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Actuarial scientists evaluate the likelihood of future events, design creative ways to reduce the likelihood of undesirable events and decrease the impact of undesirable events. This profession finds ways to manage risk through a combination of strong analytical skills, business knowledge and understanding of human behavior to manage the complex risks facing society today.
Actuarial science is the mathematical and statistical underpinning of the design, financing and operation of all types of insurance plans, pension plans and benefit plans. Practitioners of actuarial science, called actuaries, work in the professional areas of life and health insurance, property and casualty insurance, and public and private pension and benefit plans.
Actuarial scientists play key roles on management teams of companies that deal with risk. In a fast-changing world, with emerging risks and the need for more creative ways to tackle them, there are constant opportunities for personal and professional growth.
Actuarial Science majors and Pre-Actuarial majors
Actuarial science will develop and refine a student's analytical skills while also preparing for a career in the field of risk assessment and management. To be eligible for a job in this industry, candidates must pass a series of actuarial exams. The major curriculum is specifically geared towards preparing students to take up to five exams before receiving their undergraduate degree, creating a competitive advantage in a job search.
Students majoring in Actuarial Science will receive excellent training for a career in risk assessment and management. The curriculum is specifically designed to prepare students to successfully take up to five preliminary actuarial exams, but only four preparatory classes/sequences are required for the major. Most of the majors complete all three components of the VEE’s (Validation by Educational Experience). Those include topics in micro and macroeconomics, corporate finance and investments and econometrics courses.
Financial transactions involving interest: measurement of interest, force of interest, annuities-certain, introduction to financial derivatives.
Introduction to the evaluation of options, futures, and other derivatives, interest models and risk management techniques. Includes material from examinations by the Society of Actuaries and the Casualty Actuarial Society.
Presentations by practicing actuaries on topics drawn from their fields of expertise; oral presentations by students on selected topics in actuarial science.
This course sequence introduces students to the mathematical theory of contingencies. Includes material from examinations by the Society of Actuaries and the Casualty Actuarial Society.
This sequence introduces students to the construction and evaluation of actuarial models, with topics covered by examinations of the Society of Actuaries and the Casualty Actuarial Society.