The actuarial science program at Florida State University is an interdisciplinary undergraduate major within the Department of Mathematics and is classified as Advanced Curriculum by the Society of Actuaries Listing of Academic Actuarial Science Programs. Although the program resides in the Department of Mathematics, students who graduate from the program do so with a minor in business. Between required courses and electives, FSU's program in actuarial science covers material for all of the preliminary exams as well as all Validation by Educational Experience areas.
The mathematics department also offers a financial mathematics master’s degree program that includes an actuarial science track. The specialized courses in the Department of Mathematics required for actuarial science majors build on earlier mathematics and statistics. Graduate students and mathematically prepared undergraduates in economics, finance, statistics, mathematics, and computer science may elect these courses. The concentration in actuarial science is designed for students pursuing actuarial credentials from one of the professional societies or intending to apply the skills and information of a strong actuarial science program elsewhere in the financial or insurance industries, or in governmental applications. Students already holding the bachelor's degree in another field may pursue this degree. See the Resources section below for details.
Core Requirements
Please note that the semesters indicated below are listed to assist students in planning their schedules and indicate which semesters the courses are usually offered. This does not guarantee these courses will always be offered in the same semesters as they have in the past.
Total Number of Required Hours: 68-69
These core requirements are offered fall, spring and summer.
- MAC 2311 Calculus I (4 hours)
- MAC 2312 Calculus II (4 hours)
- MAC 2313 Calculus III (5 hours)
- COP 3014 Programming I - C++ or ISC 3313 Introduction to Scientific Computing (3 hours)
- ECO 2013 Principles of Macroeconomics (3 hours)
- ECO 2023 Principles of Microeconomics (3 hours)
Required Upper Division Mathematics and Statistics Courses
- MAP 4170 Introduction to Actuarial Mathematics (4 hours)
- Fall, spring, summer
- MAP 4175 Actuarial Models (4 hours)
- Fall
- MAP 4174 Actuarial Applications (four 1 hour repetitions)
- Fall, spring
- STA 4321 Introduction to Math Statistics I (3 hours)
- Fall, spring, summer
Required Business Courses
These required courses are offered fall, spring and summer.
- ACG 2021 Principles of Accounting I (3 hours)
- FIN 3403 Financial Management of the Firm (3 hours)
- RMI 3011 Intro to Risk Management/Insurance (3 hours)
- FIN 4504 Investments (3 hours)
Additional Coursework
Students must take at least six (6) courses chosen from the following three sets of courses, with conditions as stated above each set.
Choose at least two of the following courses.
- MAP 2302 Ordinary Differential Equations (3 hours)
- Fall, spring, summer
- MAP 4176 Actuarial Models and Credibility (4 hours)
- Spring
- MAS 3105 Applied Linear Algebra I (4 hours)
- Fall, spring, summer
Choose at least one of the following courses.
- MAA 4224 Introduction to Analysis I (3 hours)
- Fall
- MAA 4226 Advanced Calculus I (3 hours)
- Fall, spring
- MAA 4227 Advanced Calculus II (3 hours)
- Spring
- MAD 3703 Numerical Analysis I (3 hours)
- Fall, spring
- MAP 4341 Elementary Partial Differential Equations (3 hours)
- Fall, spring, summer
- MAS 4106 Applied Linear Algebra II (3 hours)
- Spring
- STA 4203 Applied Regression (3 hours)
- Fall
- STA 4322 Mathematical Statistics (3 hours)
- Spring
- STA 4853 Time Series (3 hours)
- Spring
Choose at least one of the following courses.
- ECO 3101 Intermediate Microeconomic Theory (3 hours)
- Fall, spring, summer
- ECO 3202 Intermediate Macroeconomic Theory (3 hours)
- Fall, spring, summer
- ECO 4401 Intro to Mathematical Economics (3 hours)
- Fall
- ECO 4421 Introduction to Econometrics (3 hours)
- Spring
- RMI 4115 Life and Health Insurance Products (3 hours)
- Fall, spring
- RMI 4135 Employee Benefits Plans (3 hours)
- Fall, spring
- RMI 4224 Property and Casualty Insurance Products (3 hours)
- Fall, spring
- RMI 4292 Property and Casualty Insurance Operations (3 hours)
- Fall, spring
- FIN 4514 Security Analysis and Portfolio Management (3 hours)
- Fall, spring
Also Recommended: MAT 4945r. Internship in Actuarial Science (1-3, S/U graded).
Minimum Total Hours: 22 SCNS Prerequisite (advised in first two years) + 44-45 required at FSU = total 66-67
Other Requirements: The liberal studies program of the university provides a broad base of intellectual and multicultural interests and accomplishments. A minimum 40 hours of the total graduation hours must be at the 3xxx or 4xxx level. These courses may be in any field — in the major or in electives. The Department of Mathematics resides in the College of Arts and Sciences, which has a foreign language requirement. See the General Bulletin for complete description of language requirements as well as the liberal studies and multicultural requirements. The student is urged to ask early for advice in planning an individualized program and to follow it carefully. It is important to spread the language and liberal studies requirements somewhat evenly over the entire four years of study, while beginning immediately to take and making progress each term on the sequential required courses of the program. Many of these courses themselves have several prerequisite courses, sometimes in other departments, so careful planning is essential if graduation is to be timely.
Electives: Some hours may remain after all requirements have been satisfied, and the student is urged to choose these carefully. A faculty committee has consulted with actuaries and with faculty in other actuarial science programs, and recommends first choosing additional courses from the lists above; other good choices, depending on individual goals, are: ACG 3171; BUL 3310; MAA 4402; MAP 4103; MAP 4180; MAP 4202; MAS 4302; RMI 4295; RMI 4420; SPC 1600
Note: For more information about FSU's Actuarial Science Program, visit Actuarial Science at FSU
Actuarial Exams and Corresponding FSU Courses
The following concordance between the current preliminary CAS and SOA exams and the corresponding FSU courses may be helpful:
- Exam: SOA P / CAS 1; Required Courses: STA 4321, MAP 4174
- Exam: SOA FM / CAS 2; Required Courses: MAP 4170; MAP 4174
- Exam: CAS 3F; Required Course: FIN 4514
- Exam: SOA FAM; Required Courses: MAP 4175; MAP 4934
- Exam: CAS MAS-I; Required Course: MAP 4934
- Exam: CAS MAS-II; Available Elective: MAP 4934
- Exam: SOA ALTAM; Available Elective: MAP 4176
- Exam: SOA ASTAM; Available Elective: MAP 4934
- Exam: SOA SRM; Available Electives: STA 4322, STA 4853
- Exam: CAS 5; Available Elective: MAP 4934
Prerequisites for Required Courses Beyond Calculus
- Course: MAP 4170+
- Prerequisite: MAC 2312; fall, spring, summer
- Course: MAP 4175
- Prerequisites: MAP 4170 and STA 4321; fall only
- Course: MAP 4176
- Prerequisite: MAP 4175; spring
- Course: MAD 3703
- Prerequisites: MAC 2312, MAS 3105 and a sci prog lang (C++, ForTran); fall only
- Course: MAP 2302
- Prerequisite: MAC 2312; fall, summer
- Course: MAS 3105+
- Prerequisite: MAC 2312; fall, spring, summer
- Course: MAP 4341
- Prerequisites: MAC 2313 and (MAP 2302 or 3305); fall, summer
- Course: MAS 4106
- Prerequisites: MAC 2313 and MAS 3105; summer
- Course: MAA 4224 or 4226
- Prerequisites: MAC 2313, MAS 3105, MGF 3301 (latter can be waived); fall
- Course: MAA 4227
- Prerequisites: MAA 4226, MAS 3105, MAC 2313
- Course C++
- Prerequisites: MAC 1140 (Instead: if C++ is exempted, then MAD 3703 or JAVA may be taken); fall, spring, summer
- Course: ECO 2013+; fall, spring, summer
- Course: ECO 2023+; fall, spring, summer
- Course: ECO 3101
- Prerequisites: ECO 2013 and ECO 2023 OR ECO 2013 with an "A" by permission
- Course: ECO 3202
- Prerequisites: ECO 2013 and ECO 2023
- Course: ECO 4401
- Prerequisites: ECO 2023 or ECO 3101 AND MAC 2311 (Rec: ECO 2013); fall
- Course: ECO 4421
- Prerequisites: ECO and STA 3014, 2122 or 4322 (Rec: ECO2013); spring
- Course: STA 3202
- Prerequisites: STA 2122 or STA 4322
- Course: STA 4231
- Prerequisite: MAC 2313
- Course: STA 4233+
- Prerequisites: MAC 2313, STA 4321; spring
- Course: STA 4853
- Prerequisites: STA 2122 or STA 4322; spring
- Course: ACG 2021+; fall, spring, summer
- Course: FIN 3403+
- Prerequisites: ACG 2021 and (ECO 2023 or ECO 3101); fall, spring, summer
- Course: FIN 4504+
- Prerequisites: FIN 3403 and any statistics** (FIN3244 is not required for Actuarial Science Students); fall, spring, summer
- Course: FIN 4514
- Prerequisite: FIN 4504; fall, spring
- Course: RMI 2011+
- Prerequisite: Any probability or statistics (can be concurrent; sometimes waived); fall, spring, summer
- Course: RMI 4115+
- Prerequisite: RMI 3011; fall, spring
- Course: RMI 4135
- Prerequisite: RMI 3011; fall, spring
- Course: RMI 4224+
- Prerequisite: RMI 3011; fall, spring
- Course: RMI 4292
- Prerequisite: RMI 3011, RMI 4224, FIN 3403; fall, spring
* The information above has been collected for your long-term planning, but there are often changes. You are responsible for checking the current University Bulletin and Schedule of Classes. Terms in which particular courses are taught depend on many factors and the student should check the schedule of classes.
+ This course is itself prerequisite for some other program course. Plans should be made to work in these courses as early possible when they are prerequisites to courses you must or want to take.
** Check with RMI department for next offering.
For more about applications and deadlines, visit the Office of Admissions. Faculty and staff involved with the program may also be contacted for specific information.
Faculty
The program is resident in the Department of Mathematics. Students have the opportunity to profit from instruction by many of its award-winning faculty members in their earlier courses such as calculus and ODE. Dr. Stephen P. Paris is Coordinator of the Actuarial Science Program. He teaches the specialized actuarial science courses and is the faculty advisor. Faculty from mathematics and the associated departments in the College of Arts and Sciences, the College of Social Sciences, and the College of Business work closely with students.
Advising
For individual academic advising, contact:
Lisa MacKay-Ring, academic advisor
Stephen P. Paris, coordinator of actuarial science
Bettye Anne Case, the founder of FSU's Actuarial Science Program, continues to serve as a consultant for the program.
The current process to become an actuary in the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS), or a Chartered Enterprise Risk Analyst (CERA) in the SOA, includes passing a sequence of preliminary exams and obtaining validation by educational experience in certain academic disciplines. See the Society of Actuaries website or the Casualty Actuarial Society website for more information on the credentialing process from these organizations. The Be An Actuary website is also an excellent source for learning more about the profession.
Academic and Career Advising
In addition to faculty advising, the student activities coordinator is available to assist students. She often maintains contact with employers and keeps students advised by appointment and e-mail of current information and opportunities of interest. By the time of exit interviews at graduation, both she and professor Paris know each student well.
Students Already Holding a Bachelor's Degree
If you want to become an actuary or Chartered Enterprise Risk Analyst (CERA), and you have earned your bachelor’s degree but it is not in Actuarial Science, then FSU Mathematics offers several paths, extending its well recognized actuarial science undergraduate program and following requirements of the Society of Actuaries and Casualty Actuarial Society (see BeAnActuary.org). For each of the degree options students will, as part of their programs, be given the opportunity to qualify for all three of the SOA/CAS VEE credits (accounting and finance, economics, and mathematical statistics). It is convenient for some students to take some courses in the program as a non-degree seeking student, possibly converting to degree status after a term or two. Since it is necessary in order to be competitive in today's job market that students pass at least one actuarial exam while in school, FSU actuarial science offers targeted help. The mathematics courses include material in the syllabus for all of the preliminary actuarial exams with optional study beyond. FSU offers special seminars for Exams P/1 and FM/2. These actuarial exams are part of the preliminary exams that are required for actuarial and CERA designations. FSU Actuarial Science also organizes opportunities to help you find a job before graduation. Students join and participate most Thursday evenings in presentations of the Future Seminole Actuaries (FSA), the undergraduate actuarial science club at Florida State University. The Thursday presentations are sometimes followed by Friday interviews for summer internships and/or full time positions at the respective actuary's company. Many job postings to the student aliases are made by faculty and advisors; they have wide contacts and receive queries from diverse actuarial, governmental and financial sector employers.
Actuarial Science After a Bachelor's Degree
For students wishing to study actuarial science and who have already earned a bachelor's degree in a different field, FSU mathematics offers the following options in cooperation with the actuarial science undergraduate program.
Second Bachelor's Degree
Pursuing a B.S. in actuarial science requires 30 hours of coursework, which can often be completed in one year by students whose original bachelor’s degree was in mathematics, with prior course work in probability, economics and finance. Some students opt to begin by taking a few courses as a non-degree student, possibly converting to degree status after a term or two. This options does not require graduate admission.
Master's Degree Options
Although we do not currently offer a master's degree in actuarial science per se, we do have two master's degree options that allow students to take actuarial science courses and seminars during a two-year course of study.
1. M.S. in financial mathematics
This is a professional science master's degree with a core of required courses aimed at preparing graduates for careers in the investments/finance industry. See the financial math program page for more information.
2. M.S. in pure or applied mathematics, utilizing a directed program of study
This option involves completing either a pure or applied mathematics M.S. degree, with some of the required courses replaced by a set of courses focused on actuarial science. This individualized option can be more flexible than the financial math M.S., allowing for more elective choices to maximize coverage of actuarial exam topics.
Frequently Asked Questions
1. I am positive I want to be an actuary and don't want to waste any time. Which option is the shortest, most direct path to an actuarial career?
Actuarial employers are generally interested in applicants who have passed actuarial exams, and/or who have actuarial work experience, regardless of whether the candidate may have a graduate degree. Therefore, your most direct path is to take courses only relevant to passing the exams. This could mean a second bachelor's degree, the second master's degree option above, or simply enrolling as a non-degree student to take only exam-related courses.
For more information, visit www.beanactuary.com.
2. Why do actuarially interested students select the M.S. in financial mathematics?
The M.S. in financial mathematics provides mathematical coursework in topics related to finance and economics. Students choose this degree program when they want a broader education than just the actuarial topics, and may want to prepare for the possibility of other financial positions, or the option for further advanced graduate work, including the Ph.D. in financial mathematics.
3. If I study for the M.S. in financial mathematics and select the actuarial track, how many actuarial exams can I expect to pass?
Most of our students with this focus have finished the first two exams and are preparing for a third one. It's not uncommon for the graduate students to have three exams passed and have completed the course requirements for a 4th before graduation.
4. Who can advise me about my particular situation?
Actuarial-intending students should contact Steve Paris, coordinator of actuarial science in the Department of Mathematics.
Future Seminole Actuaries Undergraduate Club
The Future Seminole Actuaries (FSA) Club is a non-dues paying club for actuarial majors that sponsors many academic and social activities. The club hosts outside speakers from government and industry that make presentations to its members about what it means to be a “student actuary." Graduates from past years are well placed in industry and government and they and their employers have been generous with their experience and advice to the current students. Presentations are made on Thursday evenings and are preceded by a pizza and refreshments party.
The FSA also organizes many social activities as well. Most notably, each fall the FSA hosts a “Fall Tailgate Party” before one of the home football games. Other social activities the FSA hosts have included an “actuarial exams are over ice cream social”, and it organizes many outings for dinner. The FSA invites all alumni to these special events.
Outside the Classroom
Students in the program are busy with all of the occupations and pleasures of the undergraduate life — plus a major forward-looking responsibility: on an individual basis, studying for and passing actuarial examinations. Many of the students hold part-time jobs, often utilizing the skills they are developing. The students are active in social, political, and community service activities. There is a mathematics club in which actuarial students are often active along with other departmental majors with whom they share early classes. In addition to the FSA, many are active in Gamma Iota Sigma , an international risk management, insurance, and actuarial science fraternity. Several actuarial science majors are members and officers of the local FSU chapter.
Actuarial Exam Tutorials
A 1-credit hour towards graduation course, Actuarial Applications (Study Hall), provides tutoring for students to enhance their competitive position for jobs by exam preparation. With 15 hours per week of tutorials available, and preparatory materials for Actuarial Exams P/1 and FM/2 made available at no cost, students have more opportunity to pass exams while at FSU.
Actuarial Internships
Several students in the program have participated in internship activities with insurers and governmental agencies. The proximity of the State of Florida Department of Insurance and other departments with actuarial applications is a useful resource; some choose employment there after graduation. Summer internships are available from many employers nationwide. They are a long tradition in actuarial science. In case of summer or academic year internships (the latter typically in a local governmental agency), academic credit may be earned (consult Dr. Paris) in MAT 4945r. Internship in Actuarial Science (1-3). (S/U grade only.)