Skip Sub Menu

Actuarial Science

The information on this page pertains to students who were admitted to Drake during the 2018-2019 academic year or were admitted to Drake prior to the 2018-2019 academic year and declared a change to the 2018-2019 catalog requirements.

Students can view the catalog year to which they belong by viewing MyDUSIS > Student Services & Financial Aid tab > Student Records link > View Student Information link. Students who do not belong to the 2018-2019 academic catalog should use the navigation menu on the left of this page to consult the requirements of their particular catalog.

Options

Actuarial Science department web site


Overview

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 Actuarial Science Major

Course Credits
Non-business requirements
MATH 050 - Calculus I 4
MATH 070 - Calculus II 4
MATH 100 - Calculus III 4
IS 044 - IT Applications for Business 3
Business core
ACTS 131 - Introduction to Probability I 3
ACTS 131L - Introduction to Probability I Lab 0.5
ACTS 135 - Mathematical Statistics 3
Requirements for major
ACTS 050 - Introduction to Actuarial Science 0
ACTS 120 - Theory of Interest 3
ACTS 120L - Theory of Interest Lab 0.5
ACTS 121 - Introduction to Derivatives 3
ACTS 150 - Life Insurance Mathematics I 3
ACTS 155 - Life Insurance Mathematics II, or
ACTS 165 - Short-Term Actuarial Science II, or
STAT 172 - Data Mining/General Linear Models
3
3
3
ACTS 161 - Short-Term Actuarial Math I 3
ACTS 190 - Actuarial Science Capstone 3
FIN 102 - Advanced Corporate Finance 3
STAT 170 - Statistical Modeling and Data Analysis II 3

 


Requirements for Actuarial Science Joint Majors

A joint major in actuarial science and another discipline provides students with an opportunity to study actuarial science and another, usually complementary subject in some depth.

Below please find the essential courses that must be completed for a joint major with Actuarial Science.  Other courses required depend on what second major gets paired with actuarial science for a joint major.

Course Credits
Non-business requirements
MATH 050 - Calculus I 4
MATH 070 - Calculus II 4
MATH 100 - Calculus III 4
Business core
ACTS 131 - Introduction to Probability I 3
ACTS 131L - Introduction to Probability I Lab 0.5
ACTS 135 - Mathematical Statistics 3
Requirements for major
ACTS 120 - Theory of Interest 3
ACTS 120L - Theory of Interest Lab 0.5
ACTS 121 - Introduction to Derivatives 3
ACTS 150 - Life Insurance Mathematics I 3
ACTS 161 - Short-Term Actuarial Math I 3
STAT 170 - Statistical Modeling and Data Analysis II 3

To be fully prepared for Exam C (one of the first five actuarial examinations), students should also complete ACTS 160 (Credibility and Simulation).

In the next section below, you will find the specific courses from actuarial science and finance that must be completed for a joint major in these two fields.  Other majors can be paired with actuarial science.  Please consult the relevant departments for more information about the courses that would be required in joint majors besides finance.

Requirements for Actuarial Science/Finance Joint Major

The joint major in actuarial science and finance provides students with an opportunity to study two subjects that require strong quantitative and analytical reasoning skills.  Skill sets in finance complement actuarial science and vice versa.

The joint major prepares students for career opportunities in many facets of financial services, including insurance, banking, personal financial planning, portfolio management, and more.

For students planning to complete professional actuarial examinations, the finance courses cover several topics that appear on the advanced examinations.

Course Credits
Non-business requirements
MATH 050 - Calculus I 4
MATH 070 - Calculus II 4
MATH 100 - Calculus III 4
Business core
ACTS 131 - Introduction to Probability I 3
ACTS 131L - Introduction to Probability I Lab 0.5
ACTS 135 - Mathematical Statistics 3
Requirements for major
ACTS 120 - Theory of Interest 3
ACTS 120L - Theory of Interest Lab 0.5
ACTS 121 - Introduction to Derivatives 3
ACTS 150 - Life Insurance Mathematics I 3
ACTS 161 - Short-Term Actuarial Math I 3
FIN 102 - Advanced Corporate Finance 3
FIN 129 - Financial Institutions Management 3
FIN 170 - International Finance 3
FIN 193 - Portfolio Analysis 3
FIN 197 - Seminar in Finance 3
STAT 170 - Statistical Modeling and Data Analysis II 3

To be fully prepared for Exam C (one of the first five actuarial examinations), students should also complete ACTS 160 (Credibility and Simulation).


Requirements for a Concentration in Actuarial Science

A concentration in Actuarial Science allows students to apply solid quantitative skills in completing a few of the introductory Actuarial Science courses without making a full commitment to the major.  The requirements for the concentration are:

Course Credits
ACTS 120 - Theory of Interest 3
ACTS 120L - Theory of Interest Lab 0.5
ACTS 121 - Introduction to Derivatives 3
ACTS 131 - Introduction to Probability I 3
ACTS 131L - Introduction to Probability I Lab 0.5

The concentration is open to any student meeting the pre-requisites for the courses noted above.

 


2018-2019 Drake University Undergraduate Catalog
University Events
University News