Risk is the central element that influences financial behavior.
Robert C. Merton

Here are some facts about actuarial profession:

• The job "actuary" has been rated the second best job in the United States by the Jobs Rated Almanac's latest edition (6th ed., 2002).

• Median annual earnings of actuaries were $76,340 in May 2004. Annual starting salaries for graduates with a bachelor’s degree in actuarial science averaged $52,741 in 2005 (Source: U.S. Department of Labor). More information on salaries can be found at DW Simpson Global Actuarial Recruitment website.

• Employment of actuaries is expected to grow faster than average for all occupations through 2014 (Source: U.S. Department of Labor).

• Actuaries in the U.S. and Canada achieve professional status by passing a set of examinations prescribed by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). Examinations are held twice each year in the Spring and Fall at various cities in the United States, Canada, and other countries around the world. All students acquire a core set of knowledge from required courses before following the CAS or SOA career path. A student's selection to pursue the SOA or CAS career path is influenced by personal interest, set of skills, and acceptance of a particular entry-level job.

• The preliminary exams offered by SOA and CAS, some jointly, consist of Probability (P), Financial Mathematics (FM), Actuarial Models–Financial Economics (MFE), Actuarial Models–Life Contingencies (MLC) and Construction and Evaluation of Actuarial Models (C). Exams P, FM and C are identical to the CAS Exams 1,2 and 4 respectively, and CAS offers its own Exam 3.

• Unlike other professions, such as law and medicine, in the actuarial profession you can earn while you learn. Many students receive on-the-job training while enrolled in the examination process. Employers are generally supportive and may give students study time during working hours, pay exam fees, and award raises for each exam passed. However, most employers prefer to hire people who have started the series of examinations while in college.

Our program

Required Core Mathematics Courses (27 semester hours)

• MATH 230 Calculus I
  
• MATH 253 Principles of Mathematical Logic
  
• MATH 330 Calculus II
  
• MATH 335 Calculus III
  
• MATH 412 Modern Abstract Algebra I
  
• MATH 413 Linear Algebra
  
• MATH 438 Theory of Probability (Preparation for SOA Exam P/CAS Exam 1)
  
• MATH 492 History of Mathematics

Required Courses for the Actuarial Track (34 semester hours)

• MATH 241 Principles of Statistics (Satisfies the prerequisite for FIN 305)
  
• ACCT 201 Accounting Principles I (Prerequisite for FIN 305)
  
• ACCT 202 Accounting Principles II (Prerequisite for FIN 305)
• ECON 208 Microeconomics (VEE credit in Economics)
  
• ECON 209 Macroeconomics (VEE credit in Economics)
  
• FIN 305 Business Finance (VEE credit in Corporate Finance)
  
• FIN 461 Financial Management (VEE credit in Corporate Finance)
  
• CS 201 Object-Oriented Programming
  OR CS 288 Microcomputer-Based Programming
• MATH 375 Interest Theory and Mathematical Finance (Preparation for SOA Exam FM/CAS Exam 2)
• MATH 441 Mathematical Statistics
  
• MATH 475 Regression and Time Series (VEE credit in Applied Stat. Methods)

Mathematics Electives

    The remaining two elective courses are to be selected from:

• MATH 331 Mathematical Models with Applications
  
• MATH 353 Discrete Mathematics
  
• MATH 410 Introduction to Analysis
  
• MATH 433 Differential Equations
  
• MATH 437 Numerical Analysis

In addition to these courses, University Core Curriculum (UCC) requirements must also be met.

Sample 4-year plan for the Actuarial Track

Checksheet for Mathematics major, Actuarial Track

For more information, see the following links or contact Dr. Yalcin Sarol, program advisor.

Useful Links

• BeAnActuary.org
• Actuary.com
• Society of Actuaries
• Casualty Actuarial Society
• American Academy of Actuaries Home Page
• SOA Exam P/CAS Exam 1 computer-based testing and online registration (Latest information about other exams can be found on the webpages of the societies.)
• Exam Archives
• Basic Education Catalogs for exams