Actuarial Sciences in the Department of Mathematics and Computer Science at the University of Richmond

What is an actuary?

Actuaries are professionals who analyze the financial impact of risk, particularly looking ahead far into the future. Actuaries use skills in mathematics, statistics, economics, and finance to study uncertain future events in order to, for example, predict insurance claims or to make important business decisions. Some actuaries design insurance, financial, and pension plans and ensure that these plans are maintained on a sound financial basis. In general, actuaries specialize in either life, health, or property/casualty insurance, while others specialize in pension plans. Recently, the scope of the actuarial field has widened to include investment advice and even asset management. Many belong to one or more professional bodies, which include:

Who hires actuaries?

Primarily federal/state governments and insurance companies. Some actuaries work as consultants who contract their work out to insurance companies, corporations, unions, government agencies, and attorneys.


How do you prepare to become an actuary?

A strong background in mathematics is essential for students interested in a career as an actuary. This should include three semesters of calculus (Math 211, 212, and 235), one semester of linear algebra (Math 245), and two semesters of calculus-based probability and statistics (Math 329 and 330). In addition, courses in applied statistics, computer science, economics, and finance are also extremely valuable. The best way to ensure that you are attractive from an employment perspective is to pass the beginning actuarial examinations while you are still a student. Actuaries achieve professional status by passing a set of examinations and by satisfying certain educational experiences that are prescribed by the CAS and the SOA. The concepts contained in these assessments can be based on college courses (a B- or better is required), or an exam can be taken. Below is a list of the first two actuarial exams (of most importance) and the educational experiences (of somewhat lesser importance) that can be undertaken during your education at the University of Richmond:

     Actuarial Exam UR course
     Exam 1/P Math 329: Probability
     Exam 2/FM Math 3XX: Theory of Interest
     Educational Experience UR course(s)
     Applied Statistical Methods      Econ 340: Econometrics
     Corporate Finance Fin 360: Introduction to Financial Management, Fin 366: Investments [1]
     Economics Econ 101: Microeconomics, Econ 102: Macroeconomics


What should I major in?

Students interested in becoming an actuary should consider either majoring in Mathematics or Mathematical Economics. Either of these options will provide the necessary education that can lead to successful entry into the field. The courses listed above are either incorporated into these degrees or can be taken as electives. Other recommended courses include (see the Be An Actuary website for a detailed discussion on college preparation):

How much do the exams cost?

Exam 1/P is $175 and Exam 2/FM is $150. However, if you are an A&S student, you can get reimbursed for the exam fee by the Math department! See Dr. Owen for details on this policy.


Are internships available?

Many, many companies, including several here in Richmond, hire students as summer interns. To increase your chances of getting one, take the first actuarial exam.


[1] These finance courses require special permission for A&S students. Please contact Dr. Owen for further information. For students interested in actuarial sciences, the recommended prerequisite for Fin 360 is Acct 201.

This page was created and is maintained by Dr. Owen