Actuarial Science (BA, BS)

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.

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mathadvisors@math.osu.edu
(614) 292-6994
Actuarial Sciences and Mathematics majors can schedule appointments via OnCourse.

Future and current Ohio State students can schedule an appointment with the department on Future Students: Consider a Career in Math.

Athena Yiamouyiannis

yiamouyiannis.1@osu.edu
Actuarial Science majors and Pre-Actuarial majors

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What You'll Learn

What You'll Learn

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.

Department of Mathematics website More Actuarial Sciences and Mathematics Courses

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.

courses you might take:

Math 3618: Theory of Interest

Financial transactions involving interest: measurement of interest, force of interest, annuities-certain, introduction to financial derivatives.

Math 5632: Financial Economics for Actuaries

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.

Math 3588: Practicum in Actuarial Science

Presentations by practicing actuaries on topics drawn from their fields of expertise; oral presentations by students on selected topics in actuarial science.

Math 5630 & 5631: Life Contingencies I & II

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.

Math 5633 & 5634 : Loss Models I & II

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.

BEYOND THE CLASSROOM

Undergraduate Research

Students have the opportunity to work with Ohio State faculty as well as others in the U.S. and abroad. The Department of Mathematics supports students to find research opportunities at Ohio State and through national and international organizations, such as the Young Mathematicians Conference and Research Experience for Undergraduates (REUs).

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Radical Pi Math Club

Radical Pi is a math club at Ohio State created to unite college students with a strong interest in math. It gives students a chance to talk about math beyond coursework, and find out about new topics in math from the faculty and each other.

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Actuarial Science Club

The goal of the Actuarial Club of Ohio State (ACOS) is to inform students about the actuarial profession and to further the goals of those students who are interested in pursuing a career as an actuary. In addition, ACOS will also help students with the professional actuarial exams.

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Women in Math & Science Club

The Women in Math & Science Club provides support to women who have decided to pursue a career in math and/or science. The club also engages in outreach to area middle-school children to encourage girls and boys to consider studying a science when they get to college. 

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IN THE FIELD

An actuary is likely to work for an insurance company, an actuarial or employee-benefit consulting firm, a very large ac­counting firm or corporation, or a government agency. Actuaries are initially employed in technical positions, but many progress into management.

In the U.S. and Canada, success on professional actuarial examinations, offered by various profes­sional actuarial organizations, is central to career advancement. A typical actuary takes two or three examinations while still a college student and continues with the examinations through the first five to ten years of actuarial employment, all the while progressing in his or her career.
 

How do we measure up?
 

  • Upon graduation, more than 70% of our students have passed at least one actuarial exam; more than 50% of students have passed two or more exams.
     
  • One month before graduation, more than 70% of our students have either received full-time job offers in the actuarial industry or received admissions to graduate schools.
     
  • More than 20 companies come to Ohio State each year to meet students or to conduct class projects.
     
  • More than 30 insurance companies or consulting firms come to Ohio State each year to recruit for their internship or full-time positions, and the number has been increasing.
corrinne miller actuarial science alumna jumping into the air

Opportunity Multiplied

I've always had a passion for math!" Inevitably, Miller said, this led her to actuarial science. “It was everything I loved about math — and rated pretty high by the Wall Street Journal too!” Miller, now a retirement consulting actuarial analyst at Mercer Consulting in Columbus, said, “Ohio State’s actuarial science program does a terrific job of preparing students for the job market.” -Corinne Miller (actuarial science, 2012)

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