Actuarial Science

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Actuarial Science department web site


Program 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 Major

Non-business requirements:

  • MATH 050, MATH 070, MATH 100 (Calculus I, II and III)
  • IS 044 (IT Applications for Business)

Business core:

  • ACTS 131, 131L (Introduction to Probability I)
  • ACTS 135 (Mathematical Statistics)

Requirements for major:

  • ACTS 050 (Introduction to Actuarial Science)
  • ACTS 120, 120L (Theory of Interest)
  • ACTS 121 (Introduction to Derivatives)
  • ACTS 150 (Life Insurance Mathematics I)
  • ACTS 155 (Life Insurance Mathematics II) or ACTS 165 (Short-Term Actuarial Science II)
  • ACTS 161 (Short-Term Actuarial Math I)
  • ACTS 190 (Actuarial Science Capstone)
  • FIN 102 (Advanced Corporate Finance)
  • STAT 170 (Statistical Modeling and Data Analysis II)

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.

Non-business requirements:

  • MATH 050, 070, 100 (Calculus I, II and III)

Business core:

  • ACTS 131, 131L (Introduction to Probability I)
  • ACTS 135 – (Statistical Modeling and Data Analysis I)

Requirements for major:

  • ACTS 120, 120L (Theory of Interest)
  • ACTS 121 (Introduction to Derivatives)
  • ACTS 150 (Life Insurance Mathematics I)
  • ACTS 161 (Short-Term Actuarial Math I)
  • STAT 170 (Statistical Modeling and Data Analysis II)

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.

Non-business requirements:

  • MATH 050, 070, 100 (Calculus I, II and III)

Business core:

  • ACTS 131, 131L (Introduction to Probability I)
  • ACTS 135 – (Statistical Modeling and Data Analysis I)

Requirements for major:

  • ACTS 120, 120L (Theory of Interest)
  • ACTS 121 (Introduction to Derivatives)
  • ACTS 150 (Life Insurance Mathematics I)
  • ACTS 161 (Short-Term Actuarial Math I)
  • ECON 010 (Principles of Macroeconomics)
  • FIN 102 (Advanced Corporate Finance)
  • FIN 129 (Financial Institutions Management)
  • FIN 170 (International Finance)
  • FIN 193 (Portfolio Analysis)
  • FIN 197 (Seminar in Finance)
  • STAT 170 (Statistical Modeling and Data Analysis II)

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:

  • ACTS 120, 120L (Theory of Interest)
  • ACTS 121 (Introduction to Derivatives) or ACTS 161 (Short-Term Actuarial Math I)
  • ACTS 131, 131L (Introduction to Probability I)

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

 


2017-2018 Drake University Undergraduate Catalog
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