The profession of actuaries is one of the rarest globally. One of the requirements for acceptance into actuarial studies is that the actuary must possess a unique combination of deep knowledge in mathematics, statistics, and financial analysis, along with the ability to apply this knowledge in managing long-term risks within vital sectors including insurance, pension funds, healthcare, and finance. And despite the steadily increasing demand for this specialization in light of the complexity of global risks and the growing economic and climate challenges, the number of qualified actuaries remains limited, making them highly valuable competencies that institutions compete to attract and retain.
The requirements for acceptance into the actuarial studies scholarship are:
The first path
1. The applicant must hold a university degree in one of the following fields: commerce (insurance/actuarial science), mathematics, physics, statistics, economics, finance, or computer science (data science). The applicant must hold a university degree in one of the following fields: commerce (insurance/actuarial science), mathematics, physics, statistics, economics, finance, or computer science (data science).
2. The candidate must submit two letters of recommendation from individuals who know the candidate thru a professional or academic context. The candidate must submit two letters of recommendation from referees who know the candidate thru a professional or academic context.
3. The applicant must pass the qualification tests as follows: The applicant must pass the qualification tests as follows:
| The test | The minimum required |
|---|---|
| The American University in Cairo’s technical admission test | 60% of the total grades |
| English language test | OEPT minimum: B or its equivalent from approved English language tests |
Topics of the technical admission test for the first track
Topic 1: Probability – Venn Diagrams – Basic Probability – Mean, median, mode
Topic 2: Financial Mathematics – Compound interest – Present value and future value
Topic 3: Calculus – Differentiation – Integration
The second path
1. The applicant must hold a university degree in actuarial science. The applicant must hold a university degree in actuarial science.
2. The applicant must pass the qualification tests as follows: The applicant must pass the qualification tests as follows:
| The test | The minimum required |
|---|---|
| The American University in Cairo’s technical admission test | 60% of the total test scores (higher) |
| English language test | OEPT minimum: B or its equivalent from approved English language tests |
Topics of the technical admission test for the second track
Topic 1: General Probability Venn diagrams, sample space, events, combinations and permutations. Calculate probabilities of independent events. Calculate probabilities of mutually exclusive events. Calculate probabilities using addition and multiplication rules. Define and calculate conditional probabilities. State Bayes’ Theorem and the law of total probability, and use them to calculate conditional probabilities.
Topic 2: Univariate Random Variables discrete univariate distributions (including binomial, geometric, hypergeometric, negative binomial, Poisson, uniform) and continuous univariate distributions (including beta, exponential, gamma, normal, and uniform)
Financial Mathematics Exam
Topic 1: Time Value of Money – Simple and compound interest – Present, future, and accumulated values
Topic 2: Annuities – Level annuities (immediate and due) – Perpetuities
Topic 3: Loans – Outstanding balance calculations – Interest and principal repayments
Topic 4: Bonds – Bond price, yield, and coupon rate
The personal interview
After fulfilling all registration requirements and passing the tests, your next step will be to undergo an interview conducted by the final admission committee for the diploma program.
This interview is a real opportunity to showcase your excellence, as it relies on evaluating your competencies and touches on what you have presented in your application, including your personal and professional aspirations, and how the scholarship can be a bridge to achieving your future goals.
We kindly ask you to bring your official ID card or passport on the day of the interview.
This interview is an important step to showcase your abilities and prove your qualifications for joining a distinguished academic and professional community. We wish you all the best and success in your upcoming journey.