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Center of Actuarial Excellence Actuarial Science at Illinois State University
Our faculty are engaged in cutting edge research, funded by various external agencies, and published in books and top-level journals.

Advising: Bachelor of Science in Mathematics, Actuarial Sequence

This sequence is designed to prepare students to work as actuaries in the insurance industry, or as actuarial consultants, working on mathematical models and their implementation in dealing with the risk of potential financial losses. Students can review all classes required and plan their course of study based on the information provided below. Students are also encouraged to review additional information about typical obstacles encountered by actuarial students. A sample four-year schedule for the actuarial sequence in mathematics is posted here. Also, you can see a Checkpoint Chart for this major here, and this Powerpoint file shows you all classes required in the major with their prerequisites.

The following faculty are actuarial advisers:

• Dr. Krzysztof Ostaszewski, FSA, CERA, FSAS, CFA, MAAA, e-mail: krzysio@ilstu.edu, tel. 309-438-7226.

• Dr. Ranee Thiagarajah, ASA, MAAA, e-mail: kthiaga@ilstu.edu, tel. 309-438-7789.

Every student in the major is assigned one of the above faculty as an adviser, but if a student can't get in touch with one of the advisers, that student can also talk to the other one of the faculty named above, or contact the main office of the Department of Mathematics: math@ilstu.edu, tel. 309-438-8781.

Major Course Requirements

Course (Credit Hours)
Description
MAT 145 (4 hours)
Calculus I.
MAT 146 (4 hours)
Calculus II (preresuisite: MAT 145).
MAT 147 (4 hours)
Calculus III (prerequisite: MAT 146).
MAT 175 (4 hours)
Linear Algebra (prerequisite: MAT 146)

MAT 280 (4 hours)

 


Financial Mathematics ( prerequisites: MAT 145 and MAT 146, each with a grade of at least a B). This class covers fully the material tested on the the Society of Actuaries Course FM (same as the Casualty Actuarial Society Course 2) professional actuarial examination.  Illinois State University Actuarial Program also offers a non-credit online seminar for this actuarial examination (free to Illinois State University students).

MAT 350 (4 hours) 

 


Applied Probability Models (prerequisite: MAT 147). This class covers fully the material tested on the Society of Actuaries Course P (same as the Casualty Actuarial Society Course 1) professional actuarial examination. Illinois State University Actuarial Program also offers a non-credit online seminar for this actuarial examination (free to Illinois State University students).
MAT 351 (4 hours)
Statistics and Data Analysis (prerequisite: MAT 350, with a grade of at least a C).
MAT 353 (4 hours)
Regression and Time Series Analysis (prerequisite: MAT 351). This class is an approved VEE Applied Statistics course.

MAT 380 (4 hours) 

 


Actuarial Models I (prerequisites: MAT 280 and MAT 350, with a grade of at least a B in both). This class covers less advanced to[ics of the Society of Actuaries Course MLC professional examination and the Casualty Actuarial Society Course 3LC examinations. llinois State University Actuarial Program also offers a non-credit onlne seminar for the Society of Actuaries Course MLC examination (free to Illinois State University students).
MAT 381 (4 hours)  Actuarial Models II (prerequsite: MAT 380). This class covers more advanced topics of the Society of Actuaries Course MLC professional examination and the Casualty Actuarial Society Course 3LC examinations. llinois State University Actuarial Program also offers a non-credit onlne seminar for the Society of Actuaries Course MLC examination (free to Illinois State University students).

MAT 383 (4 hours)

 


Actuarial Models III (prerequisites: MAT 280 and MAT 350, with a grade of at least a B in both). This class covers the material tested on the Society of Actuaries Course MFE examination (same as the Casualty Actuarial Society Course 3F examination). Illinois State University Actuarial Program also offers a non-credit onlne seminar for the Society of Actuaries Course MFE/3F examination.
MAT 384 (4 hours)
Actuarial Modeling (prerequisite: MAT 351 with a grade of at least a C). This class covers fully the material tested on the Society of Actuaries Course C (same as the Casualty Actuarial Society Course 4) professional actuarial examination.
ACC 131 (3 hours)
Financial Accounting (sophomore standing required).
ACC 132 (3 hours) 
Managerial Accounting (prerequsite: ACC 131).
ECO 105 (4 hours) Principles of Economics. This class is an approved VEE Economics course.

FIL 242 (3 hours)

 

Investments. This class has special prerequsites for actuarial students (replacing those listed in the official catalog): ACC 131, ACC 132, MAT 280, and MAT 350. After fulfilling the prerequisites, actuarial students must request permission to take this class from Ms. Kathy Sims in the College of Business Advising. This class, in combination with FIL 341 (Intermediate Business Finance) is an approved VEE Finance course. Actuarial students should plan to take this class in the Fall.

FIL 341 (3 hours)

 


Intermediate Business Finance. This class has special prerequsites for actuarial students (replacing those listed in the official catalog): ACC 131, ACC 132, MAT 280, and MAT 350. After fulfilling the prerequisites, actuarial students must request permission to take this class from Ms. Kathy Sims in the College of Business Advising. This class, in combination with FIL 242 (Investments) or MAT 483 (Mathematical Models in Finance and Investments) is an approved VEE Finance course. Actuarial students should plan to take this class in the Spring.
FIL 250 (3 hours)
Introduction to Risk and Insurance (junior standing required).

IT 168 (4 hours)

Structured Problem Solving Using the Computer.

Senior Portfolio is also required. Students are encouraged to take MAT 283 (Introduction to Actuarial Computing, offered only in the Fall), MAT 298 (Professional Internship), and seminars for actuarial examinations (seminars for the first four exams are offered free of charge to Illinois State University students, and actuarial majors are urged to plan to pass at least the first two examinations by the time they graduate) offered through the ISU Conference Unit at Extended University.

Graduation Requirements

Complete a minimum of 120 hours, complete General Education requirements, complete at least 42 senior level hours, complete residency requirements, complete a global studies course, maintain a GPA of 3.0 in the major, as well as a GPA of 2.0 overall, and submit the senior portfolio.

All graduates of the College of Arts and Sciences must satisfy a foreign language requirement that may be met by: 3 years of a single foreign language in high school or completion of the second semester or higher of college-level foreign language (FOR 112 or articulated course) with a grade of "C" or better or equivalent proficiency as determined by examination. American Sign Language may be used to fulfill this requirement by transfer credit or by proficiency.

 

For more information, please contact

Dr. Krzysztof Ostaszewski, FSA, CERA, FSAS, CFA, MAAA
Actuarial Program Director
Department of Mathematics
Campus Box 4520
Normal, IL  61790-4520
E-mail:

You may also want to consult Current Academic Catalog.