An actuary is a business professional who uses specialized skills from probability, statistics and economics to define, analyze, and solve financial and social problems. Actuaries create and manage insurance programs that reduce the adverse financial impact of both expected and unexpected events, such as illnesses, accidents, death, or catastrophes. In addition, actuaries design healthcare and pension plans, making sure there are sufficient resources to pay health and retirement benefits while charging participants a fair price. Actuaries are also in demand in the growing enterprise risk management field, helping companies analyze and hedge risks.
The bachelor of science in actuarial science is listed below and is designed to prepare a student in both the mathematics and business areas necessary for success in the rigorous but rewarding actuarial profession.
Completion of MATH 172 and MATH 173 with grades of C or higher.
All courses in the major must be completed with grades of C or higher.
Program Learner Outcomes
Upon successful completion of this program, students will be able to:
- Use statistical methods to analyze and model time-independent and time-series data
- Use statistical methods and credibility theory to analyze and model insurance loss data.
- Formulate actuarial problems in mathematics, probabilistic and statistical terms.
- Apply common probability distributions to actuarial applications.
- Apply concepts of differential and integral calculus to actuarial problems.
- Employ simulation techniques to analyze and solve dynamic and complex stochastic and mathematical models
- Use programming languages such as C++, S, or Visual Basic
- Communicate results and solutions of mathematical, statistical, and actuarial problems in writing using everyday and mathematical language.
- Communicate mathematical and statistical solutions orally, using both everyday and mathematical language.