Actuarial Science

How likely is it that a 17-year-old male who drives a red sports car will be involved in an accident in a given year? How much should a company expect to spend on warrantee payments in the coming year for a product they manufacture? How much should the price of a health insurance policy differ between a smoker and a non-smoker? How much would you be willing to pay for a financial contract that guarantees you $20,000 each year for the rest of your life? How much should a financial institution keep in reserve to ensure they can pay out $20,000 each year for the rest of your life? What is the likelihood that an individual who begins receiving a pension at age 65 will live to age 90? These are all questions that an actuary can help answer. Generally speaking, actuaries are highly skilled professionals who use mathematics, statistics, and finance to analyze the potential consequences of uncertain future events.

Career Opportunities

Actuaries are employed by insurance companies, consulting firms, and other businesses in which risk management plays a critical role. The profession is highly rated for job satisfaction, compensation, and future demand in sources such as U.S. News & World Report and CareerCast. The Bureau of Labor Statistics reports a median salary exceeding $100,000 and a projected employment growth of 22 percent for the next 10 years (compared to seven percent for all occupations). Graduates of the program at the University of Evansville have achieved the status ASA (Associate of the Society of Actuaries) and FSA (Fellow of the Society of Actuaries) and work for industry-leading companies such as Humana, USAA, and Milliman.

Curriculum

The actuarial science program at UE combines a rigorous foundation in mathematics, together with supporting work in statistics and business, to prepare students for immediate employment as an actuarial analyst. Courses in probability, financial mathematics, actuarial models, statistics, and finance provide a thorough treatment of the topics covered on the Society of Actuaries (SOA) Exams P, FM, LTAM, SRM, and IFM. Courses in mathematical statistics, accounting, economics, and finance satisfy all of the components of the SOA Validation by Education Experience (VEE) requirements. In addition to completing course work in their major, students are encouraged to:

  • Pass at least two SOA exams
  • Participate in a summer actuarial internship
  • Network with recent UE actuarial graduates

Details on program requirements and course descriptions can be found in the course catalog.

Schedule a visit to campus to learn more about this interdisciplinary program.

Course List

Area Course Frequency
Mathematics MATH 221 Every semester
MATH 222 Every semester
MATH 323 Every semester
MATH 324 Every semester
MATH 330 Every odd year fall semester
MATH 341 Every semester
MATH 365 Every fall semester
MATH 431 Every even year spring semester
MATH 432 (recommended) Every even year fall semester
MATH 466 Every spring semester
MATH 495 Every fall semester
Accounting ACCT 210 Every semester
Economics ECON 101 Every semester
ECON 102 Every semester
Finance FIN 361 Every semester
Two of FIN 427, FIN 462, FIN 478 Varies
FIN 362 (recommended) Every spring semester
Statistics STAT 266 Every spring semester
STAT 361 Every fall semester
STAT 362 Every even year spring semester
STAT 493 (recommended) Every spring semester
Computer courses CS 205 or 210 or equivalent Varies
One of CS 215, MATH 373, QM 160, STAT 267 Varies
Career development EXED 090 Every semester

Sample 4-year Plan Beginning in the fall of an odd year

Without Harlaxton

Year Fall Spring
Freshman MATH 221
ECON 101
QM 160
MATH 222
ECON 102
CS 205
Sophomore MATH 323
MATH 365
ACCT 210
EXED 090
MATH 341
MATH 466 STAT 266
Junior MATH 330
STAT 361
FIN 361
MATH 431
STAT 362
FIN 462
Senior MATH 432
MATH 495
MATH 324
FIN 427

With Harlaxton

Year Fall Spring
Freshman MATH 221
ECON 102
QM 160
MATH 222
STAT 266
CS 210
ECON 101
Sophomore MATH 323
MATH 365
ACCT 210
EXED 090
Harlaxton
Junior MATH 330
STAT 341
FIN 361
MATH 431
STAT 362
FIN 462
Senior MATH 432
MATH 495
STAT 361
MATH 324
MATH 466
FIN 427

Sample 4-year Plan Beginning in an Even Year

Without Harlaxton

Year Fall Spring
Freshman MATH 221
ECON 102
QM 160
MATH 222
ECON 101
CS 210
Sophomore MATH 330
MATH 365
ACCT 210
EXED 090
MATH 431
MATH 466
Junior MATH 323
MATH 432
FIN 361
MATH 341
STAT 266
FIN 462
Senior Math 495
STAT 361
MATH 324
STAT 362
FIN 427

With Harlaxton

Year Fall Spring
Freshman MATH 221
ECON 102
QM 160
MATH 222
ECON 101
CS 210
Sophomore MATH 323
MATH 365
ACCT 210
EXED 090
Harlaxton
Junior MATH 324
FIN 361
MATH 341
STAT 266
FIN 462
Senior MATH 330
MATH 495
STAT 361
MATH 431
STAT 362
FIN 427

Office Phone:
812-488-1234

Office Email:
math@evansville.edu

Office Location:
Room 314, Koch Center for Engineering and Science