Actuarial Science, B.S.

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Requirements for the liberal arts major in actuarial science, B.S. program

Because an actuary needs a blend of mathematics, economics, statistics, and finance, this major is offered jointly by the Department of Mathematics and Statistics and the Department of Economics. However, the major in actuarial science differs significantly from the other majors offered by these two departments because it (1) prepares students for jobs in actuarial science as well as provides them with the educational background necessary to pursue an advanced degree in economics, mathematics, statistics, or business administration, (2) integrates two distinctly different disciplines, thereby providing students with a breadth of knowledge that is needed in our fast changing world, and (3) provides students with the analytical and reasoning skills to successfully complete the first two exams in actuarial science offered by the Society of Actuaries.

To earn the Bachelor of Science degree with a major in actuarial science, students must complete a minimum of 124 credits. All required and cognate courses must be completed with a minimum grade of 2.0.

1. Complete

MTH 1554 - Calculus I (4)
MTH 1555 - Calculus II (4)
MTH 2554 - Multivariable Calculus (4)
MTH 2775 - Linear Algebra (4)

2. Complete

ACS 3000 - Foundations of Probability and Calculus (1) (unless the student has earned a grade of at least 3.5 in MTH 2554 - Multivariable Calculus or permission of the chief undergraduate adviser)
STA 2226 - Applied Probability and Statistics (4)
STA 4227 - Introduction to Mathematical Statistics I (4)

3. Complete

ECN 2100 - Principles of Economics (6)
or both
ECN 2010 - Principles of Microeconomics and ECN 2020 - Principles of Global Macroeconomics

(or ECN 2000 - Principles of Macroeconomics )
ECN 3020 - Intermediate Macroeconomics (3) or ECN 4200 - Financial Markets and the Economy
ECN 3030 - Managerial Economics (3) or ECN 3810 - Mathematical Analysis for Economists (3) (Students on a previous catalog who have taken ECN 3810 may use this course as a substitute for ECN 3030 )

4. Complete

QMM 2410 - Statistical Methods for Business II (3) or ECN 4060 - Time Series Econometrics (3) or STA 4330 - Time Series I (4) (Students on a previous catalog who have taken ECN 4060 or STA 4330 may use this course as a substitute for QMM 2410 )

5. Complete

FIN 3220 - Managerial Finance I (4)
FIN 3600 - Investment Analysis (3) or FIN 4250 - Financial Derivatives (Note: students who have taken FIN 480 or FIN 425 under a previous catalog may use these courses as a substitute for FIN 3600 )
FIN 3720 - Managerial Finance II (3)

10. Complete ACHIEVE courses

SBC 1990 - ACHIEVE I (0) (to be taken during the freshman year or first year as an actuarial science major)
SBC 2990 - ACHIEVE II (0) (to be taken during the fall semester of the sophomore year or the second semester as an actuarial science major)
ACS 3990 - ACHIEVE 3 Actuarial Sciences (0) (to be taken during the second semester of the sophomore year or the third semester as an actuarial science major)

11. Earn a minimum grade of 2.0 in all courses applied to the major including cognate courses for the major.

Additional Information

In addition to these major requirements, students must complete the Oakland University General Education Requirements , the College of Arts and Sciences College Exploratory Requirement , and an appropriate number of free elective classes to meet the overall credit requirement for the degree (in most cases 124; some degrees may require a greater number).

As a general rule, no more than eight credits of course work used to satisfy one major, minor or concentration may be applied toward another, but exceptions to this rule may be allowed with the written approval of the program coordinators.