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Actuaries play an important role in today’s world. They are business executives, professionally trained in the mathematical sciences, who specialize in evaluating financial risk. Determining the level of risk allows actuaries to design, analyze, price, and refine insurance programs that meet society’s needs. To learn more about what actuaries do, visit the Be An Actuary web site.
Why
Study Actuarial Science at Iowa?
Iowa has one of the nation’s oldest and most prestigious actuarial science programs. Its internationally known faculty, its students’ high success on professional exams, and its graduates’ high job placement rate have earned the program a reputation as perhaps the best in the country.
Iowa’s program is rigorous and its students are academically strong. They receive thorough training in mathematics, probability, and statistics—one reason they enjoy such great success on professional exams. Most have a grade-point average (GPA) well above 3.00, especially in calculus and statistics.
As an actuarial science student, you'll be encouraged to explore areas related to your major. For example, you'll be able to take courses offered by the Vaughan Institute of Risk Management and Insurance and the Department of Finance in the Tippie College of Business. Many actuarial science students earn a second major in mathematics or a minor in business administration.
Actuarial science class sizes are generally small to moderate, so you'll have ample opportunities to interact individually with your instructors.
Faculty members of the Department of Statistics and Actuarial Science are known worldwide for their research and teaching. Most actuarial science faculty contribute regularly to their field's premier journals, and some serve as journal editors.
Selective Admission
Admission to the actuarial science major is selective; you must apply and be admitted. When you enter The University of Iowa, you should declare an interest in actuarial science as your major. Typically, you’ll apply for admission to the major at the end of your third semester. Admission will be based on your grades in specific prerequisite courses, your cumulative GPA, your grades in pre-actuarial science courses, and other criteria. Students who declare an interest in actuarial science are included in all departmental activities.
Course
Work
Students who major in actuarial science earn a Bachelor of Science degree. The BS requires a minimum of 120 semester hours (s.h.), including 59 s.h. for the major.
During your first and second years, before you're admitted to the major, you'll take courses in calculus, computer science, linear algebra, probability, statistics, economics, and financial mathematics. You'll also take courses in communication skills, including writing and speaking.
Once you begin work for the major, you'll take these:
- Computer Science I: Fundamentals
- Calculus I–II
- Introduction to Linear Algebra
- Mathematical statistics (four courses)
- Mathematics of finance (three courses)
- Fundamental Properties of Spaces and Functions
- Economics (two courses)
- Quantitative Methods for Actuaries
- Life Contingencies I–II
In addition to taking courses, you'll have the opportunity to learn during summer internships and at on-campus presentations. Many companies visit Iowa and hold receptions during fall semesters.
See Statistics and Actuarial Science in the UI General Catalog to learn more about the actuarial science major and for information about graduating with honors.
Professional
Actuarial Exams
In the United States, actuaries achieve professional status by passing a series of examinations administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS).
If you decide to specialize in life insurance, health insurance, or retirement systems, you'll take the SOA exams. If you want to practice in the property and casualty insurance area, you'll take the CAS exams.
The first few exams are the same for both societies, but later exams are different.
Both societies award the designation of “associate” to individuals who have passed approximately two-thirds of the exams. Actuaries achieve “fellowship” standing in their society—the highest professional designation an actuary can attain—after completing all exams.
As an actuarial science major, you'll be required to take courses that will prepare you for the first few exams. You'll have the option to take additional courses to prepare for later exams.
Careers
Most actuaries are employed by insurance companies or employee benefits consulting firms. They have responsibilities related to all phases of product development and maintenance for their companies. Individual employers who need guidance in establishing employee insurance and retirement programs also hire actuarial science graduates. A growing number of actuaries work
in asset/liability management, some in investment firms, and others in insurance companies.
Actuaries earn good salaries. Most Iowa graduates find work as actuaries, but some become financial managers and teachers. They take positions in locations all across the country, often in large metropolitan areas.
Scholarships
Consult multiple sources for scholarship information, including the Office of Admissions, the Office of Student Financial Aid, and departmental web sites.
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