Program Overview

Introduction to the Bachelor of Science in Actuarial Science

The Bachelor of Science (BS) program in actuarial science at the University of Iowa prepares students for careers as actuaries. It also helps them learn material that is included in professional examinations administered by professional organizations such as the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS).

Program Requirements

The Bachelor of Science with a major in actuarial science requires a minimum of 120 semester hours, including 52 semester hours of work for the major. Students must maintain a grade-point average of at least 2.00 in all courses for the major and in all UI courses for the major. They also must complete the College of Liberal Arts and Sciences GE CLAS Core.

Learning Outcomes

Students will:

• Be able to bring to bear actuarial, financial, mathematical, and statistical techniques to model and analyze risks, particularly in the context of insurance and pension;
• Have the knowledge and analytical ability to pass the initial professional actuarial examinations given by the Society of Actuaries and Casualty Actuarial Society, and develop the skills needed for successful self-study of the advanced professional examinations;
• Be skillful in using and developing computer software to solve actuarial problems;
• Be able to clearly communicate results from an actuarial analysis to all stakeholders, and write effective reports that describe the analysis and summarize important findings; and
• Possess a basic understanding of insurance and business operations.

Course Requirements

The program prepares students for careers as actuaries. It also helps them learn material that is included in professional examinations administered by professional organizations such as the Society of Actuaries and the Casualty Actuarial Society.

Courses Required for the Major

• Computer science course:
  • CS:1210: Computer Science I: Fundamentals (4 semester hours)
• Mathematics courses:
  • MATH:1850: Calculus I (4 semester hours)
  • MATH:1860: Calculus II (4 semester hours)
  • MATH:2700: Introduction to Linear Algebra (4 semester hours)
  • MATH:2850: Calculus III (4 semester hours)
  • MATH:3770: Foundations of Analysis (4 semester hours)
• Statistics and actuarial science courses:
  • ACTS:3080: Mathematics of Finance I (3 semester hours)
  • ACTS:4130: Quantitative Methods for Actuaries (3 semester hours)
  • ACTS:4150: Fundamentals of Short-Term Actuarial Mathematics (3 semester hours)
  • ACTS:4180: Life Contingencies I (3 semester hours)
  • ACTS:4280: Life Contingencies II (3 semester hours)
  • STAT:3100 (IGPI:3100): Introduction to Mathematical Statistics I (4 semester hours)
  • STAT:3101 (IGPI:3101): Introduction to Mathematical Statistics II (3 semester hours)
  • STAT:4100/IGPI:4100: Statistical Inference I (3 semester hours)
  • STAT:4101:IGPI:4101: Statistical Inference II (3 semester hours)

Honors in the Major

Students majoring in actuarial science have the opportunity to graduate with honors in the major. They must maintain a UI cumulative grade-point average (GPA) of at least 3.33 and a GPA of at least 3.40 in all departmental courses. They also must complete the following five courses in addition to all courses required for the major.

Courses Required for Honors in the Major

• ACTS:6200: Predictive Analytics (3 semester hours)
• FIN:3300: Corporate Finance (3 semester hours)
• MATH:3600: Introduction to Ordinary Differential Equations (3 semester hours)
• STAT:4560: Statistics for Risk Modeling I (3 semester hours)
• STAT:4561: Statistics for Risk Modeling II (3 semester hours)

Career Advancement

Most actuaries are employed by insurance companies or employee benefits consulting firms. They have responsibilities related to all phases of product development and maintenance for their companies. Individual employers who need guidance in establishing employee insurance and retirement programs also hire actuarial science graduates. A growing number of actuaries work in asset/liability management, some in investment firms and others in insurance companies.

Actuaries have always been in high demand and earn good salaries. Most University of Iowa graduates find work as actuaries, but some become financial managers or teachers. They take positions in locations all across the country, often in large metropolitan areas.

Center of Actuarial Excellence

The University of Iowa (UI) has the second oldest actuarial science program in the U.S.A. It began with the course “The Mathematical Theory of Insurance” in 1902/1903. Since 1913, actuarial science courses have been taught every year at UI.

In 2009 the Society of Actuaries (SOA), the largest actuarial organization in the world, established the Center of Actuarial Excellence (CAE) designation; UI was among the first group of universities given this honor. There are eight criteria for the designation, including curriculum, faculty composition, graduate quality, connection to industry, and research/scholarship. Also, the SOA has granted UI the University-Earned Credit (UEC) status for four examinations (FM, FAM, SRM, ALTAM).