Minor in Actuarial Science

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What is actuarial science?

Actuarial science is a discipline that applies mathematical and statistical ingenuity in order to assess risk, most commonly in insurance and finance. It has gone through revolutionary changes since the growth of high speed computing and demand for financial theory. An actuary is expected to be diverse in knowledge that includes mathematics, probability, statistics, finance, economics, and computer programming.

Why study actuarial science?

Companies value people with actuarial skills. Actuaries are well respected members in the community due to their knowledge and analytical skills. Furthermore, the actuarial profession is commonly rated as a top career. Actuaries earn a nice salaries and have room for career advancement.

Where can I learn more about actuarial science?

Visit www.soa.org to learn from the Society of Actuaries.

Who is this program looking for?

The actuarial science minor here at Sacred Heart University is looking for highly motivated mathematics and finance majors. Although other majors are welcome, the requirements for this minor require only a few extra courses beyond the math or finance major. Anyone interested in the actuarial program should visit the mathematics or finance departments for information.

What courses do I need to take?

  • AC 221 Financial Accounting and Reporting
  • FN 215 Financial Management
  • FN 442 Derivatives and Risk Management
  • MA 151 Calculus 1
  • MA 152 Calculus 2
  • MA 261 Linear Algebra
  • MA 331 Mathematical Probability and Statistics 1
  • FN 499/MA 349 Actuarial Mathematics

Although not required for this minor, it is recommended that you take MA 332 Mathematical Probability and Statistics 2. If majoring in math, students should choose EC 202 and EC 203 for their required supporting courses. If majoring in Finance, EC 202 and EC 203 are mandatory.

The following is a recommended schedule for this minor:

  Freshmen Sophomore Junior Senior
Fall MA 151 AC 221 MA 331 FN 499/MA 349
Spring MA 152

MA 261
FN 215

  FN 442
Exams  

Exam FM
(after spring semester)

Exam P
(after fall semester)

Exam MLC
(after fall semester)

About Actuary Exams

In order to become an actuary, preliminary exams must be passed.  Different types of actuaries will take specialized exams to their specific field, however, the preliminary exams are the same.  A successful completion of as many of these exams as an undergraduate is most helpful.  Here at Sacred Heart University we offer courses that help you with the probability exam, the financial mathematics exam, and the models for life contingencies exam.  Once a student enters the work force, most employers will provide study time for exams, will pay exam fees, and provide promotions for passing the exams.  

When should I declare a minor?

Anytime! Of course, it is always advisable to declare a minor sooner rather than later.