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Actuarial Science

Director: Lurie

Committee on Actuarial Science: Bobo, DeLiberato, Klimberg, Liebman, Regis, Schellhorn

Program Overview

The Actuarial Science major seeks to build upon the Jesuit tradition of excellence, as embodied in the GER, by giving students a strong analytical foundation with which to solve the problems encountered in the management of risk. The Actuarial Science major recognizes that success in the actuarial profession derives from the confluence of insightful business perspectives, rigorous analytical reasoning and a love of learning. The Actuarial Science major bridges the traditional distinction at Saint Joseph’s between the Haub School of Business and the College of Arts and Sciences. To be a successful actuary, a strong business background utilizing Finance and Decision & System Sciences courses in the Haub School of Business must be combined with the analytical skills developed in mathematics and economics courses found in the College of Arts and Sciences. The Actuarial Science major is, of necessity, an inter-college and interdisciplinary program. The actuarial profession stresses the ‘love of learning’ component not only in word, but also in deed. Actuaries continue to learn throughout their careers and take great pride in passing the strenuous exams their profession requires for certification. The combination of liberal arts Jesuit values with analytical problem solving skills will uniquely position our graduates to assume leadership roles in the field of Actuarial Science.

In addition to the benefits afforded by the Jesuit liberal arts tradition at Saint Joseph’s, the Actuarial Science major has three goals specific to the actuarial profession: First is to maintain a high level of analytical training while providing the business perspectives and love of learning necessary for success in the actuarial profession. Second is to prepare students to take the first two actuarial exams. Third is to make certain that students’ performance in the three Validation by Educational Experience (VEE) courses is sufficient to receive VEE credit upon completion. Actuarial Science majors will thus be ideally poised to enter the actuarial profession.

Goals

  1. Maintaining a high level of analytical training while providing business perspectives and love of learning necessary for success in the actuarial science profession.
  2. Having majors take the first two actuarial science exams by the end of their senior year.
  3. Ensuring that students’ performance in the four courses covered by the Validation by Educational Experience (VEE) is sufficient to receive VEE credit upon completion.

After completing the curriculum in the Actuarial Science Program students should be able to accomplish the following:

  1. Apply the fundamentals tools of calculus such as derivates, integrals and series to the study of probability.
  2. Understand the terminology and basic concepts and laws of probability and be able to write simple mathematical proofs involving these basic principles.
  3. Demonstrate mastery of the basic computational skills necessary to compute probabilities and mathematical expectations involving discrete or continuous random variables.
  4. Be able to apply both discrete and continuous probability distributions to various applications in the natural sciences, engineering, finance, insurance and the social sciences.
  5. Have a detailed understanding of the concepts of financial mathematics and to demonstrate how these concepts are applied in the calculation of present and accumulated values of cash flows.
  6. Be prepared for the first professional actuarial examination which is jointly sponsored by the Casualty Actuarial Society (Part 1) and the Society of Actuaries (Part P/1)
  7. Be prepared for the second professional actuarial examination, which is jointly sponsored by the Casualty Actuarial Society (Part 2) and the Society of Actuaries (Part FM).
  8. Be able to use data to inform decisions.
  9. Be able to use statistical models to make predictions in the business environment.
  10. Attain basic competency in the cognate fields of economics, finance and insurance.