Actuarial Science Program

In actuarial science, you’ll use mathematical models to assess risk. Actuaries and actuarial professionals combine tools from many fields—mathematics, statistics, computer science, and economics—to evaluate risk in industries such as insurance and finance. And they love their jobs—this rapidly growing sector is consistently ranked a top-10 profession according to Forbes, U.S. News & World Report, and CNN.

Why Study Actuarial Science at Albion?

At Albion, we offer two options for studying actuarial science, so you can choose the path that best aligns with your interests and goals.

In our traditional four-year actuarial science program, you’ll complete a specialized bachelor of arts degree in mathematics, with supporting coursework in economics. This track prepares you to complete the first part of the pathway required to become an Associate of the Society of Actuaries (ASA). Many people find successful employment in the field upon completing this degree track.

Our five-year dual-degree program in actuarial science (DDPAS) offers you the best of both worlds. You’ll receive a solid liberal arts foundation here at Albion and learn from the expertise and experience offered by dedicated actuarial science programs at leading universities. After spending three years at Albion completing our liberal arts core and training in math, computer science, and economics, you will then transfer to an approved actuarial science program at a major university, like Michigan State University. There you’ll spend two years preparing to complete the first two parts of the ASA pathway. Upon graduation, you’ll earn both a bachelor’s degree in actuarial science from your transfer school and a bachelor of arts degree in mathematics from Albion College.

Traditional Actuarial Science Program

To successfully complete the 4-year traditional actuarial science mathematics degree, in addition to the broad Albion College liberal arts core education, students must complete the courses listed below. This is in addition to general academic requirements for all Albion College students—consult an adviser or the academic catalog for more information.

Core Coursework (13.5 units)

Math Courses (9.5 units):

• Required:
  • Math 141 (Calculus)
  • Math 143 (Calculus II)
  • Math 239 (Discrete Structures)
  • Math 245 (Multivariate Calculus)
  • Math 247 (Differential Equations & Linear Algebra)
  • Math 309 (Mathematical Statistics)
  • Math 311 (Regression and Time Series Models)
  • Math 331 (Real Analysis)
  • one of Math 313 (Financial Mathematics for Actuaries) or Math 349 (Advanced Linear Algebra)
• Recommended:
  • Math 326 (Operations Research)
  • Math 360 (Mathematical Modeling)
  • Math/CS 299 + Math/CS 399 (Colloquium)

Economics & Management Courses (3 units):

• E&M 101 (Principles of Microeconomics)
• E&M 102 (The Economy and Financial Markets)
• E&M 348 (Financial Management)

Computer Science Courses (1 unit):

• CS 171 (Introduction to Computer Science).

Important Notes

Advanced Placement: Transfer schools require that students that placed into MATH 143 or higher without AP credit are still required to take all math classes on this list for a grade. AP credit by exam will be accepted for the appropriate courses.

GPA Requirements: Students in this program need to maintain at least a 2.0 GPA (overall and in math, computer science, and economics).

Internships

Gain real experience and explore potential industries through off-campus internships. Recent actuarial science students have interned at EY, Auto-Owners Auto Insurance, and Blue Cross Blue Shield.

Intentional Support

The path to a career in actuarial science is rewarding but challenging. Our Department of Mathematics and Computer Science helps students in the four-year program navigate SOA requirements and pass initial exams before graduation, and helps students in the five-year DDPAS complete the transfer process to a major university program. Additionally, any current student who successfully passes an actuarial examination will be reimbursed for the cost of the test.

What Will You Learn as an Actuarial Science Student?

In both our traditional and dual-degree programs, you’ll prepare for a career helping organizations model uncertainty and respond accordingly. For example, how likely is a certain event and how much will it cost the company? You’ll develop a strong foundation in essential disciplines—mathematics, statistics, computer science, and economics.

You’ll become familiar with such computational tools like Excel, Python, R, Java, and Mathematica.

Our liberal arts core will also expose you to diverse perspectives and make you a better communicator and critical thinker.

In the four-year program, we’ll prepare you to complete all of the Introductory I part of the ASA Pathway. You’ll satisfy the educational requirements in statistics, economics, accounting, and finance. You’ll be prepared to pass the Society of Actuaries (SOA) exams in the financial mathematics (FM) exam and probability (P). You will learn a substantial portion of the content on the Investments and Financial Markets (IFM) exam, too!

In DDPAS, you’ll build your math, computer science, and economics foundation here, before transferring to a major university actuarial science program. There, you’ll complete the educational requirements and prepare for the exams for both the Introductory I and II parts of the ASA Pathway. You’ll also build the skills needed to complete most, if not all, of the rest of the pathway and obtain the Associate credential.

As an actuary or actuarial science professional, you’ll help both public- and private-sector organizations make smart decisions. The Bureau of Labor Statistics expects the demand for actuaries to grow much faster than average in the next decade. Your training can also position you for a career as a financial analyst, risk management consultant, insurance underwriter, or industrial engineer. Below are some recent employers of graduates of both our four- and five-year programs, as well as actuarial science programs to which our DDPAS students have successfully transferred.

Employers

• Auto-Owners Insurance (AOINS)
• Blue Cross Blue Shield of Michigan
• EY
• UW - Health

DDPAS Transfer Schools

• Michigan State University