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Actuarial Science

This is an archived copy of the 2022-2023 catalog. To access the most recent version of the catalog, please visit http://catalog.iastate.edu.

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Actuaries have a deep understanding of finance, business, mathematics, and statistics. With this knowledge, they help businesses measure and manage risk, develop new products, and make strategic value-enhancing decisions. In high demand, actuaries work for and with businesses engaged in many different types of activities, including life-, health-, and property-casualty insurance, banking, investments, financial services, government, energy, e-commerce, marketing, and consulting.

Students studying actuarial science will acquire the knowledge base and skills in finance, mathematics, and statistics needed to pass the preliminary actuarial exams offered by the Society of Actuaries and Casualty Society of America, while acquiring essential business skills to be successful in the field.

Undergraduate Major

The Department of Finance in the Ivy College of Business offers a major in actuarial science.  Students will complete the business general education requirements (including business foundation courses), supporting courses/major prerequisites, business core requirements for the bachelor of science (B.S.) degree, and 29 additional credits in the major.

The actuarial science major, intended for students with strong quantitative backgrounds and interest in business, has the goal of educating students in business and risk management, while providing the background and training needed for certification as an actuary (via the 5 preliminary exams of the profession). The major is an excellent opportunity for individuals who want to use advanced technical and analytical skills to solve important business problems.

Certificate

The certificate in actuarial science is available from the College of Liberal Arts and Sciences for non-actuarial science majors at Iowa State. The certificate requires 23 credits from a designated list of courses, of which 9 credits must stand-alone. There are 9 prerequisite courses required for the certificate's required courses.

The certificate in actuarial science is intended for students studying mathematics, statistics, or other STEM disciplines at Iowa State (or who hold a baccalaureate degree from an accredited institution) who wish to prepare for a career in the field while obtaining the advanced technical and analytical skills in their chosen major. Students completing the certificate will have sufficient background to pass the first 4 preliminary exams of the profession, along with applying actuarial mathematics to problems in finance, investments, and risk analysis for a broad range of businesses and consumers.

For undergraduate curriculum in business, major in actuarial science.

The Department of Finance offers a major in actuarial science.  Students will complete the general education requirements (including business foundation courses), supporting courses/major prerequisites, business core requirements for the bachelor of science (B.S.) degree, and 29 additional credits in the major.

Actuaries measure and manage risk and work for and with businesses with a financial focus, such as finance and insurance. The actuarial science program provides a background in probability, statistics, finance, and actuarial mathematics to enable students to pass the 5 preliminary exams offered by the Society of Actuaries and Casualty Society of America.  After completion of this program, students will acquire the business-related skills needed to be a successful actuary. These include the ability to: understand how a business is organized and functions; communicate effectively in written, oral, visual, and electronic modes; work in teams; make ethical choices; use quantitative and analytical methods to address unstructured business problems; think critically; understand financial statements; and understand markets and investments.

Areas of study in the field of actuarial science include interest theory, theory of probability, financial futures and options, loss models, credibility theory, and mathematics of life contingencies. 

The instructional objective of the Actuarial Science program is to provide a well-rounded professional business education in actuarial science. Such a program will provide the student with:

  1. a mastery of actuarial concepts and methods of analysis
  2. a basic understanding of insurance operations in a global setting and of the role of financial institutions in the economy
  3. an ability to effectively communicate and work with others as an actuary
  4. an ability to demonstrate leadership capabilities in actuarial, financial analysis, and portfolio management.

For more information on the undergraduate major in Actuarial Science, please visit: https://ivybusiness.iastate.edu/degree/actuarial-science/

Student Learning Outcomes

Upon graduation, undergraduate students majoring in Actuarial Science will:

  1. Be effective communicators
  2. Be effective collaborators
  3. Be problem solvers
  4. Understand business concepts
  5. Recognize ethical and legal responsibilities to organizations