Mathematics with a Concentration in Actuarial Science, B.S.
Apply your aptitude in mathematics to a challenging career in Actuarial Science
Enroll today in the Mathematics Bachelor of Science program with an Actuarial Science Concentration.
Actuarial science is the most valuable college major, according to a Bankrate.com study of 162 degrees.
The actuarial profession is one of the most respected, well-compensated and rewarding fields today. It is consistently rated as one of the best jobs in America based on factors such as job environment, salary, employment outlook, stress level and growth opportunities. The Actuarial Science program at the University of Saint Joseph will give you the knowledge and skills necessary to meeting the demands of an actuarial career. You will be prepared to pass actuarial exams and stand out as a candidate for summer internships.
Actuaries are professionals trained in mathematics, statistics, economics and finance to solve problems involving long-term financial impacts on future events. Their skills are greatly valued by organizations that need to quantify financial risks. Actuaries are in high demand and are most commonly employed in the insurance, financial services and health care industries, as well as in government agencies.
The actuarial science concentration has helped me tremendously during my time at USJ. In less than two years, I have been able to experience and learn many things about this profession both in and out of the classroom. One thing that stuck out was the opportunity to attend the CT IFS Actuarial boot camp this past summer.– Noah Fitzgerald ’22
What is Actuarial Science?
It is a multi-faceted degree that brings together mathematics, statistics, computer science, economics, and finance.
What do actuaries do?
- Apply mathematical, analytical, and business skills to solve financial and social problems
- Develop models to estimate the financial impact of risk and uncertainty
- Act as key players in management teams that help insurance companies, financial institutions, health care industries, and government agencies plan for the future
Actuarial Science Major Mentoring Program
The purpose of the mentoring program is to provide a unique opportunity for a University of Saint Joseph actuarial science major to build a relationship with an actuarial professional in the insurance /consulting industry in the Greater Hartford area.
The goal of the mentoring program is to provide the mentee a supportive environment in which to gain perspectives on the actuarial profession and to be able to share ideas or concerns. The program will be a supplement to the support and tools already provided by the University of Saint Joseph, which will aid in successfully navigating the journey of the actuarial profession.
Roles & Responsibilities Guiding Principles
The mentoring program is a two-way street and takes dedication and commitment from both the mentee and the mentor. The following are guiding principles for roles and responsibilities of the mentee and the mentor.
For the mentee:
- Set clear, realistic goals and expectations for mentoring
- Be proactive and take the initiative to stay connected with your mentor
- Come prepared to your mentor meetings with topics to discuss
- Be willing to accept and act on feedback
For the mentor:
- Understand your mentee’s goals for mentorship
- Share knowledge and experiences and provide insight, guidance, and advice on the actuarial profession
- Listen and actively engage with your mentee during discussions
- Help the mentee expand his/her actuarial network outside of USJ
- Be familiar with the current requirements for examinations, seminars, etc. to become an ASA/FSA or ACAS/FCAS. This would include details of the general insurance track, the CERA track, etc.
- Be familiar with the USJ requirements for a student majoring in actuarial science
Cadence of Interactions
- The mentor and mentee should connect at least once a month through email or phone
- The mentor and mentee should connect in person on a quarterly basis
- All mentors and mentees should meet as a group on campus once per year
Why Choose a Career in the Actuarial Field?
Being an Actuary is consistently rated as one of the best careers in America in terms of work environment, employment outlook, job security, growth opportunity, and salary.
- Employment of actuaries is projected to grow 18 percent through 2024, much faster than the average for all occupations
- According to a 2016-2017 PayScale study, actuarial science is the 3rd highest paying major with a bachelor’s degree
- The median annual wage for actuaries was $96,700 in May 2014
- Salaries for beginning property and casualty actuaries with less than one year of experience, who have passed the first two actuarial exams, range between $57,000 and $73,000
- Housed in the Department of Mathematical Sciences, the program offers a curriculum that cultivates strong analytical, logical, and problem-solving skills
- The curriculum follows the recommendations of the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), the two largest professional actuarial organizations in North America
- Competency in the use of mathematical concepts and procedures
- Proficiency with modern mathematical technology tools
- Preparation for actuarial science certification with the goal of passing the first two actuarial exams administered by the SOA and CAS before graduation
- A well-rounded education that teaches critical thinking and communication skills
- Real-world experience through internships with insurance companies in the Hartford area, the “Insurance Capital of the World”
- Opportunity to develop a strong business background with a minor in Management or Accounting