Bachelor of Science in Business Administration with a major in actuarial science.
Description of Program
The actuarial science program strives to provide high-quality undergraduate-level preparation for students planning careers in the actuarial profession. Students will be thoroughly grounded in the technical skills required for actuarial work and will also be prepared to be business leaders in the financial services industry.
Graduates of the program should clearly meet the entry-level expectations of the leading insurance companies and consulting firms. As such, they should be prepared to be successful on the early professional examinations of the Society of Actuaries and the Casualty Actuarial Society. In addition, they should understand the manner in which this knowledge relates to the business of insurance and be able to solve less structured problems and coherently present their solutions.
The available courses prepare students for the first five examinations of the Society of Actuaries and five of the first six exams of the Casualty Actuarial Society. These courses also enable students to obtain credit for the three ‘Validation by Educational Experience’ subjects. Students typically are ready to take their first examination after two or three semesters and their second exam after three or four semesters.
Requirements for major:
To be fully prepared for Exam C (one of the first five actuarial examinations), students should also complete Actuarial Science 160 (Credibility and Simulation).
For a current model schedule, see the Actuarial Science Web site: www.drake.edu/cbpa/ugrad/actuarialscience/
The joint major in actuarial science and finance provides students with an opportunity to study two subjects that require somewhat similar skills. The goal of the program is to provide students in four years with the essential skills required in both fields.
Students who complete this program are particularly suited to pursue careers in the financial services industry where the emphasis is on the management of financial assets and liabilities. This includes the insurance industry with its emphasis on asset management and variable products, and the banking industry with its emphasis on the management of interest rate risk.
For students planning to complete professional actuarial examinations, the finance courses cover several topics that appear on the advanced examinations.
Requirements for major:
To be fully prepared for Exam C (one of the first five actuarial examinations), students should also complete Actuarial Science 160 (Credibility and Simulation). Actuarial Science 170 (Statistical Modeling and Data Analysis II) or Economics 107 (Introduction to Econometrics) is needed for the Validation by Educational Experience requirement of the actuarial societies.
For a model schedule for sequencing these courses, see the Actuarial Science Web site: www.drake.edu/cbpa/ugrad/actuarialscience/.