The Department of Mathematics and Computer Science is committed to preparing Actuarial Studies majors for actuarial careers. In addition to promoting excellence in their coursework, the faculty supports student's efforts in passing at least one professional actuarial exam prior to graduation.
What is an Actuary?
An
actuary is a person who places a dollar figure on future
risk.
To work in the actuarial profession, it is necessary
to have a four year degree with a concentration in mathematics.
Typical majors for actuaries include actuarial science,
mathematics, statistics or computer science. An actuary
must pass challenging exams in order to advance their career.
To obtain the designation Associate, an
actuary must pass six exams and a Professionalism course.
To obtain the designation Fellow an actuary
must pass nine exams and a Fellowship Admissions course.
Thiel offers the courses necessary for students to prepare
for the first two exams. The first exam requires calculus,
linear algebra and probability theory; the second requires
probability theory, the theory of interest, finance and
economics. Anyone interested in learning more about the
Actuarial Studies major or the actuarial profession is
encouraged to contact Dr. Oman. Suggestions for improving
this webpage are also welcome.
What level of salary can
an Actuary reasonably expect?
According to the U.S. Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook, median annual earnings of actuaries were $66,590 in 2000. The middle 50 percent earned from $47,260 to $93,140. The lowest 10 percent had earnings of less than $37,130, while the top 10 percent earned over $127,360. The average salary for actuaries employed by the Federal Government was $78,120 in 2001. According to the National Association of Colleges and Employers, annual starting salaries for bachelor's degree graduates in actuarial science averaged $45,753 in 2001. Insurance companies and consulting firms give merit increases to actuaries as they gain experience and pass examinations. Some companies also offer signing bonuses for entry level actuaries and/or cash bonuses for each professional designation achieved.
The continuing growth of insurance and governmental agencies has maintained a constant demand for qualified actuaries. The actuarial studies program has the following goals:
l. To provide students with the mathematical training and business background needed to enter the actuarial profession directly.
2. To prepare students for advanced study in actuarial science at a university.
There are many actuarial organizations available to assist an individual in finding entry level employment or an internship; with questions regarding the actuarial profession; in preparing for the actuarial exams. A few are listed here.
Actuarial Information Links
Exam Information
Study Material - ACTEX
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