Actuarial science certificate
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The study of risk is known as actuarial science. Insurance companies, financial institutions, and other firms hire actuaries to help them plan for financial stability and manage risk. This 12-credit undergraduate certificate will prepare students majoring in a variety of fields to pursue careers in actuarial science. Four upper division courses from an approved list are required for the program. Courses that prepare students for two actuarial examinations are included, as well as courses that meet the Society of Actuaries’ Validation by Educational Experience criteria.
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Distance education providers must provide certain general disclosures for educational programs that prepare students for professional licensure or certification, regardless of modality. The requested information pertains to whether the educational program meets all other states’ criteria for professional licensure or certification. An institution must also indicate when such a determination cannot be made, if applicable.
State-by-state standards for professional licensure and certification may differ. This data is subject to change as well. To receive the most up-to-date information, students should contact the appropriate licensing or certification agency in their home state.
The School of Professional Studies’ Actuarial Science program prepares students for the Society of Actuaries’ and Casualty Actuarial Society’s associate actuarial certification exams, and thus meets the academic criteria for certification in all 50 states.
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The Society of Actuaries (SOA) offers a basic actuarial practice program online, as well as a limited number of post-certificate bachelor’s programs offered by public and private colleges. Both of these online-only programs are aimed at existing actuaries who want to pursue professional certification. While certification as a professional actuary is still optional, it is quickly becoming the industry standard.
The online actuarial science certificate programs cover subjects such as actuarial models, investment science, and asset liability management and can usually be completed in a year or less. This program will benefit existing practitioners looking to advance their careers as well as new actuaries seeking certification. Some programs demand that applicants have a specific degree or work experience.
Academic prerequisites for an online certificate program in actuarial science can include prior coursework in economics, linear algebra, and multivariate calculus. Students communicate with their peers and professors using Web-conferencing software and other online tools, as well as spreadsheet applications like Microsoft Excel and the R finance package for statistical computing.
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Do you want to put your math and analytical skills to good use? You can assist individuals and organizations in making long-term plans and protecting themselves from loss. In every industry, actuaries engage in high-level business decision-making and solve real-world problems.
A minimum of 19 credit hours is required for the certificate, with at least 12 credit hours being upper-division. Each course has a minimum grade requirement, which can be found in the notes section below. 13 credit hours of required coursework ACT 201: Introduction to Actuarial Science Elements and Techniques (3) ACT 410: Financial Mathematics (4) ACT 415: Risk Management Probability (3) ACT 450: Actuarial Models and Modeling I or ACT 440: Long-Term Actuarial Mathematics I (3) For ACT 201, ACT 410, and ACT 415, a “B” (3.00 on a 4.00 scale) or better is required. For ACT 440 or ACT 450, a “C” (2.00 on a 4.00 scale) or better is required. 6 credit hours of electives (choose two courses) ACT 420: Reserving and Ratemaking (3) ACT 430: Financial Derivatives Mathematics (4) ACT 435: Risk Modeling Statistics (3) Long-Term Actuarial Mathematics I (ACT 440) (3) Long-Term Actuarial Mathematics II (ACT 441) (3) Actuarial Models and Modeling I (ACT 450) (3) Actuarial Models and Modeling II (ACT 451) (3) In the following classes, a “B” (3.00 on a scale of 4.00) or better is required: ACT 420, ACT 430, and ACT 435 are all ACT courses. In the following classes, a grade of “C” (2.00 on a scale of 4.00) or better is required: ACT 440, ACT 441, ACT 450, and ACT 451. Prerequisite courses may be required to complete the requirements of this certificate, depending on a student’s undergraduate program of study.