Master Program in Actuarial Science


The aim of Master Program in Actuarial Science ITB is to strengthen the understanding of participants in actuarial mathematics and mathematical finance. ITB is the only university in Indonesia that produces actuarial science graduates.

In this program the business skills and mathematical analysis capabilities are integrated into the process of solving growing problems in the field of finance. So that graduates of the program are expected to not only master the actuarial mathematics but also need to know the other disciplines in which mathematics is applied and capable of using tools such as computer technology and software.

Master Program in Actuarial Science ITB also allows participants to interact with experts in the environment ITB in doing research. This will encourage the graduates of this program to be able to interact with experts in other fields and cooperate in solving problems that, in future, will be more complicated and requires teamwork.

Graduates of the Master Program in Actuarial expected to have the following competencies: a comprehensive mastery in one area of study actuarial mathematics; the ability to identify, formulate and solve problems in actuarial mathematics or in the application of actuarial mathematics; ability to cooperate both in the field or interdisciplinary expertise; instincts in the development or application of actuarial mathematics and developed a new challenge; readiness to follow the latest developments in actuarial mathematics.

An MOU was signed between ITB and PAI (Persatuan Aktuaris Indonesia/The Society of Actuaries of Indonesia) on 15th April 2008 regarding improvement to the quality of human resources in the field of actuarial accordance with international standards of the actuarial profession in order to meet the urgent need for the profession Assistant Actuary (Associate Actuary) in the insurance industry, pension funds and other related industries in Indonesia.
Under this agreement, several lectures at the Master Program in Actuarial Science ITB, which refers to the curriculum standards of international professional actuaries set by PAI, are recognized as part of the requirements for obtaining a professional degree Adjunct Actuaries of Indonesia.

Course Structure

No Code Course Name CP Relevant PAI exams
Semester I
1 AK5181 Life Insurance I 3 A60
2 AK5182 General Insurance 3 A70
4 AK6081 Actuarial Stochastic Processes 3
Total 9
Semester II
1 AK5281 Life Insurance 2 3 A60
2 AKxxxx Elective Course 3
3 AKxxxx Elective Course 3
Total 9
Semester III
1 MA5181 Matematika Keuangan 3 A10
2 AKxxxx Elective Course 3
3 AKxxxx Elective course 3
Total 9
Semester IV
1 AK6091 Tesis 1 3
2 AK6091 Tesis 2 3
3 AKxxxx Elective course 3
Total 9

Elective Courses

No Code Course Name CP Relevant PAI exams
1 AK5282 Survival Models 3
2 AK6181 Risk Theory and Simulation 3 A70
3 AK6082 Health Insurance 3
4 AK6061 Theory of Investment 3
5 AK6281 Credibility Theory 3
6 AK6282 Theory of Pension Funding 3
7 MA5261 Financial Econometrics 3