Actuarial Science

  • Overview
  • Program Details

img-as-photos-2009In a world filled with uncertainties, actuaries use mathematics, statistics and software to help organizations avoid risk—and take advantage of it.

MSOE offers a bachelor’s degree in actuarial science. Consistently ranked as one of the top occupations, actuaries use mathematics, statistics and software to forecast the probability and cost of an event. They are experts in:

  • Evaluating the likelihood of future events—using numbers, not crystal balls.
  • Seeking creative ways to minimize risk.
  • Decreasing the impact of undesirable events that do occur.

Actuaries have a combination of strong analytic skills, business knowledge, and understanding of human behavior to manage the complex risks facing our society. They work in a wide variety of fields, from public and private sectors to higher education, labor unions, public accounting firms and consultants.

In a fast-changing world with emerging risks and the need for more creative ways to tackle them, there are constant opportunities for personal and professional growth. According to the U.S. Bureau of Labor Statistics, between 2010-2020, employment for actuaries is predicted to increase by 27 percent.

The results

The actuarial science program is new, therefore placement rates do not exist yet. However, the projection for employment is outstanding, like all other MSOE degree programs.

The field

Actuarial science includes a number of interrelated subjects, including probability, mathematics, statistics, finance, economics, financial economics, and computer programming. In the last 30 years the field has undergone dramatic changes thanks to the growth of high-speed computers and software programs. In 2013, job search website CareerCast ranked actuary as the number one job in the United States based on environment, income, hiring outlook, physical demands and stress.

You may want to consider actuarial science if you …

  • Are able to do mathematics and detailed work with accuracy
  • Have keen analytical, project management and problem solving skills
  • Have an interest in business, including finance, accounting and economics
  • Have strong oral and written communication skills
  • Are proficient with computers and computer programs

Program Director

Dr. Yvonne Yaz

Program Educational Objectives

Graduates of the B.S. in Actuarial Science program will:

  • demonstrate comprehensive knowledge and skills in applied mathematics.
  • demonstrate comprehensive knowledge and skills in computer programming and computer applications such as: spreadsheets, presentation software, statistical analysis programs, database management and programming languages.
  • have good business sense.
  • display an understanding of professional and ethical responsibilities.
  • display appropriate in-depth communications, management and teamwork skills, associated with the practical and professional aspects of actuarial science.
  • be able to pass the first two actuarial exams on probability and financial mathematics before receiving their B.S. degrees and the other exams in the upcoming years after graduation.
  • be well prepared to be accepted and successfully complete a master’s program in any related field at a university in the United States.

Student Outcomes

Upon successful completion of the actuarial science program, graduates will have:

  • obtained general applied mathematics knowledge: single and multivariable calculus, probability, statistics, linear algebra, differential equations and financial mathematics.
  • obtained general computational knowledge by completing courses such as: Visual Basic, Java and Computational Methods and Applications.
  • completed business courses: Micro and Macro Economics, Principles of Accounting, Finance and Accounting, Managerial Cost Accounting, Business Finance, Management Finance and Business Law.
  • completed the course: Ethics for Professional Managers and Engineers.
  • completed communication courses: Composition, Technical Composition, Business Communication and Speech.

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