Actuarial Science

Actuaries participate in high-level business decision-making and solve real problems in every industry

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Actuarial Science, B.S.

The Actuarial Science major is designed for students who have strong mathematical abilities with an interest in applying that knowledge to insurance, finance, risk management, investments, and other areas of business.

Actuarial Science majors take courses in mathematics, statistics, economics, and insurance designed to help prepare for preliminary examinations from the actuarial professional societies and to succeed in the field. MTSU students also have opportunities to interact with industry professionals and earn scholarships and internships. MTSU is the only university in Tennessee that offers actuarial science coursework for both undergraduate and graduate degrees.

Careers
Requirements
Faculty
Information
Careers
Requirements
Faculty
Information

News Briefs

Alum passes actuarial exams within two years of graduation

Rachael Padgett, a 2013 graduate of MTSU's Actuarial Science program, is a consulting actuary at BPS&M, a Wells Fargo Company, in Brentwood. She began working as an actuarial analyst in June 2013 and in only two years earned designation as an Associate of the Society of Actuaries (ASA) member in June 2015. The Kentucky native came to MTSU with an ACT score of 34. She also played clarinet all four years at the University. "MTSU was the perfect fit for me," she says. "I got exposure to a variety of topics — mathematics, statistics, finance, economics, accounting, computer programing, insurance — the list goes on. I passed two actuarial exams in college and passed my third shortly after graduating. I was ahead when studying for my fourth exam because I had taken a course on the material." Undergraduate course credits also covered her required VEEs (Validation by Educational Experience).

Successful graduate moves up in field, helps advise program

MTSU alumnus Jeremy Richardson is now a consulting actuary and assistant vice president in the Willis Towers Watson Casualty Actuarial Practice in Nashville. He achieved his designation as Associate of the Casualty Actuarial Society (ACAS) in 2013 and is working toward his Fellowship (FCAS). Richardson has provided consulting actuarial services since 2010 at Willis Towers Watson. "I find the actuarial profession quite rewarding. I enjoy communicating with my clients and sharing the results from the actuarial analyses I perform for them," he says. He serves as a university liaison between the Casualty Actuarial Society and MTSU, plus is on the advisory board for the master's degree program. "The actuarial science program is growing by leaps and bounds since I graduated in 2007. This is due to the outstanding job that Dr. Hong and other professors are doing in preparing the students for actuarial exams and connecting them with the industry,"

News Briefs

Alum passes actuarial exams within two years of graduation

Rachael Padgett, a 2013 graduate of MTSU's Actuarial Science program, is a consulting actuary at BPS&M, a Wells Fargo Company, in Brentwood. She began working as an actuarial analyst in June 2013 and in only two years earned designation as an Associate of the Society of Actuaries (ASA) member in June 2015. The Kentucky native came to MTSU with an ACT score of 34. She also played clarinet all four years at the University. "MTSU was the perfect fit for me," she says. "I got exposure to a variety of topics — mathematics, statistics, finance, economics, accounting, computer programing, insurance — the list goes on. I passed two actuarial exams in college and passed my third shortly after graduating. I was ahead when studying for my fourth exam because I had taken a course on the material." Undergraduate course credits also covered her required VEEs (Validation by Educational Experience).

Successful graduate moves up in field, helps advise program

MTSU alumnus Jeremy Richardson is now a consulting actuary and assistant vice president in the Willis Towers Watson Casualty Actuarial Practice in Nashville. He achieved his designation as Associate of the Casualty Actuarial Society (ACAS) in 2013 and is working toward his Fellowship (FCAS). Richardson has provided consulting actuarial services since 2010 at Willis Towers Watson. "I find the actuarial profession quite rewarding. I enjoy communicating with my clients and sharing the results from the actuarial analyses I perform for them," he says. He serves as a university liaison between the Casualty Actuarial Society and MTSU, plus is on the advisory board for the master's degree program. "The actuarial science program is growing by leaps and bounds since I graduated in 2007. This is due to the outstanding job that Dr. Hong and other professors are doing in preparing the students for actuarial exams and connecting them with the industry,"

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CAREERS

Graduates of the Actuarial Science (B.S.) major are in high demand in the fields of insurance, finance, risk management, and pension industries, as they have the skills and knowledge to analyze and solve complex problems risk measurement and loss prediction. Actuaries are also in demand in government and academia, as well as in roles related to data science and machine learning. Overall, the demand for actuarial professionals is expected to remain strong in the future.

Examples of potential positions include:

  • Actuarial analyst
  • Actuarial auditor
  • Annuity pricing actuary
  • Chief actuary / vice president
  • Consulting actuary
  • Data analyst
  • Financial actuary
  • General liability actuary
  • Health actuary
  • Investment researcher
  • Investment valuation analyst
  • Life reinsurance pricing analyst
  • Life valuation analyst
  • Model validation financial actuary
  • Mortality valuation analyst
  • Product actuary
  • Risk and hedging analyst
  • Risk management analyst
  • Specialty pricing actuary
  • Underwriter

Employers of MTSU alumni include

  • Acuff and Associates
  • Aetna
  • Alfa Insurance
  • American General Life and Accident Insurance Co.
  • Bank of China
  • Blue Cross Blue Shield of Tennessee
  • BPS&M — Wells Fargo Co.
  • Caterpillar Finance
  • China Actuarial Society
  • China PingAn Insurance
  • Cigna
  • Consumers Insurance
  • Direct General Group of Companies
  • Farm Bureau Insurance
  • Farmers Insurance
  • First Acceptance Insurance
  • Genworth Financial
  • Humana Inc., Kentucky
  • Humana Inc., Texas
  • Lincoln Financial Group
  • Nationwide Insurance
  • Select Actuarial Services
  • Sinokorea Life Insurance Co.
  • Sigma Actuarial Consulting Group, Inc.
  • State Farm Insurance
  • Towers and Watson, Memphis
  • Towers and Watson, Atlanta
  • Travelers Insurance
  • Willis North America Inc.
  • Zurich Insurance

REQUIREMENTS

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FACULTY

INFORMATION

Links

Scholarships

Exam Preparation

For individuals preparing for the Society of Actuaries (SOA)/ Casualty Actuarial Society(CAS) actuarial examinations.

  • All common examinations (SOA/CAS ExamsP/1, FM/2, MFE/3F, MLC/3L, C/4) and three VEEcourses are supported.
  • Certain courses are offered in late afternoons or evenings to support industry personnel.

SOA/CAS Course/Exam 1-Mathematical Foundations of Actuarial Science

  • ACSI 4140/5140 Mathematical Foundations of Actuarial Science

SOA/CAS Course/Exam 2-Interest Theory, Economics, and Finance

  • ACSI 4230/5230 Mathematics of Compound Interest
  • ACSI 4240/5240 Mathematics of Interest Theory, Economics and Finance

SOA/CAS Course/Exam 3-Actuarial Models for Life Contingencies

  • ACSI 4330/5330 Actuarial Mathematics I
  • ACSI 4340/5340 Actuarial Mathematics II

SOA/CAS Exam MFE/3F Models for Financial Economics

  • ACSI 4630/5630 Mathematics of Risk Management
  • ACSI 4640/5640 Mathematics of Options, Futures & Other Derivatives

SOA/CAS Exam C/4: Construction and Evaluation of Actuarial Models

  • ACSI 6010 Credibility Theory and Loss Distributions
  • ACSI 6020 Construction and Evaluation of Actuarial Models

SOA/CAS VEE Course — Economics

  • ECON 2410 Principles of Economics, Macroeconomics
  • ECON 2420 Principles of Economics, Microeconomics

SOA/CAS VEE Course — Corporate Finance

  • ACSI 4220/5220 Mathematics of Pricing Theory 

SOA/CAS VEE Course — Applied Statistics

  • STAT 4220/5220 Statistical Methods for Forecasting

Program Advisory Board

  • Tommy Axford, FSA, MAAA, vice president and consulting actuary, Aon Hewitt, Franklin,Tenn.
  • Lori Michelle Bradley, MAAA, ACAS, CERA, consulting actuary, SIGMA Actuarial Consulting Group, Brentwood, Tenn.
  • Mandy Lee Bratten, MAAA, EA, FSA, consulting actuary, Bryan Pendleton Swats & McAllister LLC, Brentwood, Tenn.
  • John Edward Daniel, MAAA, FCAS, vice president and consulting Actuary, Willis North America, Nashville
  • Brian LePage, ACAS, MAAA, vice president and chief actuary, Caterpillar Insurance, Nashville
  • Mary Frances Miller, FCAS, MAAA, CPCU, ARe, AIM, Select Actuarial Services, Nashville
  • Jeremy Richardson, ACAS, MAAA, consulting actuary and assistant vice president, WillisTowers Watson Casualty Actuarial Practice, Nashville
  • Jim H. Srite, FSA, MAAA, senior vice president and chief actuary, Blue Cross/Blue Shield of TN
  • Richard Waggoner, MAAA, FSA, Aetna Senior Supplemental Insurance, Franklin, Tenn.

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