Bachelor of Science in Actuarial Science

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About the Bachelor of Science in Actuarial Science

Actuaries use mathematics and financial theory to determine the financial effect that uncertain future events such as birth, death, retirement, fire, accident, and sickness have on insurance and other benefit plans. Actuaries may work for insurance companies, employee benefits, consulting firms, or the benefits department of general business and government agencies.

The competitive actuarial profession requires mathematics graduates to have analytical, statistical, and computational skills, which allow them to solve industrial problems, predict the financial effects of uncertain future events, and carry out decision-making analyses. Students graduating from the program who plan to pursue careers in actuarial science can expect to succeed on the first one or two professional actuarial science examinations, and thus be ready to enter the actuarial profession. Students graduating from the program who choose not to become actuaries are well prepared to enter industry and work in such areas as quality control, computational analysis, information management, forecasting, risk analysis, simulation, and finance. A student wishing to pursue graduate study in mathematics or business is certainly prepared for either discipline.

For further information, call the Department of Mathematical Sciences at (574) 520-4335 or visit the website math.iusb.edu.

Academic Advising

College policy on advising requires that students meet with their academic advisors at least once each year, and in some departments, prior to each semester’s enrollment. Advising holds are placed on all CLAS students prior to advance registration and are released following advising appointments. Students with a declared major are advised in their academic units. To determine who your advisor is and how to contact them, see One.IU.

Degree Requirements (120 cr.)

Students receiving the Bachelor of Science (B.S.) degree in Actuarial Science must complete 120 total credit hours including

• The IU South Bend Campuswide General-Education Curriculum (33-39 cr.)
  Note | Math courses required for the B.S. in Actuarial Science fulfill the Quantitative Reasoning requirement.
  Note | Students majoring in Actuarial Science are required to take CSCI-C 101 Computer Programming I (4 cr.) to fulfill the requirement in Computer Literacy.
  Note | Students majoring in Actuarial Science are encouraged to take ENG-W 270 Argumentative Writing to fulfill the requirement in Critical Thinking. (The requirement to take ENG-W 231 will be waived if ENG-W 270 is taken.)
• World Language (3-6 cr.) Successful completion of a second-semester language class, designated as 102, or formal training, as evidenced by secondary or university diplomas, in a language other than English. The Department of World Language Studies (W.L.S.) offers a placement examination to determine into which semester a student should enroll and/or to qualify students for credit by examination. Major concentration and elective requirements.
• Minimum of 30 credit hours at the 300- or 400-level.

Courses required for the major must be completed with a grade of C– or higher. A minimum CGPA of 2.0 is required. All courses are 3 credit hours, unless otherwise designated.

Major Requirements (46-49 cr.)

• MATH-M 215 Calculus I (5 cr.)
• MATH-M 216 Calculus II (5 cr.)
• MATH-M 301 Linear Algebra and Applications
• MATH-M 311 Calculus 3 (5 cr.)
• MATH-M 325 Topics Course: Problem Seminar in Actuarial Science (3-6 cr.)
• MATH-M 343 Introduction to Differential Equations I
• MATH-M 447 Mathematical Models and Applications 1
• MATH-M 448 Mathematical Models and Applications 2 (actuarial modeling)
• MATH-M 451 The Mathematics of Finance
• MATH-M 463 Introduction to Probability Theory 1 (4 cr.)
• MATH-M 466  Introduction to Mathematical Statistics
• MATH-M 471 Numerical Analysis 1

Select two of the following or two upper-level or graduate courses approved by the department 

• MATH-M 347 Discrete Mathematics; or
• MATH-M 391 Introduction to Mathematical Reasoning (credit given for only one of MATH-M 347 and MATH-M 391)

• MATH-M 413 Introduction to Analysis 1
• MATH-M 414 Introduction to Analysis 2
• MATH-M 415 Elementary Complex Variables with Applications
• MATH-M 472 Numerical Analysis 2
• MATH-M 574 Applied Regressional Analysis *
• MATH-M 576 Forecasting *

Additional Requirements

English Composition (0-3 cr.)

• ENG-W 231 Professional Writing Skills (The requirement to take ENG-W 231 will be waived if ENG-W 270 is taken to fulfill the requirement in Fundamental Literacies B-Critical Thinking)

Natural Sciences (11 cr.)

Courses must be selected in at least two of the physical and life sciences (astronomy, biological sciences, chemistry, geology, or physics). At least one of the courses must have a laboratory component. Subject to the above, any of MATH-N 190 and MATH-N 390 courses may satisfy the Natural Sciences requirement.

Business and Economics (18 cr.)

• BUS-A 201 Introduction to Financial Accounting
• BUS-A 202 Introduction to Managerial Accounting
• BUS-F 301 Financial Management
• BUS-L 201 Legal Environment of Business
• ECON-E 103 Introduction to Microeconomics
• ECON-E 104 Introduction to Macroeconomics

* VEE Course | A Validation by Educational Experience course approved by the Society of Actuarial and Casualty Actuarial Society. For more information, vist their website.