At which campus can I study this program?
Program Description
An actuary is a business professional who uses mathematical skills to define, analyze, and solve complex business and social problems. The Actuarial Science major stresses the application of mathematical and statistical concepts to the measurement of life, health, pensions, and other contingencies, while at the same time giving the student a broad understanding of the business environment. Students in the Actuarial Science major will be prepared to begin the series of professional examinations leading to Associateship and Fellowship in either the Society of Actuaries (A.S.A./F.S.A.) or the Casualty Actuarial Society (A.C.A.S./F.C.A.S.) while enrolled in the program.
What is Actuarial Science?
The Actuarial Science major provides background in the wide range of knowledge needed to be a professional actuary including calculus, probability and statistics, financial and actuarial mathematics, economics, finance, risk management, pensions, and insurance. Excellent skills in mathematics and statistics is a critical component of this major.
Actuaries are vital to corporate and government agencies, calculating the costs of life or health insurance, or how much an insurance company can expect to pay in claims due to natural disasters, car accidents, and other situations. The curriculum is designed to prepare students for the series of professional examinations needed in order to be a practicing actuary. Students are encouraged to complete several of these exams prior to graduation with employers providing assistance to complete the remaining exams.
Entrance to Major
To be eligible for entrance into the Actuarial Science major, a degree candidate must be enrolled in the Smeal College of Business or the Division of Undergraduate Studies and satisfy requirements for entrance to the major.
Administrative Enrollment Controls
This program currently has administrative enrollment controls. Administrative Enrollment Controls are initiated when limitations of space, faculty, or other resources in a major prevent accommodating all students who request them. Students must follow the administrative enrollment controls that are in effect for the semester that they enter the university.
First-Year Students Entering Summer 2024, Fall 2024, Spring 2025
In order to be eligible for entrance to this major, students must satisfy the following requirements:
- 36-59 graded Penn State credits (excludes transfer and AP credits)
- completed with a grade of C or better:
- completed ECON 102 or ECON 102H
- completed at Penn State (no substitutions or transfers), in addition with a quality grade of "C" or better and no alternative or Pass/Fail (PS) grading:
- earned a minimum cumulative grade-point average (GPA) of 3.20
Students Who Entered Prior to Summer 2024
Students who entered the University from Summer 2018 through Spring 2024 should view the administrative enrollment controls in the appropriate Undergraduate Bulletin archive. Students who entered the University prior to the summer 2018 semester should consult with their academic adviser about the administrative enrollment controls in effect for the semester they entered the university.
Degree Completion
Students accepted into the Actuarial Science (ACTSC_BS) major are expected to enroll at University Park the fall semester after gaining entrance to the major. In addition, Senate Policy 83-80.5 stipulates that the college dean and program faculty may require up to 24 credits of course work in the major to be taken in the college where the degree is earned. Based on this policy, the Smeal College of Business has set the following credit earning limitations for ACTSC_BS majors:
- Fifteen credits of 300/400 level prescribed actuarial science and risk management courses in the major field must be completed with Actuarial Science and Risk Management faculty at University Park.
- Six additional credits of 300/400 level additional Actuarial Science elective courses must also be completed at University Park. See the Actuarial Science Suggested Academic Plan for details.
Degree Requirements
For the Bachelor of Science degree in Actuarial Science, a minimum of 120 credits:
Requirement | Credits |
---|---|
General Education | 45 |
Electives | 8 |
Requirements for the Major | 82 |
15 of the 45 credits for General Education are included in the Requirements for the Major. This includes: 6 credits of GWS courses; 6 credits of GQ courses; 3 credits of GS courses.
Requirements for the Major
To graduate, a student enrolled in the major must earn a grade of C or better in each course designated by the major as a C-required course, as specified by Senate Policy 82-44.
Code | Title | Credits |
---|---|---|
Prescribed Courses | ||
BA 342 | Socially Responsible, Sustainable and Ethical Business Practice | 3 |
BA 411 | Analyzing Business and Industry | 3 |
BLAW 341 | Business Law I: Introduction to Contracts, Liability Issues, and Intellectual Property | 3 |
ECON 102 | Introductory Microeconomic Analysis and Policy | 3 |
ECON 104 | Introductory Macroeconomic Analysis and Policy | 3 |
MIS 250 | Introduction to Problem Solving with Spreadsheet Analysis and Information Systems Management | 3 |
Prescribed Courses: Require a grade of C or better | ||
ACCTG 211 | Financial and Managerial Accounting for Decision Making | 4 |
ENGL 202D | Effective Writing: Business Writing | 3 |
FIN 301 | Corporation Finance | 3 |
MATH 140 | Calculus With Analytic Geometry I | 4 |
MATH 141 | Calculus with Analytic Geometry II | 4 |
MATH 231 | Calculus of Several Variables | 2 |
MGMT 301 | Basic Management Concepts | 3 |
MKTG 301 | Principles of Marketing | 3 |
RM 320W | Risk Management and Insurance | 3 |
RM 410 | Financial Mathematics for Actuaries | 3 |
RM 411 | Long Term Actuarial Mathematics - Fundamentals | 3 |
RM 421 | Short Term Actuarial Mathematics - Fundamentals | 3 |
RM 430 | Life and Health Insurance | 3 |
STAT/MATH 414 | Introduction to Probability Theory | 3 |
STAT/MATH 415 | Introduction to Mathematical Statistics | 3 |
Additional Courses | ||
Additional Courses: Require a grade of C or better | ||
RM 412 | Long Term Actuarial Mathematics - Advanced Topics | 3 |
or RM 422 | Short Term Actuarial Mathematics - Advanced Topics | |
SCM 200 | Introduction to Statistics for Business | 4 |
or STAT 200 | Elementary Statistics | |
Select 3 credits from the following: | 3 | |
Rhetoric and Composition | ||
Honors Rhetoric and Composition | ||
Rhetoric and Civic Life I | ||
ESL Composition for American Academic Communication II | ||
Select 3 credits from the following: | 3 | |
Data Science Through Statistical Reasoning and Computation | ||
Applied Regression Analysis | ||
Statistical Programming in SAS | ||
Supporting Courses and Related Areas | ||
Supporting Courses and Related Areas: Require a grade of C or better | ||
Attainment of 12th-credit level proficiency in a single world language. Proficiency must be demonstrated by either examination or course work. | 4 |
General Education
Connecting career and curiosity, the General Education curriculum provides the opportunity for students to acquire transferable skills necessary to be successful in the future and to thrive while living in interconnected contexts. General Education aids students in developing intellectual curiosity, a strengthened ability to think, and a deeper sense of aesthetic appreciation. These are requirements for all baccalaureate students and are often partially incorporated into the requirements of a program. For additional information, see the General Education Requirements section of the Bulletin and consult your academic adviser.
The keystone symbol appears next to the title of any course that is designated as a General Education course. Program requirements may also satisfy General Education requirements and vary for each program.
Foundations (grade of C or better is required and Inter-Domain courses do not meet this requirement.)
- Quantification (GQ): 6 credits
- Writing and Speaking (GWS): 9 credits
Breadth in the Knowledge Domains (Inter-Domain courses do not meet this requirement.)
- Arts (GA): 3 credits
- Health and Wellness (GHW): 3 credits
- Humanities (GH): 3 credits
- Social and Behavioral Sciences (GS): 3 credits
- Natural Sciences (GN): 3 credits
Integrative Studies
- Inter-Domain Courses (Inter-Domain): 6 credits
Exploration
- GN, may be completed with Inter-Domain courses: 3 credits
- GA, GH, GN, GS, Inter-Domain courses. This may include 3 credits of World Language course work beyond the 12th credit level or the requirements for the student’s degree program, whichever is higher: 6 credits
University Degree Requirements
First Year Engagement
All students enrolled in a college or the Division of Undergraduate Studies at University Park, and the World Campus are required to take 1 to 3 credits of the First-Year Seminar, as specified by their college First-Year Engagement Plan.
Other Penn State colleges and campuses may require the First-Year Seminar; colleges and campuses that do not require a First-Year Seminar provide students with a first-year engagement experience.
First-year baccalaureate students entering Penn State should consult their academic adviser for these requirements.
Cultures Requirement
6 credits are required and may satisfy other requirements
- United States Cultures: 3 credits
- International Cultures: 3 credits
Writing Across the Curriculum
3 credits required from the college of graduation and likely prescribed as part of major requirements.
Total Minimum Credits
A minimum of 120 degree credits must be earned for a baccalaureate degree. The requirements for some programs may exceed 120 credits. Students should consult with their college or department adviser for information on specific credit requirements.
Quality of Work
Candidates must complete the degree requirements for their major and earn at least a 2.00 grade-point average for all courses completed within their degree program.
Limitations on Source and Time for Credit Acquisition
The college dean or campus chancellor and program faculty may require up to 24 credits of course work in the major to be taken at the location or in the college or program where the degree is earned. Credit used toward degree programs may need to be earned from a particular source or within time constraints (see Senate Policy 83-80). For more information, check the Suggested Academic Plan for your intended program.
Academic Advising
The objectives of the university's academic advising program are to help advisees identify and achieve their academic goals, to promote their intellectual discovery, and to encourage students to take advantage of both in-and out-of class educational opportunities in order that they become self-directed learners and decision makers.
Both advisers and advisees share responsibility for making the advising relationship succeed. By encouraging their advisees to become engaged in their education, to meet their educational goals, and to develop the habit of learning, advisers assume a significant educational role. The advisee's unit of enrollment will provide each advisee with a primary academic adviser, the information needed to plan the chosen program of study, and referrals to other specialized resources.
READ SENATE POLICY 32-00: ADVISING POLICY
University Park
Advising Center
Smeal College Undergraduate Education
202 Business Building
University Park, PA 16802
814-863-1947
SmealAdvising@smeal.psu.edu
Suggested Academic Plan
The suggested academic plan(s) listed on this page are the plan(s) that are in effect during the 2024-25 academic year. To access previous years' suggested academic plans, please visit the archive to view the appropriate Undergraduate Bulletin edition.
Actuarial Science, B.S. at University Park Campus
The course series listed below provides only one of the many possible ways to move through this curriculum. The University may make changes in policies, procedures, educational offerings, and requirements at any time. This plan should be used in conjunction with your degree audit (accessible in LionPATH as either an Academic Requirements or What If report). Please consult with a Penn State academic adviser on a regular basis to develop and refine an academic plan that is appropriate for you.
First Year | |||
---|---|---|---|
Fall | Credits | Spring | Credits |
PSU 6 | 1 | MGMT 3011,2 | 3 |
MATH 1401,2 | 4 | MATH 1411,2 | 4 |
ENGL 15, 30H, ESL 15, ENGL 137H, or CAS 137H1,2 | 3 | World Language - Level Three (12th credit level)3 | 4 |
ECON 102 (GS)2 | 3 | SCM 200 or STAT 2001,2 | 4 |
World Language - Level Two (8th credit level)3 | 4 | ||
15 | 15 | ||
Second Year | |||
Fall | Credits | Spring | Credits |
MKTG 3011,2 | 3 | FIN 3011,2 | 3 |
ACCTG 2111,2 | 4 | STAT/MATH 4141 | 3 |
ECON 104 | 3 | CAS 100, ENGL 138T, or CAS 138T1 | 3 |
MATH 2311 | 2 | MIS 250 | 3 |
General Education Course | 3 | General Education Course | 3 |
15 | 15 | ||
Third Year | |||
Fall | Credits | Spring | Credits |
RM 320W1 | 3 | RM 4211 | 3 |
RM 4101 | 3 | STAT 380, 462, or 483 | 3 |
BLAW 341 or BA 342 | 3 | BA 342 or BLAW 341 | 3 |
STAT/MATH 4151 | 3 | General Education Course | 3 |
ENGL 202D1 | 3 | General Education Course | 3 |
15 | 15 | ||
Fourth Year | |||
Fall | Credits | Spring | Credits |
RM 4111 | 3 | General Education Course | 3 |
RM 4301 | 3 | General Education Course | 3 |
General Education Course | 3 | RM 412 or 4221 | 3 |
BA 411 (or General Education Course) | 3 | BA 411 (or General Education Course) | 3 |
General Education Course | 3 | Elective | 3 |
15 | 15 | ||
Total Credits 120 |
- 1
Course requires a grade of C or better
- 2
Entrance-to-Major Course – complete prior to attaining 59 cumulative credits at Penn State
- 3
Attain 12th credit level proficiency in a world language (0-12 credits). Credits required vary based on predetermined skill level. Balance of remaining credits are taken as electives. American Sign Language does not satisfy the Smeal College world language requirement.
University Requirements and General Education Notes:
US and IL are abbreviations used to designate courses that satisfy Cultural Diversity Requirements (United States and International Cultures).
W, M, X, and Y are the suffixes at the end of a course number used to designate courses that satisfy University Writing Across the Curriculum requirement.
General Education includes Foundations (GWS and GQ), Knowledge Domains (GHW, GN, GA, GH, GS) and Integrative Studies (Inter-domain) requirements. N or Q (Honors) is the suffix at the end of a course number used to help identify an Inter-domain course, but the inter-domain attribute is used to fill audit requirements. Foundations courses (GWS and GQ) require a grade of 'C' or better.
All incoming Schreyer Honors College first-year students at University Park will take ENGL 137H/CAS 137H in the fall semester and ENGL 138T/CAS 138T in the spring semester. These courses carry the GWS designation and satisfy a portion of that General Education requirement. If the student’s program prescribes GWS these courses will replace both ENGL 15/ENGL 30H and CAS 100A/CAS 100B/CAS 100C. Each course is 3 credits.
Course Planning and Selection Notes:
- The Smeal College of Business requires that the following entrance-to-major courses be taken at Penn State: ACCTG 211, MGMT 301, MKTG 301, and FIN 301.
- Pursuant to the Association to Advance Collegiate Schools of Business (AACSB) accreditation standards, the Smeal College of Business requires that all upper division courses within the departments sponsoring the major be completed in residence at University Park under the instruction of Smeal College faculty.
Actuarial Science, B.S. at Commonwealth Campuses
The course series listed below provides only one of the many possible ways to move through this curriculum. The University may make changes in policies, procedures, educational offerings, and requirements at any time. This plan should be used in conjunction with your degree audit (accessible in LionPATH as either an Academic Requirements or What If report). Please consult with a Penn State academic adviser on a regular basis to develop and refine an academic plan that is appropriate for you.
First Year | |||
---|---|---|---|
Fall | Credits | Spring | Credits |
First-Year Seminar (if required by Campus) | 1-0 | MGMT 3011,2 | 3 |
MATH 1401,2 | 4 | MATH 1411,2 | 4 |
ENGL 15, 30H, ESL 15, ENGL 137H, or CAS 137H1,2 | 3 | World Language - Level Three (12th credit level)3 | 4 |
ECON 102 (GS)2 | 3 | SCM 200 or STAT 2001,2 | 4 |
World Language - Level Two (8th credit level)3 | 4 | ||
15-14 | 15 | ||
Second Year | |||
Fall | Credits | Spring | Credits |
MKTG 3011,2 | 3 | FIN 3011,2 | 3 |
ACCTG 2111,2 | 4 | STAT/MATH 4141 | 3 |
ECON 104 | 3 | CAS 100, ENGL 138T, or CAS 138T1 | 3 |
MATH 2311 | 2 | ENGL 202D1 | 3 |
General Education Course | 3 | General Education Course | 3 |
15 | 15 | ||
Third Year | |||
Fall | Credits | Spring | Credits |
RM 320W1 | 3 | RM 4211 | 3 |
RM 4101 | 3 | STAT 380, 462, or 483 | 3 |
BLAW 341 or BA 342 | 3 | BA 342 or BLAW 341 | 3 |
STAT/MATH 4151 | 3 | General Education Course | 3 |
MIS 250 | 3 | General Education Course | 3 |
15 | 15 | ||
Fourth Year | |||
Fall | Credits | Spring | Credits |
RM 4111 | 3 | General Education Course | 3 |
RM 4301 | 3 | General Education Course | 3 |
General Education Course | 3 | RM 412 or 4221 | 3 |
BA 411 ( or General Education Course) | 3 | BA 411 (or General Education Course) | 3 |
General Education Course | 3 | Elective | 3-4 |
15 | 15-16 | ||
Total Credits 120 |
- 1
Course requires a grade of C or better
- 2
Entrance-to-Major Course – complete prior to attaining 59 cumulative credits at Penn State
- 3
Attain 12th credit level proficiency in a world language (0-12 credits). Credits required vary based on predetermined skill level. Balance of remaining credits are taken as electives. American Sign Language does not satisfy the Smeal College world language requirement.
University Requirements and General Education Notes:
US and IL are abbreviations used to designate courses that satisfy Cultural Diversity Requirements (United States and International Cultures).
W, M, X, and Y are the suffixes at the end of a course number used to designate courses that satisfy University Writing Across the Curriculum requirement.
General Education includes Foundations (GWS and GQ), Knowledge Domains (GHW, GN, GA, GH, GS) and Integrative Studies (Inter-domain) requirements. N or Q (Honors) is the suffix at the end of a course number used to help identify an Inter-domain course, but the inter-domain attribute is used to fill audit requirements. Foundations courses (GWS and GQ) require a grade of 'C' or better.
Course Planning and Selection Notes:
- The Smeal College of Business requires that the following entrance-to-major courses be taken at Penn State: ACCTG 211, MGMT 301, MKTG 301, and FIN 301.
- Pursuant to the Association to Advance Collegiate Schools of Business (AACSB) accreditation standards, the Smeal College of Business requires that all upper division courses within the departments sponsoring the major be completed in residence at University Park under the instruction of Smeal College faculty.
Career Paths
Actuarial Science has been rated as the No. 1 career path in the nation by The Wall Street Journal. The Actuarial Science major at Smeal prepares students for careers in insurance, consulting, finance, and government agencies that demand quantitative and qualitative skills. This major is also a STEM Designated Degree Program.
Careers
Smeal Actuarial Science students are highly sought by industry and government for internships and full-time jobs. Average starting salaries exceed $70,000 and internships are paid a competitive wage. Due to the size of the Smeal Actuarial Science program, the college hosts one of the largest actuarial career fairs in the country with more than 30 companies attending each year.
MORE INFORMATION ABOUT POTENTIAL CAREER OPTIONS FOR GRADUATES OF THE ACTUARIAL SCIENCE PROGRAM
Accreditation
The Smeal College of Business B.S. degree in Actuarial Science (ACTSC_BS) is recognized by the AACSB (Association to Advance Collegiate Schools of Business) as an accredited program after completing a meticulous internal review and meeting all AACSB standards and requirements.
MORE INFORMATION ABOUT THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS
Contact
University Park
DEPARTMENT OF RISK MANAGEMENT
355 Business Building
814-865-4172
rm@smeal.psu.edu
https://www.smeal.psu.edu/risk-management
Ask A Question: https://directory.smeal.psu.edu/contact/rm