Actuarial Science, B S
Students who pursue both an actuarial science major and the business administration minor will be required to graduate with a total of 131 or 133 credit hours. Actuarial science is the study of the financial implications of uncertain future events. Actuaries study how to quantify and manage risk primarily in the fields of life and health insurance, pensions, employee benefits, and investments. They also work as financial consultants and as government employees on Social Security and Medicare issues. They teach from an informed perspective that combines deep theoretical knowledge with applied expertise.
The actuarial science curriculum at UT prepares students directly for the first two Society of Actuaries and Casualty Actuarial Society (SOA/CAS) exams in Probability P and Financial Mathematics . In addition, selected courses in the program qualify for the Validation of Educational Experiences credit, which is required by the societies. The main criterion for employment and promotion for actuaries is passage of examinations administered by the Society of Actuaries and the Casualty Actuarial Society.
Oakland University’s actuarial science degree equips you to analyze risk—and reap big career rewards. The odds are in your favor with a Bachelor of Science in Mathematical Sciences, and a concentration in actuarial sciences. By senior year, students will be prepared to take the first three tests in a series of professional actuarial exams and can take courses for at least two more actuarial exams.
Early in the Roman empire, associations were formed to meet the expenses of burial, cremation, and monuments—precursors to burial insurance and friendly societies. A small sum was paid into a communal fund on a weekly basis, and upon the death of a member, the fund would cover the expenses of rites and burial. These societies sometimes sold shares in the building of columbāria, or burial vaults, owned by the fund—the precursor to mutual insurance companies.
Another example is the use of actuarial models to assess the risk of sex offense recidivism. Actuarial models and associated tables, such as the MnSOST-R, Static-99, and SORAG, have been used since the late 1990s to determine the likelihood that a sex offender will re-offend and thus whether he or she should be institutionalized or set free. Visit the Community College Agreements page to see the community colleges Rider partners with and the courses that transfer for each major. The major requirements are the same whether students pursue a B.S.B.A. or a B.A.