Through mathematics and statistics, an actuary assesses liabilities and risks a company faces when it offers an insurance product or pension plan. Graduates find careers with insurance companies, actuarial consulting firms or government agencies.
Mission
The Actuarial Science, Risk Management and Insurance Program distinguishes itself through leadership, innovation, community, connections, networks, and recognition.
Related Student Organizations
Actuarial Club
Co-Curricular Learning Board
Explore Study Abroad
Studying abroad is an excellent way to gain international experience that enhances your business education. With careful planning, it is possible to study abroad for a semester and complete the actuarial science curriculum. Many students also consider a summer program or a short program embedded in a course. Actuarial science courses are not typically offered abroad, but common course options include core and breadth courses. Students are encouraged to visit the Study Abroad section to learn more about study abroad opportunities and to meet with their academic advisor to discuss course planning.
Actuarial Science High School Scholarship
If you are good at math and are interested in pursuing a career as an actuary, apply for our High School Actuarial Scholarship. The first place award of $2,000 per year for four years will be given to a high school senior on the basis of mathematical aptitude and expressed interest in an actuarial career. The deadline for application is March 1. You can download the scholarship application here.
A: Students must be admitted to the Wisconsin School of Business in order to declare a major in actuarial science. Please visit our Admissions page for more information. Students indicate their intended major when they apply to the business school. If they are admitted, the major(s) indicated will be declared for them. Students may change their major by completing a Business Major Declaration Form. Turn completed forms in to the front desk in 3150 Grainger Hall.
A: Admitted business students may cancel their declared actuarial science major by completing a Business Major Declaration Form. Turn completed forms in to the front desk in 3150 Grainger Hall.
A: Common parallel plans include mathematics or statistics. Non-business students may take actuarial science courses in order to help them prepare for the professional exams. Students are encouraged to contact the Cross College Advising Service (http://www.ccas.wisc.edu/) or the appropriate school/college for advising related to these or other majors.
A: Please see the following link for information on how to run a DARS report.
A: Admitted business students may select up to a maximum of three business majors. Students also have the option of selecting one additional major in the College of Letters & Science (L&S). To declare an additional major in L&S, students should meet with an advisor for the L&S major and complete the L&S Major Declaration Form. Students should turn in the completed and signed form to 3150 Grainger Hall. Timely degree completion with multiple majors will depend on an individual student’s situation.
The following courses are required for actuarial science majors. The actuarial science department also has course sequence information. For detailed course descriptions, please consult the Course Guide.
Please be aware of stated prerequisites for major courses (including business core courses) that need to be completed before taking the course. Specific prerequisites can be found using the Course Guide.
Students must be admitted to the Wisconsin School of Business to complete a major in Actuarial Science.
The Actuarial Club offers mandatory advising nights every semester to help students plan their course sequencing and professional exams. Additionally, students should use the following documents to help them prepare their course and exam schedule.
One of the following:
Math 431 Introduction to the Theory of Probability, 3 cr or
Stat 309 Introduction to Mathematical Statistics, 4 cr or
Stat 311 Introduction to Mathematical Statistics 4 cr
One of the following:
Stat 310 Introduction to Mathematical Statistics, 4 cr or
Stat 312 Introduction to Mathematical Statistics, 4 cr
Act Sci 303 Theory of Interest and Life Insurance, 3 cr
Act Sci 650 Actuarial Mathematics 1, 3 cr
Act Sci 652 Loss Models I, 3 cr
Actuarial Science review classes (Act Sci 300 and 301), 1 cr each (2 total)
One of the following:
Act Sci 651 Actuarial Mathematics II, 3 cr or
Act Sci 653 Loss Models II, 3 cr
One of the following:
Act Sci 654 Regression and Time Series for Actuaries, 3 cr or
Econ 301 Intermediate Microeconomic Theory, 4 cr or
Math 632 Introduction to Stochastic Processes, 3 cr
Recommended Electives
Math 234 Calculus—Functions and Variables, 3 cr
Math 340 Elementary Matrix and Linear Algebra, 3 cr
Students are encouraged to take Math 234 Calculus—Functions of Several Variables as a prerequisite to Math 431 Introduction to the Theory of Probability, courses in Risk Management and Insurance, Finance, and Computer Science.
Actuaries are problem solvers with expertise in understanding and managing financial risk. They use historical information and models to help predict the future. Actuarial scientists may specialize in life and health (risk of illness, disability or death), pensions (develop and analyze retirement programs) or property and casualty (personal property risks and risks associated with businesses).
- Insurance Companies
- Consulting Firms
- Government
- Other areas where quantifying risk is needed (e.g. management consultants, investment firms
)
- Pricing hurricane insurance
- Designing and pricing health insurance programs
- Evaluating price and risks of potential business acquisitions
- Designing and pricing life insurance
- Obtain one or more paid summer internships while in college
- Begin credentialing process while in college
- Find full-time job after four year actuarial degree
- Finish credentialing process while being paid to work
- Analytical
- Problem-solver
- Ability to analyze data
- Strong computer skills
- Good business acumen
- Excellent communication and interpersonal skills
- Leadership skills
- Decision-making skills
- Ability to work in teams
Meet the academic and career advisors for Actuarial Science.
Nikki Bollig, Academic Advisor, nbollig@bus.wisc.edu
Lisa Collins, Career Advisor, lcollins@bus.wisc.edu
Please visit the advising page for information on advising and appointments.
The Actuarial Club offers mandatory advising nights every semester to help students plan their course sequencing and professional exams. Additionally, students should use the following documents to help them prepare their course and exam schedule.