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Bachelor's in Actuarial Science (BA or BS)

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.


Location: Chicago
Start Term: Fall, Spring, Summer
Program Type: Major, Minor
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 their Validation by Educational Experience (VEE) requirements in economics, corporate finance and applied statistics.

What Differentiates Us

Established

Established

Actuarial science is a long-standing major at Roosevelt University; we have offered it here for over thirty years, and we are one of only two institutions in Chicago that offers such a major.

Small Classes

Small Classes

Unlike other large institutions, all classes at Roosevelt are capped at 30 students, allowing for individualized focus on your personal growth.

Accelerated Option

Accelerated Option

Students who earn a B- or above in their economics, finance and applied statistics courses will complete all Validation by Educational Experience (VEE) 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.

Peer Networking

Peer Networking

Roosevelt has an inclusive and diverse community, with more than 40 actuarial science majors currently.

Expectations & Requirements

Standards

Our actuarial science courses and degree programs (the BA, the BS and the MS) are designed with the requirements for certification by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) in mind. The actuarial science courses in the curriculum cover most of 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.

Minor Requirements

Our actuarial science minor allows students to prepare for one of the professional exams of the Society of Actuaries and the Casualty Actuary Society or to earn the Societies' VEE credit in the areas of applied statistics. 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 financial mathematics.

Sample Courses

  • Calculus I-III
  • Linear Algebra
  • Probability Theory
  • Mathematical Statistics
  • Regression and Time Series
  • Financial Mathematics
  • Actuarial Seminar: Preparation for Exam P/1
  • Actuarial Seminar: Preparation for Exam FM/2
  • Electives in Data Mining
  • Advanced Excel
  • Industrial Applications
  • Models for Life Contingencies

Outcomes

Companies Our Grads Work For
Aetna
Alliance for Audited Media
Assurance
Blue Cross Blue Shield
First Chicago Insurance Company
Milliman
Pinnacle Actuarial Resources Inc.
Sears Holding Corporation
The Segal Group
Social Security Administration
Positions Our Grads Are Qualified For
  • Senior actuarial analyst
  • Principal and consulting actuary
  • Actuarial assistant
  • Auditor
  • Financial analyst
  • Quantitative analyst

More Opportunities

Clubs & Activities

We offer an active Actuarial Science Club, which organizes study sessions, resume writing workshops, meetings with practicing actuaries, and an actuarial career fair. We also offer an active Math Club, 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.

Testimonials

“The Roosevelt University Actuarial Science Program, one of the top programs in the Midwest area, is housed in the Department of Mathematics. The program helps the students to achieve their career goals in risk analysis and risk management.”
Wanwan Huang
‚ÄčAssistant Professor, Actuarial Science,

"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."

Carina Balan - Actuarial Science, BS / Math, MS '13 / '16