Program Overview
Business: Actuarial Science, BBA
Actuarial science involves the construction and management of insurance and pension systems using knowledge from statistics/data science, mathematics, economics, finance, and computer science. The field of actuarial science centers on data analytics for risk assessment. The Actuarial Science major curriculum prepares students for careers with insurance companies, consulting firms, healthcare organizations, and government organizations.
Mission
The actuarial science program distinguishes itself through leadership, innovation, community, connections, networks, and recognition of the quality of the faculty, the courses, and the students.
Related Organizations
- Actuarial Club
- Co-Curricular Learning Board
How to Get in
Current UWMadison Students
To get in, students must meet the following requirements:
- Application required
- Courses required to get in:
- Communication A: ENGL 100, COM ARTS 100, ESL 118, LSC 100
- Quantitative Reasoning A: MATH 112, MATH 114, MATH 171, COMP SCI/L I S 102
- Economics: ECON 101, ECON 111
- Human Behavior: PSYCH 202, SOC/C&E SOC 211, ANTHRO 104, GEN&WS 102, HDFS 263
- GPA requirements to get in: Minimum 3.0 UW-Madison GPA
- Credits required to get in:
- If started at UW-Madison as a first-year student: 24 credits completed/in-progress at UW-Madison
- If started at UW-Madison as a transfer student: 12 completed/in-progress at UW-Madison
- Other requirements:
- Pre-Business 101 workshop required during the intended application year
- Pre-Business applicants may apply once within their first four terms (Fall/Spring) at UW-Madison
Prospective First-Year Applicants
All prospective UWMadison students must apply through the central Office of Admissions and Recruitment. Prospective high school students may be considered for direct admission to Business based on their application to the University of Wisconsin-Madison.
Prospective Transfer Applicants
Transfer students at University of Wisconsin System campuses or Wisconsin Technical Colleges may apply separately for admission to both the University of Wisconsin-Madison and the School of Business during the spring term for fall enrollment.
University General Education Requirements
All undergraduate students at the University of Wisconsin-Madison are required to fulfill a minimum set of common university general education requirements to ensure that every graduate acquires the essential core of an undergraduate education. The requirements include:
- BreadthHumanities/Literature/Arts: 6 credits
- BreadthNatural Science: 4 to 6 credits
- BreadthSocial Studies: 3 credits
- Communication Part A & Part B
- Ethnic Studies
- Quantitative Reasoning Part A & Part B
School of Business Requirements
The Wisconsin Bachelor of Business Administration (BBA) program combines UWMadisons general liberal education requirements, broad coverage of core business disciplines, and cutting-edge signature courses to create a strong academic foundation upon which students delve deeply into their majors.
Business: Actuarial Science Major Requirements
The following courses are required for actuarial science majors:
- ACT SCI 300: Probability for Actuaries (1 credit)
- ACT SCI 303: Theory of Interest (3 credits)
- ACT SCI 640: Actuarial Statistics for Risk Modeling (4 credits)
- ACT SCI 650: Fundamentals of Long-Term Actuarial Modeling (3 credits)
- ACT SCI 652: Fundamentals of Short-Term Actuarial Modeling (3 credits)
- ACT SCI 651: Advanced Long-Term Actuarial Modeling (3 credits) or ACT SCI 653: Advanced Short-Term Actuarial Modeling
- ACT SCI 654: Regression and Time Series for Actuaries 1 (3 credits) or ACT SCI 655: Health Analytics or ACT SCI 657: Risk Analytics or GEN BUS 656: Foundations of Statistical Learning for Business Analytics
- Total Credits: 20
Recommended Electives
- MATH 234: Calculus--Functions of Several Variables (4 credits)
- MATH 340: Elementary Matrix and Linear Algebra (3 credits)
- R M I 300: Principles of Risk Management (3 credits)
- FINANCE/ECON 320: Investment Theory (3 credits)
- COMP SCI 220: Data Science Programming I 1 (4 credits) or STAT 303, STAT 304, STAT 305: R for Statistics I, II, III
University Degree Requirements
To receive a bachelor's degree from UWMadison, students must earn a minimum of 120 degree credits. The requirements for some programs may exceed 120 degree credits.
Learning Outcomes
The program has the following learning outcomes:
- 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.
- 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.
- 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.
- Demonstrate the soft skills of being a professional.
- Communicate their experiences and inspire others across the WSOB learning community.
Four-Year Plan
This is a sample four-year plan for students directly admitted into the School of Business from high school. The plan includes the following courses:
- Freshman: MATH 222, ECON 101, GEN BUS 110, Ethnic Studies, Science
- Sophomore: ACT SCI 300, MATH 331, ACCT I S 100, M H R 300, GEN BUS 250
- Junior: ACT SCI 640, ACT SCI 652, GEN BUS 308, MARKETNG 300, Literature
- Senior: ACT SCI 651, GEN BUS 400, GEN BUS 301, Elective
Advising and Careers
Advising is an integral part of any students educational journey in the School of Business Undergraduate Program. Business academic advisors have a wealth of knowledge about courses on campus, as well as policies and procedures. Business career coaches help students with career exploration, internships, resumes, job search, interviewing, and more.
Careers
Actuaries are problem solvers with expertise in understanding and managing financial risk. They use historical information and models to help predict the future. Actuaries may specialize in life and health, pensions, or property and casualty.
Certification/Licensure
The United States Department of Education requires institutions that provide distance education to disclose information for programs leading to professional certification or licensure. The requirements of this program meet Certification/Licensure in the following states: Wisconsin.
Resources and Scholarships
If you are good at math and are interested in pursuing a career as an actuary, apply for our UW-Madison Actuarial Program Scholarship.
Accreditation
AACSB InternationalThe Association to Advance Collegiate Schools of Business. Accreditation status: Accredited. Next accreditation review: 20262027.