The Department of Mathematical Sciences offers the Bachelor of Arts degree in Actuarial Science. The actuarial science major is an interdisciplinary program intended to prepare students for professional examinations and employment as actuaries.
In addition to the requirements for the major, students must also satisfy all of the university general education requirements and the College of Letters & Science breadth and other degree requirements. Degree requirements will vary depending on when you took your first college class. You are strongly advised to consult both the actuarial science advisor and your L&S advisor to ensure you stay on track towards a degree. Read more about the degree requirements on the L&S Degree Requirements web pages.
To clarify any degree requirements, please contact the Director of Actuarial Science.
Actuarial Science Major Requirements
Preparatory Curriculum
Students must complete a Calculus Sequence: MATH 231 (or MATH 213), MATH 232, and MATH 233 (or equivalent). MATH 221 and MATH 222 are equivalent to MATH 231, MATH 232, and MATH 233. Students majoring in actuarial science must have an average GPA of at least 2.500 in these courses. Additional preparatory curricula are required, as listed below.
Capstone Experience
Students must complete a Capstone Experience. The aim of the capstone experience is to encourage independent learning. Students complete a research paper in the context of this course, which satisfies the L&S research requirement. For Actuarial Science majors, the capstone is ACTSCI 599. Students must obtain consent of the instructor to enroll in ACTSCI 599.
Requirements
Students must complete the courses listed below, including at least 15 upper-division (numbered 300 and above) credits in the major in residence at UWM. The College of Letters & Science requires that students attain at least a 2.0 GPA on all credits in the major attempted at UWM. In addition, students must attain a 2.0 GPA on all major credits attempted, including any transfer work.
| Code | Title | Credits |
|---|---|---|
| Additional Preparatory Curriculum | ||
| ACTSCI 290 | Introduction to Actuarial Science | 3 |
| MATH 234 | Linear Algebra and Differential Equations | 4 |
| COMPSCI 250 | Introductory Computer Programming | 3 |
| COMPSCI 251 | Intermediate Computer Programming | 3 |
| BUS ADM 201 | Introduction to Financial Accounting | 4 |
| ECON 103 | Principles of Microeconomics | 3 |
| ECON 104 | Principles of Macroeconomics | 3 |
| Core Curriculum | ||
| ACTSCI 391 | Investment Mathematics I | 4 |
| MTHSTAT 361 | Introduction to Mathematical Statistics I | 3 |
| MTHSTAT 362 | Introduction to Mathematical Statistics II | 3 |
| BUS ADM 350 | Principles of Finance | 3 |
| or BUS ADM 450 | Intermediate Finance | |
| ACTSCI 490 | Introduction to Actuarial Practice | 1 |
| ACTSCI 491 | Actuarial Workshop FM | 1 |
| ACTSCI 492 | Actuarial Workshop P | 1 |
| MATH 571 | Introduction to Probability Models | 3 |
| ACTSCI 591 | Investment Mathematics II | 3 |
| ACTSCI 599 | Capstone Experience | 1 |
| Select One of the Following Two Pairs: | 6 | |
| Actuarial Models I and Actuarial Models II | ||
| Actuarial Statistics I and Actuarial Statistics II | ||
| Select two of the following four courses: | 6 | |
| Regression Analysis | ||
| Time Series Analysis | ||
| Computational Statistics | ||
| Multivariate Statistical Analysis | ||
| Total Credits | 58 | |
Recommended Electives
To achieve the best preparation for an actuarial career, students actively should pursue internship opportunities with insurance companies, consulting firms, and other organizations that require actuarial science knowledge. Once such an opportunity is secured, the student should enroll in ACTSCI 590. Students also should take courses in business communication (COMMUN 105, ENGLISH 205), computer science (COMPSCI 351, COMPSCI 557), and expand their knowledge in economics (ECON 325, ECON 450).
Professional Development
For future advancement in the field of actuarial science, “Validation by Educational Experience” (VEE) credits are required. VEE credits may be earned from the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) with a grade of B- or better in the following courses:
| Code | Title | Credits |
|---|---|---|
| MTHSTAT 361 | Introduction to Mathematical Statistics I (VEE-Mathematical Statistics) | 3 |
| MTHSTAT 362 | Introduction to Mathematical Statistics II (VEE-Mathematical Statistics) | 3 |
| ECON 103 | Principles of Microeconomics (VEE-Economics) | 3 |
| ECON 104 | Principles of Macroeconomics (VEE-Economics) | 3 |
| BUS ADM 201 | Introduction to Financial Accounting (VEE-Accounting and Finance) | 4 |
| BUS ADM 450 | Intermediate Finance (VEE-Accounting and Finance) | 3 |
Courses taken at other universities may be used to meet the VEE requirement of the SOA/CAS.