Policies

Actuarial Science

Actuarial Science

Interdisciplinary Major

Co-Directors
Mark Mills, Jessica Schuring and Graham Lemke

 

Statement of philosophy

The actuarial science major is specifically designed to prepare students for a career as an actuary.  However, combined with the Central liberal arts education, students completing this major have a broad foundation that will prepare them for many different business-oriented careers.

 Because an actuary must have both mathematical/technical skills and more general business skills, the major combines components from mathematics and business.  Students completing the actuarial science major will have a good foundation in the material for the actuarial industry’s Exam P (Probability), will have some background in the material for Exam FM (Financial Mathematics), and will have completed the actuarial industry’s Validation by Educational Experience (VEE) requirements in Economics, Corporate Finance, and Applied Statistical Methods (Regression).  In addition, students may fulfill the VEE requirement in Applied Statistical Methods (Time Series) by taking three additional economics courses not contained in the actuarial science major.  (See Additional recommended courses section below.)

Internships are strongly recommended.  They may be obtained through local or regional businesses and organizations, or potentially through one of Central’s international program sites or the Chicago Metropolitan Center.  This experience provides the student with rich learning opportunities and puts course work into practice.

 Actuarial Science majors are encouraged to consider the study abroad experience during the spring of their second or third year, depending upon their progression in the major.  Some schedule adjustments will need to be made in order to accommodate a semester abroad, so it is important to plan ahead and speak with one of the major’s co-directors early.


Major Communication Skills

Students will complete COMM-160 or COMM-270 with a minimum grade of “C”.


Major/minor restrictions

Actuarial Science majors cannot also declare a major or a minor in either business management or mathematics.

 

Actuarial Science Major Requirements (59 credits) 

  1. Complete all of the following:

ACCT    241                    Introduction to Financial Accounting (3)
ACCT    242                    Introduction to Management Accounting (3)
BMGT   261                    Principles of Finance (3)
BMGT   362                    Principles of Investment (3)
BMGT   462                    Derivative Markets (3)
COSC    110                    Introduction to Computer Science (3)
ECON    112                    Principles of Microeconomics (3)
ECON    113                    Principles of Macroeconomics (3)
ECON    281                    Research Methods in Economics (4)
MATH   131                    Calculus I (4)
MATH   132                    Calculus II (4)
MATH   215                    Applied Statistics (4)
MATH   231                    Multivariable Calculus (3)
MATH   240                    Linear Algebra (4)
MATH   330                    Mathematical Modeling (3)
MATH   341                    Probability (3)
MATH   342                    Statistics (3)

2.  Complete one of the following courses with a grade of at least a "C":
        COMM 160 Communication in Everyday Life (3)
        COMM 270 Public Speaking (4)
        Note: COMM 270 Public Speaking is the preferred course.

Additional recommended courses

Students who want to get additional quantitative experience are encouraged to complete these three additional economics courses.

ECON 312   Microeconomic Theory
ECON 313   Macroeconomic Theory
ECON 485   Economics Research Seminar

Students are encouraged to take additional courses as their schedules allow.  While the courses below are not required for the major, having them will better prepare students for future job experiences.
       

BMGT 231   Business Law I
BMGT 311   Principles of Management
BMGT 363   Advanced Financial Management
COSC  109   Intro to Information Management
COSC 130    Data Structures 
ECON 324   Monetary Theory and the Financial System
ENGL  244   Professional Writing