Undergraduate Programs in Actuarial Science

1. School of Business Major in Actuarial Science

Students enter the School of Business of the University of Wisconsin Madison as juniors. Their freshman and sophomore years are spent in the College of Letters and Science, during which they acquire a foundation in the natural and social sciences and the humanities, including mathematics, English, a foreign language, ethnic studies, economics, accounting, and computer science.

During the junior and senior years, students complete the business foundation courses in accounting, finance, professional communications, business law, management, marketing, organizational behavior and the major field requirement.

The actuarial science major permits some flexibility, but 23 credits from the Actuarial Science curriculum are required, including AS 650 (Actuarial Mathematics 1) and either AS 651 (Actuarial Mathematics 2) or AS 652 a (Risk Theory and Credibility).

For courses selection information please see the Advising Sheet for Undergraduates in Actuarial Science.

The following courses are required for actuarial science majors. For detailed course descriptions, please consult the Undergraduate Catalog

Requirements for the Major

Math 431 Introduction to the Theory of Probability, 3 cr or
Stat 309 Introduction to Mathematical Statistics, 4 cr or
Stat 311 Introduction to Mathematical Statistics 4 cr
Stat 310 Introduction to Mathematical Statistics, 4 cr or
Stat 312 Introduction to Mathematical Statistics, 4 cr
Act Sci 303 Theory of Interest and Life Insurance, 3 cr
Act Sci 650 Actuarial Mathematics 1, 3 cr
Act Sci 652 Risk Theory and Credibility, 3 cr
Actuarial Science review classes, 2 cr
Act Sci 651 Actuarial Mathematics 2, 3 cr or
Act Sci 653 Loss Distributions and Survival Models, 3 cr

One of the following three courses:
Act Sci 654 Seminar in Actuarial Science, 3 cr
Econ 301 Intermediate Microeconomic Theory, 4 cr
Math 632 Introduction to Stochastic Processes, 3 cr

Recommended Electives

Math 234 Calculus—Functions and Variables, 3 cr
Math 340 Elementary Matrix and Linear Algebra, 3 cr

Students are encouraged to take Math 234 Calculus—Functions of Several Variables as a prerequisite to Math 431 Introduction to the Theory of Probability, courses in computer sciences, and courses listed under the risk management and insurance major.

2.  College of Letters and Science Major in Mathematics

Students who major in mathematics will first complete the 221/222/234 calculus sequence as well as Mathematics 340 (Elementary Matrix and Linear Algebra). At the same time, they will be studying in the social, physical, and biological sciences, the humanities, and perhaps completing their language requirement.

The foreign language requirement may be satisfied by three (B.S. degree) or four (B.A. degree) semesters of college course work in one language. Since one year of high school foreign language is equivalent to one semester of college work, many students will have totally or partially satisfied this requirement on the basis of high school studies.

Actuarial students have a special interest in economics, including the role of insurance in economic planning. In the process of taking Economics 101, 102 (Principles of Econ), 301 (Intermediate Microeconomics), and RMI300 (Risk Management), they will more than satisfy the social science requirement. There are, of course, many other worthwhile social science courses that students may take as electives. The student who wishes to explore more fully the humanities and social sciences should consider obtaining the B.A. or B.S. degree in the College of Letters and Science, and then spending an additional year completing the M.S.A.S. (Master of Science in Actuarial Science) degree. The College of Letters and Science Bulletin has details about the B.A. and B.S. degree requirements.

Actuarial students will select Option II of the mathematics major which permits study in an area of application. They will select courses from the Actuarial Science curriculum to complete the requirement of four courses in an area of application. Details about the mathematics major are contained in the "Guidebook for Undergraduate Math Majors," which may be obtained from the Department of Mathematics.