Actuarial Science Option is for students interested in a career in the insurance industry or other businesses relying on the expertise of actuaries.
Expertise in Actuarial Science opens up career opportunities in diverse groups of companies, such as life, health, and auto insurance companies, pension planning firms, and actuarial consulting firms.
The Society of Actuaries and the Casualty Actuarial Society grant professional accreditation through a series of examinations and educational experiences. The examinations are administered by the societies and the process is very demanding; only about 35% of those who sit for a given examination pass. Since passing examinations is vital for career advancement, the choice of an actuarial career demands a lasting commitment to study and hard work. Those lacking such a commitment will be forced to seek an alternative career.
Actuarial Science (ACTU). This program offers a well-balanced curriculum in applied mathematics with advanced preparation for the actuarial profession. Traditionally, the majority of actuaries work in careers associated with the insurance industry. An increasing number of actuaries work in the broader financial services sector including commercial and investment banking and retirement funds. Actuaries are also employed by corporations, as well as by state and federal governments.
Actuaries in the U.S. and Canada achieve professional status by passing a set of challenging examinations administered by the Society of Actuaries (SOA) and by the Casualty Actuarial Society (CAS). Many prospective actuaries begin sitting for these exams while still in college. This program offers courses with syllabi that closely match those for Exams P, FM, and MLC as well as two seminars designed specifically to prepare the students to take exams P and FM. In addition, actuaries must satisfy the Validation by Educational Experience (VEE) requirement by earning credit for several approved college courses. Auburn University is accredited by the SOA to offer courses that satisfy the VEE requirement in Applied Statistical Methods, Corporate Finance, and Economics.