Degree Requirements

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.

Requirements

Preparatory Curriculum

All of the Following (or equivalent)

  • Math 231 - Calculus and Analytic Geometry I, 4 credits*
  • Math 232 - Calculus and Analytic Geometry II, 4 credits*
  • Math 233 - Calculus and Analytic Geometry III, 4 credits*

(Math 221 - Honors Calculus I, 5 credits, and Math 222 - Honors Calculus II, 5 credits, are equivalent to Math 231, 232, and 233.)

*Students majoring in actuarial science must have a GPA of at least 2.5 in these courses

All of the Following:

  • Bus Adm 201 - Understanding and Using Financial Statements, 4 credits
  • Econ 103 - Principles of Microeconomics, 3 credits
  • Econ 104 - Principles of Macroeconomics, 3 credits
  • Math 234 - Linear Algebra and Differential Equations, 4 credits

At Least Two Courses from the Following:

  • Bus Adm 230 - Introduction to Information Systems, 3 credits
  • CompSci 151 - Introduction to Scientific Programming in Fortran, 3 credits
  • CompSci 250 (201) - Introductory Computer Programming, 3 credits

One of the Following Three:

  • Bus Adm 210 - Introduction to Management Statistics, 4 credits
  • Econ 210 - Economic Statistics, 3 credits
  • MthStat 215 - Elementary Statistical Analysis


Required Core Curriculum

All of the Following Courses:

  • Math 311 - Theory of Interest, 4 credits
  • Math 599 - Capstone Experience, 1 credit
  • MthStat 361 - Introduction to Mathematical Statistics I, 3 credits
  • MthStat 362 - Introduction to Mathematical Statistics II, 3 credits
  • MthStat 563 - Regression Analysis, 3 credits
  • MthStat 564 - Time Series Analysis, 3 credits
  • MthStat 591 - Foundations in Professional Practice in Actuarial Science, 1 credit
  • MthStat 592 - Actuarial Science Laboratory I: Probability, 1 credit
  • MthStat 593 - Actuarial Science Laboratory II: Interest Theory, Finance, Economics, 1 credit

One of the Following Courses:

  • Bus Adm 350 - Principles of Finance, 3 credits
  • Bus Adm 450 - Intermediate Finance, 3 credits

One of the Following Courses:

  • Econ 301 - Intermediate Microeconomics, 3 credits
  • Econ 302 - Intermediate Macroeconomics, 3 credits

One of the Following Three Pairs:
(These courses are offered in alternative years, please contact the Director of Actuarial Science for details.)

  • Math 571 - Introduction to Probability Models, 3 credits
    and
    MthStat 691 - Actuarial Models I: Life Contingencies, 3 credits
  • Math 571 - Introduction to Probability Models, 3 credits
    and
    MthStat 692 - Actuarial Models II: Financial Economics, 3 credits
  • MthStat 596 - Actuarial Statistics I: Fitting of Loss Models, 3 credits
    and
    MthStat 597 - Actuarial Statistics II: Risk Measures, Credibility, and Related Topics, 3 credits


Recommended Electives

To achieve the best preparation for an actuarial career, students should actively 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 MTHSTAT 489 - Internship in Mathematical Statistics.

Students should also take courses in communication (Commun 103 - Public Speaking , and Commun 264 - Persuasive Speaking), and expand their knowledge in economics (Econ 248 - Economics of Discrimination, and Econ 450 (221) - Health Economics). Note that Econ 248 satisfies the cultural diversity requirement.



Capstone Experience

Students in all majors and major options in the Department of Mathematical Sciences must complete a "Capstone Experience." The aim of the department's 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 Math 599. For Atmospheric Science majors, the capstone is Atm Sci 599. Mathematics majors may choose either Math 599 or Math 575. Students must obtain consent of a professor to enroll in Atm Sci 599 or Math 599. The capstone class for actuarial science major students is only offered in the fall semester.

Honors in the Major

Students in Actuarial Science who meet all of the following criteria can be awarded honors in the major upon graduation:

  1. A 3.000 cumulative GPA in all UWM graded credits;
  2. A 3.500 GPA over all UWM courses counting toward the Actuarial Science major;
  3. A 3.500 GPA over all upper division UWM courses counting toward the Actuarial Science major; and
  4. The passing of at least three professional actuarial exams.

Students who believe they may qualify for honors in Actuarial Science should apply to the Mathematical Sciences Department during their last semester of study.



Additional Information

Students must complete at least 15 upper-division (numbered 300 and above) credits in the major in residence at UWM.

GPA Requirements

The College requires that students attain at least a 2.500 GPA on all credits in the major attempted at UWM. In addition, students must attain a 2.500 GPA on all major credits attempted, including any transfer work.