Actuarial Science BS
Bachelor of Science (B.S.) in Actuarial Science
The B.S. in Actuarial Science provides students with the quantitative skills used by actuaries. Students are required to complete courses offered by the Department of Mathematics, Physics and Astronomy (MPAS), the Department of Computer Science, the Department of Political Science and Economics and the Ed G. Smith College of Business. Students take coursework in calculus, financial mathematics, statistics, economics, econometrics, and finance. The program is designed to provide students with a solid preparation to take exams and to complete validation by educational experience requirements needed to begin a career as an actuary.
Certificate in Actuarial Studies
The Certificate in Actuarial Studies is designed to provide the education needed for entry level employment in the actuarial profession.
Career Outlook in Actuarial Science
Graduates with this skill set are hired by insurance firms, consulting firms, and financial institutions. Actuarial training is also transferable to broader jobs in data science and analytics. Job prospects for those with actuarial degrees are expected to remain strong over the next decade.
For more information on careers in actuarial science, visit the website of the Society of Actuaries.
General Education Requirements
Students must satisfy the university general education requirements. Many of the courses for the degree may be used to fulfill math proficiency, information literacy, social science, and math and life/natural sciences requirements. There is no foreign language requirement for the degree.
Satisfactory/Unsatisfactory Option
Courses required for the major may not be taken on a satisfactory/unsatisfactory basis.
Required Courses
Candidates for the B.S. in Actuarial Science degree must complete a program of 62 credit hours of required courses. Each required course must be completed with a grade of C- or better and students must maintain a GPA of 2.0 for courses required for the degree.
| Course Number | Title | Hours |
|---|---|---|
| ACCTNG 2400 | Fundamentals of Financial Accounting | 3 |
| CMP SCI 1250 | Introduction to Computing | 3 |
| ECON 1001 | Principles of Microeconomics (MOTR ECON 102) | 3 |
| ECON 1002 | Principles of Macroeconomics (MOTR ECON 101) | 3 |
| ECON 4100 | Introduction to Econometrics | 4 |
| ECON 4120 | Time Series Econometrics for Economics and Finance | 4 |
| or ECON 4130 | Business and Economic Forecasting | |
| FINANCE 2500 | Financial Management | 3 |
| FINANCE 3520 | Investments | 3 |
| FINANCE 3521 | Financial Engineering: Applying Derivatives | 3 |
| INFSYS 2800 | Information Systems Concepts and Applications | 3 |
| MATH 1800 | Analytic Geometry and Calculus I | 5 |
| MATH 1900 | Analytic Geometry and Calculus II | 5 |
| MATH 2000 | Analytic Geometry and Calculus III | 5 |
| MATH 1320 | Introduction to Probability and Statistics | 3 |
| or ECON 3100 | Economic Data and Statistics | |
| MATH 4010 | Financial Mathematics I | 3 |
| MATH 4020 | Financial Mathematics II | 3 |
| MATH 4200 | Mathematical Statistics I | 3 |
| MATH 4210 | Mathematical Statistics II | 3 |
| Total Hours | 62 | |
Recommended Courses
Students are strongly encouraged to take as many of the following courses as possible.
| Course Number | Title | Hours |
|---|---|---|
| CMP SCI 2250 | Programming and Data Structures | 3 |
| ECON 3001 | Intermediate Microeconomics | 3 |
| ECON 3002 | Intermediate Macroeconomics | 3 |
| ECON 4995 | Internship in Actuarial Science | 1-3 |
| or MATH 4995 | Internship in Actuarial Science | |
| FINANCE 3561 | Principles of Insurance | 3 |
| MATH 2450 | Elementary Linear Algebra | 3 |
Learning Outcomes
Upon completion of the program, graduates will be able to:
- Learn basic programming techniques for use in actuarial applications.
- Understand the fundamental concepts of financial mathematics and how those concepts are applied in present and accumulated values for various streams of cash flow.
- Develop the fundamental probability tools for quantitatively assessing risk.
- Use the concepts of statistical inference, such as estimation and hypothesis testing, required for actuarial modeling.
- Become familiar with regression models to analyze and forecast time series data.
- Use economic reasoning to explain individual decision-making and economy-wide outcomes.
- Understand and apply accounting concepts and knowledge of financial instruments and how they are utilized.
- Develop knowledge of the theoretical basis of actuarial models and the application of those models to insurance and other financial risks.
Sample Four Year Plan
| First Year | |||
|---|---|---|---|
| Fall | Hours | Spring | Hours |
| INTDSC 10031 | 1 | INFSYS 1800 | 3 |
| ENGL 1100 | 3 | MATH 1320 | 3 |
| MATH 1800 | 5 | MATH 1900 | 5 |
| CMP SCI 1250 | 3 | EXPLORE - Humanities and Fine Arts | 3 |
| CORE - Communication Proficiency | 3 | ||
| 15 | 14 | ||
| Second Year | |||
| Fall | Hours | Spring | Hours |
| ECON 1001 | 3 | ACCTNG 2400 | 3 |
| INFSYS 2800 | 3 | ECON 1002 | 3 |
| MATH 2000 | 5 | MATH 4020 | 3 |
| MATH 4010 | 3 | MATH 4200 | 3 |
| EXPLORE - Humanities and Fine Arts | 3 | ||
| 14 | 15 | ||
| Third Year | |||
| Fall | Hours | Spring | Hours |
| ECON 4100 | 4 | FINANCE 3521 | 3 |
| ENGL 3100 | 3 | EXPLORE - Social Sciences | 3 |
| FINANCE 2500 | 3 | EXPLORE - Humanities and Fine Arts | 3 |
| MATH 4210 | 3 | Global Perspectives Requirement | 3 |
| CORE - US History and Government | 3 | Recommended course, elective or minor | 3 |
| 16 | 15 | ||
| Fourth Year | |||
| Fall | Hours | Spring | Hours |
| ECON 4130 | 4 | Recommended course, elective or minor | 3 |
| FINANCE 3520 | 3 | Recommended course list, elective or minor | 3 |
| Recommended course list, elective or minor | 3 | Recommended course list, elective or minor | 3 |
| Recommended course list, elective or minor | 3 | Recommended course list, elective or minor | 3 |
| Recommended course list, elective or minor | 3 | Recommended course list, elective or minor | 3 |
| 16 | 15 | ||
| Total Hours: 120 | |||
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INTDSC 1003 is required only for first-time freshmen and transfer students with less than 24 college credits.
PLEASE NOTE: This plan is an example of what a four year plan could look like for a typical student. Placement exam scores in math as well as the completion of coursework may change the plan. It should not be used in the place of regular academic advising appointments. All students are encouraged to meet with their advisor each semester. All requirements are subject to change.