Actuarial Science Advising Guide
An actuary manages risk, primarily in insurance, retirement planning, and economic forecasting. Actuaries must have strong analytical skills, particularly in probability and statistics, business knowledge, and understanding of human behavior.
A student interested in a career in actuarial science should have a strong background in mathematics, statistics, and economics. A statistics major paired with a financial economics major or minor will equip students with the tools they need for a career in actuarial science. The sites below are a good place to learn about actuaries and how to become one.
- The page www.beanactuary.org provides information on what actuaries do, classes to take, the actuarial exams, and other resources
- The Society of Actuaries (SOA) is a major global professional actuarial science organization. Members are from all major actuarial science areas.
- The Casualty Actuarial Society (CAS) is a professional organization for actuaries specializing in property and casualty insurance.
Advice
Here are a few things to keep in mind when mapping out your path to graduation:
- Talk to a Statistics advisor about becoming an actuary. An advisor will help you map out your path to graduation, put you in contact with alumni, and help you navigate the certification process.
- Arrange to jog shadow an actuary early in your college career (first year or sophomore year). This will allow you to get first-hand insight on what an actuary does and is a great way to network. The career centerr can help you make contact with alumns.
- Plan on taking and passing at least one actuarial exam between your junior and senior years.
How to Become an Actuary
Requirements to become a credentialed actuary include: examinations, e-learning courses, a proctored project assessment, validation of educational experiences outside of SOA or CAS (called VEE), and a professionalism seminar.
- Step 1: Pass the first 2 exams which are the same for SOA and CAS:
- Exam 1: Probability
- Exam 2: Financial Mathematics
- Step 2: Apply for VEE credit (https://www.soa.org/education/exam-req/edu-vee)
- Used to demonstrate knowledge obtained through coursework
- To receive VEE credit, courses must be passed with a grade of B- or higher.
- Gustavus coursework that is applicable for VEE credit:
VEE Credit Courses VEE Area Courses Accepted for VEE Credit Applied Statistical Methods E/M 388 (Econometrics) or MCS 242 (Applied Regression Analysis)
Economics E/M 108 (Principles of Microeconomics) AND E/M 109 (Principles of Macroeconomics) OR E/M 281 (Intermediate Microeconomics) AND E/M 282 (Intermediate Macroeconomics)
Corporate Finance E/M 270 (Business Finance) OR E/M 370 (Managerial Finance)
inance and Accounting E/M 270 (Business Finance) OR E/M 110 (Financial Accounting)
- Step 3: Differs for SOA and CAS
- For SOA: Complete Pre-Actuarial Science Module
- For CAS: Complete Exam 3 Financial Economics
- Pathways for becoming fully credentialed are found at:
- Exams can be taken while in college
- For SOA it is recommended to take (and pass) Exams 1 and 2 and apply for VEE credit before graduating
- For CAS it is recommended to take (and pass) Exams 1-3 and apply for VEE credit before graduating
- Most companies allow you to complete the remaining exams and required modules to become a certified actuary while you are employed
Recomended Coursework
Coursework | Courses at GustavusNotes | Notes |
Microeconomics | E/M 108 or E/M 281 | Prereq for E/M 281: E/M 108, E/M 109, E/M 110, MCS 142, and MCS 121 |
Macroeconomics | E/M 109 or E/M 282 |
Prereq for E/M 109: E/M 108. Prereqs for 282: E/M 108, E/M 109, E/M 110, MCS 142, and MCS 121 |
Finance |
E/M 110, E/M 270, E/M 370 |
E/M 108, E/M 109, and E/M 110 and MCS 142 are prereqs for E/M 270. E/M 270 and MCS 121 are prereqs for E/M 370. These courses help prepare students for Exam 2: Financial Mathematics |
Three semesters of calculus | MCS 121, MCS 122, MCS 222 | |
Applied Linear Algebra | Gustavus does not offer a true applied linear algebra course. It is recommended to consult with your adviser on what course(s) to take | |
Two semesters of calculus-based probability and statistics | MCS 341, MCS 342 | MCS 142, MCS 150, and MCS 222 are prereqs for MCS 341. MCS 341 and MCS 342 prepare students for Exam 1: Probability |
Computer Science | MCS 177 | Additional computer science courses are highly recommended |
Communications | COM 117 | Writing and presentation skills are highly valuable |
Business Statistics |
E/M 260 MCS 240, MCS 242, MCS 243 |
E/M 160 is a prereq for all management courses Additional statistics courses are highly recommended |