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Business program

​An actuary is a business professional who analyzes the financial consequences of risk and uncertainty. They interpret statistics to determine probabilities of accidents, sickness, death, and loss of property from theft and natural disasters. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially concerning risk management and insurance programs. Actuaries are considered the “financial architects” of the insurance world.

​Actuaries are in high demand and work for insurance companies, consulting and investment firms, government, employee benefit departments of large corporations, hospitals, and banks. The field is highly competitive and requires students to pass exams that lead to professional certification by the Society of Actuaries, the Casualty Actuarial Society and other accredited international societies. This program will equip students with the skills needed to pass at least two actuarial exams, which are the industry’s standard of gauging expertise for internships and employment, prior to graduation. We have structured our program around these milestones, enabling our students to gain internships in a timely manner and to graduate into full employment.

Program Requirements Quarter Hours
Business Core Requirements 68
Liberal Studies Requirements 72
Major Requirements 44
Open Electives 8
Total hours required 192

Learning Outcomes:

  • Apply the laws of probability and statistics to problems encountered by actuaries on a daily basis.
  • Explain the theory of interest and how it is the foundation for derivative securities.
  • Explain contingent payment models and how they apply to mitigating financial risks through insurance contracts.
  • Organize, and simulate various Life Contingency models in a manner consistent with the insurance industry practice.
  • Describe life cycle effects and then explain how different groups of individuals may protect themselves from any harmful effects.
  • Calculate the financial costs and benefits of insurance contracts for various individuals given different life cycle assumptions.
  • Apply the laws of probability and statistics to problems encountered by actuaries on a daily basis.\\n
  • Explain the theory of interest and how it is the foundation for derivative securities.\\n
  • Explain contingent payment models and how they apply to mitigating financial risks through insurance contracts. Organize, and simulate various Life Contingency models in a manner consistent with the insurance industry practice.
  • Describe life cycle effects and then explain how different groups of individuals may protect themselves from any harmful effects. Calculate the financial costs and benefits of insurance contracts for various individuals given different life cycle assumptions.

College Core Requirements

Business Core Requirements

All undergraduate students in the Driehaus College of Business complete foundational courses in the areas of accountancy, economics, finance, management, and marketing. The core curriculum also includes courses that emphasize the increasingly quantitative and technological nature of business, the importance of the entrepreneurial mindset, and how students can use their business education to address important social challenges.

Course Requirements

For a student to complete the Bachelor of Science in Business with a major in Actuarial Science, the following Business Core courses totaling at least 68.0 hours are required:

Course Title Quarter Hours
Business Core Courses
ACC 101INTRODUCTION TO ACCOUNTING I4
ACC 102INTRODUCTION TO ACCOUNTING II4
BUS 101INTRODUCTION TO DRIEHAUS: BUSINESS FUNDAMENTALS AND THE ENTREPRENEURIAL MINDSET4
BUS 103BUSINESS FOR SOCIAL GOOD4
CSC 241INTRODUCTION TO COMPUTER SCIENCE I 14
ECO 105PRINCIPLES OF MICROECONOMICS4
ECO 106PRINCIPLES OF MACROECONOMICS4
FIN 310INTRODUCTION TO FINANCE4
MAT 150CALCULUS I4
MAT 151CALCULUS II4
MAT 152CALCULUS III4
MAT 341STATISTICAL METHODS USING SAS4
MGT 300PRINCIPLES OF MANAGEMENT4
MGT 301PRINCIPLES OF OPERATIONS MANAGEMENT4
MKT 301PRINCIPLES OF MARKETING4
Business Communication
Select one of the following:4
EFFECTIVE BUSINESS COMMUNICATION
BUSINESS AND PROFESSIONAL COMMUNICATION
Global Business Perspective
Select one of the following:4
EUROPEAN ECONOMIC HISTORY
RADICAL RESPONSES TO CAPITALISM
TOPICS IN GLOBAL ECONOMIES
UNDERSTANDING CHINA'S ECONOMY
ECONOMICS OF LOW-INCOME COUNTRIES
INTERNATIONAL TRADE
INTERNATIONAL MONETARY ECONOMICS
ECONOMICS OF THE EUROPEAN UNION
INTERNATIONAL FINANCE
GLOBAL IPOs & VENTURE CAPITAL
INTERNATIONAL BUSINESS SEMINAR
GLOBAL HUMAN RESOURCE MANAGEMENT
INTERNATIONAL BUSINESS
MARKETING ACROSS CULTURES: A CULTURAL PERSPECTIVE ON MULTICULTURAL MARKETS
MARKETING IN A GLOBAL ENVIRONMENT ((Marketing Honors Students Only))
INTERNATIONAL MARKETING
WORK IN A GLOBALIZED WORLD
A course taken as part of a term-long study abroad program
1

Actuarial Science majors take CSC 241 for the BSB Business Technology requirement.

Business Ethics

All undergraduate students in the Driehaus College of Business complete a course in Business Ethics. It is recommended students take MGT 248 or PHL 248 in Philosophical Inquiry or MGT 228 or REL 228 in Religious Dimensions in the Liberal Studies Program (or University Honors Program) Requirements.

Second Majors and Minors

The addition of a second major or minor may affect the Business Core classes required for a student. Meet with an academic advisor to confirm requirements.

Math Requirements for Actuarial Science majors

Grade Minimum Requirements for Actuarial Science Major

A minimum grade of C- is required for the following: ACC 101ACC 102BUS 101BUS 103ECO 105, ECO 106FIN 310MAT 150MAT 151MAT 152MAT 341, and any FIN course used for Global Business Perspective.

Liberal Studies Requirements

Honors program requirements can be found in the individual Colleges & Schools section of the University Catalog. Select the appropriate college or school, followed by Undergraduate Academics and scroll down.

Plan of Study Grid
First Year ProgramHours
Chicago Quarter
LSP 110
DISCOVER CHICAGO
or EXPLORE CHICAGO
4
Focal Point
LSP 112 FOCAL POINT SEMINAR 4
Writing
WRD 103 COMPOSITION AND RHETORIC I 1 4
WRD 104 COMPOSITION AND RHETORIC II 1 4
Quantitative Reasoning
Not Required
Sophomore Year
Race, Power, and Resistance
LSP 200 SEMINAR ON RACE, POWER, AND RESISTANCE 4
Junior Year
Experiential Learning
Required 4
Senior Year
Capstone
BUS 392 SENIOR SEMINAR 1 4
1

Students must earn C- or better in this course.

Learning Domains

Arts and Literature (AL)

  • 3 Courses Required

Historical Inquiry (HI)

  • 2 Courses Required

Math and Computing (MC)

  • Not Required

Philosophical Inquiry (PI)

  • 2 Courses Required1

Religious Dimensions (RD)

  • 2 Courses Required1

Scientific Inquiry (SI)

  • 1 Lab Course Required

Social, Cultural, and Behavioral Inquiry (SCBI)

  • 1 Course Required 
1

PHL 248MGT 248 is required in PI or REL 228 / MGT 228 is required in RD.

Notes

Specified required courses within Liberal Studies may have grade minimums (e.g. C- or better). Please consult your advisor or your college and major requirements.​​

Courses offered in the student's primary major cannot be taken to fulfill LSP Domain requirements. If students double major, LSP Domain courses may double count for both LSP credit and the second major. Students who choose to take an experiential learning course offered by the major may count it either as a general elective or the Experiential Learning requirement.

In meeting learning domain requirements, no more than one course that is outside the student’s major and is cross-listed with a course within the student’s major, can be applied to count for LSP domain credit. This policy does not apply to those who are pursuing a double major or earning BFA or BM degrees.​​​

Major Requirements

Course Requirements

In addition to FIN 310 , a student majoring in Actuarial Science is required to complete the following courses totaling at least 44.0 hours:

Course Title Quarter Hours
Required Courses
DSC 341FOUNDATIONS OF DATA SCIENCE4
FIN 251CAREER MANAGEMENT IN ACTUARIAL SCIENCE0
FIN 365PRINCIPLES OF RISK & INSURANCE4
MAT 260MULTIVARIABLE CALCULUS I4
MAT 262LINEAR ALGEBRA4
MAT 351PROBABILITY AND STATISTICS I4
MAT 352PROBABILITY AND STATISTICS II4
MAT 353PROBABILITY AND STATISTICS III4
MAT 361THEORY OF INTEREST4
MAT 368MATHEMATICS FOR FINANCE4
or MAT 369 ACTUARIAL SCIENCE SEMINAR
Electives
Select two elective courses to be chosen as a pair from the following:8
Elective Pair 1
DATA ANALYSIS AND REGRESSION
ADVANCED DATA ANALYSIS
Elective Pair 2
APPLIED REGRESSION ANALYSIS
APPLIED TIME SERIES AND FORECASTING
Elective Pair 3
SIMULATION MODELS AND MONTE CARLO METHOD
GENERALIZED LINEAR MODELS
Elective Pair 4
LIFE CONTINGENCIES I
LIFE CONTINGENCIES II
Elective Pair 5
LOSS MODELS I
LOSS MODELS II
Elective Pair 6
LIFE CONTINGENCIES I
LOSS MODELS I

Career Management Course

Students are required to complete the Career Course (FIN 251) associated with the major. Students who double major may choose the Career Course (250/251) associated with either major provided that hours for graduation are satisfied. Students should take the Career Course as soon as possible.

Open Electives

Open elective credit (8.0 hours) is needed to meet the minimum graduation requirement of 192 hours.

Graduation Requirements

All Finance (FIN) courses and any course used towards the Actuarial Science major must be completed with a minimum grade of C- and with a combined GPA of 2.000 or higher.