Actuarial science is a discipline that assesses financial risks in the insurance and finance fields by applying probability and statistics to define, analyze and solve the financial implication of uncertain future events. Actuarial scientists quantify uncertainty and manage risks. They help insurance industries forecast the probability of an event occurring to determine the funds needed to pay claims and the premiums clients pay to purchase their insurance policies. To become an actuary, it requires a rigorous of training in analytical knowledge, computing skills, business knowledge and a good understanding of human behavior through a series of actuarial exams.
Why study Actuarial Science major at CMU?
The Actuarial Science major at CMU has the following unique features:
- Our Actuarial Science major is recognized by the Society of Actuary as a Universities & Colleges Actuarial Program – Advanced Curriculum (UCAP-AC). This recognizes that CMU program prepares students for needed content knowledge of four actuarial exams: Exam P on Statistics and Probability, Exam FM on Financial Mathematics, Exam IMF on Investment and Financial Markets, and LTAM on Long-Term Actuarial Mathematics.
- CMU’s Actuarial Science program is ranked #22 in the nation by the https://www.collegechoice.net/business/actuarial-science/best-bachelors-degrees/, which is ranked #2 in the State of Michigan, behind Michigan State University.
- In addition to the Actuarial Science major, we also create a minor in Actuarial & Risk Analytics. This minor provides the opportunity for students who are interested in working in insurance industries, but may not be fully devoted to become actuaries through the path of actuarial exams.
Students should try to pass at least two exams by the time they graduate from CMU. If you’re interested in math and statistics, becoming an actuarial science major may be a perfect fit.
The updated admission requirements and program coursework requirements can be found in the Undergraduate Bulletin. This listing does not include the General Education courses required for all majors. The weblink is given below. Please consult with an academic advisor of Actuarial Science program to plan your coursework.
Actuarial Science OrganizationsThe 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: