Actuarial Science, B S
Employers come to our campus specifically to interview candidates for actuarial summer internships and full-time jobs. Nearly 100% of students who have passed at least one exam receive job offers from employers attending the fair. Actuaries use analytical/math skills, business knowledge, and understanding of human behavior to evaluate the likelihood of future events and design creative ways to reduce the probability of bad outcomes. It is one of the top-ranked jobs and a well-compensated business profession not only nationally but also internationally.
It applies the mathematics of probability and statistics to define, analyze and solve the financial implications of uncertain future events. In the mathematical sciences, all of the courses that actuarial science students take have small class sizes. This allows faculty members to get to know their students and be available for questions, mentoring, and the one-on-one attention students need to excel.
Sam Weiss is an actuary for Votaire, where he enjoys helping individuals understand the confusing puzzle of retirement. He graduated from Ball State in 2015 with a degree in Actuarial Science, and minors in Computer Science and Business. We regularly take our students to attend actuaries club meetings organized by the Actuaries Club of Philadelphia and Society of Actuaries . Mathematics courses, Business courses and a Computer Science course are required.
As a result, actuarial science developed along a different path, becoming more reliant on assumptions, as opposed to the arbitrage-free risk-neutral valuation concepts used in modern finance. The divergence is not related to the use of historical data and statistical projections of liability cash flows, but is instead caused by the manner in which traditional actuarial methods apply market data with those numbers. For example, one traditional actuarial method suggests that changing the asset allocation mix of investments can change the value of liabilities and assets .
This is a first course in the fundamentals of financial mathematics, with applications in calculating present and accumulated values for various streams of cash flows. These will form a basis for future use in reserving, pricing, valuation, duration calculation, asset/liability management, investment income, capital budgeting, and valuing contingent cash flows. “Majoring in actuarial science will reward your love of mathematics,” says Prof. Daniel Cicala. “Actuaries are lifelong learners with a stable career and are well-compensated.” The certificate in actuarial science requires the completion of 7 courses, totaling 23 credit hours. Multiple businessmajorsmust have at least 15 distinct credits in each of the major requirements; when applicable, one course can be shared between business majors; see your advisor regarding multiple businessdegree requirements. My experience at Illinois really expanded my horizons beyond just actuarial science coursework.