foundation, enabling them to pursue a PhD degree in Actuarial Sciences or any related field.
Dr. Roger Nakad, Chairperson for the Department of Mathematics and Statistics at the Faculty of Natural and Applied Sciences, emphasized the growing local and regional demand for qualified actuaries due to the unpredictability of the current situation and continuous fluctuations in economic and demographic conditions. With the UCAP-AC recognition from the SOA, students from diverse backgrounds can benefit from joining the Actuarial undergraduate and graduate programs, which offer direct and indirect links to several actuarial qualifications and job opportunities.
The recognition as UCAP-AC brings numerous benefits to both the Department of Mathematics and Statistics and the students, including:
1. Reimbursement of fees for three individual student preliminary exam registrations for each academic year.
2. Reimbursement for the purchase of study materials for SOA preliminary exams, up to 500 USD.
3. SOA sponsorship for an approved on-campus event, up to 500 USD.
4. Reimbursement of travel costs and/or registration fees for student travel to an approved actuarial conference, up to 500 USD.
NDU offers a Bachelor of Science (B.S.) degree in Actuarial Sciences (94 cr.) and a Master Degree in Actuarial Sciences (30 cr.), in partnership with Chedid Re, through scholarships for graduate students. By providing specialized education, NDU prepares its students to meet the growing demand for qualified risk specialists in Lebanon and the Arab countries, where employability and pay scale for such professionals have recently reached high levels.