Bachelor of Science - Business - Actuarial Science

Program Description An actuary is a business professional who analyzes the financial consequences of risk and uncertainty. They interpret statistics to determine probabilities of accidents, sickness, death, and loss of property from theft and natural disasters. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially concerning risk management and insurance programs. Actuaries are considered the “financial architects” of the insurance world. ​Actuaries are in high demand and work for insurance companies, consulting and investment firms, government, employee benefit departments of large corporations, hospitals, and banks. The field is highly competitive and requires students to pass exams that lead to professional certification by the Society of Actuaries, the Casualty Actuarial Society, and other accredited international societies. This program will equip students with the skills needed to pass at least two actuarial exams, which are the industry’s standard of gauging expertise for internships and employment, prior to graduation. DePaul has structured the program around these milestones, enabling students to gain internships in a timely manner and to graduate into full employment. Learning Outcomes Core Outcomes: Students will be able to: Use analytical and reflective skills in decision-making. Communicate effectively both orally and in writing. Recognize legal and ethical issues confronting them. Contribute to the performance of a group within a business setting. Know the differences among global economies, institutions, business practices and cultures. Acquire knowledge of the functional areas of business and the interrelationships among the functional areas within a business. Program Specific Outcomes ​Students will be able to: Apply the laws of probability and statistics to problems encountered by actuaries on a daily basis. Explain the theory of interest and how it is the foundation for derivative securities. Explain contingent payment models and how they apply to mitigating financial risks through insurance contracts. Organize, and simulate various Life Contingency models in a manner consistent with the insurance industry practice. Describe life cycle effects and then explain how different groups of individuals may protect themselves from any harmful effects. Calculate the financial costs and benefits of insurance contracts for various individuals given different life cycle assumptions.