Bachelor of Science in Actuarial Science

Collaborative Online Degree

This 100 percent online program offered collaboratively by IU South Bend, IU East, IU Indianapolis, IU Northwest, and IU Southeast. To earn the Bachelor of Science in Actuarial Science, students must complete general education and college/school requirements according to the campus of residence, as well as the following requirements.

This program is authorized, exempt, or not subject to state regulatory compliance and may enroll students from all 50 states.

Many online support services are available to assist you as you progress through the program.

Program Description

Study the key concepts of insurance, risk management, and interest theory. Solve conceptual and computational problems. Learn to price-risk to determine premiums, analyze data, determine suitable models and parameter values, and provide measures of confidence. Calculate present and accumulated values for various streams of cash flow.

The learning outcomes for this BS align with actuarial science core competencies as outlined by professional organizations such as the Society of Actuaries and the American Academy of Actuaries. This program prepares you for success in the first two professional exams in actuarial science, and provides the foundation for subsequent exams.

Target Audience 

This mathematically focused degree targets students who are interested in becoming actuaries, insurance analysts, market research analysts, management analysts, financial managers and analysts, and actuarial consultants. Successful degree candidates will exhibit a strong background in calculus-based probability and statistics. Upon completion of this degree program, students will have the skills to pass the first two professional actuarial examinations and will lay the groundwork for the third exam, based upon offered electives. They will, therefore, be well-prepared for a lucrative entry-level position in the insurance and/or financial industry.

Admissions

Admissions requirements vary by campus.

Degree Requirements (120 cr.)

To graduate with the Bachelor of Science in Actuarial Science, you must complete a total of 120 credit hours. You may be able to transfer an associate degree or up to 64 credit hours from a regionally accredited two-year college and up to 90 credit hours from a regionally accredited four-year college or university. Course requirements fall into four categories and are defined by student learning outcomes.

• General Education Courses (33 cr.)
• Mathematics Core Courses (31 cr.)
• Actuarial Science Courses (9 cr.)
• Programming/Computer Science Courses (7 cr.)
• Business and Economics Courses (15 cr.)
• Actuarial Science Electives (15 cr.)
• Free Electives (10 cr.)

Mathematics Core  (31 cr.)

• MATH-M 215 Calculus I (5 cr.) 
• MATH-M 216 Calculus II (5 cr.)
• MATH-M 301 Linear Algebra and Applications; OR
  MATH-M 303 Linear Algebra for Undergraduate  
• MATH-M 311 Calculus 3 
• MATH-M 313 Elementary Differential Equations with Applications; OR
  MATH-M 343 Introduction to Differential Equations with Applications I 
• MATH-M 447 Mathematical Models and Applications I  
• MATH-M 448 Mathematical Models and Applications II 

Complete one of the following sequences:

• MATH-M 360 Elements of Probability; AND
  MATH-M 366 Elements of Statistical Inference
  Note | Students taking the M360/M366 sequence for probabiity and statistics should complete MATH-M 367.

• OR

• MATH-M 463 Introduction to Probability I; AND
  MATH-M 466 Introduction to Mathematical Statistics
  Note | Students taking the M463/M466 sequence for probabiity and statistics should complete STAT-I 421.

Actuarial Science Core (9 cr.)

• MATH-M 320 Theory of Interest
• MATH-M 445 Probability Theory for Risk Management
• MATH-M 446 Financial Mathematics

Programming/Computer Science Core (7 cr.)

• xCSCI-A 201 Introduction to Programming I (4 cr.)
• MATH-M 367 Introduction to Statistical Programming in R; OR
  STAT-I 421 Modern Statistical Modeling Using R and SAS

Business and Economics Core (15 cr.)

• BUS-A 201 Introduction to Financial Accounting 
• BUS-A 202 Introduction to Managerial Accounting 
• BUS-F 301 Financial Management
• ECON-E 103 Introduction to Microeconomics; OR
  ECON-E 201 Introduction to Microeconomics 
• ECON-E 104 Introduction to Macroeconomics; OR
  ECON-E 202 Introduction to Macroeconomics

Actuarial Science Electives (15 cr.)

Select five courses from the following:

• MATH-M 451 The Mathematics of Finance 
• MATH-M 485 Life Contingencies I 
• STAT-S 352 Data Modeling and Inference 
• STAT-S 431 Applied Linear Models I 
• STAT-S 432 Applied Linear Models II 
• STAT-S 450 Time Series Analysis 

Substitute Courses for Actuarial Science Electives

• STAT-I 414 Introduction to Design of Experiments
• STAT-S 412 Statistical Learning Using R 
• STAT-S 437 Categorical Data Analysis 
• STAT-S 460 Sampling
• STAT-S 470 Exploratory Data Analysis