The major offers courses to prepare students for four actuarial exams: Exam P, Exam FM, Exam IFM, and Exam LTAM administered by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). All of the courses required to fulfill the SOA/CAS Validation by Education Experience (VEE) are offered at CMU, and those courses are required for the Actuarial Science major. 

Students should try to pass at least two exams by the time they graduate from CMU. The major also provides coursework to prepare a graduate for a career in the business world in which the insurance industry or analytics applications is the focus. If you’re interested in math and statistics, becoming an actuarial science major may be a perfect fit.

The course listings shown below under 'coursework' are the requirements for this academic program. For a full review of this program in detail please see our official online academic bulletin  AND consult with an academic advisor. This listing does not include the  General Education  courses required for all majors and may not include some program specific information, such as admissions, retention, and termination standards.

Total: 65 semester hours.

Note to students with Statistics major and Mathematics major or Mathematics minor: for this combination, student must take 6 hours of MTH or STA courses numbered 300 or above which are not counted toward the Actuarial Science major.

The courses designed to prepare for actuarial exams are:
  • Exam P (Probability): STA 584 and ACT 539 
  • Exam FM (Financial Mathematics): ACT 540 
  • Exam IFM (Investment and Financial Markets): ACT 543 
  • Exam LTAM (Long-Term Actuarial Mathematics): ACT 541 and ACT 542 

The VEE courses are:
  • Economics: ECO 201, ECO 202 
  • Accounting and Finance: ACC 201, FIN 332 
  • Mathematical Statistics: STA 585
Required courses (52 hours)
  • ACC 201 - Concepts of Financial Accounting 3(3-0)
  • ACT 539 - Probability Foundations of Actuarial Science 3(3-0)
  • ACT 540 - Mathematical Theory of Interest 4(4-0)
  • ACT 543 - Mathematics of Financial Models 3(3-0)
  • ECO 201 - Principles of Macroeconomics 3(3-0)
  • ECO 202 - Principles of Microeconomics 3(3-0)
  • FIN 332 - Managerial Finance 3(3-0)
  • MTH 132 - Calculus I 4(4-0)
  • MTH 133 - Calculus II 4(4-0)
  • MTH 223 - Linear Algebra and Matrix Theory 3(3-0)
  • MTH 233 - Calculus III 4(4-0)
  • STA 575 - Statistical Programming for Data Management and Analysis 3(3-0)
  • STA 580 - Applied Statistical Methods I 3(3-0)
  • STA 584 - Mathematical Statistics I 3(3-0)
  • STA 585 - Mathematical Statistics II 3(3-0)
  • STA 589 - Time Series Forecasting 3(3-0)
Other Required (4 hours)
  • CPS 106 - Spreadsheet Concepts 1
  • CPS 180 - Principles of Computer Programming 3(3-0)
Electives (9 hours)
Select from the following:
  • ACT 541 - Life Contingencies I 3(3-0)
  • ACT 542 - Life Contingencies II 3(3-0)
  • BIS 360 - Applied Business Communication 3(3-0)
  • FIN 317 - Insurance Planning 3(3-0)
  • MTH 332 - Introduction to Mathematical Proof 3(3-0)
  • STA 590 - Applied Statistical Methods II 3(3-0)
  • STA 591 - Data Mining Techniques I 3(3-0)
  • STA 592 - Six Sigma: Foundations and Techniques for Green Belts 3(3-0)
  • STA 595 - Introduction to Bayesian Statistics 3(3-0)
Total Credit Hours: 65
Actuarial Science Organizations

The Society of Actuaries (SOA) is the largest professional organization dedicated to serving 21,000 actuarial members and the public in the United States, Canada and worldwide. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk.

The Casualty Actuarial Society (CAS) is a leading international organization for credentialing and professional education. The CAS is the world’s only actuarial organization focused exclusively on property and casualty risks and serves over 8,000 members worldwide. CAS members are experts in property and casualty insurance, reinsurance, finance, risk management, and enterprise risk management.
What can you do with a major in actuarial science?

CMU Career Services provides guidance on the journey toward your career as an actuary. When it comes to landing an internship or job, Career Services is your first stop for resume writing tips, mock interviews, consultations and advice.

At career fairs on campus you'll meet employers ready to hire CMU interns and graduates. Come prepared with your resume and meet dozens of employers in one afternoon.

Also be sure to explore the following actuarial science internet resources:
CMU's student organization Gamma Iota Sigma is an international registered Honored Student Organzation for undergraduates who are interested in having a career in the insurance industry as an underwriter, broker, consultant, agent or actuary. Members are introduced to many people in the insurance and consulting industries. Meetings are normally held bi-monthly at 6:30 p.m. in Pearce Hall.

For more information about Gamma Iota Sigma, please contact:

John Daniels
Pearce Hall 122