Program Overview

Actuarial Science, Capstone Certificate

The Capstone Certificate in Actuarial Science at the School of Business is a post-baccalaureate program designed to prepare students for an actuarial career. The capstone program is not a degree program. It is a high-quality certificate program designed to prepare students to pass the preliminary professional exams required by the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). A key strength of the capstone program is its short time to completion. Full-time students can expect to complete the program in two or three semesters.

Program Overview

Admitted applicants to the capstone certificate program have a strong mathematics background and are interested in applying that strength to the actuarial science profession. Capstone students will take classes in actuarial mathematics, predictive modeling, and loss models, and have the option to take other classes with consent from faculty.

Eligibility and Admission

• Applicants must have a baccalaureate degree in a discipline other than actuarial science.
• Prerequisite coursework includes a background in mathematical probability. Applicants who do not have this background are encouraged to apply and will be expected to study mathematical probability within the first semester of the program.
• Applications are accepted for fall and spring semesters. All application materials must be received by the deadline.
• The application requires:
  • Resume or curriculum vitae
  • Transcripts from all universities attended
  • A personal statement describing interest in actuarial science, post-completion plans, and how the program will help achieve goals
  • Two letters of reference from previous or current supervisors and/or instructors (optional)
  • TOEFL scores, if applicable

Enrollment and Requirements

Once admitted, candidates will receive a formal letter of admission along with enrollment instructions and information about tuition and deadlines.

• Students must have a minimum GPA of 2.00.
• Required courses include:
  • ACT SCI 303: Theory of Interest (3 credits)
  • ACT SCI 650: Fundamentals of Long-Term Actuarial Modeling (3 credits)
  • ACT SCI 652: Fundamentals of Short-Term Actuarial Modeling (3 credits)
  • One of the following elective courses:
    • ACT SCI 640: Actuarial Statistics for Risk Modeling (3-4 credits)
    • ACT SCI 651: Advanced Long-Term Actuarial Modeling
    • ACT SCI 653: Advanced Short-Term Actuarial Modeling
• Total credits required: 12

Optional Supporting Courses

The following courses are recommended as preparation for an actuarial career:

• ACCT I S 100: Introductory Financial Accounting (3 credits)
• ACT SCI 654: Regression and Time Series for Actuaries (2-3 credits)
• ACT SCI 655: Health Analytics (3 credits)
• ACT SCI 657: Risk Analytics (3 credits)
• ECON 101: Principles of Microeconomics (4 credits)
• ECON 102: Principles of Macroeconomics (3-4 credits)
• FINANCE/ECON 300: Introduction to Finance (3 credits)
• GEN BUS 656: Foundations of Statistical Learning for Business Analytics (3 credits)
• R M I 655: Risk Financing Techniques (3 credits)
• ACT SCI 300: Probability for Actuaries (1 credit)

Minimum Requirements for Capstone Certificate Completion

• Students must earn a minimum grade of C in each course used to meet Capstone Certificate requirements.
• Courses in which a student elects the pass/fail or audit option will not count toward completion of Capstone Certificate requirements.
• All of the Capstone Certificate credits must be earned "in residence" at UW-Madison.
• All of the Capstone Certificate credits must be earned while enrolled in the Capstone Certificate program.

Learning Outcomes

1. Recognize and explain the concept of risk, and apply the knowledge to the development of insurance products that are used to manage risk for the consumer as well as the risk of those products on the insurance organization.
2. Describe the actuarial profession, including the major professional organizations, the professional obligations of being an actuary, and the requirements to obtain and maintain a professional actuarial designation.
3. Demonstrate skills in critical thinking, quantitative analysis, and communication, as well as to develop an appreciation for actuarial theory, research, and the link to practical application.
4. Demonstrate the soft skills of being a professional.