Actuarial Science BS: Degrees and Career Advancement

Pursuing a Bachelor of Science in Actuarial Science can be a fantastic career move. This degree typically takes four years to complete and is offered by many top universities worldwide.

In the United States, the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) are two prominent organizations that offer professional designations to actuarial science graduates. Earning these designations can significantly boost job prospects and salary potential.

Actuarial science graduates can pursue various career paths, including actuary, risk manager, and financial analyst. According to the Bureau of Labor Statistics, employment of actuaries is projected to grow 22% from 2020 to 2030, much faster than the average for all occupations.

With a BS in Actuarial Science, you'll gain a solid foundation in mathematics, statistics, and economics, as well as specialized knowledge in actuarial science. This well-rounded education will serve you well in a rapidly changing job market.

To be eligible for the Actuarial Science major, you must be enrolled in the Smeal College of Business or the Division of Undergraduate Studies.

The Bachelor of Science degree in Actuarial Science requires a minimum of 120 credits.

To satisfy the credit requirement, you'll need to fulfill three main components: General Education, Electives, and Requirements for the Major.

General Education courses account for 45 credits, which includes 15 credits that overlap with Requirements for the Major.

The Requirements for the Major make up the bulk of the degree, with 82 credits required.

Here's a breakdown of the Requirements for the Major:

These requirements are in addition to the 15 credits of General Education courses that are also included in the Requirements for the Major.

The University Park Campus is a great place to earn your Actuarial Science BS.

Located in a beautiful suburban setting, the campus offers a mix of modern and historic buildings, with plenty of green spaces to study or relax.

The university is accredited by the Accreditation Council for Actuarial Science, ensuring that the program meets the highest standards in the field.

A unique perspective: University of Iowa Actuarial Science

Actuarial Science students at University Park Campus can expect a rigorous curriculum that includes courses in probability, statistics, and economics.

The campus is also home to the Actuarial Science Department, which offers students access to experienced faculty and industry connections.

With a strong reputation for producing well-rounded graduates, University Park Campus is an excellent choice for those pursuing an Actuarial Science BS.

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Career Opportunities in Actuarial Science are numerous and exciting. Actuaries are in high demand, with average starting salaries exceeding $70,000 and competitive internship wages.

Graduates of the Actuarial Science program are sought after by industry and government for internships and full-time jobs. They have the skills and knowledge to analyze and solve complex problems, making them valuable assets to companies.

Actuaries work in various fields, including insurance, finance, risk management, and pension industries. They also work in government, academia, data science, and machine learning. The demand for actuarial professionals is expected to remain strong in the future.

A different take: American Society of Pension Professionals & Actuaries

Some potential actuarial science positions include Actuarial Analyst, Actuarial Auditor, and Chief Actuary/Vice President. Other roles include Consulting Actuary, Data Analyst, Financial Actuary, and Risk Management Analyst.

Here are some examples of potential actuarial science positions:

The Smeal College of Business B.S. degree in Actuarial Science is recognized by the AACSB, a prestigious organization that ensures the program meets high standards.

Middle Tennessee State University (MTSU) has earned the distinction of being a Society of Actuaries Center of Actuarial Excellence, a notable recognition that highlights the university's commitment to actuarial education.

St. John's University is one of 19 Actuarial Programs in the US to hold the Center of Actuarial Excellence distinction, showcasing its dedication to producing well-rounded actuaries.

The Casualty Actuarial Society (CAS) has recognized St. John's University as a Gold-Level school, acknowledging its strong commitment to supporting students on the property and casualty actuarial career path.

MTSU has been waiting years for this recognition, demonstrating the value and importance of achieving this distinction in the actuarial field.

A different take: Boston University Actuarial Science

MTSU's actuarial science degree alumni have gone on to work for top companies in the field. Acuff and Associates is one of the employers of MTSU actuarial science degree alumni.

Aetna, Alfa Insurance, and American General Life and Accident Insurance Co. are also among the companies that have hired MTSU actuarial science degree graduates.

Many of these alumni have secured jobs at financial institutions, including Bank of China and Genworth Financial.

Other notable employers of MTSU actuarial science degree alumni include Blue Cross Blue Shield of Tennessee and Farm Bureau Insurance.

Here is a list of some of the top companies that have hired MTSU actuarial science degree graduates:

If you're pursuing a degree in actuarial science, you'll want to explore the various scholarship opportunities available to help fund your education.

There are numerous scholarships offered by the Department of Mathematical Sciences, including the Department of Mathematical Sciences Awards.

MTSU Scholarships and the MTSU Financial Aid Office also provide financial assistance to students.

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The Martin Chair of Insurance, Jones College of Business offers scholarships, as do professional organizations like Gamma Iota Sigma (GIS) and Casualty Actuaries of the Southeast (CASE).

Additionally, the Casualty Actuarial Society (CAS)/Society of Actuaries (SOA) offers Actuarial Scholarships for Minority Students, and the Actuarial Foundation Scholarships.

The National Association of Insurance Women (NAIW) and the W. Simpson & Company Actuarial Science Scholarship Program also provide financial support.

Here are some of the scholarships mentioned:

The Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) offer a range of exams and courses to support individuals in their actuarial science career.

All common SOA/CAS exams, including P/1, FM/2, MFE/3F, MLC/3L, and C/4, are supported, along with three VEE courses.

Certain courses are offered in late afternoons or evenings to accommodate industry personnel who may have work commitments during the day.

Here's a breakdown of the SOA/CAS exams and courses:

These exams and courses cover a range of topics, including mathematical foundations, interest theory, economics, and finance, as well as actuarial models and credibility theory.

Exam preparation is a crucial step in achieving your actuarial goals. The Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) offer a range of exams that require preparation and dedication.

All common SOA/CAS exams, including P/1, FM/2, MFE/3F, MLC/3L, and C/4, are supported. Certain courses are even offered in late afternoons or evenings to accommodate industry personnel.

To prepare for the exams, you'll need to take specific courses, such as ACSI 4140/5140 Mathematical Foundations of Actuarial Science. This course is a fundamental requirement for many SOA/CAS exams.

For Exam 2, you'll need to take ACSI 4230/5230 Mathematics of Compound Interest and ACSI 4240/5240 Mathematics of Interest Theory, Economics and Finance. These courses will provide you with a solid understanding of interest theory and economics.

Exam 3 requires a strong foundation in actuarial mathematics, which can be achieved by taking ACSI 4330/5330 Actuarial Mathematics I and ACSI 4340/5340 Actuarial Mathematics II.

For another approach, see: Actuarial Mathematics Salary

Here's a breakdown of the courses required for each exam:

By understanding the specific courses required for each exam, you can create a tailored study plan that meets your needs and helps you achieve your goals.

Fast-Track Specializations offer a cost-efficient and time-saving way to advance to a master's degree from a B.S. in Actuarial Science.

Students can choose from a variety of Fast-Track programs, including B.S. Actuarial Science/M.S. Accounting and B.S. Actuarial Science/Master of Business Administration.

To qualify for a Fast-Track program, students must complete an online application and meet the admission standards for the graduate program.

Students should seek early program guidance from their adviser in anticipation of applying to a Fast-Track Program.

Here are the available Fast-Track programs for Actuarial Science majors: