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Actuarial Science

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Actuarial Science

Degree Options

Bachelor of Science in Business and 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

Non-business requirements:

  • Mathematics 50, 70, 100 (Calculus I, II and III)
  • Mathematics 80 (Linear Algebra)
  • Information Systems 44 (IT Applications for Business)

Business core:

  • Statistics 71 and 72 are replaced by Actuarial Science 131 (Introduction to Probability I) and Actuarial Science 141 – (Statistical Modeling and Data Analysis I)

Requirements for major:

  • Actuarial Science 120 (Theory of Interest)
  • Actuarial Science 121 (Introduction to Derivatives)
  • Actuarial Science 132 (Introduction to Probability II)
  • Actuarial Science 145 (Derivatives Mathematics)
  • Actuarial Science 150, 151 (Life Insurance Mathematics I, II)
  • Actuarial Science 170 (Statistical Modeling and Data Analysis II) or Economics 107 (Introduction to Econometrics)
  • Finance 102 (Advanced Corporate Finance)

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/

Actuarial Science/Finance Joint Major

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.

Nonbusiness requirements:

  • Mathematics 50, 70, 100 (Calculus I, II and III)
  • Mathematics 80 (Linear Algebra)
  • Information Systems 44 (IT Applications for Business.)

Business core:

  • Statistics 71 and 72 are replaced by Actuarial Science 131 (Introduction to Probability I) and Actuarial Science 141 (Statistical Modeling and Data Analysis I)

Requirements for major:

  • Actuarial Science 120 (Theory of Interest)
  • Actuarial Science/Finance 121 (Introduction to Derivatives)
  • Actuarial Science 132 (Introduction to Probability II)
  • Actuarial Science 145 (Derivatives Mathematics)
  • Actuarial Science 150, 151 (Life Insurance Mathematics I and II)
  • Economics 105 (Money and Banking)
  • Finance 102 (Advanced Corporate Finance)
  • Finance 129 (Financial Institutions Management)
  • Finance 193 (Portfolio Analysis)
  • Finance 197 (Seminar in Finance)
  • One of the following three:
    • Economics 174 (Intermediate Macroeconomic Analysis)
    • Finance 170 (International Finance)
    • Finance 190 (Equity Valuation and Analysis)

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/.

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Admission Calendar

May 1 - Enrollment deadline for first-year students

August 4-8 - Iowa Private College Week

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