Actuarial Science

Program Highlights

The actuarial science track is identified by the Society of Actuaries' website as a advanced curriculum actuarial science program. Additionally, some courses in this track have been approved by the Society of Actuaries to earn Validation by Educational Experience (VEE) credit. Students interested in becoming an actuary should elect this option.

In addition to the foundation requirements, students must take:

CS135 - Introduction to Computer Science
CS235 - Introduction to Data Science
MA230 - Regression Analysis and Times Series
MA314 - Mathematical Statistics
MA324 - Theory of Interest
MA340 - Calculus III
MA434 - Mathematical Finance
MA499 - Senior Seminar
AC230 - Introduction to Financial Statements
AC240 - Principles of Managerial Accounting
FI340 - Introduction to Financial Management
EC100 - Principles of Macroeconomics
EC110 - Principles of Microeconomics

Approved VEE Courses at Millikin University

The following courses have been approved by the Society of Actuaries for VEE at Millikin University:

VEE Economics - EC100 and EC110
VEE Mathematical Statistics - MA314
VEE Accounting and Finance - AC230, AC240, and FI340

Students who have completed this option will be prepared to take the first three Actuarial Examinations (1/P, 2/FM, and 3F/IFM) of the Casualty Actuarial Society and the Society of Actuaries.

Actuarial Science Required Courses

MA140 -Calculus

Differential and integral calculus of the elementary functions with associated analytic geometry; concepts of limit, continuity, derivative and integral; applications of the derivative as rate of change, slope and solving max-min problems. Prerequisite: Successful completion of calculus readiness exam, or a grade of C- or better in MA115.

MA208 - Discrete Mathematics

Introduces basic techniques of proof and combinatorial problem solving. Topics include graphs, trees, logic, applied combinatorics, and number theory. Prerequisite: Completion of or concurrent enrollment in MA140.

MA215 - Intro to Actuarial Science

Topics will include probability, risk theory, financial mathematics and basic accounting as used by actuaries in insurance companies. This course is one component in the preparation of actuarial students for internships with insurance companies. Prerequisite: ACT mathematics subscore of 25 or higher, placement score of at least 4, or grade of C- or better in either MA109 or MA110, or consent of instructor.

MA230 - Regression Analysis and Time Series

This course is an introduction to major methods of applied statistics and time series. Topics include simple and multiple regression, analysis of variance and covariance, model specification and residual analysis, nonparametric inference, experimental design, and multivariate analysis. Introduces modeling time series data using smoothing techniques, regression and autoregressive models. Prerequisite: completion of or concurrent enrollment in MA140.

MA240 - Calculus II

Applications of definite integral and Fundamental Theorem of Calculus, methods of integration, integrals of inverse trigonometric functions, logarithmic and exponential functions, the use of polar coordinates, infinite series, power series, Taylor series and Fourier series. Prerequisite: a grade of C- or better in MA140.

MA303 - Linear Algebra

Matrices, linear systems, finite dimensional vector spaces, vector geometry, linear transformations, quadratic forms. Prerequisite: a grade of C- or better in MA240.Completion of MA208 recommended.

MA304 - Probability and Mathematical Statistics

Combinatorial analysis, probability axioms, random variables and their distributions including binomial, normal, Student's t and f, estimation and sampling, hypothesis testing, linear and multivariate regression. Prerequisite: a grade of C- or better in MA240.

MA314 - Advanced Mathematical Statistics

Continuation of Mathematics 304 with an emphasis on multivariate distributions, estimation and tests of statistical hypotheses. Students who complete the course will have the opportunity to be prepared for the first actuarial statistics examination. Prerequisite: MA304

MA324 - Theory of Interest

This course is designed to prepare students for Exam FM that is administered by the Society of Actuaries. Topics include compound interest formulas, annuities, perpetuities, amortization schedules, bonds, and other securities. Prerequisite: a grade of C- or better in MA240.

MA340 - Calculus III

Introduction to calculus of several variables, partial derivatives, multiple and iterated integrals, vector functions. Prerequisite: MA240.

MA434 - Mathematical Finance

This course is designed to prepare students for Exam MFE that is administered by the Society of Actuaries. Topics include forwards, futures, option spreads, binomial option pricing, Black-Scholes option pricing, option Greeks, and interest rate derivatives.

MA444 - Life Contingencies

This course is designed to prepare students for Exam LTAM that is administered by the Society of Actuaries. Topics include survival models for single and multiple life states, present value random variables, calculation of premiums, annuity and insurance reserves, and pensions and retirement benefits.

MA454 - Life Contingencies II

This course is the second course in the sequence designed to prepare students for Exam LTAM that is administered by the Society of Actuaries. Topics include survival models for single and multiple life states, present value random variables, calculation of premiums, annuity and insurance reserves, and pensions and retirement benefits.

MA499 - Senior Seminar

Research in applied mathematics. Students create and present a research project under the direction of a member of the mathematics faculty. Prerequisite: Senior mathematics major.