Evaluate Risk.

Actuaries use the tools of economics, finance and mathematics to evaluate and price risk. To become an actuary, you must satisfy certain educational requirements, pass exams offered by the Society of Actuaries and complete professional courses. Actuarial graduates are employed by insurance companies, pension funds, consulting firms and a variety of financial institutions. Actuarial training is also transferable to broader jobs in data science and analytics.

 

Program type:

Major, BS

Format:

On-Campus

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Overview

Bachelor of Science

Actuarial Science

The BS in Actuarial Science is an interdisciplinary degree designed to provide students with solid preparation to take exams needed to begin a career as an actuary by providing students with the quantitative skills used by actuaries. Students are required to complete courses offered by the College of Arts & Sciences as well as the College of Business Administration. Students take coursework in calculus, financial mathematics, statistics, economics, econometrics, accounting and finance.

To become an actuary students must meet specific requirements of the Society of Actuaries (SOA) including: Pass the exams and requirements administered by the SOA, fulfill Validated Educational Experience (VEE) courses offered outside the SOA, and undertake additional professional training provided by the SOA.

Outcomes and Career Outlook

Upon completion of the program, graduates will be able to use basic programming techniques in actuarial applications; understand the fundamental concepts of financial mathematics and how those concepts are applied in present and accumulated values for various streams of cash flow; develop the fundamental probability tools for quantitatively assessing risk; use the concepts of statistical inference, such as estimation and hypothesis testing, required for actuarial modeling; use regression models to analyze and forecast time series data; use economic reasoning to explain individual decision-making and economy-wide outcomes; understand and apply accounting concepts and knowledge of financial instruments and how they are utilized; and develop knowledge of the theoretical basis of actuarial models and the application of those models to insurance and other financial risks.

Employment of actuaries is projected to grow up to 18% to 2029, with a median annual salary of $108,350 according to wage and employment data from the U.S. Bureau of Labor Statistics.



108,350

Median annual salary

18

Employment growth by 2029

Career Opportunities

  • Actuarial Consultant
  • Actuary
  • Compensation/Benefits Administrator
  • Financial Advisor
  • Financial Analyst
  • Financial Manager
  • Information Analyst
  • Insurance Underwriter
  • Investment Analyst
  • Risk Analyst

 

Plan of study

All majors must meet the general education requirements of the university in addition to completing degree-specific curriculum requirements.

Review Full Degree Requirements Review Sample Four-Year Plan

Non-Missouri Residents: Prospective students are responsible for reviewing the NC-SARA state authorizations page to see if this program is offered in their state throughout their program and to review the licensure or certification requirements for the state in which they reside.

Student organizations

From leadership, to cultural, to just plain fun, Recognized Student Organizations at UMSL make it easy to get involved. Students who join RSOs make new friends, learn new skills, and perform better in classes. Plus, with over 120 student organizations on campus, there’s something for everyone! You might like:

Honors College

The UMSL Honors College is a certificate program that can be paired with any major without adding extra classes or extending time to graduate. Classes in the Honors College are seminar-style, meaning that they are based in reading, writing, discussion, and critical thinking. This unique class format fosters an intellectual climate centered around democracy, diversity, civility and academic excellence.

Undergraduate research

We encourage and support students as they engage in exciting activities in and outside of the classroom that enrich their academic and professional understanding of their chosen area of study. All majors are encouraged to participate in Undergraduate Research and Scholarship to produce discipline-specific intellectual or creative innovations to their field.