B.S. in Mathematics with Emphasis in Actuarial and Financial Mathematics

MU Actuarial Links

B.S. in Mathematics with Emphasis in Actuarial and Financial Mathematics

What is an Actuary?

Actuaries are business professionals who analyze and assess the financial impact of risk for insurance companies, consulting and investment firms, government agencies, employee benefit departments of large corporations, hospitals, or banks. They perform quantitative analysis using skills in mathematics, statistics, economics, and finance to decrease the impact of an uncertain event.

Being an actuary requires passing a series of examinations to earn an actuarial designation through the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).

Why Mizzou?

The actuarial mathematics program at the University of Missouri, Columbia is SOA accredited and is part of UCAP (Universities and Colleges with Actuarial Programs). The program is housed in the College of Arts and Science (Department of Mathematics) and is designed to prepare students for five SOA actuarial exams. Students are strongly encouraged to pass at least two of these exams during their undergraduate career. It is also strongly recommended that students complete a summer internship before their senior year. In addition, students are required to complete a wide variety of courses in mathematics, statistics, economics, and finance.

Many students who successfully complete the program find full-time employment with large insurance/consulting companies. Mizzou’s actuarial mathematics program allows for students to get to know each other in small class sizes and form lasting friendships. Students are encouraged to join Mizzou Actuarial Club and/or Gamma Iota Sigma to network with other actuarial science students and recruiters.

Professional Examinations and Corresponding Mizzou Courses

To become an Associate of the Society of Actuaries (ASA), candidates must successfully complete a series of requirements that include examinations, an e-Learning course, a proctored project assessment, Validation of Educational Experience (VEE), and a professionalism seminar.

Effective July 1, 2018, the actuarial exams are Probability (P), Financial Mathematics (FM), Investment and Financial Markets (IFM), Long-Term Actuarial Mathematics (LTAM),  Short-Term Actuarial Mathematics (STAM), Statistics for Risk Modeling (SRM), and Predictive Analytics (PA).

SOA Exam CAS Exam Hours Questions Format Mizzou Course
P Exam 1 3 30 multiple-choice computer-based test STAT 4750
FM Exam 2 3 35 multiple-choice computer-based test MATH 4370
IFM Exam 3F 3 30 multiple-choice computer-based test

MATH 4355
MATH 4590

LTAM   4

20 multiple-choice and
~6 written-answer

paper and pencil test

MATH 4371
MATH 4372

SRM   3.5

35 multiple-choice

computer-based test

STAT 4510
STAT 4870
STAT 4560

 

Students earn VEE credits in the areas of Mathematical Statistics, Economics, and Accounting and Finance through approved college classes, online courses, or standardized examinations. Students may complete the following courses at Mizzou for VEE credit. After passing two actuarial exams, one may apply for VEE credit.

VEE Topic Mizzou Course Acceptable Grade
Mathematical Statistics STAT 4760 > B-
Economics

ECON 1014 and ECON 1015
(or ECON 1051H)

> B-
Accounting and Finance ACCTCY 2036 (or 2026) and FINANC 3000 > B-

More information about the actuarial exams can be found on the Education and Examination page on the SOA website:
https://www.soa.org/Education/Exam-Req/edu-asa-req.aspx

Actuarial and Financial Mathematics Degree Requirements

Required Mathematics Courses

Required Courses outside of Mathematics

Science Requirement

A minimum of 4 credits from the following courses:

Actuarial Exam Requirement

Students are required to attempt the following actuarial exams as administered by SOA or CAS: P (Probability) and FM (Financial Mathematics).

Optional Courses

It is also recommended that the following courses are chosen as electives since they are associated with VEE requirements or actuarial exams:

Basic Programming Requirement

One of the following two courses:

Foundation and graduation requirements of the College of Arts and Science

Basic skills and general education requirements must be met in accordance with University and College of Arts and Science rules governing degree programs.
Arts and Science General Education