Actuarial Science is a field that uses mathematics, statistics, and economics to evaluate and manage risks in insurance, finance, and other industries. This major aims to provide students with the knowledge and skills necessary to estimate the probabilities of future events and determine their financial impact, which helps companies develop strategies to manage these risks. Here’s a comprehensive look at the main aspects of the speculative science major:

Basics of estimating:

• Understand the basic principles of valuation science and its role in risk management.
• Study basic concepts such as probability, statistics, and financial analysis.

Mathematics and statistics:

• Learn how to use mathematical and statistical models to analyze data and estimate risks.
• Study advanced topics in probability and statistics such as probability distributions, regression, and multivariate analysis.

Finance and economics:

• Understand how economic factors affect financial risk.
• Study of financial markets, financial instruments, and financial evaluation methods.

Data analysis:

• Learn how to collect and analyze data for use in actuarial models.
• Use statistical software tools to analyze data and extract patterns.

The theory of interest:

• Study how to calculate compound interest and discount.
• Understand how to apply interest theory in valuing financial assets and insurance liabilities.

Actuarial models:

• Learn how to build and use actuarial models to estimate financial risks and projections.
• Study practical applications of actuarial models in areas such as life insurance, health insurance, and property insurance.

Risk Management:

• Understand how to identify and evaluate risks and develop strategies to manage them.
• Study hedging and investment portfolio management techniques to reduce financial risks.

Insurance:

• Study how to design and price insurance products using actuarial models.
• Understand how to evaluate the financial reserves of insurance companies and ensure their ability to meet their future obligations.

Regulations and legislation:

• Understand the laws and regulations that govern the insurance and financial services industry.
• Study the professional and ethical standards related to the appraisal profession.

Advanced actuarial analysis:

• Study advanced topics in actuarial analysis such as loss modeling, risk theory, and survival models.
• Apply advanced techniques to analyze big data and use artificial intelligence in actuarial modeling.

Personal finance and retirement planning:

• Learn how to provide financial advice to individuals regarding retirement planning, investing, and personal risk management.
• Study the financial tools used in retirement planning and pension calculations.

Survival analysis and life modeling:

• Study how survival models are used to analyze life and mortality data.
• Applying life models in estimating reserves and evaluating insurance policies.

Technology in estimation science:

• Use specialized software and technological tools to analyze data and develop models.
• Study the impact of digital transformations on the valuation industry and develop technical solutions to improve efficiency.

Professional ethics and professional practices:

• Understand the ethical issues related to the valuation profession and make responsible financial decisions.
• Develop strategies to enhance integrity and transparency in actuarial work.

Practical training and applied projects:

• Obtain practical experience through training in insurance companies and financial institutions.
• Apply theoretical knowledge in real business environments to develop practical and effective risk management solutions.

The specialization in Valuation Science provides broad job opportunities in multiple fields such as insurance companies, banks, investment companies, government agencies, and consulting companies. This major contributes to providing students with the necessary skills to analyze and manage financial risks, which helps companies make informed decisions and achieve financial stability.