2022-2023 Academic Catalog

Offered in: Chicago

Our actuarial science minor allows students to prepare for one of the professional exams of the Society of Actuaries and the Casualty Actuary Society or to earn the Societies' VEE credit in the area of applied statistics. Students will be able to specialize in probability, financial mathematics, or statistical modeling. These options are especially helpful for a student in business or economics that wishes to strengthen their quantitative skills.  Students completing the minor will have a chance to network with actuaries employed in the industry and learn about professional skills and culture (through ACSC 101 ACTUARIAL CAREER). The calculus coursework will give them the mathematical framework necessary for work in financial mathematics.

As described in the Occupational Outlook Handbook of the U.S. Bureau of Labor Statistics, actuaries answer questions about future risk, make pricing decisions and formulate investment strategies. Any time a company must decide whether to pursue a course of action involving substantial financial risk, they need to consult an actuary. An actuary uses quantitative tools to analyze and plan for future financial situations, such as determining an appropriate price for a company about to merge with another business or designing a retirement plan for a company. In addition to insurance companies, actuaries work in government, banks, financial planning and investment companies, consulting firms, public accounting firms, large industrial corporations and labor unions.

Requirements

Students will be required to take at least six credit hours of 200/300 level courses at Roosevelt. Students must earn a C or higher in each of the courses in order to continue with the minor. 

Due to the overlap in the calculus sequence, mathematics majors who wish to complete an actuarial science minor must take at least five courses designated as ACSC courses, including ACSC 101 ACTUARIAL CAREER, that are not counted as part of the credit for their mathematics major. That set of five courses may include courses that are cross-listed as math courses, but these cannot be double counted as a part of their major. Students are encouraged to discuss their class choices with their advisor.