The need for actuarial experts in Indonesia is very urgent. Statistical data currently show that annual premium income growth in Indonesia's life insurance and general insurance industries ranges between 20-30%, which is still relatively small compared to the levels achieved by several ASEAN member countries. This indicates significant future growth potential and has attracted considerable interest from investors outside Indonesia to invest in Indonesia's insurance industry. As a result, the demand for actuarial experts in Indonesia will continue to grow, especially in the future. At present, the number of actuarial experts that universities can produce is extremely small, as evidenced by the very few universities that offer an Undergraduate Actuarial Science Study Program.
The ITS Undergraduate Actuarial Science Study Program offers a curriculum that differs from others. The ITS Undergraduate Actuarial Science Study Program provides areas of interest that serve as specialized competencies, namely: Disaster Insurance, Marine Insurance, and Sharia Insurance.
Accreditation
The Undergraduate Actuarial Science Study Program was declared a study program with minimum accreditation when it was first registered with the National Accreditation Board for Higher Education (BAN-PT) in 2018.
This status indicates that the Undergraduate Actuarial Science Study Program is eligible to conduct educational and teaching processes in accordance with the nationally applicable higher education quality provisions and standards.
The Undergraduate Actuarial Science Study Program, managed by the Departemen Aktuaria of the Fakultas Sains dan Analitika Data (FSAD) Institut Teknologi Sepuluh Nopember (ITS), officially obtained an accreditation rating of “Good” from BAN-PT in 2021.
The accreditation was established in BAN-PT Decree Number: 11864/SK/BAN-PT/AKRED/S/X/2021, as recognition that the Undergraduate Actuarial Science Study Program's delivery of education meets national higher education quality standards.
This achievement is an important milestone in strengthening the academic quality of the Undergraduate Actuarial Science Study Program, and encourages continuous improvement in curriculum, resources, governance, and scientific contributions in the field of actuarial science.
With gratitude and pride, we are pleased to announce that the Undergraduate Actuarial Science Study Program, managed by the Departemen Aktuaria of the Fakultas Sains dan Analitika Data (FSAD) Institut Teknologi Sepuluh Nopember (ITS), officially obtained an accreditation rating of “EXCELLENT” from the Lembaga Akreditasi Mandiri Sains Alam dan Ilmu Formal (LAMSAMA) in 2025.
This accreditation status was established through LAMSAMA Decree Number: 186/SK/LAMSAMA/Akred/S/VI/2025, as recognition of meeting excellent higher education quality standards, the quality of academic governance, and the relevance and contribution of the Undergraduate Actuarial Science Study Program to the needs of industry and society.
This Excellent accreditation achievement is the result of the collective work of the entire academic community, the support of alumni, and strong partnerships with various stakeholders. The Departemen Aktuaria FSAD-ITS is committed to continuously maintaining and improving the quality of education, research, and community service in order to produce competent, professional, and high-integrity actuaries.
Graduate Learning Outcomes (CPL)
Code
Study Program CPL Description
CPL-1
Able to demonstrate a religious attitude of devotion to the One Almighty God, uphold humanitarian values in carrying out duties, internalize values, norms, and academic ethics, and abide by the law in social, national, and state life, as well as love of the homeland based on Pancasila.
CPL-2
Able to internalize the spirit of independence, perseverance, and entrepreneurship, and to make the most of one's potential.
CPL-3
Able to apply holistic, logical, critical, and systematic thinking.
CPL-4
Able to adapt, collaborate, create, contribute, communicate actively, and innovate in applying knowledge in community life, as well as play an active role as a global citizen with a global perspective.
CPL-5
Able to use information technology in the context of scientific development and the implementation of actuarial expertise.
CPL-6
Able to apply basic concepts of actuarial science, finance, mathematics, statistics, and computer programming.
CPL-7
Able to apply actuarial methodologies (methods and models) to solve problems in various fields.
CPL-8
Able to identify and analyze risks with capabilities equivalent to an associate actuary (ASAI).
CPL-9
Able to apply actuarial expertise and utilize Science and Technology to solve problems related to finance, actuarial science, and risk management, particularly those related to Sharia Insurance, Disaster Insurance, and Marine Insurance, and able to adapt to the situations encountered.
Curriculum
Undergraduate graduates of this Departemen Aktuaria will be equipped with a curriculum that differs from others. The ITS Undergraduate Actuarial Science Study Program provides areas of interest that serve as specialized competencies, namely:
Disaster Actuarial Science, The field of disaster insurance is highly suitable for application in Indonesia, considering that Indonesia is a disaster-prone country.
Marine Actuarial Science, Indonesia as a maritime nation will need marine insurance to support programs that utilize the potential of the sea.
Sharia Actuarial Science, Sharia insurance is very beneficial considering that many companies apply Sharia principles in their operations.
In addition to these three fields, Actuarial graduates are also equipped with the basic concepts of life actuarial science.
Download RPS
SEM
No
COURSE CODE
COURSE
Credit Load
Prerequisite Course
I
1
SM234101
Calculus I
3
2
SA234101
Computer Programming
3
3
SA234102
Statistical Methods
3
4
SA234103
Economics
3
5
SA234104
Introduction to Actuarial Science
3
6
SA234105
Elementary Linear Algebra
3
Total Credits
18
II
1
SM234201
Calculus II
3
2
SA234201
Actuarial Computation
3
3
SA234202
Probability Theory
3
4
SA234203
Actuarial Accounting
3
5
SA234204
Investment and Portfolio Management *)
3
6
SA234205
Differential Equations
3
Total Credits
18
III
1
SA234301
Linear Models
4
2
SA234302
Mathematical Statistics I
3
3
SA234303
Corporate Finance
3
4
SA234304
Nonparametric Methods
3
5
SA234305
Introduction to Marine Insurance
3
6
SA234306
Financial Mathematics *)
3
7
SA234307
Actuarial Science
3
Total Credits
22
IV
1
SA234401
Financial Forecasting Methods
3
2
SA234402
Insurance Risk Theory
3
3
SA234403
Actuarial Stochastic Processes
3
4
SA234404
Financial Data Analysis
3
5
SA234405
Introduction to Sharia Insurance and Finance
3
6
SA234406
Advanced Financial Mathematics
3
7
SA234407
Advanced Actuarial Science
3
Total Credits
21
V
1
SA234501
Actuarial Data Mining
3
2
SA234502
Advanced Insurance Risk Theory
3
3
SA234503
Introduction to Disaster Insurance
3
4
SA234504
Actuarial Management
3
5
SA234505
Survival Analysis
3
6
SA234506
Actuarial Simulation
3
7
SA234507
Actuarial Consulting
3
Total Credits
21
VI
1
UG234915
Technology-Based Entrepreneurship
2
2
UG234911
Pancasila
2
3
UG234912
Indonesian Language
2
4
UG234914
English Language
2
5
Elective I
3
6
Elective II
3
7
Elective III
3
8
Enrichment Course
3
Total Credits
20
VII
1
SA234701
Research Methods
3
2
SA234702
Internship
2
Completed 100 credits
3
UG234916
Technology Application & Digital Transformation
3
4
UG23490*
Religion
2
5
Citizenship
2
6
Elective IV
3
7
Elective V
3
Total Credits
18
VIII
1
SA234801
Final Project
6
Completed 138 credits, GPA 2
Total Credits
6
TOTAL CREDITS
144
Career prospects for graduates of the Actuarial Science Study Program are as follows:
No
Graduate Profile (PL)
Graduate Profile Description
1
PL-1: Educator
Educators in the field of actuarial science or sciences related to actuarial science, such as lecturers, instructors, tutors, etc.
2
PL-2: Researcher
Researchers in actuarial science and related fields, in both government institutions and industry, such as data scientists, corporate research and development, business and financial analysis, etc.
3
PL-3: Corporate Actuary
Serving as a corporate actuary at insurance companies, as well as in other industries that require risk analysis skills.
4
PL-4: Consultant
Serving as a consultant, both in matters related to the actuarial profession and in other applications of actuarial science, such as financial planning, employee benefits calculation, etc.
5
PL-5: Community Leader
Serving as a leader at various managerial levels in various fields, in government institutions, the private sector, and community organizations.
6
PL-6: Entrepreneur
Entrepreneurs in fields related to actuarial science or other fields of study.
Graduate Workplaces
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