Actuarial Science Major
The Actuarial Science major seeks to give students a strong analytical foundation with which to solve the problems encountered in the management of risk. The major provides students with the flexibility to choose between careers traditionally associated with the Society of Actuaries (SOA): health, life and annuities, corporate finance and enterprise risk management, quantitative finance and investment, retirement benefits and general insurance, or with the Casualty Actuarial Society (CAS): property and casualty, reinsurance, finance, risk management, and enterprise risk management.
The Actuarial Science major is recognized by the SOA as a UCAP-Introductory Curriculum. The major includes course coverage for the two preliminary exams: Exam P/1 (Probability), and Exam FM/2 (Financial Mathematics), and the following Validation by Educational Experience (VEE) topics: Economics, Accounting and Finance. In addition, SOA-bound students may use elective courses to obtain VEE credit in Mathematical Statistics. A grade of B- or better is required to receive VEE credit from the SOA or the CAS.
Actuarial credentials are granted solely by the SOA or the CAS once a candidate has passed the required professional exams and completed the courses and other requirements specified by these societies. For more information on actuarial credentials, please visit the Society of Actuaries (www.soa.org) or the Casualty Actuarial Society (www.casact.org/).
For additional information regarding professional certification requirements please visit https://sites.sju.edu/online-education/disclosures/
Goal 1: Students will master the quantitative and analytical skills required to obtain an entry-level position in the actuarial science profession.
Outcome 1.1: Students will be able to apply and use the fundamental tools of calculus to solve applied and theoretical mathematical problems.
Outcome 1.2: Students will be able to demonstrate mastery of the computational skills used in probability theory as well as the use of discrete and continuous probability distributions to model various applications in the natural sciences, finance, insurance and the social sciences.
Outcome 1.3: Students will be able to demonstrate understanding of concepts of financial mathematics and how these concepts are applied in the calculation of present and accumulated values of cash flows.
Goal 2: Students will have the knowledge to qualify for professional credentials awarded by the Society of Actuaries and the Casualty Actuary Society and gain background relevant to the actuarial profession.
Outcome 2.1: Students will be able to demonstrate their knowledge of macro and micro economics, accounting, financial methods and statistics and obtain Validation by Educational Experience (VEE) credit from professional actuarial societies. Students will also learn material relevant to actuarial science not covered by VEE.
Outcome 2.2: Students will know the content covered in the first two professional actuarial examinations.
Goal 3: Students will develop strong communication and critical thinking skills.
Outcome 3.1: Students will be able to prepare written reports and deliver oral presentations that integrate the best practices of technical writing, business and statistical terminology and critical analysis.
Goal 4: Students will attain a high level of proficiency in research methodology and computer technology.
Outcome 4.1: Students will be able to conduct quantitative research, i.e. select appropriate statistical methodology, use computer software, and make inferences and predictions using data from applications in finance, economics and other disciplines.
Outcome 4.2: Students will be able to demonstrate proficiency in the use of computer software such as EXCEL, statistical software and databases. Students will also be able to do basic computer programming.
The traditional undergraduate programs includes a minimum of 120 credits distributed across three components: A General Education component divided into Signature Courses, Variable Courses, and an Integrative Learning requirement; a Major and Divisional component; and Free Electives. In addition to course requirements as specified in each area, students must complete one certified course in each of the following overlay areas1:
- Diversity, Globalization or Non-western Area Studies,
- Ethics Intensive
- Writing Intensive, and
Overlay requirements are part of the 120 credit requirements
General Education Signature Courses
General Education Variable Courses
See this page about Variable courses. Six to Nine courses
|One semester of any lab-based natural science course
|Introductory Economics Micro
General Education Overlays
General Education Integrative Learning Component
See this page about Integrative Learning Component. Three courses:
|Introductory Economics Macro
|Select one of the following Computer Science courses:
|Intro to Computer Science
|Computer Science I
Ten courses, including:
|Concepts of Financial Acct
|Intro to Information Systems
|Intro to Finance
|or FIN 225
|Fund of Quantitative Finance
|Essent'ls of Organzational Beh
|or MGT 120
|Essentials of Management
|Legal Environment of Business
|Principles of Marketing
|Business Strategy 1
|or ACC 423
|Accounting Control Systems
A grade of B- or better in FIN 225 is required to receive VEE credit from the SOA or CAS.
|Introduction to Insurance
|Markets and Institutions
|Intro to Actuarial Probability
|Actuarial Science Elective (Flexible): select one from any 300- or 400-level ASC, FIN, RMI, or MAT/DSC course. 400-level courses have one or more 300-level courses as prerequisites. Certain 300-level courses have 200-level courses as prerequisites.
|Advanced Actuarial Science Elective (Flexible): selective one from any 400-level ASC, FIN, or RMI course. A maximum of two (2) FIN or RMI courses used to satisfy the Actuarial Science Major may be double-counted towards the FIN Major or the RMI Major.