Actuarial Science Major

General Information

Actuaries are business professionals who quantify, model, and analyze risk in a business environment. Wherever risk or uncertainty is present, such as in the contexts of life, property or casualty insurance, health care, or in the financial management of pensions or annuities, actuaries are needed to understand and manage that risk. An actuary needs to have a solid grounding in the theory and applications of calculus, probability and statistics, mathematical finance including interest theory, and various mathematical modeling techniques.

In addition to their mathematical analysis and problem-solving abilities, actuaries need to have excellent oral and written communication skills as well an understanding of economics, finance, and corporate structure and decision making. An ideal actuary has mastery of technical mathematical material, can apply it in its proper context, and can communicate it to an appropriate audience.

Career Opportunities

The job of actuary is consistently rated very highly in terms of job satisfaction, salary, employment outlook, work environment, and growth opportunity. One can usually find it at or near the top of annual “best jobs” lists. Actuaries are in high demand and are most commonly employed in the insurance, financial services, and health care industries as well as in government agencies. The numerous such companies present in the Springfield-Hartford corridor means that actuarial jobs are relatively plentiful, and even more opportunities are possible in the greater Boston and New York areas. Graduates of Western New England have obtained positions at many of these companies.

Program Objectives

The Actuarial Science major is housed within the Department of Mathematics and follows the educational recommendations of the two largest actuarial-related professional societies in the US: the Society of Actuaries (SOA) and the Casualty Actuary Society (CAS). A student who successfully completes the Actuarial Science major will:

Demonstrate knowledge of foundational concepts in probability, introductory statistics, and interest theory.
Demonstrate the ability to apply foundational concepts to actuarial modeling.
Demonstrate the ability to effectively communicate actuarial mathematics in written form.
Demonstrate the ability to effectively communicate actuarial mathematics orally.
Use technology to demonstrate actuarial science concepts or to construct actuarial models.
Demonstrate success in learning mathematical concepts independently.
-
The SOA and CAS credential professional actuaries through a widely recognized and respected process that involves exams, coursework, and work experience. The Actuarial Science major involves coursework that covers the majority of the syllabi for Exam P/1 (Probability), Exam FM/2 (Financial Mathematics), Exam FAM (Fundamentals of Actuarial Mathematics), Exam SRM (Statistics for Risk Modeling) and part of Exam PA (Predictive Analytics). Some of our courses also cover some of the more advanced CAS exams – Exam MAS-I (Modern Actuarial Statistics I) and part of MAS-II (Modern Actuarial Statistics II). Although not a requirement, students are strongly encouraged to pass at least one if not both of Exams P/1 and FM/2 before graduation. In addition, students can take courses that will lead to credit for all three of the Validation by Educational Experience (VEE) areas required of the SOA and CAS.

Degree Requirements

Required Mathematics and Computer Science courses (54-55 credit hours)

CS 170	Technology in Mathematics	3 cr.
CS 171	Programming for Mathematics	4 cr.
MATH 121	Introductory Probability and Statistics I	3 cr.
MATH 127 - MATH 133	Calculus I with Pre-Calculus Review or Calculus I	5 cr. - 4 cr.
MATH 134	Calculus II	4 cr.
MATH 221	Introductory Probability & Statistics II	3 cr.
MATH 235	Calculus III	3 cr.
MATH 281	Foundations of Mathematics	3 cr.
MATH 306	Linear Algebra	3 cr.
MATH 310	Theory of Interest	3 cr.
MATH 372	Probability	3 cr.
MATH 383	Mathematical Statistics	3 cr.
MATH 384	Applied Regression & Time Series	3 cr.
MATH 401	Long-Term Actuarial Models	3 cr.
MATH 402	Short-Term Actuarial Models	3 cr.
MATH 405	Applied Stochastic Processes	3 cr.
DATA 410	Introduction to Statistical Learning	3 cr.

Subtotal: 54-55

Other required courses (6 credits)

EC 111	Principles of Microeconomics	3 cr.
EC 112	Principles of Macroeconomics	3 cr.

Subtotal: 6

Actuarial Exams and VEE Credits

The following courses help prepare students for the corresponding SOA or CAS exams. It should be noted that preparing for an exam requires independent study beyond the coursework. For complete topics, consult the exam syllabi as published by the SOA or CAS.

SOA Exam	CAS Exam	Course(s)
Exam P	Exam 1	MATH 372
Exam FM	Exam 2	MATH 310
Exam FAM-L		MATH 401
Exam FAM-S		MATH 402
Exam SRM		DATA 410 & MATH 384
Exam PA (70%)		DATA 410 & MATH 384
	MAS-I	MATH 372 & MATH 383 & MATH 384
	MAS-II (50-60%)	MATH 384 & DATA 410

The Validation by Educational Experience (VEE) requirement of the SOA and CAS can be obtained by taking the following courses. Although VEE experiences can be completed independently of the exam process, a student needs to have passed at least two exams before applying for VEE credit.

VEE Topic	Courses
Economics	EC 111 & EC 112
Accounting and Finance	AC 201/HONB 203 & FIN 214 & FIN 317 & FIN 320
Mathematical Statistics	MATH 383

Obtaining a Minor

A student obtaining an Actuarial Science major can complete the requirements for the Mathematical Sciences minor by taking one additional course. Other minors that pair well with the Actuarial Science major include the Statistics minor, the Computer Science minor, the Economics minor, and the Finance minor.

Other Recommended Courses

A student who wishes to use their general electives to obtain additional coursework that supports a career in the actuarial sciences could take any of the following. See the section below on Actuarial Exams and VEE Credits.

AC 201/HONB 203	Financial Reporting I	3 cr.
AC 202	Managerial Accounting	3 cr.
EC 317	Management Issues for Professionals	3 cr.
EC 386	Econometrics	3 cr.
FIN 214	Introduction to Finance	3 cr.
FIN 317	Investments	3 cr.
FIN 318	Security Analysis	3 cr.
FIN 320	Intermediate Corporate Finance	3 cr.
FIN 350	Advanced Corporate Finance	3 cr.

Subtotal: 27

Actuarial Science Suggested Sequence of Courses

Freshman Year - Fall Semester

ENGL 132	English Composition I	3 cr.
LA 100	First Year Seminar	2 cr.
MATH 127 - MATH 133	Calculus I with Pre-Calculus Review or Calculus I	5 cr. - 4 cr.
GUR xxx	General University Requirement	3 cr.
GUR xxx	General University Requirement	3 cr.

Subtotal: 15-16

Freshman Year - Spring Semester

CS 170	Technology in Mathematics	3 cr.
ENGL 133	English Composition II	3 cr.
MATH 121	Introductory Probability & Statistics I	3 cr.
MATH 134	Calculus II	4 cr.
GUR xxx	General University Requirement	3 cr.

Subtotal: 16

Sophomore Year - Fall Semester

MATH 221	Introductory Probability & Statistics II	3 cr.
MATH 281	Foundations of Mathematics	3 cr.
MATH 310	Theory of Interest	3 cr.
GEN XXX	General Elective	3 cr.
EC 111	Principles of Microeconomics	3 cr.

Subtotal: 15

Sophomore Year - Spring Semester

MATH 235	Calculus III	3 cr.
MATH 372	Probability	3 cr.
CS 171	Programming for Mathematics	4 cr.
EC 112	Principles of Macroeconomics	3 cr.
GEN XXX	General Elective	3 cr.

Subtotal: 16

Junior Year - Fall Semester

MATH 306	Linear Algebra	3 cr.
MATH 383	Mathematical Statistics	3 cr.
DATA 410	Introduction to Statistical Learning	3 cr.
GUR xxx	General University Requirement	3 cr.
GEN 3XX	General Elective	3 cr.

Subtotal: 15

Junior Year - Spring Semester

MATH 405	Applied Stochastic Processes	3 cr.
WIC 2XX	Writing Intensive Course	3 cr.
GUR xxx	General University Requirement	3 cr.
GEN XXX	General Elective	3 cr.
GEN XXX	General Elective	3 cr.

Subtotal: 15

Senior Year - Fall Semester

MATH 384	Applied Regression & Time Series	3 cr.
MATH 402	Short-Term Actuarial Models	3 cr.
GUR XXX	General University Requirement	3 cr.
GEN XXX	General Elective	3 cr.
GEN XXX	General Elective	3 cr.

Subtotal: 15

Senior Year - Spring Semester

MATH 401	Long-Term Actuarial Models	3 cr.
GEN XXX	General Elective	1 cr.
GEN XXX	General Elective	3 cr.
GEN XXX	General Elective	3 cr.
WIC 3XX	Writing Intensive Course	3 cr.

Subtotal: 13

Total Minimum Credit Hours: 120

*In alternate years, MATH 401-402-384 should be taken in the junior year with MATH 383-405 and DATA 410 taken in the senior year.

Note: The order of the General University Requirement courses can be altered (ARTS, CUL, HIST, LAB, LAB/NSP, PH).

ACTS.BS - BS in Actuarial Science

Download as PDF