EXECUTIVE MASTER OF ACTUARIAL SCIENCE E M A S NEW GENERATION

EXECUTIVE MASTER OF ACTUARIAL SCIENCE E M A S NEW GENERATION

A NEW GENERATION OF ACTUARIES Risk is the possibility that an undesirable event will occur The demand for skilled actuarial professionals is growing. Actuaries are the leading professionals in finding ways to manage risk, and managing risk requires knowledge of several disciplines. Understanding how businesses operate, how legislation may have an impact and how financial economics may affect securities are all vital skills for an actuary. Globalization, the integration of financial markets, changing IT environments, and market innovation in risk management ensure that the actuarial field of action is becoming more challenging and complex by the day. In response to these changes, the Dutch Actuarial Institute (Actuarieel Instituut) and TiasNimbas Business School (TiasNimbas) have developed the Executive Master of Actuarial Science (EMAS). WHY EMAS? E M A S Prins Clausbrug, Utrecht SUMMARY 2 Shortest route to becoming actuary AG (AAG) after completing BSc 2 State-of-the-art Master Programme towards full actuarial qualification (actuary AG) 2 Developed in collaboration between the Dutch Actuarial Institute (AI) and TiasNimbas 2 Master degree from TiasNimbas, one of the top 25 business schools in Europe 2 Training location: Utrecht and Tilburg 2 Lectures and tutorials are mixed with case-based learning

EMAS, actuarial science meets profession EMAS is aimed at individuals who are already professionally active at an academic level and who are looking for ways to broaden and deepen their knowledge. It is one of the goals of the programme to make full use of the opportunities that arise in such a situation. The curriculum mixes concentrated lectures and tutorials with case-based learning in which students work together in small groups and is rounded off by thesis work on an individual basis. The programme is structured in such a way that it is indeed possible for participants to combine work with study and to optimize the cross-fertilization between working and learning. Experience on the job can be incorporated into courses and case studies. Insights developed in the educational programme are translated back into practice, giving rise to further reflection. Distinguish yourself from other risk professionals An application for accreditation as a MSc programme is pending 2 A fully qualified actuary (actuary AG), international recognition 2 Science meets the profession, state-of-the-art academic knowledge and insights 2 People make the difference; lecturers and instructors are renowned professors/lecturers and practitioners, some are affiliated with Netspar (Pension think-tank) 2 Directly applicable in your working environment 2 4 to 5-semester, part-time programme in English 2 Exchange of experience and ideas amongst fellow students 2 A mentor is assigned for the duration of the programme 2 A major contribution to your network PARTICIPANTS Broaden and deepen your actuarial knowledge Participants are typically (young) professionals who are active in the insurance industry, pensions industry and consultancy. Their academic background is often a Bachelor s or Master s degree in Actuarial Science or in Econometrics or (Applied) Mathematics. Depending on their previous education, they have completed one or more modules in the premaster programme (Schakelprogramma) offered by AI in order to meet the entry requirements for the EMAS programme. AIMS OF THE PROGRAMME Link between theory and professional life The EMAS programme provides in-depth coverage both of the body of actuarial knowledge and the required competences. In particular, the EMAS programme provides participants with the knowledge and competences associated to the status of a fully qualified actuary, as described in the Core Syllabus of the Groupe Consultatif Actuariel Européen, the Core Syllabus of the International Actuarial Association and the AG document, Eindtermen Opleiding tot Actuaris AG, published in June 2010. Participants monitor their progress by the feedback they receive from instructors and by regular meetings with a mentor who is assigned to them specifically for the purpose of monitoring personal development. In this way it is ensured that participants not only become familiar with state-of-the-art academic knowledge and insights, but also develop the competencies needed to apply these insights in practice.

PROGRAMME OVERVIEW In summary, the main components of the EMAS programme are 2 6 courses (24 ECTS) 2 8 cases (24 ECTS) 2 Thesis (12 ECTS) 2 Mentor system In view of the objectives of the EMAS programme and the broad range of aspects to be covered, the curriculum employs several different methods of tuition 2 Classical lectures and tutorials 2 Advanced quantitative techniques, insights into the psychology and the sociology of risk, and training of competences 2 A series of integrative case studies carried out by groups of 4 to 5 participants 2 The case studies cover different fields of actuarial science; they address technical skills as well as competences in for instance project management and communication 2 In the final phase of the programme, participants write an individual thesis 2 Personal development is monitored by means of a mentor system PREMASTER PROGRAMME (max. 60 ECTS, taught in Dutch, offered by AI) Prospective participants who do not meet the EMAS admission requirements can make up for deficiencies by following modules in the premaster programme offered by AI. The minimum entrance level for the premaster programme is a bachelor s degree offered by a university of applied sciences (HBO) in a subject that has substantial quantitative content. In summary 2 6 clusters (15 modules) Financial Economics Quantitative Methods 1 and 2 Actuarial basic techniques 1 and 2 Law 2 The programme requires 2 years in part-time study 2 A course load of 15-20 hours a week, including lecturers and tutorials 2 Programme starts in September and January 2 Lectures and tutorials are held in Utrecht on Monday (afternoon/evening) or Friday 2 Exemptions based on previous degree and/or preliminary education (www.ag-ai.nl) A detailed description of the modules of the premaster programme may be obtained from the Institute s website (www.ag-ai.nl). Professional Education for Actuary Preliminary training Premaster programme Executive Master Actuarial Science Actuarial Science Econometrics Mathematics Actuarial Modules Cases-Courses-Mentor Thesis Actuary AG Actuarial Analyst Member Dutch Actuarial Association Individual preliminary training Professional development 0 2 years 2 years B/c year

EMAS PROGRAMME SIX COURSES EIGHT CASES THESIS SIX COURSES (24 ECTS) Four courses are strongly quantitative in nature and are taught successively; the two remaining courses are taught in parallel with these four. Lectures and tutorials for each course are concentrated in four two-day meetings (Friday and Saturday, 7 contact hours each day). All courses carry a study load of 4 ECTS (1 ECTS corresponds to 28 hours of course attendance and self-study on average). An exemption for certain courses is possible depending on preliminary education. Depending on the nature of the course, the meetings may combine lectures with computer sessions or with group discussions. In addition to attending the course meetings, participants are required to study the course material and to complete homework assignments. The 6 courses are Statistical Methods Valuation and Hedging Life Insurance and Pensions Risk and Regulation Risk Perception and Product Development Process Management and Communication EIGHT CASES (24 ECTS) 2 Participants are able to apply quantitative methods and to address broader issues in financial security systems and financial risk management 2 Cases are organised in teams, which gives participants the opportunity to practice skills in process management 2 Each team working on a case is supervised by instructors both from professional practice and from academia, so as to ensure practical relevance and an appropriate link to the current academic literature 2 Cases are concluded in a presentation meeting 2 Evaluation of each team s performance takes place by the instructors 2 After the completion of cases, teams have a meeting in which they evaluate the role of each team member in the process leading to the final result Case titles Long-term care insurance Valuation of disability insurance Overcharging Traditional vs. market-consistent valuation Universal life Life style insurance Risk management in casualty-liability insurance Recovery plan Each course is concluded with an examination.

THESIS (12 ECTS) The thesis constitutes proof of the individual qualities of the participant and of his of her ability to carry out a penetrating analysis of a specific topic. To enable participants to obtain support from each other, thesis projects are organized in groups around common risk themes, such as pensions reform or Solvency II. Each thesis group consists of four to six participants together with their supervisor. The groups meet every three or four weeks. Supervisors are also available for consultation outside the group meetings, for instance with respect to specific technical issues that are less suitable for group discussion. ADMISSION REQUIREMENTS EMAS 2 Knowledge of mathematical analysis, linear algebra, probability theory and statistics 2 Knowledge of financial economics, macroeconomics and microeconomics 2 Knowledge of actuarial science at the level of introductory courses on risk theory, life insurance and asset/liability management 2 Knowledge of the legal and institutional structures that apply to the insurance and pension industries APPLICATION PROCEDURE To apply for participation in EMAS, you need to complete an Application Form. Following this, an intake interview will be scheduled with the Academic Director of EMAS. The purpose for this interview is to verify whether the conditions for your successful participation in the programme are satisfied. These conditions involve your profile, previous study success, work experience, and arrangements that have been made to allow sufficient time for study. If you are admitted on the basis of the intake, you receive the Participation Confirmation Form, which you can use to confirm your participation. Applicants should be aware that participation in a 60-ECTS programme such as EMAS requires a substantial investment of time. They should count on spending one day per week on courses and one day on cases during two years, and they should reserve time for thesis writing. Proper arrangements should be in place as the work/life balance turns into a work/study/life balance. It is recommended that the component work takes no more than 32 hours per week. DATES & TUITION FEES Specific information on programme start dates and tuition fees can be can be obtained from the websites of the two partner organisations, the Dutch Actuarial Institute (www.ag-ai.nl) and TiasNimbas Business School (www.tiasnimbas.edu).

Dutch Actuarial Institute The Dutch Actuarial Institute is a provider of actuarial education. The tuition provided by the Institute distinguishes itself by the combination of working and learning. The AI provides amongst others the following programmes Life Insurance Technique (part-time) Actuarial Calculator (part-time) Actuarial Analyst (part-time) EMAS (part-time) Chartered Enterprise Risk Actuary (CERA, part-time) In company training International Actuarial Education Continuous Professional Development TiasNimbas TiasNimbas, the business school of Tilburg University and Eindhoven University of Technology, offers a broad and flexible portfolio of internationally recognised management programmes. The motto of TiasNimbas is Never Stop Asking, and this is reflected in programmes that are rooted in leading management research, and designed to address the specific educational needs of individuals and organisations in the evolving world of business. In the Financial Times ranking of European Business Schools, TiasNimbas Business School holds a European top 25 position, and a top 3 position in the Benelux. Dutch Actuarial Institute Groenewoudsedijk 80 P.O. Box 2433 3500 GK UTRECHT T +31 30 6866150 E info@ag-ai.nl W www.ag-ai.nl TiasNimbas Business School Campus Tilburg Warandelaan 2 P.O. Box 90153 5000 LE TILBURG T +31 13 4668600 E information@tiasnimbas.edu W www.tiasnimbas.edu "This brochure has been compiled with the utmost care and, to the best of the authors' knowledge, the information contained therein is true and accurate. Despite this, AI and TiasNimbas do not guarantee the correctness or comprehensiveness of the information. No rights can be derived from the brochure's contents."