Bachelor of Science in Mathematics
Actuarial Science Application Area
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.
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 three actuarial examinations. In addition to the General Education requirements (16 -18 hours) the student should select the following:
Mathematics Core Requirements (30 hours):
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.