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Actuarial Science Concentration

If you want to major in math, but also want a clear, career-focused curriculum, consider adding a concentration in actuarial science to your plan of study.

Pairing a B.S. in math with this concentration will prepare you to calculate and assess the likelihood of risk, the costs of risks, and develop policies to minimize risk. Types of risks could include transportation accidents, illness, consumer demand, and investments, among many others.

You’ll also gain valuable knowledge about economics, finance, accounting, risk management, statistics, economics, and other subjects. 

Why study actuarial science at Â鶹ֱ²¥?

Actuaries use strong analytical skills, knowledge of specific industries or businesses, and understanding of human behavior to predict and manage risk based on statistics, numbers, and data.

They study ways to reduce the negative impacts of risk, which is the chance that something bad or undesirable will happen or the likelihood that a positive outcome will result.

According to the U.S. Department of Labor’s Bureau of Labor Statistics:

• The employment outlook for actuaries through 2024 is expected to grow by 18 percent, which is much faster than average.
• The median salary for an actuary in 2016 was just over $100,000 annually.

What will you study?

If you pursue a concentration in actuarial science at Â鶹ֱ²¥, you’ll complete courses such as:

• Financial mathematics
• Probability theory
• Applied linear models
• Introduction to applied and managerial accounting

Sample Four-Year Plan

Checklist

What career paths are available?

Actuaries are essential members of the insurance industry. Most work in health/life/property insurance, pension management, financial management, and related fields.

Like lawyers, doctors, nurses, teachers, and many other professionals, you must pass a set of professional examinations to become a certified actuary. Once you’ve earned your bachelor’s degree, you can become certified through the (CAS) and  (SOA).

• Credentials through the SOA include: Associate of the Society of Actuaries (ASA), Fellow of the Society of Actuaries (FSA), and Chartered Enterprise Risk Analyst (CERA)

• Credentials through the CAS include Associate of the Casualty Actuarial Society (ACAS) and Fellow of the Casualty Actuarial Society (FCAS)

Most graduates work as actuaries before completing one of these exam. Many employers will pay for employee exam fees, make arrangements for flexible internship opportunities, and even award raises for each exam passed. Some students who know they want to become an actuary take the exams while still in college.

Job titles held by actuaries include:

• Actuarial analyst
• Consulting actuary
• Chief actuary
• Insurance actuary
• Medical statistician
• Risk manager
• Senior actuarial analyst
• Social science statistician