Master of Science Program in Applied Statistics (Insurance Actuarial Science and Risk Management : ACT)


Actuarial Science and Risk Management

Life and casualty insurance businesses play a key role in the national economic and social development. They serve as the main institutions responsible for risk management and mobilization of several hundred million baht savings. During the past decade, the growth rate of life and casualty insurance businesses has continually and drastically increased. The revision of corporate governance guidelines according to the international corporate governance framework causes the increased demand for experts in actuarial science and risk management.

The Graduate School of Applied Statistics has realized the importance of this issue and focuses on creating the qualified graduates in the fields of actuarial science and risk management in order to meet the higher demand and respond to international standards and regulations.

This major includes two main areas of study, which are Actuarial Science and Risk Management.

Applicant’s Qualifications

All bachelors or their equivalent (in any field) from accredited institutions can apply for the program. Nonetheless, they should have basic calculus knowledge. No GPA requirement is necessary. Prospective students should be engrossed in actuarial science, insurance management, risk management, as well as strategic planning and analysis. For professional programs, the applicant must gain at least one year’s working experience after the degree completion.

Job Opportunity
Actuary, risk management specialist, risk analyst, jobs related to strategic planning and establishment, and jobs associated with financial service counselling.

Why Study Applied Statistics at NIDA

  • Our teaching and learning focus on knowledge development, enabling students to practically apply knowledge and experiences to their work after graduation
  • Students will obtain a wider variety of knowledge and a greater ability in critical thinking, decision making, information technology utilization, administrative management, and leadership.
  • Students will have cooperative network helpful for the future work.
  • Students will be provided with financial support to gain certification from the International Actuarial Association.

Course Structure

  • Regular program: minimum 15 courses (45 credits)
  • Special program: minimum 14 courses (42 credits)

Preliminary Courses (6-9 credits)

  • English (regular program 6 credits, special program 3 credits)
  • Mathematics for Applied Statistic

Core Courses (6 credits)

  • Statistical Analysis
  • Statistical Information Technology

Major Courses (24 credits)

  • Theory of Probability and Application
  • Principle of Insurance
  • Applied Statistical Methods
  • Financial Mathematics
  • Enterprise Risk Management
  • Introduction to Actuarial Mathematics
  • Risk Theory and Actuarial Modeling
  • Credibility Theory and Loss Distributions

Elective Courses

  • Life Insurance Mathematics I
  • Life Insurance Mathematics II
  • Casualty Insurance Mathematics I
  • Casualty Insurance Mathematics II
  • Survival Models
  • Life Table Techniques and Their Applications
  • Operational Risk Management
  • Corporate Finance
  • Investment Management
  • Financial Engineering
  • Economics for Actuarial Sciences and Risk Management
  • Strategic Marketing Management
  • Knowledge Management
  • Customer Relationship Management
  • Other courses

Thesis (12 credits) Or Elective Course (9 credits)
Independent Study (3 credits)

Total 42 credits are required*

Students need to study preliminary courses as required by NIDA or the program if they have insufficient background knowledge.