Actuarial science applies probability theory and risk management to the areas of life and health insurance, property and casualty insurance, pension plans, and other employee benefit plans. Risk analysts and 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.
Risk analysts and 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 that lead to the risk analyst designation, or for actuaries, first to the designation of associate and then to fellow. The initial exams are the same for both societies. The courses required for the major and the minor will aid the student in preparing for the first two of the professional societies' examinations and will also satisfy many of their Validation by Educational Experience (VEE) requirements. The Society of Actuaries’ list of Universities and Colleges with Actuarial Programs designates Roosevelt as a school with an Advanced Curriculum, with many courses taught by Associates of the Society of Actuaries.
The Mathematics and Actuarial Science faculty at Roosevelt offer both an an Actuarial Sciences, BS/MS Accelerated Program and an accelerated BS in Actuarial Science/MS in Mathematics program to eligible students. Students entering this program can earn both bachelor's and master's degrees in less time than earning these degrees separately would require.
Students who earn a B- or above in their Validation by Educational Experience (VEE) courses will complete those requirements for both of the actuarial societies as part of their major. Interested and high-achieving students can apply to our accelerated master's/bachelor's programs and complete a BS and MS in five years.
Actuarial science is a long-standing major at Roosevelt University; we have offered it here for over forty years, and we are one of only two institutions in Chicago that offers an advanced actuarial curriculum.
Roosevelt has an inclusive and diverse community. Roosevelt hosts an annual Actuarial Science Career Fair for students to meet local employers and recruiters to learn about actuarial internships and positions, as well as a series of industrial speakers. Students attend regional conferences and shadow future employers.
Unlike other large institutions, all classes at Roosevelt are capped at 30 students, allowing for individualized focus on your personal growth.
Our actuarial science courses and degree programs (the BA, the BS and the MS) are designed with the requirements for the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) in mind. The actuarial science courses in the curriculum cover the topics in the syllabi of the first set of SOA and CAS exams. Students will have a chance to network with actuaries that are employed in the industry and learn about professional skills and culture. Students have the opportunity to work on an intensive modeling project with an industrial partner.
Students completing the Bachelor of Arts degree complete a minor in finance. Students completing the Bachelor of Science degree have an additional concentration or minor in an area of science, with computer science strongly recommended.
Our actuarial science minor allows students to prepare for one of the professional exams of the Society of Actuaries and the Casualty Actuary Society. Students will be able to specialize in probability, financial mathematics or statistical modeling. All of these options are especially helpful for students in business or economics who wish to strengthen their quantitative skills.
The calculus coursework will give students the mathematical framework necessary for work in statistics and financial mathematics.
Alliance for Audited Media
Blue Cross Blue Shield
First Chicago Insurance Company
Pinnacle Actuarial Resources Inc.
Sears Holding Corporation
The Segal Group
Social Security Administration
We offer an active Math and Actuarial Science Club, which organizes study sessions, resume writing workshops, meetings with practicing actuaries, job shadowing and an actuarial career fair. We also offer a colloquium series in mathematics and statistics, a day-long conference (the Math x-Position) each fall, and the Roosevelt Lectures in Math each spring. Students attend and present at regional conferences.
Designation as an advanced program by the Society of Actuaries makes Roosevelt's actuarial science program attractive to academically strong students.
"My experience at Roosevelt University has been a very positive one. The faculty and the students have developed a community that is supportive and encouraging. During my college career I worked on several research projects that have dealt with data analysis and modeling trends, which has given me an insight into the field of actuarial science."