Actuarial Science, B.A.

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This program is specifically designed to prepare students for a career as an actuary. However, combined with the UMF liberal arts education, students completing this major have a broad foundation that will prepare them for many different mathematical, statistical, and business-oriented careers.

We will aim to:

increase the number of highly qualified students entering careers in actuarial and actuarial-related fields, especially those who are educated in Maine.
promote the development and use of statistics, probability, decision-making, and risk management.
support collaboration with and integration of other disciplines regarding topics in actuarial science.
prepare students for the Society of Actuaries and the Casualty Actuarial Society professional examinations.

Total Major Requirement 45 - 46

Math Courses 27 Credits

MAT 141 - Calculus I Credits: 4
MAT 142 - Calculus II Credits: 4
MAT 220 - Data Analysis Credits: 3
MAT 241 - Calculus III Credits: 4
MAT 251 - Linear Algebra Credits: 3
MAT 325 - Interest Theory Credits: 3
MAT 328 - Statistical Models Credits: 3
MAT 371 - Mathematical Probability Credits: 3

Supporting Courses 15 Credits

ACE 200 - Professionalizing Mathematics and Computer Science Credits: 3
BUS 203 - Introduction to Financial Accounting Credits: 3
BUS 340 - Managerial Finance Credits: 3
ECO 101 - Principles of Macroeconomics Credits: 3
ECO 102 - Principles of Microeconomics Credits: 3

Technology Courses 3-4 Credits

COS 140 - Introduction to Computer Science Credits: 4
or
COS 150 - Data Mining Credits: 3
or

TEC Modules Credits: 3

Other Requirements

General Education Requirements

For specific information about general education requirements and expectations, see the General Education Requirements in the Academic Programs section of this catalog.

Graduation Requirements

Completion of at least 120 credits and all requirements for this specific program, with a cumulative grade point average of at least 2.000.

Minimum Total of Credits for The Degree: 120

Learning Goals and Assessment

Learning Goals:

Students will:

acquire a strong general background in mathematics, statistics, business, and economics.
develop analytical and problem solving skills.
develop technological skills that are current in the actuarial field.
be prepared to pass the first two national actuarial examinations administered by the Society of Actuaries and the Casualty Actuarial Society.
communicate effectively both orally and in writing.
work effectively in teams.

Assessment Criteria:

Students will:

demonstrate an understanding of the fundamental probability tools for quantitatively assessing risk and demonstrate an ability to apply these tools to problems encountered in actuarial science.
demonstrate an understanding of the fundamental concepts of financial mathematics and demonstrate an ability to apply these tools to problems encountered in actuarial science.
demonstrate an understanding of technologies that are current in the actuarial field and demonstrate an ability to apply these tools to problems encountered in mathematics, statistics, business, and economics.
demonstrate the ability to summarize and communicate, orally and in writing, actuarial problems and the ability to communicate solutions to actuarial problems to specialized and non-specialized audiences.
demonstrate an ability to establish rapport in groups and be able to work both independently and in collaboration with others.