​​​​​​​​​​​​​​​​​​​​​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. Students are encouraged to pass at least two exams 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:

Kahadawala Cooray
Pearce Hall 111
Email: coora1k@cmich.edu
Phone: 989-774-3543

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

Ranadeera Samanthi
Pearce Hall 206I
Email: saman1rg@cmich.edu
Phone: 989-774-4354

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 are business professionals who use their mathematical, statistical, and business management skills to assess risk and uncertainty. About 70% of actuaries work for insurance companies; about 25% for consulting firms, and about 5% for government agencies. The actuarial employment rate is projected to grow 22% from 2018 to 2026, and it is one of the fastest growing professions. According to the U.S. News & World Report's "2018 Best Jobs Ranking," actuary ranked second in best business jobs and third in best jobs for STEM. Actuarial Science at CMU The major offers courses to prepare students for the actuarial Exam P, Exam FM, Exam IFM, and Exam LTAM administered by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). All of the courses required to fulfill the SOA/CAS Validation by Education Experience (VEE) are offered at CMU, and those courses are required for the Actuarial Science major. Students should try to pass at least two 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 the focus. More direct contact with actuaries comes through the student organization Gamma Iota Sigma. This major consists of 65 hours of course work in mathematics, statistics, accounting, economics, finance, 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 four actuarial exams. There is no required minor. Advisors are from the Department of Statistics, Actuarial and Data Sciences.
Total: 65 semester hours
Required Courses I
(52 hours)
ACC 201
Concepts of Financial Accounting
3
ACT 539
Probability Foundations of Actuarial Science
3
ACT 540
Mathematical Theory of Interest
4
ACT 543
Mathematics of Financial Models
3
ECO 201
Principles of Macroeconomics
3
ECO 202
Principles of Microeconomics
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
STA 575
Statistical Programming for Data Management and Analysis
3
STA 580
Applied Statistical Methods I
3
STA 584
Mathematical Statistics I
3
STA 585
Mathematical Statistics II
3
STA 589
Time Series Forecasting
3
Required Courses II
(4 hours)
CPS 106
Spreadsheet Concepts
1
CPS 180
Principles of Computer Programming
3
Electives
(9 hours)
Select three of the following in consultation with the advisor:
ACT 541
Actuarial Mathematics for Life Contingencies I
3
ACT 542
Actuarial Mathematics for Life Contingencies II
3
BIS 360
Applied Business Communication
3
FIN 317
Insurance Planning
3
MTH 332
Introduction to Mathematical Proof
3
STA 590
Applied Statistical Methods II
3
STA 591
Data Mining Techniques I
3
STA 592
Six Sigma: Foundations and Techniques for Green Belts
3
STA 595
Introduction to Bayesian Statistics
3