Actuarial Science

BS Actuarial Science

Actuaries achieve professional status by passing a set of examinations prescribed by the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). Most internship positions require passing one exam, and top job candidates have a high GPA, have passed two exams, and have had an internship. 

At BYU, the best possible training for these examinations is to major in Actuarial Science. Graduates will be prepared to take SOA Exams P, FM, and MLC, and obtain SOA VEE Applied Statistical Methods credit. Based on electives, students can also be prepared for SOA exam MFE or C, the SOA Corporate Finance or Economics VEE, or data management skills in SAS and SQL. Most majors get internships after passing Exam P and are highly recruited in the job market. 

Students majoring in mathematics or students majoring in economics with strong math backgrounds should consider minoring in actuarial science. Minors will be prepared to take SOA exams P and FM, and then take 6 credits of electives for an SOA VEE or to obtain data management skills. Minors are well prepared for entry-level actuarial science and risk management positions. 

Not sure if actuarial science is for you? Stat 240 and Stat 370 will prepare you for SOA Exam P. The courses cover probability theory, discrete, continuous, mixture random variables, loss distributions, moment-generating functions, conditional probability, expectation, total probability, stochastic independence, and transformations. The prerequisite is Math 314. After taking the course and passing the exam, students can get entry-level positions. 

Although any electives from the approved lists are acceptable, the following electives fulfill the Society of Actuaries VEE (Validation by Educational Experience):

• Economics VEE: ECON 380, ECON 381
• Corporate Finance VEE: BUS M 201 (ACC 200 prerequisite)

The VEE topics are not prerequisites for the preliminary exams (Exams P, FM, MLC, MFE and C) and may be fulfilled independently of the exam process. However, you must pass two SOA or CAS actuarial exams before applying to have your VEE credit added to your record.

Useful Links

Society of Actuaries: http://www.soa.org/ 
Casualty Actuarial Society: http://www.casact.org/ 
General Information: http://www.beanactuary.com/ 
Exam Information: http://www.soa.org/education/exam-req/

Advisement

We recommend the following schedule for the Actuarial Science program: 
(Bold Courses are required for actuarial exams and VEEs)
* It is recommended to take Stat 370 either the Fall or Winter semester of their Sophomore year in order to be prepared to take the P exam by the summer after their Sophomore year and apply for Actuarial Internships in September or October of their Junior year.

If your situation differs from the above, please contact the department to schedule an appointment for personal advisement.