Universitas Padjadjaran’s Faculty of Mathematics and Natural Sciences offers an undergraduate study program in Actuarial Science. Graduates of this program will attain the Sarjana Ilmu Aktuaria (S.Aktr.) title. The program has received accreditation from BAN-PT, the national body of higher education accreditation in Indonesia, awarding it the grade of B. The duration of the study is 8 semesters. The program is taught at the Jatinangor Campus in Sumedang.
Actuarial science studies the management of financial risk as a precaution to possible future events. In its practice, actuarial science combines probability statistics, mathematics, economics, and computer programming. The work of an actuary entails expert application of monetary and statistical theories in solving problems surrounding insurance to measure and manage risks and probabilities.
The existence of an ASEAN free market brought with it the ASEAN Economic Community, possibly toughening up competition in ASEAN job markets. In relation to insurance, this toughening up poses a future challenge for Indonesia to face in preparing to fulfill the demand for internationally competitive actuaries. The phenomenon may spur Indonesia on in contributing its best actuaries to contribute regionally and internationally.
The rapid growth of the insurance and risk management industry in Indonesia pushes for an increased supply of professional actuaries with an expertise in life insurance, general insurance, pensions, social security, banking, and risk management. To respond to the challenges of the market regarding the needs for actuarial professionals, the undergraduate program in Actuarial Science was established as part of Unpad’s Faculty of Mathematics and Natural Sciences in 2018.
The strength of Unpad’s undergraduate Actuarial Science students lies in their:
- Comprehensive understanding of basic concepts of probability, stochastic processes, and mathematical risk theory,
- Mastery of the fundamentals of life and general insurance, as well as mathematical finance,
- Ability to apply and interpret the theories and methods studied from real cases of non-bank financial institutions and independent regular financial institutions, realized within the framework of actuarial science, risk management, investments, decision making, and business analysis.
Aside from that, the program also produces graduates who are adept at data processing, programming, working in a team setting, and communication as a result of its enhancement of the students’ soft skills.