Undergraduate Program
Preparing for a Career as an Actuary
at Iowa State University: 2007-2009 Catalog
"An actuary is a person who analyzes risks and plans for the financial security of people and businesses. Actuaries look at the past and the present to predict what will be needed in the future." — Society of Actuaries and the Casualty Actuarial Society
Actuarial science has been described as dealing with the intersection of risk and finance. Actuaries combine quantitative, analytical and business skills in order to solve a variety of problems. In the past, actuaries used applied probability and statistical techniques in the life insurance industry. Today actuarial methods are applied throughout the growing financial services industries to solve risk management problems.
Those considering a career as an actuary should have a strong interest and ability in mathematics and statistics. Reasoning ability, business and communication skills are also keys to success as an actuary. Your college education should be broad based with emphasis on mathematics, statistics, economics and finance courses. Courses in English, speech and business communication will help you acquire needed communications skills. College is only the start to becoming an actuary.
To achieve professional status as an actuary you must pass a series of examinations co-administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). A major in Statistics, together with courses in economics and finance and additional study can prepare the interested student for the first four actuarial exams. You can also receive credit towards the areas of Applied
Statistical Methods and Economics through Validation by Educational
Experience (VEE). Below is a list of courses at Iowa State that provide a
strong background and necessary prerequisites for later courses
related to the actuarial exams and VEE.
- Background and prerequisite courses
- Accounting 284. Financial Accounting.
- Economics 101. Principles of Microeconomics.
- Economics 102. Principles of Macroeconomics.
- Statistics 101. Principles of Statistics.
- Statistics 401. Statistical Methods for Research Workers.
Courses at Iowa State University are not geared directly to the actuarial exams. The courses listed below contain material that may appear on the actuarial exams but will probably not cover everything that may appear. Additional independent study is necessary in order to pass the actuarial exams. A set of Study Notes for the first four exams are available on line at the Society of Actuaries website.
For more information about pursuing a career in actuarial science at Iowa State University, please contact:
Undergraduate Program
Professor W. Robert Stephenson
Director of Undergraduate Studies
Department of Statistics
1407 Wilson Hall
Phone: (515) 294-7805
E-mail: wrstephe@iastate.edu
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