One of the most rewarding professions for a person with mathematical talent
is that of being an actuary. An actuary is a financial expert who
specializes in the mathematics and laws of the insurance industry.
Actuaries need a strong background in mathematics in order to understand the
behavior of insurance claims and investments. Most actuaries work for
insurance companies, but others work for the government or private financial
consulting firms. Students trained as actuaries are also prepared for jobs
as statisticians, demographers, and mathematicians.
The University of Wisconsin at Whitewater offers a fine program which
prepares students for careers as actuaries. Most of the students at
UW-Whitewater who are interested in Actuarial Science obtain a major in
Mathematics. In the process of completing their course work, they are able
to take several courses directly related to passing the examinations offered
by the Society of Actuaries or Casualty Actuarial Society and become
qualified to take entry level positions as an actuarial trainees in
insurance companies. In particular, a mathematics major interested in
becoming an actuary would take:
| 1) |
All the necessary Calculus and Linear Algebra |
| 2) |
A full year of Probability and Mathematical Statistics |
| 3) |
A semester of applied statistics |
| 4) |
A semester of Actuarial Mathematics
(including interest theory and some contingency theory) |
| 5) |
Optional courses in numerical analysis, some training in
operations research, substantial training in computer science |
| 6) |
Our Finance department offers three courses in insurance which
would also be helpful and our Accounting department offers all
the necessary accounting training |
This would allow a student to pass the Society of Actuaries examinations
100, 110, and 140 and, with a little extra work, examinations 120, 130, and 135.
Dr. Jonathan Kane, a faculty member in the Department of Mathematics,
is a former associate in the Society of Actuaries and oversees the students interested
in becoming actuaries. For further information about studying to be an
actuary at the University of Wisconsin at Whitewater, please direct your
questions to him.
