Math Club

Actuarial Science

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.

To prepare for a career in actuarial science, we recommend that you complete a BS in Applied Mathematics with one or more of the following minors:  Statistics, Accounting, Economics, or Business Administration.  In addition to developing general knowledge and skills in these areas, you will need to earn VEE credit and prepare for actuarial exams.

The following courses are approved for VEE credit:

  • VEE in Economics:  ECON 205 or ECON 305, and ECON 210 or ECON 310
  • VEE in Accounting and Finance:  ACCT 201 and ACCT 202 and BUAD 417
  • VEE in Mathematical Statistics:  STAT 355

The following courses will help you prepare for actuarial exams:

  • STAT 354 and STAT 460, for Exam P (Probability)
  • MATH 369, for Exam FM (Financial Mathematics)

Consider additional coursework in statistics (such as STAT 351 and STAT 352), business (including marketing and finance), computer science, and communication (such as courses in writing, technical writing, and public speaking).

For more information on preparing to be an actuary, consult with Dr. Lan Cheng.

For more information on actuarial science as a career, see www.BeAnActuary.org and www.soa.org .

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