Actuarial Science, B.S.

Program Code: ACTSC_BS

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 2020, Fall 2020, Spring 2021

In order to be eligible for entrance to this major, students must satisfy the following requirements:

Students Who Entered Prior to Summer 2020

Students who entered the University from Summer 2018 through Spring 2020 should view the administrative enrollment controls in the appropriate Undergraduate Bulletin archive. Students who entered the University prior to the summer 2018 semester should view the administrative enrollment controls for the semester that they entered the university on the Academic Advising Portal.

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:

  1. 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.
  2. 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 11
Requirements for the Major 76

12 of the 45 credits for General Education are included in the Requirements for the Major. This includes: 3 credits of GWS courses; 6 credits of GQ courses; 3 credits of GS courses.

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 Keystone/General Education Course 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.)

  • Quantification (GQ): 6 credits
  • Writing and Speaking (GWS): 9 credits

Knowledge Domains

  • Arts (GA): 6 credits
  • Health and Wellness (GHW): 3 credits
  • Humanities (GH): 6 credits
  • Social and Behavioral Sciences (GS): 6 credits
  • Natural Sciences (GN): 9 credits

Integrative Studies (may also complete a Knowledge Domain requirement)

  • Inter-Domain or Approved Linked Courses: 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.

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.

Prescribed Courses
BA 342Socially Responsible, Sustainable and Ethical Business Practice3
BA 411Analyzing Business and Industry3
BLAW 341Business Law I: Introduction to Contracts, Liability Issues, and Intellectual Property3
ECON 102Introductory Microeconomic Analysis and Policy Keystone/General Education Course3
ECON 104Introductory Macroeconomic Analysis and Policy Keystone/General Education Course3
MIS 250Introduction to Problem Solving with Spreadsheet Analysis and Information Systems Management3
Prescribed Courses: Require a grade of C or better
ACCTG 211Financial and Managerial Accounting for Decision Making4
ENGL 202DEffective Writing: Business Writing Keystone/General Education Course3
FIN 301Corporation Finance3
MATH 140Calculus With Analytic Geometry I Keystone/General Education Course4
MATH 141Calculus with Analytic Geometry II Keystone/General Education Course4
MATH 231Calculus of Several Variables2
MGMT 301Basic Management Concepts3
MKTG 301Principles of Marketing3
RM 320WRisk Management and Insurance3
RM 410Financial Mathematics for Actuaries3
RM 411Actuarial Mathematics I3
RM 412Actuarial Mathematics II3
RM 430Life and Health Insurance3
STAT 414Introduction to Probability Theory3
Additional Courses
RM 401Fundamentals of Private Pensions3
or RM 420 Property, Casualty, and Health Insurance
RM 415Modeling for Actuarial Science3
or STAT 483 Statistical Programming in SAS
Additional Courses: Require a grade of C or better
SCM 200Introduction to Statistics for Business Keystone/General Education Course4
or STAT 200 Elementary Statistics Keystone/General Education Course
Supporting Courses and Related Areas
Attainment of 12th-credit level proficiency in a single foreign language. Proficiency must be demonstrated by either examination or coursework.4

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 2020-21 academic year. To access previous years' suggested academic plans, please visit the archive to view the appropriate Undergraduate Bulletin edition (Note: the archive only contain suggested academic plans beginning with the 2018-19 edition of the Undergraduate Bulletin).

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
FallCreditsSpringCredits
PSU 61MGMT 3011,23
MATH 1401,24MATH 1411,24
ENGL 15, ENGL 30, ESL 15, ENGL 137H, or CAS 137H1,23World Language - Level Three34
ECON 102 (GS)23SCM 200 or STAT 2001,24
World Language - Level Two34 
 15 15
Second Year
FallCreditsSpringCredits
MKTG 3011,23FIN 3011,23
ACCTG 2111,24STAT/MATH 41413
ECON 1043CAS 100, ENGL 138T, or CAS 138T13
MATH 23112MIS 2503
General Education Course43General Education Course (IL)43
 15 15
Third Year
FallCreditsSpringCredits
RM 320W13RM 41113
RM 41013Elective43
BLAW 341 or BA 3423BA 342 or BLAW 3413
General Education Course (N)43General Education Course43
ENGL 202D13General Education Course43
 15 15
Fourth Year
FallCreditsSpringCredits
RM 41213General Education Course43
RM 43013General Education Course (US)43
RM 415 or STAT 4833RM 401 or 4203
BA 411 ( or General Education Course)43BA 411 (or General Education Course)43
General Education Course (Z)43Elective43
 15 15
Total Credits 120

University Requirements and General Education Notes:

US and IL are abbreviations used to designate courses that satisfy University 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.

GWS, GQ, GHW, GN, GA, GH, and GS are abbreviations used to identify General Education program courses. General Education includes Foundations (GWS and GQ) and Knowledge Domains (GHW, GN, GA, GH, GS, and Integrative Studies). Foundations courses (GWS and GQ) require a grade of ‘C’ or better.

Integrative Studies courses are required for the General Education program. N is the suffix at the end of a course number used to designate an Inter-Domain course and Z is the suffix at the end of a course number used to designate a Linked course.

All incoming Schreyer Honors College first-year students at University Park will take ENGL/CAS 137 in the fall semester and ENGL/CAS 138 in the spring semester. These courses carry the GWS designation and replace both ENGL 30 and CAS 100. Each course is 3 credits.

Course Planning and Selection Notes:

  1. 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.
  2. 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.

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
FallCreditsSpringCredits
First-Year Seminar (if required by Campus)1-0MGMT 3011,23
MATH 1401,24MATH 1411,24
ENGL 15, ENGL 30, ESL 15, ENGL 137H, or CAS 137H1,23World Language - Level Three34
ECON 102 (GS)23SCM 200 or STAT 2001,24
World Language - Level Two34 
 15-14 15
Second Year
FallCreditsSpringCredits
MKTG 3011,23FIN 3011,23
ACCTG 2111,24STAT/MATH 41413
ECON 1043CAS 100, ENGL 138T, or CAS 138T13
MATH 23112ENGL 202D13
General Education Course43General Education Course (IL)43
 15 15
Third Year
FallCreditsSpringCredits
RM 320W13RM 41113
RM 41013Elective43
BLAW 341 or BA 3423BA 342 or BLAW 3413
General Education Course (N)43General Education Course43
MIS 2503General Education Course43
 15 15
Fourth Year
FallCreditsSpringCredits
RM 41213General Education Course43
RM 43013General Education Course (US)43
RM 415 or STAT 4833RM 401 or 4203
BA 411 ( or General Education Course)43BA 411 (or General Education Course)43
General Education Course (Z)43Elective43
 Elective0-1
 15 15-16
Total Credits 120

University Requirements and General Education Notes:

US and IL are abbreviations used to designate courses that satisfy University 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.

GWS, GQ, GHW, GN, GA, GH, and GS are abbreviations used to identify General Education program courses. General Education includes Foundations (GWS and GQ) and Knowledge Domains (GHW, GN, GA, GH, GS, and Integrative Studies). Foundations courses (GWS and GQ) require a grade of ‘C’ or better.

Integrative Studies courses are required for the General Education program. N is the suffix at the end of a course number used to designate an Inter-Domain course and Z is the suffix at the end of a course number used to designate a Linked course.

All incoming Schreyer Honors College first-year students at University Park will take ENGL/CAS 137 in the fall semester and ENGL/CAS 138 in the spring semester. These courses carry the GWS designation and replace both ENGL 30 and CAS 100. Each course is 3 credits.

Course Planning and Selection Notes:

  1. 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.
  2. 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 among the top career paths in the nation by media outlets including The Wall Street Journal and Forbes magazine. Smeal Actuarial Science students are highly sought by industry and government for internships and full-time employment. Due to the size and success of the Actuarial Science program, one of the largest career fairs in the country is held in the Business Building attracting more than 30 companies annually.

MORE INFORMATION ABOUT POTENTIAL CAREER OPTIONS FOR GRADUATES OF THE ACTUARIAL SCIENCE PROGRAM

Accreditation

The Smeal College Bachelor of Science degree in Actuarial Science (ACTSC_BS) is part of the Smeal College’s accreditation by the Association to Advance Collegiate Schools of Business (AACSB). It is also recognized by the Society of Actuaries as a Center for Actuarial Excellence.

MORE INFORMATION ABOUT THE ASSOCIATION TO ADVANCE COLLEGIATE SCHOOLS OF BUSINESS

MORE INFORMATION ABOUT THE SOCIETY OF ACTUARIES

Contact

University Park

DEPARTMENT OF RISK MANAGEMENT
355 Business Building
814-865-4172
RM@smeal.psu.edu

https://php.smeal.psu.edu/smeal/contact/?contactID=ire