Actuarial Science
Actuarial science and financial mathematics centers around the identification, quantification and mitigation of risk in both insurance and banking. Students who intend to become actuaries can complete the coursework to earn three validation through educational experience exam credits. Optional coursework prepares students for an additional two actuarial exams. Students in this emphasis area often complete one or more paid internships before graduation. Industry jobs are typically in insurance or finance, but students completing this emphasis area are also well-prepared for graduate school in applied and financial mathematics. Students planning to complete this emphasis area should pay careful attention to specific course selection for general education requirements.
A Closer Look
What is an Actuary?
An actuary is a highly sought-after professional who measures, mitigates, and manages risk using mathematical and statistical techniques. Actuaries help leaders make strategic decisions, and they help organizations plan for the future while protecting them from loss. In short, actuaries manage risk scientifically and help everyone go about their daily lives without having to worry too much about what the future may hold. Their work is important, rewarding and intellectually challenging.
What it Takes
An actuary is a mathematician first and a business expert second. Mastery of calculus, probability, statistics and interest theory is the backbone of a great actuary. Further, an actuary must learn finance, economics and accounting in order to understand the business environment that they work within.
These skills are evaluated by a battery of examinations by either the Society of Actuaries or by the Casualty Actuarial Society, and by completing VEEs — validation by educational experiences. Passing these examinations and completing these VEEs are required to become a full-fledged actuary.
Our Program
The program at Clemson University prepares students to pass up to three actuarial exams, complete all VEEs and participate in multiple summer actuarial internships. Most Clemson students who want to become actuaries earn a Bachelor of Science degree in mathematical sciences with an emphasis in actuarial science and financial mathematics. Some earn a Bachelor of Arts degree in mathematical sciences, and still others earn a degree in another field but take courses required to complete VEEs and to prepare for exams.
No matter what path you take, we want you to complete all three VEEs, pass at least two exams and work as an actuarial summer intern during your time at Clemson. To see how you can complete all VEEs and prepare for up to three exams in any of these different degree paths, see the sample course outlines, below.
Finally, it is important to note that if you earn a Bachelor of Science or a Bachelor of Arts in mathematical sciences, you have the opportunity to get where you want to go in mathematics. So, if being an actuary turns out not to be your calling, your degree in mathematical sciences provides you with many career opportunities.
Find out More
If you have any questions about the program or would like to set up a meeting (virtual or in person) to learn more, please contact Mark Cawood, Ph.D.
Sample Course Schedules
At Clemson University, a Bachelor of Science degree in mathematical sciences requires an emphasis area, and a Bachelor of Arts degree in mathematical sciences requires a minor. Sample course outlines from both degree programs are listed below for students who want to become actuaries. Each curriculum starts by providing the mathematical and computing skills necessary to pass the actuarial exams. By the end of their second year, students will be prepared to pass the FM/2 actuarial exam so that they will be positioned to apply for actuarial internships after their junior year. After their third and fourth years, students will be prepared to pass their second and third exams (P/1 and IFM/3F, respectively), and, by the end of their fourth year, students will have completed all three VEEs.
Emphasis: Actuarial Science/Financial Mathematics
Sample course schedule for a student pursuing a B.S. in mathematical sciences with an emphasis in actuarial science and financial mathematics:
-
First Year
- Calculus of One Variable I1,2
- Non-Literature Requirement1
- Computer Science Requirement 12
- Principles of Microeconomics1,3
- Social Science Requirement1
- Calculus of One Variable II2
- Composition and Rhetoric1
- Computer Science Requirement 22
- Principles of Macroeconomics3
- Cross-Cultural Awareness Requirement1
1 General education requirement.
2 Required for all Bachelor of Science math sciences majors.
3 Actuarial science/financial math emphasis area requirement.
-
Second Year
- Calculus of Several Variables2
- Intro to Mathematical Sciences2
- Intermediate Math Computing2
- Financial Accounting Concepts3
- Physics Requirement2
- Literature Requirement1
- Statistics for Science and Engineering2
- Intro to Ord. Diff. Equations2
- Linear Algebra2
- Theory of Interest3
- Actuarial Seminar for FM/2 Exam3
1 General education requirement.
2 Required for all Bachelor of Science math sciences majors.
3 Actuarial science/financial math emphasis area requirement.
-
Third Year
- Introduction to Proof2
- Theory of Probability2
- Linear Programming2
- Corporation Finance3
- Natural Science with Lab 11
- Statistical Computing2
- Intro to Stat Theory3
- Intro to Modern Algebra2
- Actuarial Seminar for P/1 Exam3
- Natural Science with Lab 21
1 General education requirement.
2 Required for all Bachelor of Science math sciences majors.
3 Actuarial science/financial math emphasis area requirement.
-
Fourth Year
- Mathematics of Option Pricing3
- Actuarial Seminar for IFM/3F Exam3
- Advanced Calculus I2
- Oral Communication Requirement1
- Advanced Writing Requirement2
- Regression and Time Series Analysis3
- Advanced Calculus II2
- Science and Tech. in Society Requirement1
- Professional Development1
1 General education requirement.
2 Required for all Bachelor of Science math sciences majors.
3 Actuarial science/financial math emphasis area requirement.
B.A. in Math/Minor in Business
Sample course schedule for a student pursuing a B.A. in mathematical sciences with a minor in business administration:
-
First Year
- Calculus of One Variable I1
- Modern Language Requirement 12
- Principles of Microeconomics1
- Social Science Requirement1
- Calculus of One Variable II2
- Composition and Rhetoric1
- Computer Science Requirement2
- Principles of Macroeconomics3
- Modern Language Requirement 22
1 General education requirement.
2 Required for all Bachelor of Arts math sciences majors.
3 Required for minor in business administration.
-
Second Year
- Calculus of Several Variables2
- Intro to Mathematical Sciences2
- Intermediate Math Computing2
- Financial Accounting Concepts3
- Cross-Cultural Awareness Requirement1
- Literature Requirement1
- Statistics for Science and Engineering2
- Intro to Ord. Diff. Equations2
- Linear Algebra2
- Theory of Interest2
- Actuarial Seminar for FM/2 Exam2
1 General education requirement.
2 Required for all Bachelor of Arts math sciences majors.
3 Required for minor in business administration.
-
Third Year
- Introduction to Proof2
- Theory of Probability2
- Advanced Writing Requirement2
- Corporation Finance3
- Natural Science with Lab 11
- Legal Environment of Business3
- Intro to Stat Theory2
- Intro to Modern Algebra2
- Actuarial Seminar for P/1 Exam2
- Natural Science with Lab 22
1 General education requirement.
2 Required for all Bachelor of Arts math sciences majors.
3 Required for minor in business administration.
-
Fourth Year
- Mathematics of Option Pricing2
- Actuarial Seminar for IFM/3F Exam2
- Advanced Calculus I2
- Oral Communication Requirement1
- Non-Literature Requirement1
- Regression and Time Series Analysis2
- Principles of Marketing3
- Principles of Management3
- Science and Tech. in Society Requirement1
- Professional Development1
1 General education requirement.
2 Required for all Bachelor of Arts math sciences majors.
3 Required for minor in business administration.
B.A. in Math/Minor in Finance
Sample course schedule for a student pursuing a B.A. in mathematical sciences with a minor in financial management:
-
First Year
- Calculus of One Variable I1
- Modern Language Requirement 12
- Principles of Microeconomics1
- Social Science Requirement1
- Non-Literature Requirement1
- Calculus of One Variable II2
- Composition and Rhetoric1
- Computer Science Requirement2
- Principles of Macroeconomics4
- Modern Language Requirement 22
1 General education requirement.
2 Required for all Bachelor of Arts math sciences majors.
3 Required for minor in financial management.
4 Elective course required for VEE.
-
Second Year
- Calculus of Several Variables2
- Intro to Mathematical Sciences2
- Intermediate Math Computing2
- Financial Accounting Concepts3
- Cross-Cultural Awareness Requirement1
- Literature Requirement1
- Statistics for Science and Engineering2
- Intro to Ord. Diff. Equations2
- Linear Algebra2
- Theory of Interest2
- Actuarial Seminar for FM/2 Exam2
1 General education requirement.
2 Required for all Bachelor of Arts math sciences majors.
3 Required for minor in financial management.
-
Third Year
- Introduction to Proof2
- Theory of Probability2
- Advanced Writing Requirement2
- Financial Management I3
- Natural Science with Lab 11
- Intro to Stat Theory2
- Intro to Modern Algebra2
- Actuarial Seminar for P/1 Exam2
- Financial Management II3
- Natural Science with Lab 21
1 General education requirement.
2 Required for all Bachelor of Arts math sciences majors.
3 Required for minor in financial management.
-
Fourth Year
- Mathematics of Option Pricing2
- Actuarial Seminar for IFM/3F Exam2
- Advanced Calculus I2
- Oral Communication Requirement1
- Investment Analysis3
- Regression and Time Series Analysis2
- Principles of Real Estate2
- Financial Institutions and Markets3
- Science and Tech. in Society Requirement1
- Professional Development1
1 General education requirement.
2 Required for all Bachelor of Arts math sciences majors.
3 Required for minor in financial management.
Non-Math Majors
Although most Clemson University students who want to become actuaries major in mathematical sciences, students can actually earn degrees in any subject area. We recommend that no matter a student’s major, they should pass at least two actuarial exams and complete all three VEEs before graduating. Listed below are the subject-matter courses for the P/1 and FM/2 exams, as well as the VEE courses that Clemson offers. Note that the prerequisites for the exam preparation courses are also listed.
-
MATH/STAT Prerequisite Courses
- Calculus of One Variable I
- Calculus of One Variable II
- Calculus of Several Variables
- Statistics for Science and Engineering
-
MATH/STAT Exam or VEE Courses
- Theory of Interest1
- Theory of Probability2
- Intro to Statistical Theory3
1 Subject matter for FM/2 exam.
2 Subject Mmatter for P/1 exam.
3 VEE course.
-
Business School VEE Courses
- Principles of Microeconomics1
- Principles of Macroeconomics1
- Financial Accounting Concepts1
- Corporation Finance1
1 VEE course.
-
Other Recommended Courses
- P/1 Seminar1
- FM/2 Seminar2
- Math of Option Pricing3
- IFM/3F Seminar4
- Regression and Time Series Analysis5
- Introduction to Ordinary Differential Equations
1 Preparation for P/1 exam.
2 Preparation for FM/2 exam.
3 Subject matter for IFM/3F exam.
4 Preparation for IFM/3F exam.
5 Subject matter for SRM and MAS-I exams.
