Actuarial Science Track at Niagara University
Actuaries use mathematics to analyze risk in insurance, pension, and other financial situations. It takes a combination of strong analytical skills, business knowledge and understanding of human behavior to design and manage programs that control risk. The actuarial profession has consistently been rated as one of the top five jobs in the United States according to Jobs Rated Almanac.
To become an actuary, a candidate must pass a series of exams in probability, financial math, and actuarial modeling. Most actuaries begin their careers with one or more of these exams already completed, but will take many of the exams after they have been employed.
Students who are interested in being an actuary would most likely be a math major, with a minor in business or a business major, with a minor in Math. We do not offer a minor in Actuarial Science because it would require too many courses for someone who was not a math or business major. Below are the courses recommended for students interested in Actuarial Science.
These math courses will satisfy the requirements for a minor in mathematics:
MAT 111/112/221 Calculus I, II, and III
MAT 228 Linear Algebra
MAT 305 Mathematics of Finance
MAT 435 Probability and Statistics I
MAT 436 Probability and Statistics II
STA 301 Linear Models
The mathematics department in consultation with the Department of Commerce has established an actuarial science minor in commerce of the following eight course units:
ACC 111 Financial Accounting
ACC 112 Managerial Accounting
ECO 101 Intermediate Microeconomics
ECO 102 Intermediate Macroeconomics
FIN 320 Managerial Finance
FIN 340 Advanced Managerial Finance
FIN 350 Security Analysis and Portfolio Management
BUS 205 The Legal Environment of Business
- ECO 101 and 102 meet the SOA/CAS requirements for Validity by Educational Experience (VEE) in Economics,
- FIN 320 and 340 meet the SOA/CAS requirements for VEE in Corporate Finance
- MAT 436 and STA 301 meet the SOA/CAS requirements for VEE in Applied Statistical Methods
- MAT 435 and 436 prepare students for SOA/CAS Exam P-Probability
- MAT 305 and FIN 350 prepare students for SOA/CAS Exam FM-Financial Math
In addition, students interested in Actuarial science should take courses in computer science, speech, business writing.
