University of Windsor Program Development Committee. MOTION: That the Master of Actuarial Science New Program Proposal be approved.

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1 University of Windsor Program Development Committee PDC 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 ependitures 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.

2 A. Basic Program Information FACULTY: AAU: Program Title: 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.] Science Proposed Year of Offering [Fall 20]: Fall 2013 Mode of Delivery: Planned Student Enrolment Normal Duration for Completion: Will the program run on a cost-recovery basis? Mathematics & Statistics Master of Actuarial Science Master of Actuarial Science Classroom lecture 15 in year one/ 20 in subsequent years 4 terms 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 per cent shortfall of actuaries in the country [India]. ( 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 eperience, they are highly valued by the company. ( 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) eam 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 etra 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. Page 2 of 25

3 The coverage will include actuarial mathematics as required for Society of Actuaries (SOA) professional eams 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 eperience) topics in economics, finance, and statistics. Unique or innovative curriculum, program delivery, or assessment practices distinguishing this proposal from eisting programs elsewhere. Comparable programs eist 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) eam structure. -The Cass program is based on the United Kingdom system and lasts 12 months ( -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 eams set by the SOA. To become an FSA (Fellow of the Society of Actuaries), one must pass 2 more professional eams. There are additional educational course and module requirements. To pass the professional eams, it is possible to learn the material through self study, and there are lots of (epensive) 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 Eplanation 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. Page 3 of 25

4 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 ( ; The Science of Ecellence) 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 eperience. The proposed program will be of high quality with ecellent instructors and will incorporate testing procedures on the same type used in the SOA professional eams. 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 eceptional and supportive undergraduate eperience 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 etra 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 Page 4 of 25

5 Student and Market Demand Tools and methodology used to conduct the market assessment. The Centre for Eecutive 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 appendi. 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). Epected 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 epect 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 eperiential 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 Thirdyear 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. Page 5 of 25

6 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 eperts in the field. The development of this proposal included consideration of: comments or letters solicited from potential employers regarding the Yes need for graduates of the proposed program within their organization and field of endeavour. comments or letters solicited from relevant professional societies or Yes associations about the need for graduates of the proposed program. review of industry employment surveys for evidence of societal need Yes (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.)? statistical evidence of the number of Ontario students leaving the Yes province to study the field elsewhere in Canada or abroad? If yes, append letters, survey or statistics to proposal. See end of this document. If no, eplain: No No No No Potential employers are in other countries and we do nor have direct access to them. However, actuarial recruiters do have web sites, e.g 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 net 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. Etensive web searches were undertaken. Consultation with CEPE. US Bureau of Labor Statistics information. (See appendi.) 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 ( 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: 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. Page 6 of 25

7 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 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. (web site of DW Simpson Global Actuarial recruitment) ; 2. (2010 article deals with actuarial demand in Bahrain, Saudi Arabia, Abu Dhabi, Dubai) 3. (Pakistan actuarial society Private sector life insurance companies now operate in Pakistan. This has increased the demand for actuarial epertise. ) 4. (Casualty Actuarial Development in China; the demand for sophisticated casualty actuaries is intense, and there is a severe shortage of qualified actuaries. ) 5. (web site in India, 2011 update, Actuarial profession[als] are [also] wanted by non-life insurance companies, banks, stock echanges, private and government agencies and this is one field where demand eceeds 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 eplanation of the etent to which their fields of endeavour have become diversified. This trend should continue over the coming years. Also from Service Canada web site ( 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 eample, 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 Appendi for US Bureau of Labor Statistics information. Employment of actuaries is epected to increase by 21 percent over the 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 and University of Waterloo. See Page 7 of 25

8 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 (inepensive 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 eams. 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) eam site, with regular offerings of SOA eams 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. Eams P, MFE and C consist mainly of material in probability and mathematical statistics. The material for Eam P will be covered in the proposed course and can be taught by University of Windsor statistics faculty. Eam FM covers material currently taught in the University of Windsor course , and will match the proposed course. Eam MLC covers material that is currently taught in University of Windsor courses and , and will match the proposed , courses. Traditionally, and 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 (Microeconomics), (Macroeconomic) (Corporate Finance I), (Corporate Finance II), which will satisfy the VEE requirements of the SOA in Economics and Finance. The first five professional actuarial eams 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 eam (eam P) can be taken after term 1, the second eam (FM) can be taken after term 2, eam MFE can be taken after term 3, and eam MLC can also be taken after term 4. The remaining courses for the proposed degree cover material for SOA eams MFE (courses , ) 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. Page 8 of 25

9 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 /511). Their CVs are appended as well. Faculty Name & Rank (alphabetical) Category 1: Tenured Professors teaching eclusively in this AAU Alfakih, Abdo Associate Professor Caron, Richard Full Professor Hlynka, Myron Full Professor Hu, Zhiguo Full Professor Hussein, Abdul Associate Professor Monfared, Mehdi Associate Professor Nkurunziza, Severien Associate professor Paul, Sudhir Full Professor Traynor, Tim Associate Professor Yee, Wai Ling Assistant Professor M/F Supervis ory Privilege s Department M Full Mathematics & Statistics M Full Mathematics & Statistics M Full Mathematics & Statistics F Full Mathematics & Statistics M Full Mathematics & Statistics M Full Mathematics & Statistics M Full Mathematics & Statistics M Full Mathematics & Statistics M Full Mathematics & Statistics F Full Mathematics & Statistics Page 9 of 25

10 Category 2: Tenuretrack Professors teaching eclusively in this AAU Shapiro, Ilya Assistant Professor Yang, Dilian Assistant Professor M Full Mathematics & Statistics F Full Mathematics & Statistics Category 3: Ancillary Academic Staff as Learning Specialists Positions Lariviere, Justin M Mathematics & Statistics Category 4: Limitedterm Appointments teaching eclusively in this AAU Mansoora, Abida Sarker, Animesh F M Mathematics & Statistics Mathematics & Statistics 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 Caron, Richard Full Professor (also in category 1) M Full Mathematics & Statistics M Full Mathematics & Statistics Category 6: Sessionals and other non-tenure Page 10 of 25

11 track faculty Battaglia, John Jraiche, Pierre Wang, Jing M M F Mathematics & Statistics Mathematics & Statistics Mathematics & Statistics Category 7: Others Tenure or Tenure Track professors or limited term or sessionals from Business, Economics An, Yunbi Assistant Professor, Business Assaf, Ata Associate Professor, Business Cheung, Keith C.K. Assistant Professor, Business Elsaid, Eahab Assistant Professor, Business Gowing, Maureen, Associate Professor, Business Sinha, Rajeeva, Associate Professor, Business M Full Odette School of Business M Full Odette School of Business M Full Odette School of Business M Odette School of Business F Odette School of Business M Full Odette School of Business Meng, Ronald Full Professor, Economics Townley, Peter Full Professor, Economics Bajic, Vladimir Associate Professor, Economics Charette, Michael Associate Professor, Econimcs M Full Department of Economics M Full Department of Economics M M Department of Economics Department of Economics Jouini, Tarek Assistant Professor, M Full Department of Economics Page 11 of 25

12 Economics Assess faculty epertise available and actively committed to the new program. Provide evidence of the appropriateness of collective faculty epertise 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 epertise needed to: sustain the program promote innovation, and foster an appropriate intellectual climate. SOA eams 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 which is the major part of eam FM. Dr. Paul and Dr. Hussein have taught courses on risk and survival analysis, which are part of eam C, and covered in the proposed course Dr. Nkurunziza has epertise in Brownian motion and Ito integration, which are part of the MFE eam and covered in proposed course Describe the area s epected 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 net section. For graduate programs: Eplain 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 Eecutive 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 eams 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 eceptionally well suited candidates with other credentials (such as many years of eperience in the actuarial profession plus the relevant SOA eams). 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 eample: library, teaching and learning support, student support services, space, equipment, Page 12 of 25

13 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 (probability) and (theory of interest), which lead directly to Society of Actuaries Eams 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 Describe the proposed program s reliance on eisting resources from other campus units, including for eample: eisting courses, equipment or facilities outside the proposer s control, eternal resources requiring maintenance or upgrading using eternal resources Provide relevant details. All of the courses are epected 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 eisting 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 (eternal grants, donations, government grants, etc.) This is a full-cost professional course based program so no eternal 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. Page 13 of 25

14 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 Eecutive 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 tetbook 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 eam 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. Page 14 of 25

15 Library Resources and Services: There are several commercial study manuals for each the SOA professional eams. Copies of each manual (meaning perhaps 3 different manuals for each professional eam) 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 eam 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 eams 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 ecellent 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 eams. 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 eams 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 eemptions or special entry, and alternative admission requirements, if any, for admission into the program, such as additional language Page 15 of 25

16 requirements or portfolios, recognition of prior work or learning eperience, 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 matri 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 eams 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 eperiential learning components (if applicable): na Eplanation of how credit will be awarded for the eperiential 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 [ Page 16 of 25

17 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 [ 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: Probability for Risk and Actuarial Science Financial Mathematics, Theory of Interest Introduction to Financial Management* Year 1 Term 2: Derivatives Markets I Financial Management Regression and Time Series Year 1 Term 3: Derivatives markets II Life Contingencies I Microeconomics Year 2 Term Life Contingencies II Special Topics in Actuarial Science Macroeconomics Calculus \ \ Prerequisite Structure * - 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 Page 17 of 25

18 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 eercise. Please provide a minimum of 1 learning outcome for each of the boes associated with a graduate attribute. At the end of this program, the successful student will know and be able to: A. Understand the mathematical basis for life insurance, health insurance, property insurance, pensions Characteristics of a University of Windsor Graduate A U of Windsor graduate will have the ability to demonstrate: A. the acquisition, application and integration of knowledge B. Address new insurance situations and design appropriate models for their analysis C. Analyze actuarial problems and prepare for SOA actuarial eams B. research skills, including the ability to define problems and access, retrieve and evaluate information (information literacy) C. critical thinking and problem-solving skills D. Solve mathematical insurance models and epress 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 eplain and clarify situations F. interpersonal and communications skills Page 18 of 25

19 Program Learning Outcomes This is a sentence completion eercise. Please provide a minimum of 1 learning outcome for each of the boes associated with a graduate attribute. At the end of this program, the successful student will know and be able to: G. Work with others, as needed to prepare for actuarial eams, And to work with others in an actuarial consulting setting Characteristics of a University of Windsor Graduate A U of Windsor graduate will have the ability to demonstrate: 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 eams during the term of studies. Success in the professional eams 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 epected workload per course credit (3.0) of a student enrolled in this new program/major program change. Epected Workload per 3.0 Course Credit/week Average Time the Student is Epected to Devote to Each Component Over the Course of the Program per week 3 hours 0 or 1 hours 0 hours 0 hours 4 hours 3 hours Lectures Tutorials Practical eperience Service or eperiential learning Independent study Reading and work for assessment, including meeting classmates for group work/project assignments (essays, papers, projects, laboratory work, etc.) Studying for tests/eaminations 5 hours Other: [specify] Compare the student workload for this program with other similar programs in the department or Page 19 of 25

20 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 eams and new practice eams will be made available both inside and outside of class. D. MONITORING AND EVALUATION Eplain the appropriateness of the proposed methods of assessing student achievement given the intended learning outcomes and degree level epectations. Students will be evaluated using tests, assignments, and a final eam. The nature of the tests and eams will be of the style that is used in the Society of Actuaries professional eams. The assignments will require the students to present the material in a much more complete and organized manner than would be needed for an eam. The material will be graded quickly to provide feedback. Etra sessions will be provided if the class (or certain students) need etra instruction on proper presentation of solutions. The Society of Actuaries (SOA) eams 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 eams, but must show complete solutions. This method of testing is appropriate in the courses because it provides practice for the professional eams 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 epectations. Tests will be graded promptly with solutions posted. Students will receive quick feedback on their performance. Past tests, assignments, and eam3 questions will be made available for inspection by students or eternal sources. The final eams will be stored for 7 years so that they are available for evaluation by eternal 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 eams that subsequently are passed, and by the ability of the graduates to find relevant employment on completion of the degree. Page 20 of 25