Frequently Asked Questions

Why study actuarial science at the University of Nebraska - Lincoln?

Most schools in the U.S. that are considered to have a complete undergraduate or Masters degree actuarial science program (e.g. Nebraska, Drake, Iowa, Wisconsin, Illinois, Michigan, Illinois State, Georgia State) are very similar in academic content and the quality of the faculty and of the actuarial education. Differences include administrative location (Business college, Math department, Statistics department, etc), and emphases beyond the academic program. At Nebraska, our emphasis beyond the academic program is the connection to the actuarial profession through the active external advisory committee of actuaries, the student actuarial science club, emphasis on summer internships, and problem labs that provide content review and problem practice to assist students in preparing for the professional actuarial examinations.

Also, we have one distinctive course that we are not aware exists in other academic actuarial science programs. One of the primary goals for our Actuarial Applications in Practice course is to help students make the transition from actuarial theory to actuarial practice by using case studies and introducing students to tools that actuaries use in practice to complete actuarial tasks, such as EXCEL and commercially available actuarial software (TAS and MGALFA). The course also introduces students to the additional considerations in practical applications of actuarial theory, such as assumption setting, Actuarial Standards of Practice, the professional code of conduct, and effective communication. Actuaries as guest speakers have contributed significantly to the success of the course. During the spring of 2007, several guest speakers contributed to the class: Jeanne Daharsh, FSA, and John Rink from the Nebraska Department of Insurance, discussing the actuarial work and responsibilities involved in regulation of insurance; Ed Robbins, FSA, Society of Actuaries (SOA) President, discussing embedded value; Denise Olson, FCAS, presenting a casualty pricing case study; and Karen Rudolph, FSA, and Cole Naughton, ASA, presenting an asset liability management case study. This course is typically taken during the last year before graduation.

Should an undergraduate student interested in actuarial science major in the College of Arts and Sciences or the College of Business Administration?

The Actuarial Science Program is a part of the Finance and Actuarial Science Department in the College of Business Administration. However, all undergraduate courses are offered to majors or minors in both the College of Business and the College of Arts and Sciences. One can pursue an actuarial career having majored or minored in actuarial science in either CBA or the College of Arts and Sciences (A&S). Regardless of the College, the core background provided for an actuarial career is essentially the same. The considerations in choosing a college include what other interests a student has, the general requirements of the college, and the scholarships and financial aid available. Currently, approximately 75-80% of actuarial science majors are in CBA.