Actuaries are trained in mathematics, statistics and economic techniques that allow them to quantify risk. They use their skills to analyze and solve business and social problems related to insurance, pensions, Social Security, employee benefits and related fields.
Actuaries work for insurance companies, investment firms, government agencies, employee benefits consulting firms and others. The Jobs Rated Almanac, which rates 200 jobs on the basis of such categories as salary, benefits, outlook for the future, stress, work environment and job security, has rated actuaries among the top jobs in all of its rankings since the 2000s.
Actuaries achieve professional status by passing a series of examinations administered by the Society of Actuaries (SOA) and/or the Casualty Actuarial Society (CAS). Students are generally expected to have passed one or two of the exams while in college, but most are taken after employment. The Elmhurst College Actuarial Science Program prepares students to take the first two actuarial exams covering probability (SOA Exam P) and Financial Mathematics (SOA Exam FM) and obtain SOA/CAS credit for the topics of Economics (Micro and Macro), Finance and Applied Statistics.
The Elmhurst College major in actuarial science consists of 13.00 credits at or above the 200 level but excludes MTH 325, MTH 326, MTH 327 and MTH 345.
All actuarial science majors are required to complete:
MTH 251 Calculus III
MTH 301 Discrete Mathematics
MTH 346 Statistics for Scientists
MTH 351 Mathematics of Finance
MTH 400 Research Methods in Mathematics
MTH 421 Probability Theory
MTH 451 Senior Paper
BUS 261 Financial Accounting
BUS 262 Management Accounting
BUS 340 Business Finance
CS 220 Computer Science I
ECO 210 Introduction to Microeconomics
ECO 211 Introduction to Macroeconomics
MTH 348/ECO 418 Advanced Statistics/Econometrics