Actuarial Science Major, B.A.; B.S.
B.A. degree or B.S. degree
Major Map
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 25% from 2020 to 2030, and it is one of the fastest growing professions in business jobs.
Actuarial Science at CMU
The major offers courses to prepare students for the actuarial Exam P, Exam FM, Exam SRM, 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.
Program Requirements
Required Courses I (45 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 | 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 580 | Applied Statistical Methods I | 3 |
| STA 584 | Mathematical Statistics I | 3 |
| STA 585 | Mathematical Statistics II | 3(3-0) |
| STA 589 | Time Series Forecasting | 3(3-0) |
Required Courses II (5 hours)
Select 5 hours from the following:
| CPS 106 | Spreadsheet Concepts | 1(1-0) |
| CPS 180 | Principles of Computer Programming | 3(3-0) |
| CPS 190 | Introduction to Programming in Python | 3(3-0) |
| CPS 191 | Python Programming II | 3(3-0) |
| DAS 251 | Data Visualizations and Programming using Tableau | 1(1-1) |
| DAS 252 | Data Visualization and Programming using R/RStudio | 1(1-1) |
| DAS 254/CPS 254 | Data Visualization and Programming using Python | 1(1-1) |
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) |
| ACT 544 | Statistics for Risk Modeling | 4(4-0) |
| BIS 360WI | Applied Business Communication | 3(3-0) |
| DAS 450 | Applied Analytics I | 3(3-1) |
| DAS 460 | Applied Analytics II | 3(3-1) |
| FIN 317 | Insurance Planning | 3(3-0) |
| MTH 332 | Introduction to Mathematical Proof | 3(3-0) |
| STA 575 | Statistical Programming for Data Management and Analysis | 3(3-0) |
| STA 582 | Experimental Designs | 3(3-0) |
| STA 583 | Nonparametric Statistics | 3 |
| STA 586 | Clinical Trials and Survival Analysis | 3(3-0) |
| STA 587 | Statistical Theory and Methods for Quality Improvement | 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) |
| STA 596 | Special Topics in Statistics | 1-6(Spec) |
| STA 597 | Independent Study | 1-6(Spec) |
Total: 59 semester hours