Actuarial Science

Actuaries use mathematics, statistics, and economic techniques to assign a financial value to future events. As an actuary, your skills will be highly sought after by insurance companies, investment firms, employee benefits consulting firms, and other companies that need to quantify financial risks.

The actuarial science program prepares students to successfully complete the first two exams offered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The program of study combines courses in business and mathematics to prepare students for these and several of the more advanced exams. In addition, internship opportunities with companies such as Hewitt Associates, Caterpillar, Inc., RLI, Inc., and PNC add valuable learning experiences and increase your competitiveness in the job market.

Actuaries are professionals trained in mathematical, statistical, and economic techniques that allow them to put a financial value on future events. This skill is of great value to insurance companies, investment firms, employee benefits consulting firms, and other types of companies that need to quantify financial risks. Individuals with actuarial science degrees put price tags on future risks. They help solve a variety of financial and social problems, using their unique combination of analytical and business skills. Many actuaries eventually leave the technical work behind and move into senior management.

A career in actuarial science is widely recognized as one of the most attractive professions available and graduates have many different possibilities for employment upon graduation:

  • Actuarial Science is consistently named one of the "Best Jobs in America" by Jobs Rated Almanac.
  • Most entry-level actuaries earn over $45,000 annually, according to the Society of Actuaries. Top actuaries with several years of experience make up to $100,000 per year. Those who successfully move into senior management earn considerably more.

The actuarial science major at Bradley is a cooperative effort between the Finance and Quantitative Methods Department and the Department of Mathematics and is based on the premise that successful actuaries have mastered essential business and risk management and insurance knowledge along with specific actuarial mathematics skills.

The objective of Bradley’s actuarial science-business program is to prepare majors for successful careers as actuaries. Required courses include several which help students prepare for several of the standard actuarial exams administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS).

Course requirements for an actuarial science – business major:

  • Complete the business core, substituting MTH 325 and 326 for QM 262 and 263, respectively; and substituting IME 313 for BMA 353.
  • BMA 175 Introduction to Developing Business Applications
  • MTH 121 Calculus I
  • MTH 122 Calculus II
  • MTH 223 Calculus III
  • MTH 207 Elementary Linear Algebra with applications
  • MTH 325 Probability and Statistics I
  • MTH 326 Probability and Statistics II
  • MTH 335 Topics in Actuarial Science
  • MTH 335 Topics in Actuarial Science (repeated under different topics)
  • MTH 427 Applied Statistical Methods
  • IME 313 Operations Research I

All students must successfully complete three additional 3-credit-hour courses chosen from:

  • ECO 301 Money and Banking
  • FIN 325 Investment Analysis
  • FIN 327 Derivatives
  • FIN 328 Financial Institutions and Markets
  • FIN 423 Advanced Business Finance
  • FIN 425 Portfolio Theory
  • ASB 315 Risk and Insurance

All students must sit for at least one professional actuarial exam administered by the Society of Actuaries.