Statistics and Actuarial Science Major
The UNI Department of Mathematics is home to a nationally acclaimed statistics and actuarial science program, preparing students for one of the most high-demand fields in the job market.
If you have strong quantitative skills, an analytical mind, and like to help people solve problems, consider a major in statistics and actuarial science. With the growing prevalence of big data and the focus on quantitative analysis, there are job opportunities in virtually every field, whether it’s business, healthcare, insurance, science or even media and entertainment.
Through our top-notch program, you’ll take all of the coursework necessary for the first five exams of the Society of Actuaries, be connected to summer internships, and complete coursework in accounting, economics and finance through our renowned College of Business.
Nationally acclaimed
The UNI Department of Mathematics is home to a nationally-acclaimed actuarial science program.
Of UNI graduates are employed or continuing their education within six months of graduation.
Median annual wage for an actuary, according to the U.S. Bureau of Labor Statistics.
Find out More About Statistics and Actuarial Science
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Contact us directly at:
Department of Mathematics
College of Humanities, Arts and Sciences
University of Northern Iowa
Cedar Falls, Iowa
50614-0506
Phone: (319) 273-2631
Email: mathematics@uni.edu
Opportunities for Students
Actuarial Science Networking Day
Every year, the department hosts an Actuarial Science Networking Day. Companies who frequently visit include national companies such as: Allied Insurance, All State, American Family Insurance, AEGON, CIGNA, CUNA Mutual, Mutual of Omaha, Northwestern Mutual, Principal Financial Group and State Farm. These employers recruit students for both internships and full-time positions.
Actuarial Science Club
Outside of class, the Actuarial Science Club offers you a chance to network with practicing actuaries, alumni, and representatives of insurance companies. In addition to providing valuable information and opportunities for interaction from the career point of view, the Actuarial Club provides a forum for enhancing communication, leadership and social skills.
The UNI Actuarial Science program opened many doors for me. The professors at UNI were instrumental, as they provided me with individual support, facilitated valuable career connections and challenged me to be a better student.
Connecting You with Careers
Gain Experience in the Field
Students majoring in statistics and actuarial science will complete at least one summer internship at an actuarial company before their senior year. National insurance companies such as State Farm, American Family Insurance and Nationwide come to campus each year to recruit our students for internships and full-time positions.
Kickstart Your Future
Through our program, students will take all of the coursework necessary for the first five exams of the Society of Actuaries, and will be expected to pass at least two of the examinations administered by the Society of Actuaries or the Casualty Actuarial Society before graduation. For more information on exam requirements, visit our website.
Join a fast-growing field
According to the U.S. Bureau of Labor Statistics, the demand for actuaries is projected to grow 24 percent from 2020 to 2030, much faster than the average for all occupations. Common career areas in the field include:
- Actuarial Analyst
- Business Analyst
- Data Analytics
- Project Planner
- Workforce Analyst
Gain Experience in the Field
Students majoring in statistics and actuarial science will complete at least one summer internship at an actuarial company before their senior year. National insurance companies such as State Farm, American Family Insurance and Nationwide come to campus each year to recruit our students for internships and full-time positions.
Kickstart Your Future
Through our program, students will take all of the coursework necessary for the first five exams of the Society of Actuaries, and will be expected to pass at least two of the examinations administered by the Society of Actuaries or the Casualty Actuarial Society before graduation. For more information on exam requirements, visit our website.
Join a fast-growing field
According to the U.S. Bureau of Labor Statistics, the demand for actuaries is projected to grow 24 percent from 2020 to 2030, much faster than the average for all occupations. Common career areas in the field include:
- Actuarial Analyst
- Business Analyst
- Data Analytics
- Project Planner
- Workforce Analyst
Actuarial Science at UNI: FAQs
The FAQs listed below will answer inquiries about the goals of the Actuarial Science program, requirements for attaining the ASA and ACAS designations, coursework and examination preparation for the SOA/CAS examinations, summer internships, and coursework needed to satisfy the Society of Actuaries' Validation by Educational Experience (VEE) requirements, as well as provide contact information at UNI.
- What are the goals and objectives of the Actuarial Science Program at University of Northern Iowa?
We provide the education, training, and mentoring to help our students achieve the following goals:
Pass at least two of the examinations administered by the Society of Actuaries (SOA http://www.soa.org) or the Casualty Actuarial Society (CAS http://www.casact.org) while an undergraduate at the University of Northern Iowa (UNI http://www.uni.edu).
Complete at least one summer internship at an actuarial company before starting the fall semester of the senior year.
Complete the courses required by SOA/CAS for Validation by Educational Experience (VEE).
Complete at least 21 hours of coursework (at least a minor, preferably a second major) in Business at UNI. We recommend the following courses: Principles of Financial Accounting, Principles of Macroeconomics, Principles of Microeconomics, Corporation Finance, Principles of Investments, Risk Management and Introduction to Information Systems.
Develop good communication skills (Writing and speaking English; ability to explain technical material to non-technical audiences, underwriters, managers and peers; ability to make persuasive arguments and defend one’s position)
Develop good programming skills (at least one computer language (such as Visual Basic, Python, and C++) and skills in business information systems (at least Microsoft Excel).
Develop good leadership skills (people skills, project management, teamwork, time management, conflict resolution, volunteer work, citizenship skills, UNI Actuarial Science Club).
Develop the ability to learn independently. This is absolutely necessary because no student can possibly pass all the actuarial exams while in college. Typically, students will pass some exams while in college and take other exams when employed. The insurance companies expect their actuarial employees to attain the FSA/FCAS (or at least the ASA/ACAS) designation within a few years of joining the company. See below for some information about these designations.
- What are the requirements for attaining the ASA and ACAS designations?
The following are the current requirements for attaining the ASA (Associate of the Society of Actuaries) designation: Exam P-Probability, Exam FM-Financial Mathematics, Exam MFE-Models for Financial Economics, Exam MLC-Models for Life Contingencies, Exam C-Construction and Evaluation of Actuarial Models, VEE Economics, VEE Corporate Finance, VEE Applied Statistics, Fundamentals of Actuarial Practice (FAP) e-learning course, and Associateship Professionalism Course (APC). Universities do not offer coursework for FAP and APC which can only be completed while employed at an insurance company.
The following are the current requirements for attaining the ACAS (Associate of the Casualty Actuarial Society) designation: Exam 1-Probability (same as SOA’s Exam P), Exam 2-Financial Mathematics (same as SOA’s Exam FM), Exam 3F-Models for Financial Economics (same as SOA’s Exam MFE), Exam 4-Construction and Evaluation of Actuarial Models (same as SOA’s Exam C), Exam S-Statistics and Probabilistic Models, Exam 5-Basic Techniques for Ratemaking and Estimating Claim Liabilities, Exam 6- Regulation and Financial Reporting (nation-Specific), and Course on Professionalism.
Visit SOA and CAS websites to see requirements for CERA (Chartered Enterprise Analyst), FSA (Fellow of the Society of Actuaries), and FCAS (Fellow of the Casualty Actuarial Society).
CERA designation and Fellowship designations require all Associateship requirements plus some additional requirements.
- Do you offer coursework and examination preparation help for the SOA/CAS examinations? If so, what courses do you recommend and in what order should those courses be taken?
We offer coursework for Exams P/1, FM/2, MFE/3F, MLC, C/4, S, and for VEE Applied Statistics. More than one course is needed for MLC, C/4, and S. In addition, we offer regularly scheduled classes for ‘Actuarial Examination Preparation’ for Exams P/1 and FM/2. For the other exams, actuarial examination preparation courses are arranged on an individual basis.
The following is the list of courses for actuarial exams and their preferred sequence (assuming pre-requisites are satisfied):
MATH 3780 Mathematics of Finance: Freshman Spring
ACT SCI 3731 Actuarial Examination Preparation (Exam FM/2): Sophomore Fall
MATH 3752 Introduction to Probability: Sophomore Fall
ACT SCI 3731 Actuarial Examination Preparation (Exam P/1): Sophomore Spring
STAT 3775 Introduction to Mathematical Statistics: Sophomore Spring
ACT SCI 4735 Actuarial Mathematics: Junior Fall or Senior Fall
ACT SCI 4739 Topics in Actuarial Science (generally continuation of ACT SCI 4735): Spring semester following ACT SCI 4735
ACT SCI 4785 Introduction to Financial Engineering: Junior Spring or Senior Spring
ACT SCI 4788 Loss Models: Junior Fall or Senior Fall
STAT 3776 Regression Analysis: Junior Fall or Senior Fall
We strongly encourage our students to take our MATH 3780 (Mathematics of Finance) course in the spring semester of their freshman year and attempt Exam FM/2 soon after. Most of the students, however, take the course ‘Actuarial Examination Preparation’ for Exam FM/2 (prerequisite: MATH 3780) in the fall semester of their sophomore year and then take Exam FM/2 in December (of their sophomore year). The only pre-requisite for MATH 3780 is MATH 1420 (Calculus I).
Similarly, students are strongly encouraged to take MATH 3752 (Introduction to Probability, prerequisite: MATH 1421 (Calculus II)) in the fall semester of their sophomore year. This course is followed by ‘Actuarial Examination Preparation’ for Exam P/1 in the spring semester and students are encouraged to take Exam P/1 soon after. Some students do attempt (and pass) Exam P/1 right after taking MATH/STAT 3752 in which case they do not have to take the Exam P/1 Actuarial Examination Preparation course.
Further courses in Actuarial Science all have MATH 3752 (Introduction to Probability) as a prerequisite.
However, it is possible for all students to take at least 4 of the Exams P/1, FM/2, MFE/3F, MLC (for those who are interested in life insurance), C/4, and S (for those who are interested in Property & Casualty insurance) by the end of the spring semester of their senior year. Our best students generally pass four or five of these exams before graduating.
- How difficult is it to secure a summer internship? Do you provide any help to students in this connection?
It is easier to secure a summer internship if a candidate has already passed at least one actuarial exam and has already taken courses like Mathematics of Finance, Visual Basic (or some other programming language), and Introduction to Information Systems (mainly for Microsoft Excel and Access).
Representatives from insurance companies visit our Actuarial Science Club every fall semester to give presentations about their companies and recruit students for summer internships and full-time positions. Representatives from the following insurance companies visited the UNI Actuarial Science Club in Fall 2015: Transamerica, Athene, Ameriprise, CUNA Mutual, Travelers, Global Atlantic, Sammons, Northwestern Mutual, Nationwide Insurance and Principal Financial. Those companies which do not visit campus, accept resumes from students, conduct phone interviews, and then ask (selected) students to visit company campus.
Our students have secured summer internships and/or full-time employment in Allstate Insurance, American Family Insurance, Ameriprise Financial, Athene, Blue Cross Blue Shield, CUNA Mutual, EMC Insurance, Global Atlantic, The Hartford, Liberty Mutual Insurance, Milliman, Mercer, Nationwide Insurance, Principal Financial, Prudential, State Farm, Sun Life, Transamerica, The Travelers, and Zurich Insurance. This list is not complete.
- Do you provide the coursework for students to satisfy the Society of Actuaries’ Validation by Educational Experience (VEE) requirements?
Our students complete the VEE requirements by taking the following courses:
VEE Economics: ECON 1041 Principles of Macroeconomics, ECON 1051 Principles of Microeconomics (in the College of Business Administration)
VEE Finance: FIN 3130 Corporation Finance, FIN 3160 Principles of Investments (in the College of Business Administration)
VEE Applied Statistics: STAT 3776 Regression Analysis (in the Department of Mathematics)
For additional information or questions, please contact: Dr. Syed Kirmani, Professor of Mathematics, Department of Mathematics, University of Northern Iowa, Cedar Falls, Iowa 50614-0506, USA. E-Mail: kirmani@math.uni.edu, syed.kirmani@uni.edu.