Actuarial Sciences
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.
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 STAT 166 |
MATH 341 MATH 466 MATH 490 |
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 STAT 166 |
MATH 222 STAT 266 CS 210 ECON 101 |
Sophomore | MATH 323 MATH 365 ACCT 210 EXED 090 |
Harlaxton |
Junior | MATH 330 FIN 361 |
MATH 341 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 MATH 490 |
Junior | MATH 323 MATH 432 FIN 361 STAT 166 |
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 STAT 166 |
MATH 341 MATH 466 STAT 266 FIN 462 |
Senior | MATH 330 MATH 495 STAT 361 |
MATH 431 STAT 362 FIN 427 |
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 490 | 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 166 | Every fall semester |
STAT 266 | Every spring semester | |
STAT 361 | Every fall semester | |
STAT 362 | Every 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 |
Office Phone
812-488-1234
Office Email
math@evansville.edu
Office Location
Room 314, Koch Center for Engineering and Science