Actuarial Science

The Department of Mathematical Sciences at IUPUI offers the Bachelor of Science (B.S.) degree in Mathematics from Purdue University, with a concentration in Actuarial Science. The purpose of the undergraduate option in Actuarial Science is to introduce a career-focused area of curriculum concentration for mathematics majors. The Actuarial Science option will provide students with the strong background in mathematics, statistics, and economics necessary to analyze financial risks. This concentration aims to prepare students for the first three actuarial examinations administered by the professional actuarial organizations. It also includes coursework satisfying two of the three VEE (Validation by Educational Experience) subjects required by the professional organizations' preliminary education structure.

What is an Actuary?

Actuarial Science deals with the analysis of financial consequences of risk. Actuaries are highly trained professionals, well versed in mathematical, statistical and economic techniques that enable them to evaluate financial risk of uncertain future events, especially those pertaining to health care, insurance and pension plans. Actuaries answer risk-related questions by developing, implementing and interpreting sophisticated mathematical models.

Actuaries find employment with insurance companies, government, human resources departments of large corporations, hospitals, accounting and consulting firms, banks and investment firms. A career as an actuary is challenging, interesting and rewarding. The profession is more open than others to women and minority groups. The market demand for actuaries is steadily increasing.

The starting salary for an actuary with a B. S. degree who has passed one or two exams is usually between $40,000 and $55,000. For good candidates, signing bonuses are also common. Salary increments are usually generous and are based on exam progress. Most employers provide study time for exam preparation. Successful, experienced actuaries often earn over $100,000 a year.

Some actuaries eventually move into senior management of companies during the course of their careers. Many chief executives of insurance companies are actuaries or have strong actuarial backgrounds.