Program Overview

Actuarial Science Program

The Actuarial Science program at DePaul University is designed to provide students with a comprehensive education in the principles of actuarial science, including the analysis of financial consequences of risk and uncertainty. As an actuarial science major, students will learn to interpret statistics to determine probabilities of accidents, sickness, death, and the loss of property from theft and natural disasters.

Program Description

Actuarial science students draw upon mathematics, statistics, and financial theory to learn to apply the laws of probability and statistics to problems, understand the theory of interest and its applications to the pricing of securities, calculate the financial costs and benefits of insurance for various individuals, design, implement, and monitor life contingency models, describe risk management frameworks, and identify how specific risks can be quantified. The program also covers the study of uncertain future events, concerning risk management and insurance.

Coursework

The program includes a range of courses, such as:

• Actuarial Science
• Applied Regression Analysis
• Mathematical Finance
• Multivariable Calculus
• Principles of Risk and Insurance
• Probability and Statistics
• Risk Management

Major Requirements

The major requirements for the Actuarial Science program include:

• Core Courses:
  • Calculus sequences (select one of the following)
    • Sequence One: MAT 150, MAT 151, MAT 152
    • Sequence Two: MAT 147, MAT 148, MAT 149
    • Sequence Three: MAT 155, MAT 156
  • ACC 101: Introduction to Accounting I
  • ACC 102: Introduction to Accounting II
  • BLW 201: Legal & Ethical Aspects in the Business Environment
  • BUS 392: Senior Seminar (Liberal Studies Program Capstone)
  • ECO 105: Principles of Microeconomics
  • ECO 106: Principles of Macroeconomics
  • MAT 260: Multivariable Calculus I
  • MAT 262: Linear Algebra
  • MAT 351: Probability and Statistics I
  • MAT 352: Probability and Statistics II (Covers topics relevant to the P Exam)
  • MAT 353: Probability and Statistics III
  • MAT 361: Theory of Interest
  • MAT 368: Mathematics for Finance
  • FIN 251: Career Management in Actuarial Science
  • FIN 310: Introduction to Finance
  • FIN 365: Principles of Risk & Insurance
• Data Analysis Requirements:
  • CSC 241: Introduction to Computer Science I
  • MAT 341: Statistical Methods Using SAS
  • MAT 348: Applied Statistical Methods
• Actuarial Mathematics Major Electives:
  • Select one of the following two-course sequences:
    • MAT 362 & MAT 363: Life Contingencies I and Life Contingencies II
    • MAT 362 & MAT 364: Life Contingencies I and Loss Models I
    • MAT 364 & MAT 365: Loss Models I and Loss Models II
• Actuarial Statistics Major Electives:
  • Select three of the following:
    • MAT 350: Bayesian Statistics
    • MAT 355: Stochastic Processes
    • MAT 356: Applied Regression Analysis
    • MAT 358: Applied Time Series and Forecasting
    • MAT 359: Simulation Models and Monte Carlo Method
    • MAT 360: Generalized Linear Models
    • DSC 323: Data Analysis and Regression
    • DSC 324: Advanced Data Analysis
    • DSC 341: Foundations of Data Science

Career Options

The Actuarial Science program prepares students for a range of career options, including:

• Actuary
• Assessor
• Education Cost Estimator
• Credit Analyst
• Insurance Underwriter

Program Outcomes

88% of Actuarial Science graduates were employed, continuing their education, or not seeking employment after graduation. The program is also a STEM-designated program, which can qualify international students to extend their post-graduation stay in the United States.