Mathematics
Actuarial Science

​​​​​​​​​​​​​​​​Program Description

Managing risk in insurance, finance and other industries is no easy job, but if you like math and statistics, actuarial science 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. Professional development, resources and contacts through student organizations such as Gamma Iota Sigma, and free tutoring at the Mathematics Assistance Center will help you graduate on time with a great GPA.​​

​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.

Put Your Degree to Work

Actuary science is considered a high-salary profession with great job security and vast opportunities. Most actuaries work full time in an office setting but actuaries who work as consultants may frequently travel to meet with clients. Employment of actuaries is projected to grow 26 percent by 2022, much faster than the average for all occupations. 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

JobMedian PayJob Growth through ​2022​
Actuary$93,680 per year26% (6,300 more jobs)
Financial analyst$76,950 per year16% (39,300 more jobs)
Financial manager$109,740 per year9% (47,100 more jobs)​​​

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 quantititative. 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 62-63 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: 62-63 semester hours For additional information, see the list of advisors in the Class Schedule Booklet.
Required Courses II
(2-3 hours)
Choose CPS 150 or any programming language course (2 or 3 credits).
CPS 150
FORTRAN Programming
3
Required Courses III
(3 hours)
Select one of the following:
ECO 385
Introduction to Econometrics
3
STA 580
Applied Statistical Methods I
3
Required Courses I
(51 hours)
ACC 201
Concepts of Financial Accounting
3
ACC 202
Concepts of Managerial Accounting
3
BLR 202
Legal Environment of Business
3
ECO 201
Principles of Macroeconomics
3
ECO 202
Principles of Microeconomics
3
FIN 317
Insurance Planning
3
FIN 332
Managerial Finance
3
MTH 132
Calculus I
4
MTH 133
Calculus II
4
MTH 223
Linear Algebra and Matrix Theory
3
MTH 233
Calculus III
4
MTH 540
Mathematical Theory of Interest
4
STA 539
Probability Foundations of Actuarial Science
3
STA 575
Statistical Programming for Data Management and Analysis
3
STA 584
Mathematical Statistics I
3
STA 585
Mathematical Statistics II
3
Required Courses IV
(3 hours)
Select one of the following:
ECO 532
Economic Forecasting
3
STA 589
Time Series Forecasting
3
Electives
(3 hours)
Select one of the following in consultation with the advisor:
BIS 360
Applied Business Communication
3
ECO 365
Intermediate Microeconomic Theory
3
ECO 370
Intermediate Macroeconomic Theory
3
FIN 442
Intermediate Financial Management
3
MTH 332
Introduction to Mathematical Proof
3
STA 591
Data Mining Techniques I
3
​​

 Grads on Fire

Peter Jaworski, '14, is in personal insurance product management at Liberty Mutual.

Hillary Mahoney, '14, is a metrics analyst at Allstate Insurance.

Christopher Richmond, '13, is a retirement analyst at Towers Watson.

Shannon Chaffee, '12, is an associate actuarial technician at Auto-Owners Insurance.

Spencer Hall, '09, is an actuarial analyst at Hagerty Insurance.

Amanda (Munro) Smith, '08, is a senior billing analyst at The Hanover Insurance Group.

Todd Merz, '96, is a rating analyst at Blue Cross Blue Shield Michigan.

CMU is an AA/EO institution, providing equal opportunity to all persons, including minorities, females, veterans and individuals with disabilities. | CentralLink
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