Actuarial Science

Our actuarial science program is 1 of only 49 programs nationwide classified as UCAP-AP (Universities and Colleges with Actuarial Programs—Advanced Curriculum) by the Society of Actuaries—and 1 of just 2 among the 100 members of the Council for Christian Colleges & Universities. Our curriculum covers everything on the first 4 professional actuarial exams, as well as some topics on the 5th of 7 exams. That means you'll be further along in the process of becoming a certified actuary—and you’ll rise to the top with future employers.

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Mathematics electives: 3 credits (excluding 090, 105, 107, 109, 111, 117 and 308)
MAT 112QR - Calculus I
(4 credits) (NWCore option under Quantitative Reasoning) This course is a study of functions, limits, derivatives and integrals with a strong emphasis on both theory and applications. Note: Meets four times per week. Prerequisites: C- or higher in MAT109, or an ACT math score of at least 24 (SAT 570 or above), or permission of mathematics department chair.
MAT 180WI - Logic and Discrete Mathematics
(3 credits)(Writing intensive) An introduction to the language and logic of mathematical proof via topics in discrete mathematics. Topics will include logic, elementary number theory, basic set theory and methods of mathematical proof (direct proof, indirect proof, induction). Note: Other topics will be chosen from counting, functions, relations, recursion and graph theory. Prerequisite: C- or better in MAT 112QR or permission of instructor.
MAT 211 - Calculus II
A study of transcendental functions, techniques of integration, improper integration, sequences, series, polar coordinates and conic sections.Prerequisite: C- or better in MAT112 or permission of instructor.(4 credits)
MAT 212 - Calculus III
A study of the cylindrical and spherical coordinate systems, vectors in two dimensions and three dimensions, vector valued functions, functions of several variables, multiple integration, and vector calculus.Prerequisite: C- or better in MAT211 or permission of instructor.(4 credits)
MAT 316 - Probability and Statistics I
A post-calculus course in probability and statistics, which develops the theory of discrete and continuous distributions, expected value, random variables and inferential statistics.Prerequisites: C- or better in MAT116 or 117, 180, 211 or permission of instructor.(3 credits, alternate years, consult department)
MAT 317 - Linear Algebra
A study of the algebra of matrices and vector spaces including matrix operations, systems of equations, determinants, properties of real vector spaces, eigenvalues and eigenvectors.Prerequisite: C- or better in MAT112QR and 180 or permission of instructor.(3 credits)
MAT 416 - Probability and Statistics II
A continuation of Probability and Statistics I. Emphasis will be placed on functions of random variables and sampling distributions.Prerequisite: MAT316.(3 credits, alternate years, consult department)
MAT 430 - Actuarial Modeling: Life Contingent Risk Models
This course is an introduction to the study of contingent payment models. Topics include: economics of insurance, individual risk models, survival distributions and life tables, benefit reserves, multiple life functions, multiple decrement models and introductory loss models.Prerequisite: MAT416.(3 credits, alternate years, consult department)
MAT 431 - Actuarial Modeling: Loss Models
This course concentrates on loss models. Topics include: frequency and severity, aggregate loss models, discrete and continuous time ruin models, construction of empirical models, parameter estimation, and model selection. Prerequisite: MAT316, with co-requisite MAT416. (3 credits; alternate years, consult department)
MAT 450SR - Mathematical Minds
This course will provide you with a survey of some of the fascinating and critical ideas in mathematics, including historical proofs of some results which are familiar to you through your previous mathematical study as well as some results which will be new to you. We will also spend a significant amount of time discussing connections between mathematics and the Christian faith, and we'll take a look into the background of the mathematically and scientifically significant number 0, which has had its own theological issues. And you'll explore the contributions of the various parts of your college experience to the goals of the IGE program and your progress in establishing personal commitments and a sense of vocation. Prerequisites: grade of C- or better in MAT211 or permission of instructor. (2 credits)

Cognate requirements:

ACC 215 - Principles of Financial Accounting
(4 credits) This course covers the basic introduction to financial management and financial accounting, including an understanding of the concepts, principles and practices in these areas.
ACC 216 - Principles of Managerial Accounting
(3 credits) This course covers the basic concepts, principles and practice in managerial accounting, including the use of accounting in management decision- making. Prerequisite: ACC215.
BUS 300 - Principles of Finance
(2 credits) This course covers the basic principles, theory and techniques of financial decision-making in the structure of a corporation. Prerequisites: ACC215 and 216 and MAT117.
BUS 304 - Investments
Models of risk and return are carefully developed to provide a basis for assessing investment opportunities and to enhance our understanding of the role and importance of financial markets. A considerable portion of the course will be devoted to the pricing of derivative securities including options, forward contracts and futures contracts. Prerequisite: BUS300 or ACC315. (4 credits)
BUS 404 - Advanced Corporate Finance
(4 credits) This course is a continuation of Principles of Finance. We will explore topics such as the cost of capital, capital structure and dividend policy, and analyze their significance in long-term financing decisions. We will also examine international aspects of corporate finance and the management of risk with derivative securities. Prerequisite: BUS300 or ACC315.
BUS 473 - Advanced Derivatives
(3 credits) This is an advanced course in derivative markets. A basic understanding of derivative pricing as would be found in an undergraduate investments text is assumed. Topics will include binomial option pricing, the Black-Scholes-Merton model, Brownian motion and Ito's Lemma, and interest rate models. Material corresponding to the Society of Actuaries Exam MFE: Actuarial Models and Financial Economics will be covered. Prerequisites: MAT 116QR or MAT 117QR, MAT 112QR, MAT 211, BUS 304 or permission of instructor.
ECO 314 - Intermediate Macroeconomics
Builds on the concepts of inflation, unemployment and economic growth learned in principles level macroeconomics. Introduces models with which the student will become more proficient in understanding how the economy works. Prerequisite: ECO214 and MAT111 or 112. (4 credits; alternate years, consult department)
ECO 315 - Intermediate Microeconomics
This course will examine economic theory and methodology with emphasis on the principles of price determination, consumer behavior, market equilibrium, optimality of resource allocation, production and costs, comparison of market structures, and the behavior of firms in nonperfect competition. Prerequisite: ECO213 and MAT111 or 112. (4 credits; alternate years, consult department)

Total credits required: 62