Mathematical Sciences

Actuarial Science Concentration Information

Preparing for Certification

A key part of the actuarial profession is the certification process administered by the Society of Actuaries (SOA). The course work you take at Michigan Tech in the actuarial science concentration.

  • Prepares you for the first two actuarial exams (P and FM)
  • Gives you a good start in preparing for exams MLC, MFE, and C, when combined with advanced course work
  • Fulfills three Validation by Educational Experience (VEE) requirements

Students can and should pass the P and FM exams during their undergraduate study. Because actuaries are in great demand, passing these exams and completing an actuarial internship places our graduates in a very competitive position.

Earning VEE Credits at Michigan Tech

Three SOA requirements are met through VEE credit, which students earn by passing these courses with a grade of BC or better

Economics:

EC 2001 is taken by students fulfilling the concentration requirements. 

EC 2001 - Principles of Economics

An introduction to economics. The microeconomics portion covers consumer choice, the firm, value and price theory, and distribution theory. The macroeconomics portion covers national income analysis, fiscal policy, money and monetary policy, the commercial banking system, and the Federal Reserve System.

  • Credits: 3.0
  • Lec-Rec-Lab: (3-0-0)
  • Semesters Offered: Fall, Spring, Summer
  • Pre-Requisite(s): MA 1020 or MA 1031 or MA 1032 or MA 1120 or MA 1135(C) or MA 1160(C) or MA 1161(C)

Accounting and Finance

These courses are taken by students fulfilling the concentration requirements.

ACC 2000 - Accounting Principles I

Introduction to basic principles, concepts, and theoretical framework of financial accounting with the emphasis on its use by economically rational decision makers. Topics include the decision-making environment and the accounting cycles, processes, and statements.

  • Credits: 3.0
  • Lec-Rec-Lab: (3-0-0)
  • Semesters Offered: Fall, Spring

ACC 2100 - Accounting Principles II

Emphasizes the role of accounting information within a firm. Topics include budgeting, responsibility accounting, cost allocations, cost behavior, decision models, capital budgeting, and an introduction to product costing in manufacturing and service sector firms.

  • Credits: 3.0
  • Lec-Rec-Lab: (3-0-0)
  • Semesters Offered: Fall, Spring
  • Pre-Requisite(s): ACC 2000

FIN 3000 - Principles of Finance

Introduction to the principles of finance. Topics include financial mathematics, the capital investment decision, financial assets valuation, and the risk-return relationship

  • Credits: 3.0
  • Lec-Rec-Lab: (3-0-0)
  • Semesters Offered: Fall, Spring, Summer
  • Pre-Requisite(s): ACC 2000 and (MA 1020 or MA 1030 or MA 1031 or MA 1032 or MA 1120 or MA 1160 or MA 1161 or MA 2160 or ALEKS Math Placement >= 61 or CEEB Calculus AB >= 2 or CEEB Calculus BC >= 2 or ACT Mathematics >= 22 or SAT MATH SECTION SCORE-M16 >= 540)

Mathematical Statistics

MA 4760 is not a VEE course, but required prerequisite for MA 4770.

MA 4760 - Mathematical Statistics I

Covers joint probability distributions, functions of random variables, sampling and limiting distributions, introduction to parameter estimation.

  • Credits: 3.0
  • Lec-Rec-Lab: (0-3-0)
  • Semesters Offered: Fall
  • Pre-Requisite(s): MA 3720 or EE 3180

MA 4770 - Mathematical Statistics II

Continuation of MA4760. Theory of point and interval estimation; properties of estimators, theory of hypothesis testing, analysis of variance, analysis of categorical data and other topics as time allows

  • Credits: 3.0
  • Lec-Rec-Lab: (0-3-0)
  • Semesters Offered: Spring
  • Pre-Requisite(s): MA 4760

To fulfill this requirement, students should take MA 4760 as a concentration elective (see "Choose one of the following" under the concentration requirements on the degree audit) and MA 4770 as a free elective.

Being an Actuary

The leading professional organization for the actuarial profession is the Society of Actuaries. There is a wealth of information at the SOA and Be An Actuary websites.

Actuaries earn recognition as Associates of the Society of Actuaries (ASA) and Fellows of the Society of Actuaries (FSA) by passing a series of exams and completing other requirements, including VEE course work.