Colorado Mesa University (CMU) will allegedly be adding some actuarial science classes, starting the fall semester of 2019.
“Over the past 10 years I have had numerous students inquire about having such a degree,” Director of Public Relations David Ludlam said. “Actuarial science applies mathematical and statistical methods to assess risk in insurance, whether it be auto, dwelling, or life.”
CMU already offers most of the classes that usually compose an actuarial science degree. They include finance, risk management, insurance, and economics courses from the business department. From the computer science, math and statistics side, calculus, probability, statistics, and linear algebra are already present. “We have decided to offer a BS in mathematics with a concentration in actuarial science,” Ludlam said. “We thought about starting a stand-alone degree but there’s so much overlap with the mathematics degree that there were not enough differences to separate.”
An actuary analyzes the possible financial impact of risks, which puts them into the insurance field often. The career is projected to grow 22 percent in the next ten years.
Actuaries start with a bachelor’s in mathematics, actuarial sciences, business, or a related field. There are six exams, each testing mastery over a certain domain that actuaries cover, from financial models to life contingencies. These exams are taken after a student has graduated from college and is under the care of their employer; their job at their company first is to study for these exams. Financial mathematics is the subject of one exam (with the P-exam being the other) that can be taken without being hired by a firm. If a student passes one or both preliminary exams, companies are more likely to hire that individual, to then continue studying.
“After numerous thoughtful discussions, we believe we can offer a comparable degree [to other universities] with virtually no new costs to CMU,” Ludlam said.
According to Ludlam, CMU hopes to integrate these classes in order to help students enjoy a bright future in an industry that is both stable and growing, with successful young actuaries enjoying possible careers with banks, rating bureaus, and insurance firms.
