Statistical & Actuarial Sciences

Statistical & Actuarial Science

Statistics Actuarial Science Financial Modelling

Statistics is the art and science of making conclusions from data; it is particularly useful when deciding how to manage complicated systems, and essential to decide questions like: 

  • Is this medical treatment worth doing? 
  • Did this marketing campaign work? 
  • Is my investment advisor adding value?

Our undergraduate statistics programs instruct students in these techniques, increasingly important in our complicated, but data-rich, modern world.

Our department also trains future actuaries: statistically sophisticated business professionals who assess the probability and financial impacts of personal challenges such as premature death, major illness, disability, car crash, or property damage due to wind, fire, or flood.

Actuaries are the brains of insurance companies, which create and manage financial products designed to mitigate these impacts.    

Financial risks also come from markets, such as rising interest rates when it’s time to renew a home mortgage, changing interest rates negatively impacting vacation plans, or a stock market crash requiring a delayed retirement.

Our program in financial modeling teaches how to quantify, hedge, and manage such financial risks.

What You'll Learn

Courses in statistics give you the tools to collect, analyze and interpret data using probability and other mathematical tools while also enabling you to develop mathematical and stochastic models for phenomena occurring in business, engineering, medicine and government using modern computer-based statistical methods.

Our actuarial science courses teach you to apply existing and develop new models and methods used in the analysis and management of risk associated with adverse life events like premature death and disability. 

We also have courses that investigate the complexities of modelling life expectancy for the purposes of setting insurance premiums. 

A Financial Modelling education (testimonial) will train you to apply advanced mathematical, computational and statistical techniques to problems arising in modern financial markets, along with teaching a quantitative understanding of the stocks, bonds, and options traded on worldwide financial markets, and how to price and hedge derivative securities, such as options.

Careers

Acquiring expertise in statistical methods positions our students to pursue careers in engineering, politics, financial management, insurance, marketing, medicine and social science. Future actuaries will apply their knowledge of mathematics, probability, and statistics to financial problems in the insurance, pensions, and employee benefits fields. Financial modelling graduates are primed to succeed in the pricing and hedging of portfolios of stocks, bonds, and their derivative securities as well as in the analysis and quantification of financial risk in large financial institutions.

Distinguishing Features

Industry Responsive

Taking an integrated approach to learning about actuarial science and financial modelling helps our students to respond successfully to the evolving needs of financial institutions that increasingly manage fiduciary and investment risk simultaneously.

The Department of Statistical and Actuarial Sciences at Western is the only department of its kind in Canada to focus on soft – skill development by offering a dedicated business skills course. Our students are also encouraged to broaden their corporate skills during an 8- to 16-month industry internship between their third and fourth year.

Scholarships

Several actuarial scholarships are awarded yearly that provide for an aggregate payout of up to $45,000 annually to undergraduate students in our Actuarial Science modules.  Included are exclusively merit- based as well as industry-sponsored scholarships that consider other attributes such as leadership skills.  Currently, there are three London Life Actuarial Career Scholarships and one Manulife Financial Scholarship awarded annually, the Freeman of the City of London of North America Scholarship that provides $5,000 for a student pursuing an exchange program in London England as well as the Morneau-Shepell and the Mercer Consulting scholarships.

Centre of Actuarial Excellence

Western is designated as a Centre of Actuarial Excellence by the Society of Actuaries (SOA) and is accredited by the Canadian Institute of Actuaries (CIA).  Students pursuing a professional qualification in the CIA may receive exam exemptions for courses taken at Western. The Statistical Society of Canada (SSC) also accredits our university and students completing a degree in Statistics may receive accreditation as an Associate Statistician.