Carlos III University prepares students for success by adding SAS® to the curriculum

Founded in 1989, Carlos III University in Madrid is a public Spanish university with a clear focus on excellence in both its research work and its curriculum. From the beginning, it has distinguished itself through pioneering efforts aimed at offering international studies in Spain.

Carlos III University has built up a talented bilingual faculty who are experts in their respective fields, as evidenced by the numerous articles published by its teaching body in many of the most prestigious international research journals. In response to the market need for actuarial studies, and as a result of the university's international focus, Carlos III University, with the support of Vice Deacon Dr. Miguel Usábel, set up a new bilingual actuarial studies degree program.

This new program enhances the range of bilingual business degrees offered by Carlos III University, which include: economics, business administration, business management and telecommunications engineering. The program falls largely under the responsibility of the Department of Corporate Economics and provides course work relevant to insurance, accounting and finance.

Moving beyond tradition to business
Traditional actuarial studies have historically focused on pure actuarial content to the detriment of the associated effects within a business environment. However, this program balances both areas. "Our initial aim was for our students to study – in equal depth – the value of investments and assets and, on the other side, liabilities and debts," commented Usábel.

The program's content is international and uses many of the same textbooks as those used in programs offered by universities in the United States and other European countries with over 150 years of actuarial tradition.

"Our students have the opportunity to improve their knowledge of English, including specific business terminology. They also benefit from the same training they would get in other countries that have a more developed actuarial tradition than we do, without having to leave their country or continent," added Usábel.

This new program received support from various companies from different sectors, including SAS, which has a long history of supporting education. "We were looking for a software company that also provided solutions designed for the insurance sector. We chose SAS," said Usábel.

"We had already been using SAS for quantitative analytics because it will increasingly be the software that students will encounter once they enter the workforce," said Usábel. "Furthermore, many of the solutions specifically developed for actuarial and financial problem solving are SAS, so the student will have firsthand knowledge of the software used in the sector," added Usábel. Carlos III University prides itself on the meticulous nature of the research conducted by its faculty and students, as well as on the quality of its courses and the career guidance resources it provides.

SAS meeting unique industry needs
Another reason Carlos III University decided to use the SAS solution for this project was because of the way the solution met the unique needs of the insurance industry.

"SAS is a very modular solution which meets most of the business requirements of insurance companies. We want students to be well-prepared for the types of problems that insurance companies face," explained Usábel. In an industry that faces narrow profit margins, the next competitive advantage can most likely be found by conducting more sophisticated analyses, and Usábel states that "SAS stands out because of the power of its statistical analysis."

On the other hand, Carlos III University was also aware of the great demand in the marketplace for employees with knowledge of SAS solutions. "SAS is used by a large number of insurance companies and we wanted to prepare our students for their future careers. Companies that use SAS look for actuarial experts who already know SAS, and having experience adds greatly to the curricula vitae of our students," commented Usábel.

"Students will know SAS and will learn how to get the most out of the solution, because a significant percentage of their final grade depends on their command of the application by the end of the course," added Usábel.

Preparing for entering the job market
As regards the type of companies that may employ students graduating with this degree, Usábel is very clear: "As a result of the training given to our students, a future employer might be an international consultancy firm or an international insurance company since the program and the language used throughout is English. A large number of these organizations use SAS and they look very positively on SAS expertise in the hiring process."

To ensure that its new graduates are competitive in the job market, Carlos III University offers work placement coaching and assistance, introducing fresh talent to some of the most successful companies in Spain and around the world.

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