Bachelor of Science
The actuarial science major provides students with a strong analytical foundation with which to solve the problems encountered in the quantification of risk and the management of investments. To be a successful actuary, a strong business and finance background must be combined with the analytical skills developed in mathematics and economics courses. The courses will prepare students for successful careers in the field of actuarial science and prepare them for the first two actuarial examinations required by the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA). An internship experience is encouraged, which will give students the opportunity to take the skills and knowledge learned in the classroom, and apply them in a workplace environment.
A major in actuarial science will prepare students for a professional career that is consistently rated among the top professions in terms of employment outlook, salary, professional development, and job satisfaction.
Program Requirements
| Code | Title | Credits |
|---|---|---|
| Mathematics Courses | ||
| MTH-2210 | Calculus I | 4 |
| MTH-2220 | Calculus II | 4 |
| MTH-2230 | Calculus III | 4 |
| MTH-3100 | Theory of Interest | 4 |
| MTH-3240 | Probability and Statistics I | 4 |
| MTH-3260 | Probability and Statistics II | 4 |
| MTH-3505 | Data Science I - Analysis and Modeling | 4 |
| MTH-3510 | Data Science II - Advanced Modeling and Statistical Programming | 4 |
| MTH-4990 | Senior Capstone in the Mathematical Sciences I | 2 |
| MTH-4991 | Senior Capstone in the Mathematical Sciences II | 2 |
| Business Courses | ||
| ACC-2010 | Principles of Financial Accounting | 4 |
| ACC-2020 | Principles of Managerial Accounting | 4 |
| ECN-2030 | Principles of Economics | 4 |
| FIN-3400 | Principles of Finance | 4 |
| FIN-4430 | Advanced Corporate Finance | 4 |
| Computer Science Courses | ||
| CSC-1700 | Introduction to Computer Programming | 4 |
| CSC-2660 | Object Oriented Programming | 4 |
| Total Credits | 64 | |
Undergraduate Degree Requirements
A student who graduates from Aurora University with a baccalaureate degree will have met the following requirements:
- Completion of all requirements for an approved major (with no grades lower than “C”).
- Overall completion of at least 120 semester hours of coursework with a GPA of at least 2.0 on a 4.0 scale (a course may be utilized only once in application toward a degree requirement, unless otherwise noted in the academic regulations). The 120 semester hours of coursework must include:
- At least 52 semester hours completed at a senior college.
- Residency Requirement - At least 30 semester hours completed at Aurora University, including the last 24 semester hours in the degree, and including at least 18 semester hours in the major. (Portfolio assessment credit, life and vocational experience credit, off-campus experience credit, examination credit, participation credit, and block credit, shall not count toward the residency requirement).
- Upper-Division Requirement - A minimum of 30 semester hours numbered 3000 or above. Of these 30 semester hours, 15 semester hours must lie within the major and 15 semester hours must be completed at Aurora University.
- Completion of all General Education requirements (with no grades lower than “C”), as follows:
- Quantitative and Formal Reasoning competency requirement
- ENG-1000 Introduction to Academic Writing
- IDS-1200 Discover What Matters or GWC-1000 or IDS-3040 Global Justice
- IDS-1150 First Year Experience or GWC-4000 - Not required for Transfer or AU Online students)
- Satisfactory participation in the junior-year mentoring and assessment process designed to guide students to successful completion of their degree and to encourage planning for next steps beyond graduation. (IDS-3500 Junior Mentoring Program I and IDS-3550 Junior Mentoring Program II - Not required for ADC or AU Online students)
- Distribution Requirements
Students will complete one approved course1 from each of the following categories:- Artistic Literacy
- Cultural Literacy
- Human Inquiry
- Scientific Inquiry
In addition to the above, ADC and Online students will also complete one approved course1 from the following category:
- Integration and Application
| 1 | Only courses that are approved to meet the distribution requirement can be used toward this requirement. See the list of approved courses for available options. Courses taken to meet distribution requirements are 4 semester hours apiece, with the following exceptions:
|
Learning Outcomes
- Knowledge of Mathematical Problem Solving: Students will be able to solve correctly a wide variety of problems using both basic mathematics skills and advanced mathematical techniques and to apply these techniques to other disciplines.
- Apply and adapt a variety of appropriate strategies to solve problems
- Solve problems that arise in mathematics and those involving mathematics in other contexts
- Build new mathematical knowledge through problem solving
- Monitor and reflect on the process of mathematical problem solving
- Knowledge of Reasoning and Proof: Students will learn to reason and think in abstract terms, construct correct and coherent proofs, and recognize valid mathematical arguments.
- Recognize reasoning and proof as fundamental aspects of mathematics
- Make and investigate mathematical conjectures
- Develop and evaluate mathematical arguments and proofs
- Select and use various types of reasoning and methods of proof
- Knowledge of Mathematical Communication: Students will communicate mathematics clearly both in written and verbal forms.
- Communicate their mathematical thinking coherently and clearly to peers, faculty, and others.
- Use the language of mathematics to express ideas precisely
- Organize mathematical thinking through communication
- Analyze and evaluate the mathematical thinking and strategies of others
- Knowledge of Mathematical Connections: Students will learn to draw connections among mathematical branches and related disciplines.
- Recognize and use connections among mathematical ideas
- Recognize and apply mathematics in contexts outside of mathematics
- Demonstrate how mathematical ideas interconnect and build on one another to produce a coherent whole
- Knowledge of Mathematical Representation: Students will learn to represent and utilize mathematical concepts in various ways.
- Use representations to model and interpret physical, social, and mathematical phenomena
- Create and use representations to organize, record, and communicate mathematical ideas
- Select, apply, and translate among mathematical representations to solve problems
- Knowledge of Technology: Students will use technology to deepen mathematical understanding and to enhance problem-solving skills.
- Use knowledge of mathematics to select and use appropriate technological tools, such as but not limited to, spreadsheets, dynamic graphing tools, computer algebra systems, dynamic statistical packages, graphing calculators, data-collection devices, and presentation software
Specific Actuarial Science Outcomes
- Knowledge of Financial Mathematics: Students are able to solve problems in Financial Mathematics covering time value of money, annuities, cash flows, loans, bonds, immunization, swaps, and determinants of interest rates. Students will use technology to deepen mathematical understanding and to enhance problem-solving skills.
- Knowledge of Probability and Statistics: Students are able to solve problems in probability and statistics covering distributions, analysis and results of the data, summarizing/displaying data, interpreting data, relationships among variables, characterizing distributions, performing statistical inferences, and proper use of computer software.