愛荷華大學

Due to the demanding nature of the actuarial science major and the difficulty of the professional examinations, the department maintains a selective admission program for actuarial science. Students must apply and be admitted to the major.

Students admitted to the actuarial science major usually have completed at least 40 s.h. at the University or at another postsecondary institution, including a three- or four-course calculus sequence, a course in linear algebra, and a calculus-based course in probability and statistics. The admission decision is based on a student's performance in these courses and other courses relevant to success in the major. The student's grades from semester to semester also are considered. ACT or SAT scores are considered in evaluating transfer students. Factors such as work ethic, enthusiasm, and commitment also may be considered. Students who do well in the prerequisite math courses tend to be the most successful in actuarial science.

Career Advancement

Most actuaries are employed by insurance companies or employee benefits consulting firms. They have responsibilities related to all phases of product development and maintenance for their companies. Individual employers who need guidance in establishing employee insurance and retirement programs also hire actuarial science graduates. A growing number of actuaries work in asset/liability management, some in investment firms, and others in insurance companies.

Actuaries are in high demand and earn good salaries. Most Iowa graduates find work as actuaries, but some become financial managers and teachers. They take positions in locations all across the country, often in large metropolitan areas.

Learning Outcomes

Students will:

• be able to bring to bear actuarial, financial, mathematical, and statistical techniques to model and analyze risks, particularly in the context of insurance and pension;
• have the knowledge and analytical ability to pass the initial professional actuarial examinations given by the Society of Actuaries and Casualty Actuarial Society, and develop the skills needed for successful self-study of the advanced professional examinations;
• be skillful in using and developing computer software to solve actuarial problems;
• be able to clearly communicate results from an actuarial analysis to all stakeholders, and write effective reports that describe the analysis and summarize important findings; and
• possess a basic understanding of insurance and business operations.