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
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.