Earlier this month, Southern University of Science and Technology (SUSTech) discovered that it was successful in its application to join the UCAP (Universities & Colleges with Actuarial Programs) College Program of the Society of Actuaries (SOA).

 The Department of Finance at SUSTech has long had the vision of building a first-class, cutting edge discipline that is well-regarded both domestically and internationally. Its research and analysis covers areas such as quantitative finance, Internet finance, contemporary financial problems in China and actuarial insurance. The Department of Finance is committed to contributing to reform and development of China’s financial systems, as well as innovating in financial services in Shenzhen and across the Pearl River Delta.

In May 2017, the Department of Finance began to prepare actuarial education projects. The project was aimed at all SUSTech students and adopted a comprehensive evaluation selection mechanism. About 20-30 students are selected to participate in these projects each year. So far, the projects have been run over two sessions, with more than 30 students participating in the SOA examination. The passing rate of the examination has been more than 80%.

In order to better serve the comprehensive quality improvement of the students in actuarial research and actuarial project of SUSTech, the Department of Finance also relies on the actuarial center of SUSTech to carry out the actuarial collaborative education project. The project requires students to take the actuarial education project of the Department of Finance, establish a perfect actuarial selection examination system, launch the “Spring Seedling Watch” plan, arrange and meet regularly with senior actuaries in the industry, and prepare for the development of key actuarial laboratories to enhance the practical ability of actuarial project students.

Since the establishment of the actuarial education project, with the joint efforts of teachers and students of the Department of Finance, it has been greatly recognized and supported by the insurance industry. SUSTech is now gradually growing into the cradle of Actuaries in Shenzhen and even in South China and a platform for industry exchange. In 2018, SUSTech successfully obtained the VEE certification school qualification, and became the eighth UCAP certification school in mainland China.

UCAP is an actuarial college project set up by SOA to serve universities, and is also a certification provided by SOA to universities offering actuarial disciplines. Through this certification, universities can obtain resources and funding under the SOAUCAP project, and use the SOA platform to enhance the international visibility of SUSTech’s actuarial project.

Currently, more than 200 universities worldwide are eligible for UCAP. There are eight UCAP accredited universities in mainland China, including Central University of Finance and Economics, East China Normal University, Hunan University, Nankai University, Ningbo University, Renmin University of China, Southern University of Science and Technology and Sun Yat-sen University. There are four universities in Hong Kong, China that are UCAP-accredited.