Getting to Know: International Undergraduate Program in Actuarial Science
Since its establishment in 2018, the ITB Undergraduate Actuarial Science Program has been one of the leading programs focusing on the development of applied and globally standardized actuarial and financial science. In the era of globalization and economic integration, the demand for professionals with international expertise continues to increase, particularly in the insurance, finance, risk management, and financial technology (fintech) sectors where skilled professionals play a critical role in supporting industry growth and innovation.
The Undergraduate Actuarial Science Program at ITB holds an “Excellent” national accreditation from LAMSAMA. Its curriculum aligns with international actuarial standards, including those of the SOA and IFoA, ensuring graduates gain globally recognized competencies for today’s financial industry.
Strong International Collaborationand Partnerships
The program collaborates with international partner universities through student exchanges, study-abroad opportunities, joint thesis supervision, and international guest lectures. These initiatives broaden students’ global networks and academic exposure.
Innovative and Interactive Learning
All courses are delivered in English using interactive, research-based methods that build critical thinking, adaptability, and problem-solving skills in global contexts.
Exposure to International Industry Experience
Students gain real-world insights through international internships at financial institutions, insurance companies, and fintech industries, strengthening their understanding of actuarial practice.
Support from Internationally Experienced Faculty and Practitioners
The program is supported by 66 faculty members (28 core faculty), many of whom graduated from leading overseas universities. International guest lecturers such as Ken Seng Tan from the University of Waterloo further enrich the curriculum by providing insights into current global actuarial perspectives and emerging industry trends.
Continuous Quality Assurance System
Program quality is maintained through regular evaluations, satisfaction surveys, tracer studies, and national and international accreditation processes.
Graduate Competitiveness and Professionalism
Graduates are equipped to compete globally and pursue international actuarial certifications, supported by strong analytical skills, cross-cultural communication, and professional integrity.
Partner Universities
Although the ITB Undergraduate Actuarial Science Program has not yet established formal international university partnerships, it has collaborated in educational activities such as International Virtual Courses and joint workshops) and research with:
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UiTM, Malaysia
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Durham University
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University of Waterloo
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Khalifa University
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UiTM, Actuarial Science
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University Malaysia Terengganu
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University of the Philippines Diliman
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Kuwait University
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Kasetsart University
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Swansea University
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Keio University
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University of Malaysia
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Nanyang Technological University
Potential Partner Institutions for Implementing the International Program
Career Prospects
Graduates of the Bachelor’s Degree Program in Actuarial and Financial Sciences (AFiS) shall be able to:
- Apply actuarial, mathematical, statistical, and financial principles to analyze, model, and manage financial risks in insurance, pension, and related sectors.
- Demonstrate competence in risk assessment and quantitative analysis to support decision-making in insurance, social security, investment, banking, and governmental institutions.
- Utilize appropriate computational tools and data analytics techniques in solving actuarial and financial problems.
- Integrate interdisciplinary knowledge in addressing complex risk and financial management issues.
- Communicate actuarial findings effectively to both technical and non-technical stakeholders.
- Uphold professional ethics and regulatory standards in actuarial practice and public policy formulation.
Graduates can pursue careers as actuaries in insurance, pensions, and reinsurance, where they model risk, price financial products, and design retirement systems, often earning high salaries after professional certification. Many also move into data science, analytics, and artificial intelligence roles, as their training in probability and statistical modeling aligns well with modern machine learning and big data applications. In finance and banking, actuarial graduates work as quantitative analysts, risk analysts, treasury specialists, or investment analysts, contributing to financial modeling and risk management.
Alumni Testimony
Now at AXA Financial Indonesia
My journey as an Actuarial Science student at ITB has been both rigorous and rewarding. The curriculum strikes a perfect balance between core professional subjects and intellectual challenges. I found Life Insurance Mathematics deeply engaging as the heart of actuarial work, while Introduction to Real Analysis pushed my analytical limits, sharpening the logic needed for high-level problem solving.
The strength of this program was truly tested when I competed in the LOGIKA UI national competition. Securing 2nd Place was a proud moment that proved the theories we study at ITB are directly applicable to complex, real-world cases. This practical edge, combined with a highly supportive environment of faculty and peers, has been instrumental in my career. Thanks to the department’s strong industry ties, I have already started my professional journey at AXA Financial Indonesia.
For those looking to compete on a global stage, I highly recommend the newly opened International Undergraduate Program (IUP) in Actuarial Science. It offers the same academic excellence and industry-driven success I’ve experienced, but with a global perspective that is essential in today’s financial landscape. If you want a program that bridges the gap between the classroom and the industry, ITB is the place to be.
Bachelor of Actuarial Science Program – Batch 2021
Studying Actuarial Science at ITB has been a transformative journey that far exceeded my expectations of traditional risk mathematics. The program doesn’t just teach you how to calculate premiums; the program emphasizes a ‘structural thinking’ mindset to take a vague, complex problem and break it down into logical, actionable steps. This analytical rigor was the bedrock of my success when I competed in the LOGIKA UI 2024 National Actuarial Case Competition, where my team secured 3rd Place. It proved that the training we receive at ITB is highly competitive on a national scale.
A pivotal part of my experience was an exchange program at Michigan State University (MSU). Living and studying in the United States provided a space to practice cross-cultural collaboration and adapt to new academic standards. This experience was instrumental in refining my communication, adaptability, and cross-cultural leadership skills which are vital in today’s interconnected professional world.
The combination of ITB’s technical depth and this international exposure helped me bridge the gap between actuarial theory and strategic problem-solving. This foundation allowed me to transition into the professional world as a Management Consultant at a multinational firm. For those considering the International Program, I believe this curriculum serves as a versatile foundation, demonstrating that an actuarial background is a powerful launchpad for a diverse, high-impact career.
Studying Actuarial Science at ITB has been an invaluable experience. The program not only strengthened my analytical and mathematical skills but also taught me how to apply them to real-world financial and insurance challenges. ITB emphasizes a strong foundation in theory, ensuring graduates are well-prepared for professional growth.
Curriculum
| Code | Subject | Credits |
|---|---|---|
| Basic Linear Algebra |
3 |
|
| Data Analysis |
4 |
|
| Theory of Interest |
3 |
|
| Microeconomics |
3 |
|
| Numerical Methods for Actuarial Science |
3 |
|
| Civic Education |
2 |
|
| Religion |
2 |
| Code | Subject | Credits |
|---|---|---|
| Advanced Calculus | 3 | |
| AK2261 | Introduction of Mathematical Finance |
3 |
| Macroeconomics | 3 | |
| AK2281 | Probability Theory for Actuarial Science |
4 |
| Linear Model | 3 | |
| AK2283 | Time Series Analysis |
3 |
| Sports |
1 |
| Code | Subject | Credits |
|---|---|---|
| Mathematical Methods | 3 | |
| AK3161 | Introduction of Financial Optimization |
3 |
| Risk Model I | 3 | |
| AK3185 | Life Insurance I |
3 |
| Mathematical Statistics | 4 | |
| WI2005 | Indonesian Language |
2 |
| Code | Subject | Credits |
|---|---|---|
| Optimization of Mathematical Finance |
3 |
|
| AK3283 | Risk Model II and Simulation |
3 |
| Life Insurance II | 3 | |
| Workshop: Application of Actuarial Science in Industry |
2 |
|
| BI1011 | Biology A |
2 |
| Business and Entrepreneurship Management | 2 | |
| AK300X | Special Course A* |
3 |
| Code | Subject | Credits |
|---|---|---|
| Thesis II | 3 | |
| AK4092 | Seminar II |
1 |








