Actuarial Science Minor

Actuarial Science at Augustana University

Actuaries have earned top rankings by U.S. News & World Report in Best Business Jobs, Best STEM Jobs, Best Paying Jobs, and Best Jobs. The Bureau of Labor Statistics predicts that this profession will grow at a rate of 18 percent between 2014 and 2024. Actuaries in the U.S. earn an average salary of $107,740.

What is Actuarial Science?

Actuarial science uses mathematical and statistical methods to manage and assess risk in insurance, finance and other industries and professions. It takes most people between six to 10 years to pass all required exams, but you can start your career as an actuary after passing the first two exams. 

About Augustana's Actuarial Science Minor (25 Credit Hours)

This interdisciplinary minor is designed for students seeking certification from the Society of Actuaries (SOA), who need to fulfill Validation of Educational Experience (VEE) credit. Augustana requires students to take two of the three VEEs in the process of completing the minor and works with actuarial science students to help secure an internship experience before graduation.

Required Courses

The SOA has approved the courses listed below to fulfill VEE credit in the three indicated areas:

Economics

  • ECON 120 – Principles of Economics I
  • ECON 121 – Principles of Economics II

Applied Statistical Methods

  • MATH 315 – Probability & Statistics
  • ECON 373 – Econometrics

Finance

  • BSAD 330 – Principles of Finance -OR- Bsad 431 – Advanced Finance

To complete the minor, students must complete courses satisfying at least two of the three VEE areas and their pre-requisites which total between 13 and 16 credits outside their major. 

Certification and Exams

There are three different certifications through the SOA:

  1. Chartered Enterprise Risk Analyst (CERA)
  2. Associate of the Society of Actuaries (ASA)
  3. Fellow of the Society of Actuaries (FSA)

All three of these have 10 distinct requirements in order to receive the certification. The CERA requires successful completion of six exams, two VEEs and two courses. The ASA and FSA require successful completion of five exams, two courses and three VEEs. Candidates who do not complete their VEEs as part of their undergraduate studies must take additional coursework or exams to prove competence in these areas.