Actuarial Science, BA
Offered in: Chicago
Risk analysts and actuaries are expected to earn professional designation from either the Society of Actuaries (life and health insurance) or the Casualty Actuarial Society (property and casualty insurance). These societies administer a series of examinations that lead to the risk analyst designation, or for actuaries, first to the designation of associate and then to fellow. The initial exams are the same for both societies. The courses required for the major and the minor will aid the student in preparing for the first two of the professional societies' examinations and will also satisfy their Validation by Educational Experience (VEE) requirements in economics, corporate finance, and applied statistics.
Actuarial Science involves the application of probability theory and risk management to the areas of life and health insurance, property and casualty insurance, pension plans, and other employee benefit plans. Risk analysts and actuaries, who evaluate the long-term financial impact of these plans on both the issuing company and the purchaser or beneficiary of the plan, are employed by insurance companies, consulting firms, large corporations and governmental agencies. The major in actuarial science emphasizes the mathematical theory that underlies risk evaluation.
Advanced placement in mathematics is possible for well-prepared students.
All courses presented for the major and the minor(s) must be completed with grades of C- or higher with an overall GPA of 2.0 or higher. A maximum of two grades of C- may be presented for the major. Repeated courses in the major or minor require specific approval of the department chair. The average grade for all courses taken in actuarial science and mathematics must be C- or higher. Note that although the major only requires a grade of C- or above for graduation, ECON 101 PRINCIPLES OF ECONOMICS I, ECON 102 PRINCIPLES OF ECONOMICS II, FIN 311 PRINCIPLES OF FINANCE, FIN 321 INVESTMENTS, and ACSC 349 REGRESSION & TIME SERIES must be passed with a grade of B- or above in order to fulfill Validation by Educational Experience (VEE) requirements for the CAS (Casualty Actuarial Society) and the SOA (Society of Actuaries). Students with a grade of C+ or below in any of ECON 101 PRINCIPLES OF ECONOMICS I, ECON 102 PRINCIPLES OF ECONOMICS II, FIN 311 PRINCIPLES OF FINANCE, FIN 321 INVESTMENTS, or ACSC 349 REGRESSION & TIME SERIES are strongly encouraged to retake the course in order to earn a grade of B- or above
- At least four courses in Actuarial Science must be completed at Roosevelt University.
- The BA degree requires a Finance minor (for non-Business majors).
- Students completing a Bachelor of Arts degree in Actuarial Science must take at least one professional exam prior to graduation. Proof should be submitted to the chair.
- All credit must be approved by the department to be applied toward the major.
- Appropriate supporting courses in computer science, economics, and finance are recommended.
- The one-credit course ACSC 101 ACTUARIAL CAREER is strongly recommended for all majors.
- Students should prepare to take an actuarial professional exam early in their degree plan, as this is often a requirement for actuarial internships.
- Students are encouraged to do an actuarial, financial, or statistical internship prior to graduation.
The major sequence for the Bachelor of Arts degree is given below.
|MATH 231||CALCULUS I||5|
|MATH 232||CALCULUS II||5|
|MATH 233||CALCULUS III||3|
|ACSC 246||LINEAR ALGEBRA||3|
|ACSC 347||PROBABILITY THEORY||3|
|ACSC 348||MATHEMATICAL STATISTICS||3|
|ACSC 349||REGRESSION & TIME SERIES||3|
|ACSC 367||FINANCIAL MATH||3|
|ACSC 380FM||ACTUARIAL SCIENCE SEMINAR:EXAM FM/2||3|
|or ACSC 380P||ACTUARIAL SCIENCE SEMINAR: EXAM P/1|
|CST 150||COMPUTER SCIENCE I||4|
|Select two of the following:||6|
|COOPERATION AND COMPETITION -- GAME THEORY AND APPLICATIONS|
|LINEAR PROGRAMMING & OPTIMIZATION|
|MODELS FOR LIFE CONTINGENCIES|
|TOPICS IN ACTUARIAL MATH|
|ACTUARIAL SCIENCE SEMINAR:EXAM FM/2|
or ACSC 380P
|ACTUARIAL SCIENCE SEMINAR: EXAM P/1|
|VEE requirement (part of Finance minor)|
|ECON 101||PRINCIPLES OF ECONOMICS I (fulfills portion of social science gen ed requirement)||3|
|ECON 102||PRINCIPLES OF ECONOMICS II (fulfills portion of social science gen ed requirement)||3|
|FIN 311||PRINCIPLES OF FINANCE||3|
|Additional Courses for the Finance Minor||9|
|General Education, University Writing Requirement, and Electives||58|
|Total Credit Hours||120|
General Education Requirements
|Academic Communities of Practice|
|ACP 101||FIRST YEAR SEMINAR 1||3|
|ACP 110||PRIMARY TEXTS||3|
|ACP 250||GROUNDS FOR CHANGE||3|
|English Composition 2|
|ENG 101||COMPOSITION I: CRITICAL READING & WRITING||3|
|ENG 102||COMPOSITION II: INTRODUCTION TO ACADEMIC RESEARCH||3|
|Select 9 credits from the following subject areas: African-American Studies, Art History, English (excluding ENG 101 and ENG 102), History, Languages, Music, Philosophy, Theatre, Speech and Women's and Gender Studies||9|
|MATH 110||QUANTITATIVE LITERACY (or above) 3||3|
|Non-Western course (can be used for Humanities or Social Sciences general education requirements)||3|
|RU mission-related course 2|
|LIBS 201||WRITING SOCIAL JUSTICE||3|
|One biological science and one physical science required (at least one must be a four-hour lab (not applicable for science majors)||7-8|
|Select 9 credits from the following subject areas: African-American Studies, Anthropology, Economics, History, Journalism, Philosophy, Political Science, Psychology, Sociology and Women's and Gender Studies||9|
|Total Credit Hours||49-50|
Required for students who enter RU with fewer than 12 credit hours
Minimum grade of C- required
Math, Computer Science & Technology, and Science majors have different requirements--see advisor
These quantitative requirements also apply to degrees in the College of Arts and Sciences:
- Students may apply no more than 60 credit hours of 100-level courses toward the degree.
- Students must apply no fewer than 60 credit hours of 200- and 300-level courses toward the degree.
- Students must have at least 18 credit hours (of the 60 credit hours above) at the 300 level.
- Students may transfer in no more than 66 credit hours from community colleges.
- Students must take their final 30 hours at Roosevelt University. Note that some majors have additional requirements for RU hours.
- Students must have a grade point average of 2.0 or higher to graduate. Note that some majors have additional GPA requirements.
- Students must have a minimum of 90 hours in Arts and Sciences.
- Students may apply no more than 51 hours in the major (BA) or 57 hours in the major (BS)