Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through intense education and experience. A career as an actuary has many rewards and has consistently been rated as one of the top jobs in the United States.
UW-Whitewater has two paths by which students can gain the necessary knowledge and skills to qualify and compete for entry-level actuarial positions. They are:
PATH 1: Major in Mathematics with an Actuarial Science Emphasis, and select a business-related minor such as Finance or General Business for your required minor.
PATH 2: Major in Finance or Economics or another business-related major, and select the Actuarial Mathematics minor for your required minor.
No matter which path is chosen, students must also prepare for the first two preliminary examinations administered by the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS). The examinations and the curriculum at UW-Whitewater which help prepare students for these exams are:
· Exam FM (Financial Mathematics) taken shortly after completing MATH 346 Theory of Interest. This course has a pre-requisite of a C or better in MATH 254 Calculus II. Students who have earned AP Calculus credit have the potential to take Exam FM by the end of freshman year.
· Exam P (Probability) taken shortly after completing the sequence MATH 441 Probability Theory and MATH 442 Mathematical Statistics. MATH 441 has a pre-requisite of a C or better in MATH 255 Calculus III. Students who have earned AP Calculus credit have the potential to take Exam P early in their junior year.
No matter which path is chosen, students are encouraged to earn credit (B or better) in additional specified courses focusing on economics, corporate finance, and applied statistical methods. Courses offered at UW-Whitewater qualifying for Validation by Educational Experience (VEE) credit are:
· ECON 201 Principles of Microeconomics and ECON 202 Principles of Macroeconomics. The courses taken together earn VEE Economics credit.
· FNBSLW 344 Business Finance or FNBSLW 444 Corporate Financial Management Decisions. The courses taken together earn VEE credit in Corporate Finance.
· MATH 342 Applied Statistics or ECON 345 Econometrics. One of these courses earn VEE Applied Statistical Methods credit in the regression component only. The time series component of this topic must still be satisfied.
These courses can be taken as electives in the General Business Minor or in a business-related major.
Students are encouraged to apply for actuarial internships late summer of their freshman or sophomore year. Ideally, such students will have passed at least one SOA Exam. In addition, computing skills such as advanced Excel skills and R-programming and experiences outside of the classroom which highlight a student's leadership qualities are a plus.
For information on the actuarial program at UW-Whitewater, contact
For information on a career as an actuary, and the SOA and CAS exams including resources (content of exams, suggested texts, supplements, sample exams, etc.), please visit, the Society of Actuaries’ website: https://www.soa.org , the Casualty Actuarial Society’s website: http://www.casact.org, or Be An Actuary’s website: http://www.beanactuary.org