University of Maine at Farmington 2020-2021 Catalog

 
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Context

Actuarial Science
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Degree Earned
Bachelor of Arts: Actuarial Science

The Actuarial Science Program is housed in the Department of Mathematics in the Division of Mathematics and Computer Science. Communication with faculty in the Departments of Business Economics and Computer Science is ongoing. This program is specifically designed to prepare students for a career as an actuary. However, combined with the UMF liberal arts education, students completing this major have a broad foundation that will prepare them for many different mathematical, statistical, and business-oriented careers. 

We will aim to:

  • increase the number of highly qualified students entering careers in actuarial and actuarial-related fields, especially those who are educated in Maine.
  • promote the development and use of statistics, probability, decision-making, and risk management.
  • support collaboration with and integration of other disciplines regarding topics in actuarial science.
  • prepare students for the Society of Actuaries and the Casualty Actuarial Society  professional examinations.

 

Learning Goals, Assessment and Requirements

Math Courses (32 hours)

MAT 141M    Calculus I 4
MAT 142    Calculus II 4
MAT 220    Data Analysis 4
MAT 241    Calculus III 4
MAT 251    Linear Algebra 4
MAT 325    Interest Theory 4
MAT 328    Statistical Models 4
MAT 371    Mathematical Probability                         4

Economics Courses (8 hours)

ECO 101S  Principles of Macroeconomics 4
ECO 102S  Principles of Microeconomics 4

Business Courses (16 hours)

BUS 208       Accounting Principles 4
BUS 210       Principles of Management           4
BUS 340       Managerial Finance 4
BUS 345       Investment Management 4

Technology Courses (4 hours)

COS 140         Introduction to Computer Science 4
     

Total Credits for the Major:  60

 

WORLD LANGUAGE REQUIREMENT
For specific information about world language requirements and expectations, see the General Education Requirements in the Academic Programs section of this catalog.

GENERAL EDUCATION REQUIREMENTS
For specific information about general education requirements and expectations, see the General Education Requirements in the Academic Programs section of this catalog.

MINIMUM TOTAL OF CREDITS FOR THE DEGREE: 128

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Learning Goals:


Students will:

  • acquire a strong general background in mathematics, statistics, business, and economics.
  • develop analytical and problem solving skills.
  • develop technological skills that are current in the actuarial field.
  • be prepared to pass the first two national actuarial examinations administered by the Society of Actuaries and the Casualty Actuarial Society.
  • communicate effectively both orally and in writing.
  • work effectively in teams.
     

Assessment Criteria:

Students will:

  • demonstrate an understanding of the fundamental probability tools for quantitatively assessing risk and demonstrate an ability to apply these tools to problems encountered in actuarial science.
  • demonstrate an understanding of the fundamental concepts of financial mathematics and demonstrate an ability to apply these tools to problems encountered in actuarial science.
  • demonstrate an understanding of technologies that are current in the actuarial field and demonstrate an ability to apply these tools to problems encountered in mathematics, statistics, business, and economics.
  • demonstrate the ability to summarize and communicate, orally and in writing, actuarial problems and the ability to communicate solutions to actuarial problems to specialized and non-specialized audiences.  
  • demonstrate an ability to establish rapport in groups and be able to work both independently and in collaboration with others.

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