Actuaries are experts in the design, financing and operation of insurance and pension plans, and any other forms of quantitative risk management. An actuary may work for an insurance company, with the benefits department of a large corporation, with a public agency, or with a private consulting firm. An actuary should be knowledgeable in mathematics, statistics, computer science, economics, finance, and accounting. Starting actuarial positions are usually open to persons with Bachelor or Master degrees who have majored in mathematics, statistics, finance, or another subject related to actuarial work. Advancement in salary and position depends on passing professional actuarial examinations, offered by the Society of Actuaries and the Casualty Actuarial Society. Students must usually have passed at least one examination, and preferably two of them, in order to be offered a starting position. Most companies then offer time off to study for subsequent examinations. There are eight examinations in the whole series, and a person who passes all of them, and satisfies professional development criteria, acquires Fellowship of the Society of Actuaries, or Casualty Actuarial Society. There is also a separate series of examinations required of those who wish to perform services under the Employee Retirement and Income Security Act of 1974. University of Louisville hosts the examination center for the first four actuarial examinations.

The Occupational Outlook Handbook, published by the Bureau of Labor Statistics, says that demand for actuaries should rise faster than the average. Comparative surveys of various professions find this to be the best, or the second best career to have. There are several firms in the Louisville area interested in finding qualified actuarial trainees, and many more firms nationwide are also interested.

The Bachelor of Science in Mathematics with the Actuarial Science Option provides the coursework necessary for at least the first four actuarial examinations, with some coverage for the fifth and the sixth examination. In addition to the General Education requirements (16 -18 hours) the student should select the following:

Mathematics Core Requirements (30 hours):

• Math 205, 206, 301     Calculus I, II, III                                     (12 hours)
• Math 311                     Introduction to Higher Mathematics      (3 hours)
• Math 325                     Linear Algebra                                       (3 hours)
• Math 405 Differential Equations                                                (3 hours)
• One of                                                                                         (3 hours)
• Math 501, Introduction to Analysis I
• Math 521, Modern Algebra I
• Mathematics electives (chosen in consultation with departmental advisor)   (6 hours)

• Math 561, Probability        (3 hours)
• Math 562, Mathematical Statistics      (3 hours)
• Math 570, Mathematical Foundations of Actuarial Science (3 hours) (SOA Exam P)
• Mathematics 572, Theory of Interest (3 hours) (SOA Exam FM)

• Mathematics 573/673, Actuarial Models I (SOA Exam M-part 1)
• Mathematics 574/674, Actuarial Models II (SOA Exam M-part 2)
• Mathematics 576/676, Actuarial Modeling I (SOA Exam C-part 1)
• Mathematics 577/677, Actuarial Modeling II (SOA Exam C-part 2)
• Mathematics 564, Probability Models
• Mathematics 566, Nonparametric Statistical Models
• Mathematics 567, Sampling Techniques
• Economics 201, Microeconomics (VEE Course in Economics)
• Economics 202, Macroeconomics (VEE Course in Economics)
• Economics 414, Economic Analysis and Forecasting (VEE Course in Applied Statistics)
• Finance 301, Corporate Finance (VEE Course in Finance)
• Finance 401, Investments (VEE Course in Finance)
• Accounting 201, Accounting I
• Accounting 202, Accounting II
• Economics 402, Econometrics
• Finance 350, Risk and Insurance

The student should take Mathematics 570 and 572 during the junior year and then take the first two actuarial examinations. In the senior year, students are encouraged to take classes leading to further examinations. In the process, the student should seek opportunities for cooperative internships.