UE Launches New Actuarial Science Degree Program

UE Launches New Actuarial Science Degree Program

The Department of Mathematics at the University of Evansville has launched a new bachelor’s degree in actuarial science.  The program prepares students for a career as an actuary, a top-ranked profession offering high salaries in a low-stress environment.  In addition to specialized courses focused on actuarial science, the program includes course work in mathematics, statistics and data science, computer science, economics, finance, and accounting. Students may enroll in the program beginning in Fall 2019.

“Actuaries are experts at modeling and managing risk,” said Mark Gruenwald, PhD, professor of mathematics and director of actuarial science. “They are highly trained professionals with strong analytical skills and specialized knowledge of math, statistics, and business. Their work provides financial security for insurance companies, multinational corporations, and the government. Not surprisingly, there is a growing demand for individuals with this rare combination of talent and expertise.”

Advancement as an actuary depends on progress in completing a series of challenging exams, the first one to three of which are typically taken before graduation.  The new program provides preparation for five of the 10 actuarial exams required to achieve the highest status within the profession, Fellow of the Society of Actuaries.

The new program was designed in consultation with graduates of the former program and replaces the existing actuarial track within the applied mathematics program.

“We are proud of the successes of our graduates,” said David Dwyer, PhD, chair of the mathematics department. “Our alumni can be found at the highest levels of the actuarial profession in insurance companies and consulting firms across the country and even abroad. Their input was instrumental in helping us to design a first-class program to prepare our students for the changing demands of the actuarial profession. The changes to our program were so significant that we created an entirely new degree dedicated to actuarial science.”

The new actuarial program adds an advanced course in long-term actuarial modeling along with three new required classes in data science.

“Our alumni tell us that actuaries are increasingly exploiting cutting-edge techniques from the field of data science. One example is machine learning, a form of artificial intelligence,” said Gruenwald. “A few years ago, we established one of the few undergraduate programs in data science. Now we can leverage our data science courses to better serve our actuarial students. In fact, we will encourage all actuarial science majors to complete a minor in statistics and data science, and we anticipate that some will choose to complete a double major in actuarial science and statistics and data science.”

The new program provides course work that exceeds the stated requirements of the Society of Actuaries (SOA) for achieving Advanced Curriculum status.

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