NEWS
Stressing the Importance of Professional Certifications.. UoB’s “Mathematics” Introduces Its Students to the Labor Market and Its Requirements
University of Bahrain (Yasmeen Khalaf)
10 November 2021
The Department of Mathematics at the College of Science at the University of Bahrain (UoB) recently held a symposium for students of the actuarial science program, under the title: “Actuarial Science and Lux Company”, in cooperation with Lux Actuarial Consulting Company, to familiarize students with the requirements of the labor market and the fields of work of actuarial specialists.
Actuarial science is concerned with forecasting future risks, using computational and statistical methods to estimate the amount and size of risks in the financial industries and the insurance sector, to reduce the negative consequences of risks when they occur and to develop possible solutions.
The speakers at the Symposium – which was held remotely – stressed the importance of professional certificates in the field of specialization in actuarial sciences, for work in general, and for work in insurance companies in particular. Urging students to obtain this certificate before graduating, as it is the way to obtain decent specialized job opportunities, pointing to recent changes in financial and international standards related to insurance companies, which will enter into force at the beginning of 2023, and the subsequent increase in job opportunities for actuaries.
Moreover, the speakers pointed to the nature of the actuarial expert’s job, and the advantages associated with it, stressing the importance of enhancing communication and writing skills, and exploiting practical training opportunities, with the aim of linking the theoretical side of the actuarial science specialization to the practical side, and gaining experience and knowledge in work aspects of insurance companies, pointing to the mechanism of work in Lux as a consulting firm.
Lux Actuaries & Consultants – established in 2005 – is one of the leading actuarial consulting companies in the Kingdom of Bahrain and the region, providing major insurance companies with approved actuarial reports.
Lux was represented in the Symposium by: Senior Actuarial Analyst Rayyan Al-Haiki, and Actuarial Analyst Mitho Mubyan. Also, the Symposium was attended by members of the Actuarial Science Program Committee from the Department of Mathematics at UoB, Head of the Mathematics Department, Dr. Abdullah Jaafar Eid, Actuarial Science Program Coordinator Dr. Babacar Seck, Assistant Professor in the Department of Mathematics, Dr. Ahmed Ali Matar, and Research and Teaching Assistant Aseel Masoud Al-Harmi, in addition to students of the actuarial science program at UoB.
It is worth noting that the actuarial science program at UoB was launched by the Mathematics Department at the College of Science in 2019. The courses are designed to prepare the student to pass professional certifications in actuarial sciences offered by the American Society of Actuaries.
