Actuarial Science
2004-2006 Undergraduate Catalog | Catalogs

Actuarial science involves the application of probability theory and risk management to the areas of life and health insurance, property and casualty insurance, pension plans, and other employee benefit plans. Actuaries, who evaluate the long-term financial impact of these plans on both the issuing company and the purchaser or beneficiary of the plan, are employed by insurance companies, consulting firms, large corporations, and governmental agencies. The major in actuarial science emphasizes the mathematical theory that underlies risk evaluation. The courses will also aid the student in preparing for many of the professional societies’ examinations.

Actuaries are expected to earn professional designation from either the Society of Actuaries (life and health insurance) or the Casualty Actuarial Society (property and casualty insurance). These societies administer a series of examinations which lead first to the designation of associate and then to fellow. The initial exams are the same for both societies.

Major in Actuarial Science

The major sequence for both the Bachelor of Arts and Bachelor of Science degrees is given below. Advanced placement in mathematics is possible for well-prepared students. At least four courses in actuarial science must be completed at Roosevelt University. Both the BA and the BS degrees require a minor in financial theory.

Requirements for a major in actuarial science leading to a BA or BS degree

Actuarial science minor in finance theory

Additional minor in an area of science for BS degree

For the BS degree, an additional minor sequence is required and must be in an area of science other than mathematics (computer science is recommended). All courses presented for the major and the minor must be completed with grades of C or higher. Repeated courses in the major or minor require specific approval. The average grade for all courses taken in actuarial science and mathematics must be C or higher. All credit must be approved by the faculty of the discipline to be applied toward the major. Appropriate supporting courses in accounting, computer science, economics and financial services are recommended.