The minor in actuarial science is a new course of study tailored to the needs of students interested in actuarial careers, especially in business. The minor is based in the Department of Mathematics and is best suited for math and ACMS majors.
Key Prerequisites Note:
The Math/ACMS courses require Math 20550 (Calculus III) or ACMS 20550 (Intro to Applied Methods I), which themselves require Math 10550 & 10560 (Calculus I & II) as prerequisites. Mendoza students only may use Math 10360 (Calculus B) as a prerequisite for Probability (Math 30530).
Important Notes:
The minor in actuarial science is one of the most popular programs, and has a waitlist with a wait time of over one year, so students are encouraged to apply to the minor as early as possible. To be competitive for actuarial jobs, it is vital that students have passed the SOA Exam P/1 exam prior to starting their Junior year, and SOA Exam FM/2 exam prior to starting their Senior year, so be sure to plan accordingly, and take Probability (Math 30530) as early as possible.
While on the waitlist, students are not restricted from taking the ACMS/Math/Economics classes towards the minor, and are strongly encouraged to do so.
For students who plan to study abroad, note that actuarial students are typically allowed into Mendoza classes only in the Spring term, so it is strongly recommended to study abroad in the Fall semester.
Three courses in ACMS / Mathematics:
- Probability (ACMS/MATH 30530)
- Mathematical Statistics (ACMS 30540 or 30550) *
- Introduction to Financial Mathematics (ACMS/MATH 30610) **
* Any student who has taken ACMS 10145 (Statistics for Business) or equivalent can petition the ACMS Director of Undergraduate Studies for an override directly into ACMS 30540 without needing ACMS 30600 as a prerequisite.
** ACMS/MATH 30610 May be taken concurrently with Probability (Math/ACMS 30530) with instructor permission and may count as ACMS elective with permission of ACMS UG Chair. This requirement may be replaced with a free elective if a student furnishes proof of passage for SOA Exam FM/2.
Three courses from the Mendoza College of Business:
- Accountancy I (ACCT 20100): Must be taken in Spring Semester
- Corporate Financial Management (FIN 20150): Must be taken in Spring Semester
- Macroeconomic Analysis (FIN 30220) OR Intermediate Macro Theory (ECON 30020)
One course from the College of Arts & Letters:
- Principles of Microeconomics (ECON 10010, 20010, 10011, or 20011)
One elective course from the following Core Elective List (It is recommended that
the free elective come from this list as well):
- Applied Mathematics of Financial Economics I (ACMS 20010) (will not satisfy College of Science or ACMS Elective)
- Scientific Computing (ACMS 20210) (will not satisfy College of Science or ACMS Elective)
- Applied Mathematics of Financial Economics II (ACMS 30010)
- Econometrics (ECON 30331)
- Investment Theory (FIN 30600)
- Application Development (MGTI 30610)
- Actuarial Models (ACMS 40015)
- Life Contingencies I (Math 40610)
- Stochastic Modeling (ACMS 40760)
One free Mathematics/ACMS elective (3 credits) (any at the 30000 or 40000 level will count, and ACMS 20010, 20210). It is strongly recommended that this additional elective come from the above Core Electives list.
Among the 9 courses required for the minor, up to 4 courses can be double-counted for a student's major. Each course in these 9 courses beyond the double counting allowance limit will need to be replaced by an additional elective in ACMS/Math at the 30000 or above level.
Additional Recommended Courses for Interested Actuaries:
- ACMS 37011. SOA Exam P Review (1 Credit Pass/Fail. Does not satisfy any elective requirements.)
- ACMS 37012. SOA Exam FM Review (1 Credit Pass/Fail. Does not satisfy any elective requirements.)
- ACMS 37020. Projects in Actuarial Science (1 Credit. Does not satisfy any elective requirements. Repeatable.)
- ACMS 37021. Actuarial Case Studies (1 Credit. Does not satisfy any elective requirements.)
- ACMS 40212. Advanced Scientific Computing
- MATH 40570. Mathematical Methods in Financial Economics
- ACMS 40730. Mathematical/Computational Modeling
- ACMS 40852. Time Series Analysis
- ACMS 40875. Statistical Methods in Data Mining
- ACMS 40878. Statistical Computing with R
- For CSE students – CSE 30246 (Database Concepts) and CSE 40647 (Data Science)
- For Mendoza students – ITAO 30220 (Predictive Analytics) and FIN 30400 (Advanced Corporate Finance)
Mapping of Actuarial Exams (in recommended sequence) to ND Course Offerings:
- SOA Exam P/CAS Exam 1 = ACMS/MATH 30530 Probability
- SOA Exam FM/CAS Exam 2 = ACMS/MATH 30610 Intro. To Financial Math
- SOA Exam IFM/CAS Exam 3 = ACMS 20010 (Financial Economics I) + ACMS
- 30010 (Financial Economics II) + FIN 30600 (Investment Theory)
- SOA Exam STAM = ACMS 40015 (Actuarial Models) covers half
- SOA Exam SRM/CAS Exam MAF-I = ACMS 30600 (Statistical Methods I) + ACMS
- 40030 (Predictive Modeling) [Course not yet created] + ACMS 40760 (Stochastic Modeling) + ACMS 40842 (Time Series Analysis)
- SOA Exam LTAM = MATH 40610 or ACMS 40615 (Life Contingencies) covers half [Course not yet created]
These old requirements affect any students graduating in 2018.
Key Prerequisites Note:
The Math/ACMS courses require Math 20550 (Calculus III) or ACMS 20550 (Intro to Applied Methods I), which themselves require Math 10550 & 10560 (Calculus I & II) as prerequisites. Only students in the Mendoza College of Business may use Math 10360 (Calculus B) as a prerequisite for Probability (Math 30530).
Important Notes:
The minor in actuarial science is one of the most popular programs, and has a waitlist with a wait time of over one year, so students are encouraged to apply to the minor as early as possible.
To be competitive for actuarial jobs, it is vital that students have passed the SOA Exam P/1 exam prior to starting their junior year, and SOA Exam FM/2 exam prior to starting their senior year, so be sure to plan accordingly, and take Probability (Math 30530) as early as possible.
While on the waitlist, students are not restricted from taking the ACMS/Math/Economics classes towards the minor, and are strongly encouraged to do so.
For students who plan to study abroad, note that actuarial students are typically allowed into Mendoza classes only in the Spring term, so it is strongly recommended to study abroad in the Fall semester.
Three courses in ACMS / Mathematics:
- Probability (ACMS/MATH 30530)
- Statistical Methods & Data Analysis I (ACMS 30600) OR Mathematical Statistics (ACMS 30540) *
- Introduction to Financial Mathematics (MATH 30610) **
* ACMS 30540 is recommended for math majors, and ACMS 30600 is recommended otherwise.
** This requirement may be replaced with a free elective if a student furnishes proof of passage for SOA Exam FM/2. May be take concurrently with Probability.
Four courses from the Mendoza College of Business:
- Accountancy I (ACCT 20100)*
- Corporate Financial Management (FIN 20150)*
- Investment Theory (FIN 30600)
- Macroeconomic Analysis (FIN 30220) OR Intermediate Macro Theory (ECON 30020)
Two courses from the College of Arts & Letters:
- Principles of Microeconomics (ECON 10010, 20010, 10011, or 20011)
- Econometrics (ECON 30331)
One Mathematics/ACMS elective (any at the 30000 or 40000 level will count).
Among the 10 courses required for the minor, up to 5 courses can be double-counted for a student's major. Each course in these 10 courses beyond the 5-course double counting allowance limit will need to be replaced by an additional actuarial elective. Applied Mathematics of Financial Economics I (ACMS 20010) and Scientific Computing (ACMS 20210) are the only 20000-level courses that will satisfy the actuarial elective requirement.
Review Courses Available:
- ACMS 37011. SOA Exam P Review (1 Credit Pass/Fail)
- ACMS 37012. SOA Exam FM Review (1 Credit Pass/Fail)
Recommended courses for students interested in becoming actuaries:
- ACMS 20010 (Will satisfy as Actuarial Elective requirement but not College of Science or ACMS Elective) & 30010 (Satisfies all). Applied Mathematics of Financial Economics I & II – Preparation for Exam MFE/3F
- ACMS 40010 & 40020. Loss Models I & II – Preparation for Exam C/4
- Math 40610 & 40620. Actuarial Mathematics for Life Contingencies I & II – Preparation for Exam MLC (SOA track only)
- ACMS/MATH 20210. Scientific Computing (Will satisfy as Actuarial Elective requirement but not College of Science or ACMS Elective)
- ACMS 37020. Projects in Actuarial Science (1 Credit. Does not satisfy any elective requirements.)
- ACMS 40212. Advanced Scientific Computing
- ACMS 40730. Mathematical/Computational Modeling
- ACMS 40760. Stochastic Modeling
- ACMS 40852. Times Series Analysis
- ACMS 40875. Statistical Methods in Data Mining
- MATH 40570. Mathematical Methods in Financial Economics
- For Mendoza students – Take MGTI 30610 (Application Development)
- For CSE students – Take CSE 30246 (Database Concepts)
Contacts:
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Sonja Mapes Director of Undergraduate Studies 228 Hayes-Healy Center Notre Dame, IN 46556 Email: Sonja.a.mapes.7@nd.edu Phone: (574) 631-7586 |
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