Actuarial Science

  • Overview
  • Program Details

In 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.

Additionally, MSOE’s Bachelor of Science in Actuarial Science program has been ranked second best in the United States by College Choice. [Read more…]

The results

The placement rate for MSOE actuarial science graduates was 100% in 2015-16.

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

Accreditation

This program is approved by the Society of Actuaries (SOA) and is included on the SOA listing of Universities and Colleges with Actuarial Programs (UCAP). Read more here.

Program Director

Dr. Yvonne Yaz
Dr. Yvonne Yaz
Professor, Mathematics Dept.
yaz@msoe.edu

Program Educational Objectives

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

  • Will be employed in a position that is related to their Actuarial Science studies
  • Will have passed the first two professional actuarial exams
  • Will continue to advance their professional skills through lifelong learning
  • Who chose to pursue graduate degree will be able to do so
  • Will demonstrate a commitment to their profession by participating at least one professional society or service activity
  • Will practice their profession in an ethical manner

 

Student Outcomes

Upon graduation, a student in the BS in Actuarial Science program will have the following skills or abilities:

  • Construct, solve and analyze mathematical models using calculus-based mathematics, probability theory and statistics for problems in Actuarial Science.
  • Perform general mathematics including single variable calculus, multi-variable calculus, differential equations and linear algebra at a high level of proficiency.
  • Possess a working knowledge of micro-economics, macro-economics, and principles of finance.
  • Be proficient in the use of productivity and computational software applications.
  • Respect the ethical responsibilities associated with Actuarial Science.
  • Work effectively in a multi-disciplinary team.
  • Develop and present professional quality demonstrations.
  • Pass the first two professional actuarial exams.

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