Business Administration Actuarial Science (CBA)

Quick points
Attribute Value
College: Business Administration
Degree Offered: Bachelor of Science in Business Administration
Hours Required: 120 hours for degree (28 hours for the major)
Minimum Cumulative GPA: 2.5 for graduation
Minor Available: Yes
Advisor: Susan Vagts
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  1. Intro

Actuarial Science (CBA)

COLLEGE: Business Administration

MAJOR: Actuarial Science (CBA)

DEGREE OFFERED: Bachelor of Science in Business Administration

HOURS REQUIRED: 120 hours for degree (28 hours for the major)

MINIMUM CUMULATIVE GPA: 2.5 for graduation

MINOR AVAILABLE: Yes

ADVISOR: Susan Vagts

DESCRIPTION

Director and Associate Professor of Practice: Susan Vagts

Professor: Ramsay

Associate Professor: Mashayekhi

Assistant Professors: Liu, Xu

Assistant Professor of Practice: Clemens

An actuary is a mathematically-oriented business person who will most likely be a manager or supervisor at some point in his/her career. Thus, a course of study culminating in a bachelor of science degree in business administration with a major in actuarial science is an excellent educational background for prospective actuaries. Additional information is available at www.BeAnActuary.org.

The actuarial science program is designed to prepare students for the current industry demands. Because the demands change on a regular basis, often times, the number of hours, the sequencing of courses, and the specific requirements change for this major. Students should continue to consult with the department for the appropriate selection and listing of course requirements.

The actuarial science program is proud to have been named one of the first Centers of Actuarial Excellence by the Society of Actuaries.

All actuarial science students are encouraged to visit the actuarial science program’s website (http://cba.unl.edu/academics/actuarial/) and an actuarial science program faculty advisor for more information about the program, including the Actuarial Science Club, sequencing of courses, scholarship opportunities, and the requirements for achieving professional actuarial designations.

In addition, because of the mathematical orientation for this program, actuarial science majors are required to make some modifications to the degree program requirements. These requirements (with a reminder that all required course work must be taken for a grade) are noted below.

ADMISSION

Major/Department Admission

Admission requirements for all majors in the College are the same as those for University Admission as noted under UNL General Admission Requirements.

MAJOR REQUIREMENTS

Core Requirements

In addition to the College Degree Requirements, students will complete 28 hours of course work for the major.

As noted in the College Degree Requirements section, all course work for the major must be taken for a grade.

Actuarial science majors must take MATH 106, MATH 107, and MATH 208, as well as CSCE 101 & CSCE 101L. These hours have been built into the College Degree Requirements as part of the Non-Business Requirements (NBR).

ACTS 399/ACTS 499 may not count toward the major or minor in actuarial science.

Other College Degree Requirement changes for actuarial science majors include:

  • ACTS majors must take STAT 380 in place of ECON 215 for the Business Core Foundation (BCF) requirements.
  • ACTS majors will also take STAT 462 & STAT 463 Introduction to Mathematical Statistics I & II for the Business Core Foundation (BCF) requirements.
  • ACTS majors will take FINA 461 Advanced Finance in place of FINA 361 for the Business Core Intermediate (BCI) requirements; the prerequisite of FINA 361 (for FINA 363 and FINA 461) is satisfied with completion of ACTS 440.
  • 12 hours of 300/400-level elective course work is NOT required for actuarial science majors.

As part of the college elective requirements, all students complete ONE business elective course for the program. ACTS majors are WAIVED from this specific requirement; however, all ACTS majors must take an IBCR course and thus, this can be done to meet the business elective requirement. The department suggests ECON 321 or MNGT 414 as part of NBR 6–ACE 9 which then double counts for both the NBR 6 and IBCR requirement. An alternative option is to take FINA 450 International Financial Management to meet the IBCR (FINA 450 can double count towards a finance major or finance minor).

Specific Major Requirements

Business Core Advanced–Major (BCA-M)

Requirements for students interested in pursuing the bachelor of science degree with a major in actuarial science will complete 28 hours of actuarial science course work for the Business Core Advanced-Major (BCA-M):

Requirements28

ACTS 430 Actuarial Applications of Applied Statistics3

ACTS 440 Interest Theory4

ACTS 470 Life Contingencies I3

ACTS 471 Life Contingencies II3

ACTS 473 Introduction to Risk Theory3

ACTS 475 Actuarial Applications in Practice3

FINA 338 Principles of Individual & Corporate Risk Management3

FINA 363 Investment Principles3

Choose one of the following:3

ACTS 410 Introduction to Credibility, Smoothing of Data & Simulation (3 hr)

ACTS 425 Survival Models (3 hr)

ACTS 450 Stochastic Processes for Actuaries (3 hr)

ACTS 474 Introduction to Property/Casualty Actuarial Science (3 hr)

FINA 467 Options, Futures & Derivative Securities (3 hr)

In addition to the 28 hours for the major, ACTS majors are also encouraged to take:

ACTS 441 Introduction to Financial Economics (3 hr)

ACTS 474 Introduction to Property/Casualty Actuarial Science (3 hr)

Actuarial science problem labs as appropriate

MATH 314 Linear Algebra (3 hr)

MATH 221 Differential Equations (3 hr)

At least one of:

FINA 412 Life & Health Insurance (3 hr)

FINA 420 Employee Benefit Plans (3 hr)

FINA 438 Enterprise Risk Management (3 hr)

ECON 413 Social Insurance (FINA 413) (3 hr)

Tracks/Options/Concentrations/Emphases Requirements

While not required, actuarial science majors may double major in finance. The finance department allows double counting of courses for students choosing to obtain a double major in actuarial science and finance.

Actuarial Science and Finance Double Majors

1. Take the Core Finance Requirements.

FINA 363 Investment Principles (3 hr)

FINA 365 Financial Institutions (ECON 365) (3 hr)

FINA 367 Fixed Income Investments (3 hr)

FINA 461 Advanced Finance (3 hr)

FINA 475 Strategic Financial Managment (3 hr)

2. Select ONLY ONE of the three options available.

Banking and Risk Managment

CFA Investment

General Finance

Finance Minor

Actuarial students may double count their finance courses towards a finance minor. They will follow the regular minor found in the finance section of the Bulletin. The courses used might include:

Two of the following:

FINA 363 Investment Principles (3 hr)

FINA 365 Financial Institutions (ECON 365) (3 hr)

FINA 367 Fixed Income Investments (3 hr)

Select one 300/400 level from:

FINA 338 Principles of Individual & Corporate Risk Management (3 hr)

FINA 412 Life & Health Insurance (3 hr)

FINA 438 Enterprise Risk Management (3 hr)

FINA 465 Bank Management (3 hr)

FINA 467 Options, Futures & Derivative Securities (3 hr)

or one of FINA 363, FINA 365 or FINA 367 (if not taken above)

Select one 400 level:

FINA 461 Advanced Finance (3 hr)

ADDITIONAL MAJOR REQUIREMENTS

Grade Rules

C- and D Grades

Same as College grade rules.

Pass/No Pass Limits

Same as College Pass/No Pass limits.

GPA Requirements

Same as College GPA requirements.

REQUIREMENTS FOR MINOR OFFERED BY DEPARTMENT

Actuarial Science Minor

To fulfill the requirements for an actuarial science minor, students must complete:

  • Twelve (12) graded hours of actuarial science course work; ACTS 440, ACTS 441, ACTS 470, and ACTS 474 are suggested.
  • No "Pass/No Pass"
  • ACTS 399 may not be used toward the minor (or major).
  • The college requires that 75% of the minor be earned on campus.

OTHER

Actuarial Science Major

All course work for the major must be taken for a grade (no Pass/No Pass).

Substitutions When Changing Majors

If ACTS students change to a different major in the College of Business Administration, the following substitutions may be made.

ACTS 440 for FINA 361

STAT 380 for ECON 215