The Actuarial Mathematics program is designed to provide broad training in the basic mathematics underlying the operations of private and social insurance and employee benefit plans.
Non-credit review classes for some of the professional actuarial examinations are organized each term; ask your actuarial advisor about the time and place of these classes. It is strongly recommended that some of these exams be passed before graduation. Summer internships are an important component of the educational program, and students are strongly encouraged to seek an internship no later than the conclusion of their junior year. Students are encouraged to take either Math 422 or 427 to satisfy their upper-level writing requirement.
The University has not made a determination in any state as to whether this program satisfies academic prerequisites for licensure. The University makes no representation that the credits you complete as part of this program would be accepted towards licensure qualification in any state. Our program is organized to assist the student to prepare for several of the examinations of the Casualty Actuarial Society and the Society of Actuaries.
I. Prerequisites
Prerequisite to major in Actuarial Mathematics is one of the pair of courses 215 & 217, 285 & 217, or 295 & 296. In addition, each student must complete two introductory courses in Economics (Econ 101 and 102), and acquire a working knowledge of a high-level computer language (e.g. Fortran, C or C++) at a level equivalent to completion of EECS 183.
The major program must include at least ten courses: 4 basic courses, 4 special Actuarial Mathematics courses, and 2 related courses as described below.
II. Basic Courses
Basic courses consist of one from each of the following groups completed with a grade of at least C-:
- Differential Equations: Math 286 or 316
- Finance: Math 423
- Probability: Math 425
- Statistics: Stat 426
More advanced students, such as those who have completed Math 396, may substitute higher level courses with the approval of a departmental advisor.
III. Special Courses
The special Actuarial Mathematics courses must include Math 424 and Math 520, and at least one of Math 521 or 522, as well as Math 523 and 524. Note that Math 424 and Math 425 or 525 are prerequisite to Math 520 and must be completed with a grade of at least C-, which in turn must precede Math 521 or 522. Since 520 is not offered every semester, careful planning is essential.
IV. Related Courses
To complete the major each student should elect two additional intermediate or advanced courses related to Actuarial Mathematics. Some, but not all, of the courses numbered 300 and above offered by Accounting, Computer Science, Economics, Finance, Industrial and Operations Engineering, and Statistics are appropriate here. Some specific approved courses are:
- Math 462 and 623
- All Accounting courses over 300, except 471
- Econ 401, 402, 409, 452, 453, 454
- Finance 302, 310, 317, or 408 AND 409 (1.5 credits each)
- IOE 310 and 452
- BL (Bus. Ad., formerly LHC) 305
- Some Statistics courses numbered above 400
- Philosophy 361, 414 and 429
Actuarial Mathematics students interested in receiving VEE credits from the Society of Actuaries are encouraged to elect IOE 452 and one of Econ 452, 453, or 454 for their cognates.
Other courses may sometimes be appropriate and in all cases approval of the advisor in Actuarial Mathematics is required.
