Actuarial Science, BS

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.

Admission

Advanced placement in mathematics is possible for well-prepared students.

Standards

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 in the major. 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 VEE (Validation by Educational Experience) 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.

Requirements

  • At least four courses in Actuarial Science must be completed at Roosevelt University.
  • A student completing a Bachelor of Science degree in Actuarial Science must take at least one professional exam prior to graduation. Proof should be submitted to the department chair.
  • All credit must be approved by the department to be applied toward the major.
  • At least 60 semester hours must be in actuarial science, mathematics, computer science, natural sciences and/or psychology. (Note that typically fulfilling the standard general education requirements along with the major and concentration requirements will result in at least 60 semester hours.)
  • The BS degree requires both a minor in Finance and an additional minor or 15 credit hour supporting sequence in a science. Computer Science is strongly recommended. Approved areas for the BS degree are:

Recommendations

  • 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.
Core
MATH 231CALCULUS I5
MATH 232CALCULUS II5
MATH 233CALCULUS III3
ACSC 246LINEAR ALGEBRA3
ACSC 347PROBABILITY THEORY3
ACSC 348MATHEMATICAL STATISTICS3
ACSC 349REGRESSION & TIME SERIES3
ACSC 367FINANCIAL MATH3
ACSC 380FMACTUARIAL SCIENCE SEMINAR:EXAM FM/23
or ACSC 380P ACTUARIAL SCIENCE SEMINAR: EXAM P/1
CST 150COMPUTER SCIENCE I4
Select two of the following:6
DATA MINING
COOPERATION AND COMPETITION -- GAME THEORY AND APPLICATIONS
LINEAR PROGRAMMING & OPTIMIZATION
MODELS FOR LIFE CONTINGENCIES
TOPICS IN ACTUARIAL MATH
ACTUARIAL SCIENCE SEMINAR:EXAM FM/2
ACTUARIAL SCIENCE SEMINAR: EXAM P/1
VEE requirement (part of Finance minor)
ECON 101PRINCIPLES OF ECONOMICS I (fulfills a portion of the social science gen ed requirement)3
ECON 102PRINCIPLES OF ECONOMICS II (fulfills a portion of the social science gen ed requirement)3
FIN 311PRINCIPLES OF FINANCE3
FIN 321INVESTMENTS3
Additional requirements for the finance minor9
Additional science minor or supporting sequence requirements
Select five sequence courses in an area of science other than MATH (computer science is recommended)15
COMPUTER SCIENCE I
COMPUTER SCIENCE II
CST 2XX
COMPUTER SCIENCE ELECTIVE
DATA MINING (Can count either in CST minor or as an ACSC elective, but not both)
DATABASE SYSTEMS
General Education, University Writing Requirement, and Elective courses43
Total Credit Hours120

General Education Requirements

Academic Communities of Practice
ACP 101FIRST YEAR SEMINAR 13
ACP 110PRIMARY TEXTS3
ACP 250GROUNDS FOR CHANGE3
English Composition 2
ENG 101COMPOSITION I: CRITICAL READING & WRITING3
ENG 102COMPOSITION II: INTRODUCTION TO ACADEMIC RESEARCH3
Humanities
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 Studies9
Mathematics
MATH 110QUANTITATIVE LITERACY (or above) 33
Non-Western requirement
Non-Western course (can be used for Humanities or Social Sciences general education requirements)3
RU mission-related course 2
LIBS 201WRITING SOCIAL JUSTICE3
Science
One biological science and one physical science required (at least one must be a four-hour lab (not applicable for science majors)7-8
Social Sciences
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 Studies9
Total Credit Hours49-50
1

Required for students who enter RU with fewer than 12 credit hours

2

Minimum grade of C- required

3

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)