​​​​​​​​​​​​​​​​​​​​​Program Description

What is actuarial science? It uses analytical and statistical process to assess risk in various industries. It’s no easy job, but if you’re interested in math and statistics, becoming an actuarial science major may be a perfect fit. CMU’s actuarial science program offers you comprehensive training in thinking, reasoning and problem-solving — all of which strengthen your skills for a career in business, industry, government and more. Through professional development, resources, developing contacts through student organizations and free tutoring at the Math Center, you will get the support and opportunities to be successful.

​Points of Pride

  • Your classes will prepare you for the first three actuarial exams (P, FM, Life Contingencies), which are administered by the Society of Actuaries and the Casualty Actuarial Society. Many students pass at least the first exam by the time they graduate from CMU.
  • Actuary science is considered a high-salary profession with great job security and vast opportunities.

Put your actuarial science degree to work

Most actuaries work full time in an office setting, but actuaries who work as consultants may frequently travel to meet with clients. Actuaries often develop, price and evaluate a variety of insurance products and calculate the costs of new risks.​

​U.S. Bureau of Labor Statistics sample data

Below is a list of potential careers, median salary over the course of the career and projected job growth.

JobMedian PayJob Growth through ​2026​
Actuary$101,560 per year22% (5,300 more jobs)
Financial analyst$84,300 per year11% (32,200 more jobs)
Financial manager$125,080 per year19% (108,600 more jobs)

For More Information

Visit the actuarial science website​ or contact:

John Daniels
Pearce Hall 206E
Email: john.daniels@cmich.edu
Phone: 989-774-2894

Program Overview

The course listings below are a representation of what this academic program requires. For a full review of this program in detail please see our official online academic bulletin AND consult with an academic advisor. This listing does not include the General Education courses required for all majors and may not include some program specific information, such as admissions, retention, and termination standards.

(Click on the course name or number for a complete course description.)

Actuarial Science Major

Why Study Actuarial Science? Actuaries study risk. The work is quite quantitative. About 70% of actuaries work for insurance companies; about 25% for consulting firms, and about 5% for government agencies. The publication Jobs Rated Almanac has always rated actuary as one of the top five jobs in the United States. In the 2002 edition (sixth edition), it is rated number 2 . Actuarial Science at CMU The Actuarial Science major is an interdisciplinary major with an advisor from the Department of Mathematics. It offers courses to prepare students for the first (Exam P) and second (Exam FM) actuarial exams jointly administered by the Society of Actuaries and the Casualty Actuarial Society. Students should try to pass both exams by the time they graduate from CMU. The major also provides coursework to prepare a graduate for a career in the business world in which the insurance industry is focused. More direct contact with actuaries comes through the student organization Gamma Iota Sigma. This major consists of 63-64 hours of course work in mathematics, statistics, accounting, economics, finance, business law, and computer science. The major is designed to give the student the type of background necessary to pursue a career in actuarial science and, in particular, to prepare the student to pass two actuarial exams. There is no required minor. Advisors are from the Department of Mathematics.
Total: 63-64 semester hours
Required Courses I
(52 hours)
ACC 201
Concepts of Financial Accounting
ACC 202
Concepts of Managerial Accounting
ACT 539
Probability Foundations of Actuarial Science
ACT 540
Mathematical Theory of Interest
ACT 543
Mathematics of Financial Models
ECO 201
Principles of Macroeconomics
ECO 202
Principles of Microeconomics
FIN 317
Insurance Planning
FIN 332
Managerial Finance
MTH 132
Calculus I
MTH 133
Calculus II
MTH 223
Linear Algebra and Matrix Theory
MTH 233
Calculus III
STA 575
Statistical Programming for Data Management and Analysis
STA 584
Mathematical Statistics I
STA 585
Mathematical Statistics II
STA 589
Time Series Forecasting
Required Courses II
(2-3 hours)
Choose CPS 180 or any programming language course (2 or 3 credits).
CPS 180
Principles of Computer Programming
Required Courses III
(3 hours)
Select one of the following:
ECO 385
Introduction to Econometrics
STA 580
Applied Statistical Methods I
(3 hours)
Select one of the following in consultation with the advisor:
BIS 323
Spreadsheet-Based Modeling for Business
BIS 360
Applied Business Communication
BLR 202
Legal Environment of Business
ECO 365
Intermediate Microeconomic Theory
ECO 370
Intermediate Macroeconomic Theory
FIN 442
Intermediate Financial Management
MTH 332
Introduction to Mathematical Proof
STA 591
Data Mining Techniques I