What do actuaries do?
Actuaries are applied mathematicians who provide the mathematical underpinnings to manage financial risk of all types. The actuary applies the theory of probability and statistics and the principles of finance to the problems of insurance, pensions, social security, vital statistics, and related fields. For example, in the field of insurance, the actuary works with the probabilities of events, and must combine these probabilities with the principles of finance and administration. This leads to the computation of insurance premiums, reserves and other financial functions which provide the basis for the sound and efficient operation of the company and the protection of the policyholder. Consulting actuaries, such as those working with employee benefits, assist clients with mergers, acquisitions, labor union negotiations, design of retirement programs, regulatory compliance, and with the general design of employee benefit programs (health care, life insurance, disability, etc.). More information about actuaries can be found at www.BeAnActuary.com.

Where do actuaries work?
Actuaries find employment with insurance companies (life, health, auto, homeowners, etc.), consulting firms (such as pensions, health care, group benefits), and with governmental units. There are actuarial opportunities worldwide, including most major cities in the US.

Qualities of a good actuary:
In addition to strong mathematical and analytical abilities, actuaries must communicate effectively (verbally and in writing), have good interpersonal skills, and be able to work both independently and in a team.

Actuarial exams:
Actuaries advance professionally by passing exams administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) (the first few exams are jointly administered). The SOA system currently consists of eight exams, and the CAS system is made up of nine exams. Actuaries can expect to receive significant promotions, bonuses, or salary increases upon passing exams. Courses in the Department help prepare majors for passing actuarial exams, and majors usually have passed one or more exams before graduation. Small scholarships are available to majors upon passing the first exam. Brochures describing the exams are available from the Department, and information is available online at www.BeAnActuary.com.

Internships:
Actuarial majors have the opportunity to intern at actuarial firms, and this often leads to full-time employment after graduation. It is even possible to have an internship after one’s freshman year. Interns generally have housing provided and are well paid for their work. Majors should make every effort to obtain one or more internships before graduation. Many of these are obtained via on-campus interviews sponsored by the Actuarial Science Club. (One must be registered with the Career Center to obtain an interview, however.) Successful completion of an exam increases the chances of obtaining an internship but is not always required. College credit can sometimes be obtained for an internship.

Faculty advisors to actuarial majors (Professors Gary Dean, Jack Foley, Bart Frye, and Rebecca Pierce) can provide students with further information and advice about the actuarial career, the actuarial major at Ball State, selection of courses, actuarial exams, and internships. Like all Departmental majors, actuarial science majors are assigned a faculty advisor, and students are encouraged to consult with their advisor often. Information about revisions to the SOA exam system and the actuarial major are available from advisors.

The Actuarial Science Club sponsors many activities, such as inviting representatives from actuarial firms to campus to meet with students; organizing recruiting trips to campus by these firms; planning in-house visits to insurance and consulting companies; proctoring practice actuarial exams; promoting meetings with actuarial majors at other universities in the region; and social gatherings. For information about the club, check out their website at http://www.bsu.edu/web/cgdean/bsuactuarialscience.html. Actuarial Science Club officers can answer questions about club activities, internships, and courses.

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MAJOR IN ACTUARIAL SCIENCE
59 hours
M155 Intr Act Sci 1
M165 Calculus 1 4
M166 Calculus 2 4
M215 Discrete Sys 4
M217 Lin Algebra 4
M267 Calculus 3 4
M320 Probability 4
M321 Math Stat 4
M351 Math Finance 4
M452 Life Cont 1 4
M457 Loss Distrib 4
M498 Senior Sem 2
C120 Comp Sci 1 3
R270 Prin RMI 3
R371 Life/Health 3
7 hours from:
M355 Prob Act Sci 2
M362 Numer Anls 1 3
M374 Dif Equation 3
M428 Reg Time Ser 3
M453 Life Cont 2 4
M454 Math Invest 4
M458 Pract Act 2
M465 Comp Tech 3
E424 Econometrics 3

Students are advised to take additional work in property insurance, law, accounting, corporate finance, economics, and electives from the graduate actuarial science courses. This program leads to a bachelor of science degree only. (Note: MATHS 459, which appears in the undergraduate catalog list of electives, is no longer offered.)

MINOR IN RISK MANAGEMENT AND INSURANCE, 18 hours
R270 Prin R M I 3
B260 Prin Bus Law 3
12 hours from
R369 Internship (3)
R371 Life/Health (3)
R377 Oper Ins Ent (3)
R378 Commercial (3)
R473 Legal Aspcts (3)
R497 Indpen Study (3)
My Current Course Requests for FALL 2005 43062 M155001 INTR ACT SCI 1 RB 117 1400-1450 [W] 43452 M215001 DISCRETE SYS 4 RB 120 1100-1150 [MTRF] S12/17/05 0945-1145 43509 M267 001 CALCULUS 3 4 RB 117 1200-1250 [MTWF] W 2/14/05 1200-1400 70999 BL 260 004 PRIN BUS LAW 3 WB 300 1400-1515 [TR] R12/15/05 1415-1615 Hour MON TUE WED THU FRI 1100 M215 M215 M215 M215 1130 M215 M215 M215 M215 1200 M267 M267 M267 M267 1230 M267 M267 M267 M267 100 130 200 M155 BL260 230 M155 BL260 300 BL260 (15) My Schedule for Summer Semester - 2005 18485 MATHS 166 001 CALCULUS 2 4 1115 - 1220 [MTWRF] RB 118 My Schedule for Summer Session 2 - 2005 24577 ECON 201 002 ELEM MICRO 3 1245 - 1420 [MTWRF] WB 152 Hour MON TUE WED THU FRI 1100 M215 M215 M215 M215 1130 M215 M215 M215 M215 1200 M267 M267 M267 M267 1230 M267 M267 M267 M267 100 130 200 M155 BL260 230 M155 BL260 300 BL260 (15) Hour MON TUE WED THU FRI 1100 1115 M166 M166 M166 M166 M166 1130 M166 M166 M166 M166 M166 1145 M166 M166 M166 M166 M166 1200 M166 M166 M166 M166 M166 1215 M166 M166 M166 M166 M166 1230 1245 E201 E201 E201 E201 E201 100 E201 E201 E201 E201 E201 115 E201 E201 E201 E201 E201 130 E201 E201 E201 E201 E201 145 E201 E201 E201 E201 E201 200 E201 E201 E201 E201 E201 215 E201 E201 E201 E201 E201