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Indiana University Northwest offers a Bachelors of Science in Actuarial Science.
Our graduates have recently obtained excellent starting positions
in Chicago and Indiana.
The field of Actuarial
Science offers exciting executive careers for strong mathematics
students.
Opportunities include
life, health, and casualty insurance, pension plan management, investment, and
consulting. The actuary applies theories of
probability and statistics and the principles of finance to the problems of
insurance, pensions, social insurance, population studies, and related fields.
An
actuary plays many roles - researcher, planner, and decision maker. Actuaries
must acquire some of the expertise of a lawyer, doctor, financier, accountant,
and computer system analyst. they are involved in all phases of insurance
operations, including management, marketing, investments, accounting,
administration, and selection of risks. More specifically, an actuary might:
| 1.Design a new type
of life insurance policy with benefits varying with the cost-of-living
index; |
| 2.Develop new applications
for computers to supply needed management information; |
| 3.Redesign a corporate
pension plan to coordinate with recent Social Security changes; |
| 4.Recommend changes to
modernize benefits in health insurance policies and put a price on these
changes. |
As these examples indicate,
the job is a varied one. At times the work is specific and mathematically
precise and at other times as broad as the needs and complexities of modern-day
society. By designing insurance and pension plans on a sound financial basis, an
actuary can help alleviate the financial burden of untimely deaths and illnesses
and provide people with more secure retirements. Actuaries are therefore
sometimes called social mathematicians.
Students in our program study mathematics, including calculus, probability,
statistics, theory of interest, and life contingencies.
They also take several business and computer science courses.
Students learn skills for problem solving and decision-making, and the
program is excellent for anyone preparing to apply mathematics in a business
environment.
Requirements:
| 1. 22 credit hours in
mathematics: M215-M216, M301, M311, M360, M366 |
| 2. 10-12 credit hours
in actuarial science: M320, M325, M485-M486 |
| 3. 7-8 credit hours
in computer science: C201 and C307, or A201 and A302 |
| 4. 21 credit hours in
economics and business administration: E103, E104, A201, A202, E270,
F301, F420. |
| 5. 18 credit hours of
technical electives from the following courses in mathematics (M312,
M315, M325, M409, M447-48), computer science (C203, C320, C343, C390,
C201, C307, A201, A302), business administration (L201, N300, P301,
M301, M303, A311, A312, A322, A325, A328, A424), and sociology S205. |
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6.
37-38 credit hours to satisfy distribution requirements in arts and
sciences |
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