Students just beginning their actuarial science careers may be interested in a program such as the bachelor's degree in Actuarial Science through the Florida State University Department of Mathematics. Bachelor program requirements include calculus, programming, economics of the national economy, economics price system, introduction to actuarial mathematics, actuarial models, principles of accounting, financial management of the firm, investments and introduction to risk management. Electives such as actuarial models and credibility, introduction to economics, property and casualty insurance operations and numerical analysis are also required. Because the program offers a bachelor’s degree, many schools (including Florida State) require general core classes in subjects such as English composition, psychology and fitness. Applicants to an actuarial science bachelor’s program must have a high school diploma.
Students in a master’s program such as the one at Columbia University fulfill course requirements in actuarial methods, intermediate microeconomics, probability, actuarial models, survival analysis, theory of interest, elementary stochastic processes, applications of derivatives processing, corporate finance and mathematical methods of derivatives pricing. At many schools (including Columbia), students are required to complete an internship or practitioner course to gain real-world experience in actuarial science. Requirements for admission vary by school. An undergraduate major in actuarial science may not be required for admission. Boston University, for example, does not require a bachelor's degree in actuarial science, but applicants must show a year of calculus and a semester of multivariable calculus. At Columbia University, no statistics, economics or mathematics undergraduate major is required, but coursework in elementary economics, multivariate calculus and linear algebra are required. Applicants also must have a minimum grade point average of 3.0, a resume, statement of purpose and three letters of recommendation.
Students seeking to complete a Ph.D. in actuarial science will find requirements such as the ones for the University of Connecticut Department of Mathematics’ program, which doesn’t specifically outline the student’s plan of coursework, but gives options such as topics in probability, mathematical pedagogy, geometry and topology, introduction to complex variables, fourier analysis, probability theory and stochastic processes, finite element solution methods, computerized modeling in science and survival models. A minimum of 24 course credits (if admitted students have only a bachelor’s degree, more classes will be added to the program) is required. Ph.D. candidates at the University of Connecticut must take four written exams and one oral exam, plus work with a faculty member to complete a dissertation. Study of at least two courses in a foreign language such as Russian, German, French or Chinese is also required. Either a bachelor’s degree or master’s degree in mathematics is required for admission. The University of Iowa, which offers a Ph.D. in statistics, with a concentration in actuarial science, requires Ph.D. candidates to complete at least one assistantship to a faculty member in the program.