An actuary is a person who works in actuarial science, which involves applying tools from mathematics, statistics, and finance to analyze financial risk, especially in the insurance industry. Multiple recent studies have shown that actuarial science is one of the top-ranked careers in terms of work environment, employment outlook, job security, growth potential, and salary. In order to enter the career and advance through it, actuaries take actuarial exams administered by the Society of Actuaries.
If you are interested in actuarial science, you should declare an Applied Math major with either the Finance and Economics track or the Statistics track. In addition, you should consult with either Dr. Nancy Boynton or Dr. Lan Cheng regarding coursework and actuarial exam preparation.
The following courses are recommended:
- BUAD 417 Corporate Finance I
- MATH 369 Interest Theory
- STAT 351 Regression and Analysis of Variance
- STAT 355 Mathematical Statistics
- STAT 451 Time Series
- STAT 460 Risk Management for Actuarial Science
STAT 355 will help you prepare for Exam P, and MATH 369 will help you prepare for Exam FM.
You will need VEE credit in Economics (ECON 201 and 202), Applied Statistics (STAT 351 and 451) and Corporate Finance (BUAD 417). For more information on VEE (Validation by Educational Experience) Credit, see this site.
Coursework in the following areas is recommended:
- Business, such as marketing and additional courses in finance
- Computer science
- Communication, such as courses in writing, technical writing, and public speaking
- Additional courses in statistics and operations research