In statistical and actuarial sciences and financial modelling, you collect, analyze, and model data through mathematical and computing systems.
An actuary is a qualified expert in the design and operation of insurance and pension programs, and is trained in the assessment of risk. Actuaries apply mathematical and statistical techniques to a wide range of financial problems. In Canada, an actuary is defined by law as a Fellow of the Canadian Institute of Actuaries.
The Fellowship designation is granted after three years of practical experience and successful completion of a set of professional examinations. Western will provide you with courses and programs that prepare you to write most of the Associateship examinations. In statistical and actuarial science, you will be encouraged to take a variety of options, including courses in business, computing, and economics.
A statistician is an expert in the collection, analysis and interpretation of data using probability models. The main focus of statisticians in the department is on computer intensive practical applications of data analysis and scientific and industrial modelling, all in conjunction with fundamental theoretical research in the statistical sciences.
Over the past two decades, new quantitative techniques have transformed the investor decision-making process and the financial industry. Today banks, insurance companies, securities and investment firms turn to technical innovation to gain the competitive advantage. Financial Modelling provides the sophisticated mathematical models used to support investment decisions, to develop and price new securities or to manage risk. Financial institutions but also energy companies, utilities and corporations with exposure to exchange rate or commodities risk are hiring quantitatively sophisticated employees.
We encourage close contact and interaction between our students and faculty. Faculty members' offices, most of our classrooms, and one of the best equipped computing labs on campus are located on the 2nd floor of the Western Science Centre (aka Paterson Building). The Actuarial & Statistical Undergraduate Association organizes seminars, study groups, and social events.