Actuarial Sciences Concentration
Actuaries look at current social, economic or legal trends and determine their financial impact on future events. Accurate predictions are critical to the companies or institutions that depend on them. Actuaries must have a good background and broad knowledge of mathematics, statistics and economics to provide good estimates of future events.
The Actuarial Sciences concentration at UTEP combines specialized work in mathematics and statistics with a variety of courses including: Computer Science, Business Administration classes in Accounting, Finance and Economics, and oral and written communication.
The program seeks to ensure successful placement of its students in companies as actuarial trainees by preparing them to take at least the fist two actuarial exams: Probability, Statistics, Economics, Finance and the Theory of Interest, by graduation.
A wide range of contemporary classes will round students' understanding of the interplay between the business world and math/statistics. These courses can be chosen from several areas, such as accounting, biology, computer science, economy and business.
Provides training in modeling and evaluating different types of risk, life contingencies, insurance claims, pension plans, etc.
Students are familiarized with mathematical tools and concepts that are used in the modeling of financial phenomena. Students will learn how to analyze interest, annuities, sinking funds, among others.
In Calculus, students learn how to model real life situations using mathematics tools not taught in elementary algebra.
In Statistics, students learn how to organize and analyze data and make sensible predictions / decisions based on data history.
Full professional actuarial status is reached by passing a series of examinations administered by two actuarial societies: The Society of Actuaries (SOA) and the Casual Actuarial Society (CAS).
For an entry-level actuarial position, companies customarily require applicants to have passed the first two examinations and to have a strong background in Mathematics, Actuarial Science or Statistics, and a business-related discipline such as Finance, Economics or Accounting.
Some companies hire applicants without specifying a major, provided the applicant has a working knowledge of Mathematics, including Calculus, Probability, and Statistics, and has demonstrated this ability by passing at least the beginning actuarial exams required for professional designation.
Our program seeks to ensure successful placement of its students by preparing them to take at least the first two actuarial exams by graduation. More information about the Actuarial examination can be obtained from the Society of Actuaries (http://www.soa.org,) the Casualty Actuarial Society (http://casact.org).
Actuaries are essential professionals to a wide variety of companies, specially banks, financial institutions, insurance companies (health, property, casualty), insurance agents, and brokers. A steadily growing number of actuaries work in the financial services industry. There are a significant number of actuaries who provide private consulting services. There is also an important demand for actuaries in the government, where they can help manage programs such as Social Security and Medicare.
In summary, any company who needs to evaluate financial risks needs a good actuary.
Sites with more information and/or career opportunities:
Dr. Amy Wagler,
Bell Hall 311,