ACTUARIAL SCIENCE (ACSC)

College of Arts and Sciences, Interdisciplinary Program
O’Shaughnessy Science Hall (OSS) 201, (651) 962-5538
Youn (MATH), director, Dayananda (MATH), Moenig (MATH), Shemyakin (MATH)

Department Web Site: http://www.stthomas.edu/mathematics/

The Bachelor of Science in Actuarial Science is an interdisciplinary degree program offered through the Department of Mathematics. (See also the Department of Mathematics in this catalog.)

Actuarial science education equips students with strong mathematical problem-solving skills that can be applied to business careers. The major requirements consist of courses in mathematics, actuarial science, computer science, business, economics and a course in communication. Coupled with a firm foundation in the liberal arts, this major provides a sound grounding in analytical problem-solving and communication skills.

This program prepares students for a variety of careers with insurance companies, consulting firms, financial institutions, industrial corporations, or government agencies. It also provides a good preparation for non-actuarial careers in banking, finance, or insurance. In addition, the statistical background developed by an actuarial student is valuable in a variety of other fields.

Students graduating with a major in Actuarial Science will become proficient in basic mathematics through multivariate calculus and probability together with basic notions of insurance and risk management. They will demonstrate the ability to think clearly and critically in solving problems related to the analysis and management of risk. They will be able to effectively communicate technical and non-technical information to their peers and to non-specialists in their work environment.

To be certified as a Fellow or an Associate by either the Society of Actuaries or the Casualty Actuarial Society, one must pass a series of rigorous examinations. The earlier examinations are focused on mathematics and statistics and can be taken while a student. The later examinations cover aspects of business, economics, and the regulatory climate.

A careful selection of courses from a variety of departments helps a student to prepare for many excellent professional opportunities in this field. Students should see the director of the Actuarial Program for advice in selecting courses for a particular purpose.

Within the Department of Mathematics, the Center for Applied Mathematics provides opportunities for actuarial science students to work on significant mathematical problems of current interest to business, industry, and government.

Admission Guideline: Due to the demanding nature of the Actuarial Science Program and the difficulty of the examinations required for professional designation, it is strongly suggested that prospective majors have a minimum Math GPA of 3.0. Most students who have been successful in this program and actuarial examinations have had GPA’s considerably higher than 3.0.  

Major in Actuarial Science (B.S.)

Actuarial Science - Major Field Guide‌

  • ACCT 210 Introduction to Financial Accounting (4 credits)
  • ACSC 264 Theory of Interest (4 credits)
  • ACSC 320 Risk Management and Insurance (4 credits)
  • ACSC 351 Foundations of Actuarial Mathematics (4 credits)
  • ACSC 352 Actuarial Contingencies (4 credits)
  • CISC 130 Introduction to Programming and Problem Solving in the Sciences (4 credits)
  • ECON 252 Principles of Microeconomics (4 credits)
  • FINC 321 Financial Management (4 credits)
  • FINC 325 Investments (4 credits)
  • MATH 113 Calculus I (4 credits) (or MATH 108 and MATH 109)
  • MATH 114 Calculus II (4 credits)
  • MATH 200 Multi-Variable Calculus (4 credits)
  • MATH 240 Linear Algebra (4 credits)
  • MATH 313 Probability (4 credits)
  • STAT 314 Mathematical Statistics (4 credits)

Plus four credits from the following:

  • ACSC 464 Mathematical Finance (4 credits)
  • STAT 333 Applied Statistical Methods: Regression, Time Series, Forecasting (4 credits)
  • MATH 385 Mathematical Methods of Numerical Analysis (4 credits)

Allied Requirement:

One of: ENGL 211 or above; COJO 100 (Public Speaking); COJO 105 (Communication in the Workplace)

Suggested Electives:

  • BLAW 301 Legal Environment of Business (4 credits)
  • CISC 230 Object-Oriented Design and Programming (4 credits)
  • CISC 450 Database Design I (4 credits)
  • ECON 251 Principles of Macroeconomics (4 credits)
  • ECON 351 Macroeconomic Theory (4 credits)
  • ECON 352 Microeconomic Theory (4 credits)
  • ECON 355 Game Theory (4 credits)
  • FINC 324 Corporate Finance (4 credits)
  • FINC 400-level Investment Courses(4 credits)
  • MBIS 701 Insurance Seminar (3 credits)
  • MKTG 300 Principles of Marketing (4 credits)
  • STAT 370 Bayesian Statistical Models and Credibility Theory (4 credits) 

B.S. in Actuarial Science - Major Field Guide

Minor in Actuarial Science

  • ACSC 264 Theory of Interest (4 credits)
  • ACSC 320 Risk Management and Insurance (4 credits)
  • MATH 113 Calculus I (4 credits) (or MATH 108 or MATH 109
  • MATH 114 Calculus II (4 credits)
  • Plus eight credits from the following:
  • Note: At least four credits must not satisfy the student’s major field requirement (including allied requirements)
  • ACCT 210 Introduction to Financial Accounting (4 credits)
  • ACCT 215 Managerial Accounting (4 credits)
  • ACSC 351 Foundations of Actuarial Mathematics (4 credits)
  • ACSC 464 Mathematical Finance (4 credits)
  • ECON 252 Principles of Microeconomics (4 credits)
  • FINC 321 Financial Management (4 credits) or FINC 300 Finance for non-Business Majors (4 credits)
  • MATH 200 Multi-Variable Calculus (4 credits)
  • MATH 313 Probability (4 credits) or MATH 303 Statistics for the Applied Sciences (4 credits)
Course Number Title Credits
ACSC  243 Individual Study 2 OR 4
ACSC  264 Theory of Interest 4
ACSC  269 Research 2 OR 4
ACSC  320 Risk Management & Insurance 4
ACSC  351 Foundations:Actuarial Math 4
ACSC  352 Actuarial Contingencies 4
ACSC  389 Research 2 OR 4
ACSC  393 Individual Study 2 OR 4
ACSC  464 Mathematical Finance 4
ACSC  489 Topics 4
ACSC  491 Research 2 OR 4