Mathematics — Special Interest Area: Actuarial Science

Description

An actuary is a professional trained in mathematics, statistics, and economic techniques who assigns a dollar value to future risk. They use their knowledge to solve problems involving the long-range financial impact of future events. This skill is of great value to insurance companies, investment firms, employee benefits, consulting firms, state or federal agencies, labor unions, and other organizations that need to quantify financial risks.

Actuaries achieve professional status by passing a series of qualifying examinations administered by the Society of Actuaries (SOA) and/or the Casualty Actuarial Society (CAS). Students are generally expected to have passed one or two of the exams while in college, but most are taken after employment. The SRU Actuarial Science Special Interest Area prepares students to take the first two actuarial exams, Exam P and Exam FM. SOA members have traditionally practiced in life and health insurance, pension planning, and employee benefits. In recent years, some have moved into finance and investment markets. CAS members work in property and casualty insurance.

In the six editions of the Jobs Rated Almanac published since 1986, the actuary has ranked first twice and ranked second four times. The book rates 250 jobs on the basis of such categories as salary, benefits, outlook for the future, stress, work environment, and job security. Entry-level salaries with one exam fall between $45,000 and $65,000 with signing bonuses being common. Actuaries with 15 years of experience often earn more than $250,000.

Slippery Rock students have been successful on passing the actuarial exams, getting summer internships, and finding actuarial jobs.

Detailed Course Facts

• English

Course Content

Major Requirements - Credits: 60

PLEASE SEE CURRICULUM GUIDES AND ACADEMIC ADVISER FOR PROGRAM SPECIFIC REQUIREMENTS.

Mathematics Core Courses - Credits: 33

Minimum grade of C required in MATH 131, 230, and 235

• MATH 131 - Discrete Mathematics Credits: 3
• MATH 230 - Calculus II Credits: 4
• MATH 231 - Calculus III Credits: 4
• MATH 235 - Modern Concepts of Mathematics Credits: 3
• MATH 240 - Linear Algebra and Differential Equations Credits: 3
• MATH 301 - Differential Equations I Credits: 3
• MATH 309 - Linear Algebra Credits: 3
• MATH 313 - Introductory Analysis I Credits: 3
• MATH 325 - Abstract Algebra I Credits: 3
• MATH 352 - Mathematical Statistics I Credits: 3
• MATH 491 - Mathematics Seminar Credits: 1

Special Interest Area Mathematics Courses - Credits: 6

MATH 353 is required. Choose one other course from the following:

• MATH 353 - Mathematical Statistics II Credits: 3 REQUIRED
• MATH 311 - Introduction to Operations Research Credits: 3
• MATH 315 - Numerical Mathematics Credits: 3
• MATH 335 - Mathematical Modeling Credits: 3
• MATH 354 - Mathematical Statistics III Credits: 3

Mathematics Sequences - Credits: 6-7

Two sequences required. At least one from MATH 313-314 or MATH 325-326

• MATH 301 - Differential Equations I Credits: 3

• AND

• MATH 302 - Differential Equations II Credits: 3
• MATH 313 - Introductory Analysis I Credits: 3

• AND

• MATH 314 - Introductory Analysis II Credits: 3
• MATH 325 - Abstract Algebra I Credits: 3

• AND

• MATH 326 - Abstract Algebra II Credits: 3
• MATH 352 - Mathematical Statistics I Credits: 3

• AND

• MATH 353 - Mathematical Statistics II Credits: 3

Special Interest Area Interdisciplinary Courses - Credits: 15

ECON 201 and 202, and MATH 280 are required. Choose 2 additional courses from the following:

• ECON 201 - Principles of Macroeconomics Credits: 3 REQUIRED
• ECON 202 - Principles of Microeconomics Credits: 3 REQUIRED
• MATH 280 - Theory of Interest Credits: 3 REQUIRED
• ACCT 209 - Financial Accounting Credits: 3
• ACCT 210 - Managerial Accounting Credits: 3
• ECON 302 - Microeconomic Analysis Credits: 3
• ECON 312 - Critical Choices in Health Care Policy Credits: 3
• ECON 318 - Intermediate Statistical Analysis Credits: 3
• FIN 320 - Managerial Finance Credits: 3
• FIN 321 - Investments Credits: 3
• FIN 323 - Financial Markets and Institutions Credits: 3
• FIN 326 - Intermediate Corporate Finance Credits: 3
• MATH 252 - Introduction to Statistical Modeling Credits: 3

Competency in an Approved Computer Programming Language

Competency in an approved computer programming language is required.

Mathematics students in the College of Health, Environment and Science must complete the following four courses.

• CHEM 107 - General Chemistry I Credits: 3
• CHEM 111 - General Chemistry I Lab Credits: 1
• MATH 225 - Calculus I Credits: 4
• PHYS 211 - General Physics I/ Lab Credits: 4

Requirements

Slippery Rock University has a strong commitment to student success, and we thoroughly research the academic background of the students who tend to succeed at SRU. We use this information to establish admission guidelines for first year students (new freshmen). We are seeking students who have attained at least a 3.0 GPA at the time of admission, have demonstrated proficiency in college preparatory coursework, and who have average to above average scores on the SAT or ACT. We will accept either test and use the best scores available. Offers of admission for new freshmen from high school may be made as soon as August following their junior year in high school. High school admitted students are required to submit proof of high school graduation in the form of Official Transcripts upon high school graduation.

In order to apply for admission, the following credentials are required:

• Official High School Transcripts, including a 12th Grade class schedule if applicable

• SAT or ACT Scores

• $30.00 application fee

WAIT LIST: Applicants who do not meet the admission guidelines are still encouraged to apply for admission if they are close to our admission guidelines. Such applicants may be placed on a wait list for admission consideration. Students who are placed on a wait list need to understand it is not the same as being denied admission. Wait list status simply means that an applicant's credentials may require a closer review beyond just the quantitative numbers. Offers of admission will be made to wait listed applicants on regular intervals.
Wait listed applicants should strive to improve their grades and/or test scores and re-submit them to the Office of Admissions as soon as is practical after the next marking period or re-test. Periodic review of the wait list will likely begin in November and offers of admission made on a rolling basis. Our goal is to have most of the wait list offers of admission made in March or April. A final round of wait list offers may be made in mid-May on a space available basis. We encourage students to submit additional information if it improves the academic record.

Work Experience

No work experience is required.

Related Scholarships*

• Academic Excellence Scholarship

  "The Academic Excellence Scholarship can provide up to a 50 % reduction in tuition per semester. These scholarships will be renewed if the student maintains superior academic performance during each semester of their 3-year Bachelor programme. The scholarship will be directly applied to the student’s tuition fees."

• Alumni Study Travel Fund

  Scholarships for students who are already attending the University of Reading.

• Amsterdam Merit Scholarships

  The University of Amsterdam aims to attract the world’s brightest students to its international classrooms. Outstanding students from outside the European Economic Area can apply for an Amsterdam Merit Scholarship.

* The scholarships shown on this page are suggestions first and foremost. They could be offered by other organisations than Slippery Rock University.