Xi’an Jiaotong-Liverpool University receives accreditation from the UK Institute and Faculty of Actuaries

The Department of Financial and Actuarial Mathematics of Xi’an Jiaotong-Liverpool University was recently awarded accreditation by the UK Institute and Faculty of Actuaries (IFoA).

According to the agreement between XJTLU and IFoA, three core subjects in IFoA will be covered by seven core modules in the UG Actuarial Science Programme. Students on this programme will therefore gain exemption from some of the IFoA examinations required to become qualified as a professional actuary.

XJTLU is one of only eight universities in China to be accredited by the prestigious Institute. Founded in 1848, IFoA is the UK's only chartered non-profit professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally.

The rigorous year-long process to obtain the agreement with IFoA was completed in November 2021. Now, students of the Actuarial Science programme at XJTLU can obtain both a BSc degree and the marks needed to be exempt from some IFoA accreditation exams upon graduation.

According to Dr Lin Yang from the Department of Financial and Actuarial Mathematics, a qualification from IFoA is necessary for students who wish to find a job in the actuarial industry. It also offers a great opportunity for other students to showcase their academic background and personal skills in their resumes.

Doctor Lin Yang went on to explain that the Actuarial Science programme at XJTLU was approved by the Ministry of Education to be offered as a degree in April 2021. The accreditation of IFoA is further recognition of the Actuarial Science faculty.

“The accreditation has opened up new opportunities for the Actuarial Science staff to cooperate with senior actuaries in the industry, and has provided more teaching resources for students and the school in the form of seminars and career lectures. The cooperation between XJTLU and IFoA will, in time, help combine professional teaching and talent training with IFoA’s professional examinations, and it serves as a perfect illustration of our University’s unique way of teaching and talent training, and our goal of cultivating more and better talents for actuarial academia and industry.”

Dr Yang also said that the Actuarial Science programme would offer more practice-oriented courses in the future, integrating real cases into the analyses of the actuarial work process.

“Students will thus be able to better plan out their careers, and to accumulate first-hand experiences through studies of real cases in the industry. We want our students to not only master knowledge in text books, but also have a clear picture of the development, trends, and prospects of the industry through studies on front-line cases and direct communications with the most experienced actuaries in the field.”

Reported by Luyao Wang
Edited by Luyun Shi and Catherine Diamond
Translated by Yuting Xiao
Image courtesy of Lin Yang