Pictured | Shirley Frye | Actuarial Science / Minor in Spanish | Constantine, Michigan (hometown)
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 College of Liberal Arts and Sciences (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.)
Degree Map >>
Students receiving the Bachelor of Science (BS) degree in Actuarial Science must complete 120 total credit hours including
- Math courses required for the BS in Actuarial Science fulfill the Quantitative Reasoning requirement.
- Students majoring in Actuarial Science are required to take CSCI-C 101 Computer Programming I (4 cr.) to fulfill the requirement in Computer Literacy.
- Students majoring in Actuarial Science are encouraged to take ENG-W 270 Argumentative Writing to fulfill the requirement in Critical Thinking.
- Students majoring in Actuarial Science are encouraged to take MATH-N 390 The Natural World to fulfill the Common Core Natural World requirement.
- Major Requirements (49 cr.)
- World Language | 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. (3-6 cr.)
- Business and Economics (18 cr.)
- Elective Requirements (balance of credits needed to equal 120 cr. requirement)
- 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.
- VEE Course | A Validation by Educational Experience course approved by the Society of Actuarial and Casualty Actuarial Society. For more information, vist their website.
- All courses are 3 credit hours, unless otherwise noted.
Major Requirements (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 343 Introduction to Differential Equations I
- MATH-M 445 Probability Theory for Risk Management
- MATH-M 446 Financial Mathematics
- 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 one of the following or one upper-level or graduate course approved by the department
- MATH-M 391 Introduction to Mathematical Reasoning
- 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 (VEE Course)
- MATH-M 576 Forecasting (VEE Course)
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