Actuarial Science Major, B.A.; B.S.
B.A. and B.S. degrees
Why Study Actuarial Science?
Actuaries are business professionals who use their mathematical, statistical, and business management skills to assess risk and uncertainty. About 70% of actuaries work for insurance companies; about 25% for consulting firms, and about 5% for government agencies. The actuarial employment rate is projected to grow 22% from 2018 to 2026, and it is one of the fastest growing professions. According to the U.S. News & World Report's "2018 Best Jobs Ranking," actuary ranked second in best business jobs and third in best jobs for STEM.
Actuarial Science at CMU
The major offers courses to prepare students for the actuarial Exam P, Exam FM, Exam IFM, and Exam LTAM administered by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). All of the courses required to fulfill the SOA/CAS Validation by Education Experience (VEE) are offered at CMU, and those courses are required for the Actuarial Science major. Students should try to pass at least two exams by the time they graduate from CMU. The major also provides coursework to prepare a graduate for a career in the business world in which the insurance industry is the focus. More direct contact with actuaries comes through the student organization Gamma Iota Sigma.
This major consists of 65 hours of course work in mathematics, statistics, accounting, economics, finance, and computer science. The major is designed to give the student the type of background necessary to pursue a career in actuarial science and, in particular, to prepare the student to pass four actuarial exams. There is no required minor. Advisors are from the Department of Statistics, Actuarial and Data Sciences.
Admission Requirements; Retention & Termination Standards
As early as possible, a student interested in actuarial science should contact an actuarial science advisor from the Statistics, Actuarial and Data Sciences Department. It is important to get through the calculus sequence as soon as possible in order to give the student the maximum opportunity to pass actuarial exams.
Note to students with an Actuarial Science major and Mathematics minor: for this combination students must take 6 hours of mathematics courses numbered 300 or above which are not counted toward the Actuarial Science major.
Program Requirements
Required Courses I (52 hours)
| ACC 201 | Concepts of Financial Accounting | 3(3-0) |
| ACT 539 | Probability Foundations of Actuarial Science | 3(3-0) |
| ACT 540 | Mathematical Theory of Interest | 4(4-0) |
| ACT 543 | Mathematics of Financial Models | 3(3-0) |
| ECO 201 | Principles of Macroeconomics | 3(3-0) |
| ECO 202 | Principles of Microeconomics | 3(3-0) |
| FIN 332 | Managerial Finance | 3(3-0) |
| MTH 132 | Calculus I | 4(4-0) |
| MTH 133 | Calculus II | 4(4-0) |
| MTH 223 | Linear Algebra and Matrix Theory | 3(3-0) |
| MTH 233 | Calculus III | 4(4-0) |
| STA 575 | Statistical Programming for Data Management and Analysis | 3(3-0) |
| STA 580 | Applied Statistical Methods I | 3(3-0) |
| STA 584 | Mathematical Statistics I | 3(3-0) |
| STA 585 | Mathematical Statistics II | 3(3-0) |
| STA 589 | Time Series Forecasting | 3(3-0) |
Required Courses II (4 hours)
| CPS 106 | Spreadsheet Concepts | 1(1-0) |
| CPS 180 | Principles of Computer Programming | 3(3-0) |
Electives (9 hours)
Select three of the following in consultation with the advisor:
| ACT 541 | Actuarial Mathematics for Life Contingencies I | 3(3-0) |
| ACT 542 | Actuarial Mathematics for Life Contingencies II | 3(3-0) |
| BIS 360 | Applied Business Communication | 3(3-0) |
| FIN 317 | Insurance Planning | 3(3-0) |
| MTH 332 | Introduction to Mathematical Proof | 3(3-0) |
| STA 590 | Applied Statistical Methods II | 3(3-0) |
| STA 591 | Data Mining Techniques I | 3(3-0) |
| STA 592 | Six Sigma: Foundations and Techniques for Green Belts | 3(3-0) |
| STA 595 | Introduction to Bayesian Statistics | 3(3-0) |
Total: 65 semester hours