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 in all majors in the Department of Mathematical Sciences must complete 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 a GPA of at least 2.500 in these courses. All majors must take either MATH 234 or MATH 240, as well as a course in computer programming in a modern, high-level language (e.g., COMPSCI 151, COMPSCI 250, or COMPSCI 251). Actuarial science majors must complete additional preparatory curricula, as indicated below.
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. Students must obtain consent of a professor to enroll in ATM SCI 599 or MATH 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 | ||
| BUS ADM 201 | Introduction to Financial Accounting | 4 |
| ECON 103 | Principles of Microeconomics | 3 |
| ECON 104 | Principles of Macroeconomics | 3 |
| MATH 234 | Linear Algebra and Differential Equations | 4 |
| Select at least 6 credits of the following: | 6 | |
BUS ADM 230 | Introduction to Information Technology Management | |
COMPSCI 151 | Introduction to Scientific Programming in Fortran | |
COMPSCI 250 | Introductory Computer Programming | |
| Select one of the following: | 3 | |
MTHSTAT 215 | Elementary Statistical Analysis | |
ECON 210 | Economic Statistics | |
BUS ADM 210 | Introduction to Management Statistics | |
| Core Curriculum | ||
| MATH 311 | Theory of Interest | 4 |
| MATH 599 | Capstone Experience | 1 |
| MTHSTAT 361 | Introduction to Mathematical Statistics I | 3 |
| MTHSTAT 362 | Introduction to Mathematical Statistics II | 3 |
| MTHSTAT 563 | Regression Analysis | 3 |
| MTHSTAT 564 | Time Series Analysis | 3 |
| MTHSTAT 591 | Foundations of Professional Practice in Actuarial Science | 1 |
| MTHSTAT 592 | Actuarial Science Laboratory I: Probability, Finance, and Economics | 1 |
| MTHSTAT 593 | Actuarial Science Laboratory II: Interest Theory, Finance, and Economics | 1 |
| BUS ADM 350 | Principles of Finance | 3 |
| or BUS ADM 450 | Intermediate Finance | |
| ECON 301 | Intermediate Microeconomics | 3 |
| or ECON 302 | Intermediate Macroeconomics | |
| Select one of the following: | 6 | |
MATH 571 & MTHSTAT 691 | Introduction to Probability Models and Actuarial Models I: Life Contingencies | |
MATH 571 & MTHSTAT 692 | Introduction to Probability Models and Actuarial Models II: Financial Economics | |
MTHSTAT 596 & MTHSTAT 597 | Actuarial Statistics I and Actuarial Statistics II: Credibility, Risk Measures and Related Topics | |
| Total Credits | 55 | |
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 MTHSTAT 489. Students also should take courses in communication (COMMUN 103, COMMUN 264) and expand their knowledge in economics (ECON 248, ECON 450). Note that ECON 248 satisfies the cultural diversity requirement.