Actuarial Science and Statistics
Option 1: Actuarial Science, Bachelor of Science Degree
Actuarial Science is concerned with the random events that affect human life or property and the financial impact that occurrence of one of these events may have. Using statistical, financial and economic techniques to evaluate the risks and business implications of future events, actuaries design financial security programs which focus on life, health, property, casualty, retirement, demographic, economic and investment possibilities.
The Actuarial Science program in the Department of Mathematics and Computer Science at University of Central Missouri is one of several dozen advanced actuarial science programs in the USA and the only one in Missouri public institutions. It offers a curriculum that prepares students for a series of actuarial exams sponsored by S.O.A. and C.A.S. The program's major required courses in Applied Statistics, Economics, and Finance are SOA/CAS approved VEE-credit courses.
The actuarial science and statistics program is supported by two labs. Computers in the labs are installed with several commonly used statistical and actuarial packages such as SPSS, SAS, Prophet, and TAS for instructional purposes. A variety of other software is also available to the students.
About the Faculty
All actuarial science and statistics classes are taught by experienced and caring faculty members who believe in individualized attention for their students. In addition to a wide range of academic and professional experience, more than 80 percent of faculty members in this program have earned doctorates. The remaining faculty members have master's degrees. The actuarial coordinator in the program is a certified actuary who also has had practical experiences in insurance industry. Faculty members in the program are actively engaged in research in their respective areas. Academic participation keeps faculty members current with their expanding fields.
The student-faculty ratio at UCM is about 17 to 1, which allows for personalized attention for each student.
The Department of Mathematics and Computer Science sponsors several student organizations that meet regularly to discuss topics ranging from new discoveries to career opportunities. The student Actuarial Organization in the department is very active, sponsoring a series of activities that include annual actuary career fair, actuarial guest speakers from Kansas City area, field trips to local insurance companies, and annual resume workshops.
Careercast.com reported in the Wall Street Journal actuaries have the second best job in 2012. Also, according to online salary database PayScale.com, actuary is one of the top six jobs that are not only well-paying in 2012, but they also have unemployment levels lower than the current national average. Plus, they are expected to grow in demand in the coming years.
Actuaries work for a variety of employers, including:
- Insurance companies
- Consulting firms
- Government insurance departments
- Colleges and universities
- Banks and investment firms
- Large corporations and public accounting firms
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