Actuarial Science, BSLAS
for the degree of Bachelor of Science in Liberal Arts and Sciences Major in Actuarial Science
This major is sponsored by the Department of Mathematics, and is an interdisciplinary subject involving mathematics, statistics, and financial economics. It is designed to prepare students to enter the actuarial profession, as well as to provide a background in quantitative finance and risk management.
Undergraduate programs in Mathematics
for the degree of Bachelor of Science in Liberal Arts & Sciences, Major in Actuarial Science
Departmental distinction: To qualify for distinction, the student must have a grade point average in ASRM courses of at least 3.25, and pass at least two examinations offered by the professional actuarial societies. To qualify for high or highest distinction, the student must have passed at least three professional exams, with highest distinction going to those whose grade point averages in mathematics are at least 3.75. Finance courses and additional professional exams may also be given consideration in close decisions.
Graduation Requirements
Minimum hours required for graduation: 120 hours.
Minimum hours required major and supporting course work normally equates to 58-61 hours including 32-33 hours of actuarial courses beyond calculus. Twelve hours of 300- or 400-level courses in the major must be taken on this campus.
University Requirements
The university and residency requirements can be found in the Student Code (§ 3-801) and in the Academic Catalog.
General Education Requirements
Follows the campus General Education (Gen Ed) requirements. Some Gen Ed requirements may be met by courses required and/or electives in the program.
| Code | Title | Hours |
|---|---|---|
| Composition I | 4-6 | |
| Advanced Composition | 3 | |
| Humanities & the Arts (6 hours) | 6 | |
| Natural Sciences & Technology (6 hours) | 6 | |
| Social & Behavioral Sciences (6 hours) | 6 | |
| Cultural Studies: Non-Western Cultures (1 course) | 3 | |
| Cultural Studies: US Minority Cultures (1 course) | 3 | |
| Cultural Studies: Western/Comparative Cultures (1 course) | 3 | |
| Quantitative Reasoning (2 courses, at least one course must be Quantitative Reasoning I) | 6-10 | |
| Language Requirement (Completion of the fourth semester or equivalent of a language other than English is required) | 0-20 | |
| Code | Title | Hours |
|---|---|---|
| Orientation and Professional Development | ||
| LAS 101 | Design Your First Year Experience | 1 |
OR | ||
| LAS 100 & LAS 101 | Success in LAS for International Students and Design Your First Year Experience | 3 |
OR | ||
| LAS 102 | Transfer Advantage | 1 |
| Total Hours | 1 or 3 | |
| Code | Title | Hours |
|---|---|---|
| Major Requirements | ||
| Calculus sequence: | 11-12 | |
| Calculus | ||
or MATH 221 | Calculus I | |
| Calculus II | ||
| Calculus III (or equivalent ) | ||
| Select one of the following: | 3-4 | |
| Foundations of Data Management | ||
| Intro Computing: Engrg & Sci | ||
| Introduction to Computer Science I | ||
| Introduction to Computer Science | ||
| ASRM 210 | Theory of Interest | 3 |
| Select one of the following sequences (ASRM preferred): | 7-8 | |
| Actuarial Statistics I and Actuarial Statistics II | ||
OR | ||
| Statistics and Probability I and Statistics and Probability II | ||
| ASRM 406 | Linear Algebra with Financial Applications | 3 |
| ASRM 441 | Statistics for Risk Modeling I | 4 |
| Select three or more of the following for a total of at least 12 credits: | 12 | |
| Stochastic Processes for Finance and Insurance | ||
| Investments and Financial Markets | ||
| Statistics for Risk Modeling II | ||
| Basics of Statistical Learning | ||
| Generalized Linear Models | ||
| Predictive Analytics | ||
| Loss Models | ||
| Advanced Loss Models, Credibility, and Ratemaking | ||
| Casualty Actuarial Mathematics | ||
| Life Contingencies I | ||
| Life Contingencies II | ||
| Select an additional course from the above list or an approved section of ASRM 499 | 3 | |
| Announcements for ASRM 499 topics courses will include information about whether the topic is approved for use in the major, as will the course syllabus. | ||
| FIN 221 | Corporate Finance | 3 |
| Three additional courses from: | 9 | |
| Fundamentals of Accounting | ||
| Inter Microeconomic Theory | ||
| Inter Macroeconomic Theory | ||
| Introduction to Insurance | ||
| Financial Markets | ||
| Advanced Corporate Finance | ||
| Property-Liability Insurance | ||
| Managing Market Risks for Financial Institutions | ||
| Employee Benefit Plans | ||
| Total Hours | 58-61 | |
for the degree of Bachelor of Science in Liberal Arts and Sciences Major in Actuarial Science
Sample Sequence
This sample sequence is intended to be used only as a guide for degree completion. All students should work individually with their academic advisors to decide the actual course selection and sequence that works best for them based on their academic preparation and goals. Enrichment programming such as study abroad, minors, internships, and so on may impact the structure of this four-year plan. Course availability is not guaranteed during the semester indicated in the sample sequence.
Students must fulfill their Language Other Than English requirement by successfully completing a fourth level of a language other than English. See the corresponding section on the Degree and General Education Requirements page.
| First Year | |||
|---|---|---|---|
| First Semester | Hours | Second Semester | Hours |
| Free elective course | 1 | Free elective course | 3 |
| MATH 220 or 221 | 4 | MATH 231 | 3 |
| ASRM 195 (or CS 101 or CS 105 or CS 124) | 3 | General Education course | 3 |
| Language Other than English (3rd level) | 4 | Language Other than English (4th level) | 4 |
| Composition I or General Education course | 4 | General Education course or Composition I | 3 |
| 16 | 16 | ||
| Second Year | |||
| First Semester | Hours | Second Semester | Hours |
| MATH 241 | 4 | ASRM 401 or STAT 400 | 4 |
| ASRM 210 | 3 | ASRM 406 | 3 |
| FIN 221 | 3 | ACCY, ECON, or FIN from list | 3 |
| General Education course | 3 | General Education course | 3 |
| General Education course | 3 | General Education course | 3 |
| 16 | 16 | ||
| Third Year | |||
| First Semester | Hours | Second Semester | Hours |
| ASRM 402 or STAT 410 | 3 | ASRM 400-level from list | 3 |
| ASRM 450 | 3 | ASRM 400-level from list | 3 |
| ACCY, ECON, or FIN from list | 3 | ACCY, ECON, or FIN from list | 3 |
| General Education course | 3 | General Education course | 3 |
| General Education course | 3 | General Education course | 3 |
| 15 | 15 | ||
| Fourth Year | |||
| First Semester | Hours | Second Semester | Hours |
| ASRM 400-level from list | 3 | ASRM 400-level from list or approved ASRM 499 | 3 |
| ASRM 400-level from list | 3 | Free elective course | 3 |
| Free elective course | 3 | Free elective course | 3 |
| Free elective course | 4 | Free elective course | 4 |
| 13 | 13 | ||
| Total Hours 120 | |||
for the degree of Bachelor of Science in Liberal Arts and Sciences Major in Actuarial Science
Student Learning Outcomes
- Have sufficient exposure to actuarial and financial mathematics to be familiar with at least 80% of the material on five of the preliminary Society of Actuaries (SOA) credentialing exams.
- Be familiar with the role of insurance in society, basic economic theory, and the basics of how insurance and financial markets operate.
- Have familiarity with several of the technical tools, computer languages or software packages used by actuaries.
- Develop communication, leadership and teamwork skills, and understand their importance in the actuarial industry.
- Be able to apply this knowledge and these skills in new combinations and to new problems.
for the degree of Bachelor of Science in Liberal Arts and Sciences Major in Actuarial Science
Actuarial Science website
Actuarial Science faculty
ASRM-advising@illinois.edu
Department of Mathematics website
Overview of College Admissions & Requirements: Liberal Arts & Sciences
College of Liberal Arts and Sciences website