The actuarial studies certificate, supervised by Carl Mueller from math and S.R.S. Rao Poduri from statistics, is administered through the Multidisciplinary Studies Center. Interested students should apply by spring semester of their junior year.
At graduation, students successfully completing the actuarial studies program will receive a certificate along with their diploma.
What Is an Actuary?
Actuaries manage risk through the use of mathematics, statistics, and financial theory. While the majority of actuaries work for insurance companies, opportunities also exist within consulting firms, employee benefits departments, banks and investment firms, hospitals, government, and other organizations.
There are two professional organizations for actuaries: the Society of Actuaries and the Casualty Actuarial Society. The Society of Actuaries (SOA) deals with life, health, and pensions. The Casualty Actuarial Society (CAS) deals with property, casualty liability, and data breaches.
To learn more about what an actuary is and how to get started, see the be an actuary website.
For certification, students must complete course requirements with a GPA of at least 2.5. None of the certificate courses may be taken satisfactory/fail.
Please note: Course substitutions may be possible with the program advisor’s approval.
All three of the following:
- MTH/STT 201: Introduction to Probability
- MTH/STT 203: Introduction to Mathematical Statistics
- MTH 165: Linear Algebra with Differential Equations
Plus one of the following:
- STT 212: Applied Statistics for the Biological and Physical Sciences I
- ECO 231: Econometrics
Plus one of the following:
- FIN 205: Financial Management
- MTH 210: Introduction to Financial Mathematics
- MTH 210H: Introduction to Financial Mathematics Honors
Two of the following:
- MTH 202: Introduction to Stochastic Processes
- MTH 208: Operations Research I
- MTH/STT 280: Introduction to Numerical Analysis
- STT 216: Applied Statistics II
- STT 221: Sampling Techniques
Plus one from either the list below or the list directly above:
- ECO 236: Health Economics
- Independent Study*
*Requires approval from the certificate program advisor.
Computer Language Proficiency
In addition, some proficiency in a high-level computer language is required. Examples of courses that may be used to satisfy the computing requirement include:
- CSC 161: Introduction to Programming
- STT 277: Introduction to Statistical Software and Exploratory Data Analysis
To become an associate member of the Society of Actuaries, you must pass a series of examinations. Some or all of these can be taken while employed, or after college graduation; some can be taken while still a student.
The Casualty Actuarial Society (CAS) has a different set of exams from the SOA, although the first few exams are similar to those taken for the SOA.
We encourage certificate students to take the first two examinations before graduation. The exams are given three times a year: February, May, and November.
Insurance companies (including Travelers, Liberty Mutual Group, MetLife, Unum, Cigna, Excellus BCBS) and some consulting firms (such as Towers Watson, Mercer, and Harbridge Consulting Group) offer summer internship programs. These opportunities are competitive, typically require a minimum 3.2 GPA and completion of at least one exam, and begin recruiting as early as mid-fall.
Make an appointment with a career and internship center counselor to discuss resources and strategies for finding actuarial internships. A counselor can help you learn about the profession, identify firms of interest, navigate CareerLink and NIC internship posting databases, and connect with individuals (including Rochester alumni) working in the field.