Mathematics Major - Actuarial Science Concentration
The Department of Mathematical Sciences offers an Actuarial Science Program that is recognized by the Society of Actuaries (SOA). The curriculum covers several actuarial credential examinations. Students are prepared for a professional career in the actuarial field. We offer courses and activities that help our students develop multi-level skills in mathematics, statistics, finance, economics, accounting, programming, communication, and teamwork. We provide actuarial credential exam fee reimbursement when passing to reduce the barriers of the students’ preparation for their professional careers. Several of our graduates are active as actuaries in many large companies.
What is an actuary?
Actuaries are professionals in finding ways to manage financial risk. Every individual and every business face the risk of undesirable events such as disease, fire, hurricanes, lawsuits, etc. Actuaries design and price insurance products that reduce the financial impact of losses resulting from these unfortunate events. Actuaries’ expertise is valued in events like pandemics, natural disasters, world economic and financial crises, and health care.
Being an actuary is consistently rated as one of the best career choices in America. Experienced fellows have the potential to earn from $200,000 to $550,000 annually, and the entry-level salaries are about $65,000-$85,000, highly related to how many actuarial exams are passed.
Actuarial work requires a deep understanding of applications of mathematics, statistics, finance, accounting, and economics. It requires a combination of strong analytical skills, oral and written communication skills, business knowledge, and an understanding of human behavior. The actuarial profession is perfect for individuals who enjoy challenges and problem solving.
Being an actuary requires passing a series of examinations to earn an actuarial designation through the Society of Actuaries or the Casualty Actuarial Society. But you can begin a career as an actuary by passing the first two, Exam P (Probability) and Exam FM (Financial Mathematics).
Why Join the Actuarial Program at ÐÇ¿Õ´«Ã½? - Student & Graduate Success
We have top-tier faculty who prepare our students to excel in the academic and professional fields:
- Students and graduates of our Actuarial Science Program have received internship as well as job offers with such topnotch companies as PricewaterhouseCoopers, GEICO, Center of Medicare and Medicaid Services, Guardian Life, and Medicaid Services, Aetna, Travelers, Aon, and New York Life.
- Many of our students have successfully passed actuarial credential exams.
- Many of our graduates have obtained the Associateship designation of the Society of Actuaries.
- Under the advisement of Dr. Jiacheng Cai, the Actuarial Science Program Coordinator, a team of actuarial students participated in the 2024 international SOA Student Research Case Study Challenge to compete with many top schools around the world and won third place. We were the only U.S. institution to win a prize.
Why Join the Actuarial Program at ÐÇ¿Õ´«Ã½? – We Support Our Students
To support ÐÇ¿Õ´«Ã½ students who are pursuing an actuarial career, we provide:
- Reimbursement of the actuarial credential exam registration fee when passing.
- Seminars for preparing for the first two exams.
- Academic and career one-to-one advising.
- Discount on some exam preparation materials.
- Opportunities to participate in world-class competitions.
Why Join the Actuarial Program at ÐÇ¿Õ´«Ã½? – Comprehensive Curriculum
Our program provides courses that completely cover the curricula of four actuarial exams. The curriculum includes challenging but interesting courses in mathematics, statistics, actuarial science, accounting, economics, and finance. Some of these can also satisfy the educational credits required by the Society of Actuaries.
Our program not only provides students with a solid mathematics and statistics foundation and field knowledge in accounting, finance, and economics, but it also provides professional training in data analysis/statistics programming skills (Python, R, Java, C++, SQL, Excel, etc.), communication/presentation/ leadership skillsets, and internship/research/external project opportunities.
Our curriculum combines courses from multiple disciplines, which allows degree combination options. With two to four additional courses, our students have the option to add a double major or minor in Statistics, Finance, or Data Sciences.
Why Join the Actuarial Program at ÐÇ¿Õ´«Ã½? – Recognition in the Industry
The Actuarial Science Program at ÐÇ¿Õ´«Ã½ is recognized by the Society of Actuaries in the list of Universities and Colleges with Actuarial Programs (UCAP). Our program is one of only four programs in Maryland.
We have a high reputation among actuarial employers, which provides many internship opportunities for our students.
Join the Actuarial Program at ÐÇ¿Õ´«Ã½, join one of the best!
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