What is Actuarial Science?
Actuaries are experts in the identification, assessment, and management of risk. To be an actuary you must have a broad collection of skills, including a mastery of advanced mathematics, economics, and finance. Actuaries are employed by insurance companies, consulting firms, and government agencies on both the state and federal levels. The actuarial profession has consistently been rated as one of the top five jobs in the United States according to the Jobs Rated Almanac.
Actuarial Advising
Actuarial advising is offered in the Department of Mathematics and Computer Science through Professor Dick Forrester.
While Dickinson College does not currently offer an official actuarial degree, the College does offer the courses necessary to prepare students for an actuarial career, while still maintaining the ideals of a liberal arts education.
Actuarial Exams
Actuaries achieve professional status by passing a series of rigorous examinations prescribed by either the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). The first few examinations of the two organizations are identical, and a self-motivated, above-average student should be able to pass the first and possibly the second actuarial exam before graduating. The subsequent exams are typically completed during employment.
Suggested Coursework
Students interested in a career in actuarial science need a strong background in mathematics in addition to appropriate courses in economics and finance. This is why most actuaries major in mathematics, but this is not a necessity.
Below is a list of courses which will help prepare students for an actuarial career:
Important Courses: |
||
| Math 161, 162, and 261 | Calculus I, II, and III | |
| Math 225 and 325 | Probability and Statistics I and II | |
| Math 262 | Introduction to Linear Algebra | |
| Econ 111 | Introduction to Microeconomics | |
| Econ 112 | Introduction to Macroeconomics | |
| IB&M 100 | Fundamentals of Business | |
| IB&M 300 | Finance | |
Recommended Courses: |
||
| Math 231 | Operations Research | |
| Math 341 | Numerical Analysis | |
| COSI 131 and 132 | Intoduction to Computer Science I and II | |
| IB&M 240 | Marketing | |
Internet Resources
The best sources of information concerning an actuarial career are:
- www.beanactuary.com
This website, jointly developed by the Society of Actuaries and the Casualty Actuarial Society,
contains a wealth of information regarding the actuarial profession and is an excellent place to
begin for those interested in the career.
- www.soa.org
The official website of the Society of Actuaries.
- www.casact.org
The official website of the Casualty Actuarial Society.
Validation by Education Experience
The Validation by Educational Experience (VEE) was added to the Associateship requirements of the SOA and CAS in 2005. Candidates seeking to attain membership with the SOA and/or CAS are required to complete the VEE requirements for Economics, Applied Statistics, and Corporate Finance. This is in addition to passing the required exams and other membership requirements.
The VEE requirements can be fulfilled by earning at least a B- in an approved college/university course or by taking an approved educational experience. The following Dickinson College courses have been approved and are included in the Directory of Approved Courses for VEE.
VEE Subject |
Approved Courses |
Time Period |
Economics |
Econ 111: Introduction to Microeconomics and with Econ 112: Introduction to Macroeconomics |
1991-2008 |
Applied Statistics |
Math 325: Probability and Statistics II |
2005-2008 |