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Undergraduate Program in Actuarial Science
The Actuarial Science Program offers courses covering the learning objectives described in the Society of Actuaries (SOA) Basic Education Catalog for Preliminary Actuarial Examinations Probability (P), Financial Mathematics (FM), Actuarial Models (M) and Construction and Evaluation of Actuarial Models (C). There are also UNL courses that have been approved for the actuarial profession’s Validation by Educational Experience (VEE) program for the topics of Economics, Corporate Finance and Applied Statistics.
NOTE: Exams P, FM, MFE, and C are jointly sponsored by the CAS and SOA; Exam MLC is Not. The CAS will grant a waiver for CAS Exam 3L to those who pass SOA Exam MLC. The SOA does not grant a waiver for SOA MLC to those who pass CAS Exam 3L.
Students majoring or minoring in actuarial science are encouraged to take advantage of the potential benefits of being in the program, including summer internships, career guidance, job placement, and participation in the Actuarial Science Club. Students interested in Actuarial Science usually select one of the following: (1) A major in actuarial science in the College of Business Administration; (2) A major in actuarial science in the College of Arts & Science; or (3) A minor in actuarial science and major in a quantitative field such as mathematics, statistics, computer science, engineering or finance. Some students select a double major in math and actuarial science. High-ability students may be interested in the 5-year Raikes School of Computer Science and Management Actuarial Science Major.
NOTE: ALL COURSE WORK FOR THE ACTUARIAL SCIENCE MAJOR MUST BE TAKEN FOR A GRADE.
(See the attached JDEP Worksheet and Course Sequence) (27k and 31k PDFs)
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/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). 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.
The current undergraduate Actuarial Science curriculum is as follows:
*CAS/SOA VEE denotes courses approved for credit from the professional actuarial organizations if the student achieves a grade of B- or better.
(See the attached Worksheet and Table 1)(61k PDF)
The major must include a complete calculus sequence (MATH 106-107-208, or 108H-109H, or the equivalent), the following statistics and probability sequence: STAT 380, 462, 463, and 22 semester hours of actuarial science. (See actuarial science adviser for specified courses in actuarial science.) Students must complete STAT 462 before taking any 400-level actuarial science course except ACTS 440; STAT 463 may be taken concurrently with ACTS 470.
Arts and Sciences Actuarial Science majors are encouraged to take the following actuarial science courses as part of the major: ACTS 430 (CAS/SOA VEE*), ACTS 440, ACTS 470, one of {ACTS 410, ACTS 425, or FINA 467}, ACTS 471, ACTS 473, and ACTS 475. Actuarial Science majors are also encouraged to take ACTS problem labs as appropriate.
The minor consists of at least 15 hours of actuarial science courses (12 credit hours for double majors only); a complete calculus sequence (Math 106-107-208, or 108H-109H, or the equivalent); and all prerequisites. The following courses must be included in any minor in Actuarial Science: ACTS 440, ACTS 470, and ACTS 471.
In addition, the following courses in other departments are recommended for consideration:
(See the attached Check Sheet (57k PDF) and Table 1)
CBA Requirements of the major in actuarial science: The College of Business Administration requires 28 hours for the Actuarial Science major. An actuarial student could major in Actuarial Science, or General Business Administration, Accounting, Economics, Finance, Management or Marketing and use the free electives to pick up the equivalent of a minor in Actuarial Science. Note: Because the major requirements for actuarial science include several finance courses, the finance minor and major are not available to undergraduate actuarial science students.
CBA Requirements for the minor in actuarial science:The actuarial science minor is available to College of Business Administration students only. Course work for the minor cannot be double-counted toward business degree requirements (with the exception of the MATH/STAT prerequisites and business electives), major, or other business minor requirements. The minor requires 12 hours of actuarial science courses plus prerequisite mathematics and statistics courses.
*CAS/SOA VEE denotes courses approved for credit from the professional actuarial organizations if achieve a grade of B- or better.
Table 1 outlines the preferred scheduling of courses for an actuarial student according to his or her class standing. Appropriate adjustments would need to be made for students who do not have the assumed background implied for the various class standings, or who may take a higher level math course than Math 106 during their first semester.
This outline only indicates Actuarial Science courses, Mathematics courses, and other courses needed to obtain the necessary background for the preliminary actuarial examinations and the Validation by Educational Experience (VEE) credit.
+Arts and Sciences Actuarial Science majors may prefer to take the Econ 211-212 sequence rather than Econ 210 to satisfy general education requirements.
++ACTS 440 satisfies FINA 361 prerequisite.
** Courses currently scheduled for semester (fall or spring) indicated, but subject to change.
For additional information concerning the actuarial profession and the UNL Actuarial Science Program contact:
Additional information about an actuarial career and the actuarial profession is available at: http://www.beanactuary.org/.
