B.S. in Actuarial Science

Siena College

Program Description

B.S. in Actuarial Science

Siena College

Actuarial Science is consistently rated as one of the best careers in America. This discipline is centered in assessing, pricing and ultimately managing institutional risk which is commonly used in the insurance industry and financial professions. Students who are good at mathematics that desire a professional component to their education are typically great candidates for this field.

Actuarial Science is a discipline centered in assessing, pricing and ultimately managing institutional risk which is commonly used in the insurance industry and financial professions. Students who are good at mathematics that desire a professional component to their education are typically interested in this field commonly listed in the Top 10 professions.

The Actuarial Science major at Siena College is a program combining rigorous mathematical study with Economics and Finance. Students who complete the program will have satisfied the Validation by Educational Experience requirements for the Casualty Actuary Society and the Society of Actuaries. The program features:

  • Major coursework designed to prepare students for the first two professional exams.
  • Elective coursework that will partially prepare students for the next three exams.
  • A year-long professional seminar series featuring practicing actuaries demonstrating how principles int he curriculum are utilized in practice.
  • Curriculum designed to prepare students for competitive national internships during the summers after your junior (or even sophomore) year.
  • A dedicated faculty advisor that will help students prepare for exams, be prepared for professional interviews and focus elective study to maximize employability based on the strengths of the individual.

Program Highlights

  • Small classes.
  • Emphasis on technical communication skills.
  • Focus on long-range career success.
  • Professional seminar series.
  • Coursework designed to prepare students for the first two professional actuarial exams.
  • Flexibility in choosing upper-level electives.
  • Dedicated faculty advisor to make sure students understand when to take exams, how to focus elective study and how to engage in an interview to maximize their employability.

Requirements for the Major (35 credits)

CSIS110 - Intro to Computer Science 3 credits

This course is a broad introduction to a variety of fundamental topics in computer science through a contemporary theme such as robotics, the web, graphics, or gaming. Students will consider problems in the application area that can be solved with software. Using the theme of the course, students will be introduced to important areas of computer science including abstraction, computer organization, representation of information, history of computing, ethics, and the development and evaluation of algorithmic solutions using an appropriate programming environment. Themes may differ across sections. Lab fee. (ATTR: ARTS, CAQ, CDQ, REC, STVN)

Lecture Hours: 3

ECON430 - Econometrics 3 credits

An introduction to the application of statistical techniques to economic problems. This course includes a review of probability theory, mathematical expectation, and theoretical frequency distributions along with considerations of modeling economic phenomena. Ordinary and two-stage least squares regression techniques are utilized for hypothesis testing and economic forecasting. (ATTR: ARTS or BUS)

Lecture Hours: 3

FINC301 - Managerial Finance I 3 credits

An introduction to the principles of financial management. This course emphasizes an understanding of the role of finance within the firm. Topics covered include the elements of financial planning, valuation, cost of capital, and capital budgeting under conditions of certainty and risk. (ATTR: BUS, ISP)

Lecture Hours: 3

FINC315 - Adv Investments: Theory and Practice 3 credits

Through focusing on the development of the Markowitz Procedure, Capital Asset Pricing Model, Arbitrage Pricing and other theories, this course seeks to familiarize students with the theory underlying the practice of Finance. In addition, this course will also familiarize students with the inherent problems associated with these models as well as their strengths. (ATTR: BUS)

Lecture Hours: 3

FINC421 - Bus Financial Forecasting 3 credits

This course explores the nature of fluctuations in aggregate business activity and the technique used to forecast. To gain an understanding of these techniques, and the usefulness of forecasts, students will prepare forecasts and explore their application to firm decision making. (ATTR: BUS)

Lecture Hours: 3

MATH120 - Calculus II 4 credits

This course completes the calculus of elementary transcendental functions. It also includes techniques of integration, indeterminate forms, L’Hospital’s Rule, improper integrals, and introduction to sequences, infinite series and power series. Students apply concepts to work, volume, arc length, and other physical phenomena. Three hours of lecture and one hour and twenty minutes of laboratory each week. Lab fee. Students must purchase an approved graphing calculator prior to beginning this course. (ATTR: ARTS, CAQ)

Lecture Hours: 4

MATH210 - Calculus III 4 credits

This course completes the Calculus sequence. The topics covered are vectors in the plane and in a three dimensional space, functions of several variables, partial differentiation, the chain rules, multiple integration including cylindrical and spherical coordinate systems and the theorems of Green and Stokes. Students apply these concepts to physical applications. Three hours of lecture and two hours of lab each week. Lab fee. (ATTR: ARTS)

Lecture Hours: 4

MATH371 - Probability for Statistics 3 credits

The course introduces mathematical probability to understand variation and variability. Methods of enumeration, conditional probability, independent events, and Bayes’ Theorem are developed in a general environment. Among the continuous and discrete probability distributions derived and studied are the Bernoulli distribution and distributions based on it, the uniform, exponential, normal, Gamma and Chi-Square distributions. The Central Limit Theorem leads to approximations for discrete distributions. Chebyshev’s Inequality prepares the student for Inferential Statistics. (may be taken concurrently). Offered Spring semester. (ATTR: ARTS, MHUL)

Lecture Hours: 3

MATH470 - Mathematical Statistics 3 credits

Statistical tests for multivariable problems are developed and applied to real data sets. The computer and the SPSS package will be used. Offered Fall Semester. (ATTR: ARTS, MHUL)

Lecture Hours: 3

Students must also complete one of the following pairs of courses:

ACCT200 - Financial Accounting 3 credits

The first half of the introductory course in accounting emphasizes the role of accounting as an information and communication system necessary for economic decisions. The accounting process, systems and resulting classified financial statements are covered. Financial accounting concepts and practices relating to topics such as current and long-term assets, inventories, current liabilities, equity and long-term liabilities are included. (ATTR: BUS, ISP)

Lecture Hours: 3

AND

ACCT205 - Managerial Accounting 3 credits

The second introductory course in accounting focuses on the managerial aspect of accounting. The emphasis is placed on internal uses of accounting information to make managerial decisions. The coverage will include topics such as: cost volume profit analysis, cost behavior, activity-based costing, short-term decision making, income tax considerations, budgeting, responsibility accounting, performance measurement, and cost control. Lab problems required. (ATTR: BUS,ISP)

Lecture Hours: 3

OR

MATH230 - Linear Algebra 3 credits

This course studies elements of linear algebra with an emphasis on applications. Topics covered include matrices, systems of equations, finite dimensional vector spaces, linear transformations, eigenvalues and eigenvectors. (ATTR: ARTS)

Lecture Hours: 3

AND

MATH320 - Mathematical Analysis 3 credits

Introduction to the fundamental concepts of mathematical analysis. A two-term course that studies the real number systems, limits, sequences, series, convergence, uniform convergence, functions of one variable, continuity differentiability, Riemann integration, functions of several variables, line, surface, and volume integrals, Offered Spring Semester. (ATTR: ARTS, MHUL)

Lecture Hours: 3

Auxiliary Courses (10 credits)

ECON101 - Principles of Economics,Micro 3 credits

This course introduces students to fundamental economic concepts and theory, including demand, supply, and the formation of equilibrium prices in product and resource markets. In addition, the course offers an introduction to applied fields such as industrial organization (market structures), labor economics, unionism, international trade, and market failure. (ATTR: ARTS or BUS, CAS, ISP, CDS, STVS)

Lecture Hours: 3

ECON102 - Principles of Economics,Macro 3 credits

This course examines the foundations of economic theory as it relates to unemployment, inflation, and economic growth. Topics might include aggregate demand, aggregate supply, market equilibrium, national income accounting, theories of income determination, money and banking, and fiscal and monetary policies. (ATTR: ARTS or BUS, CAS, ISP, CDS, STVS)

Lecture Hours: 3

MATH110 - Calculus I 4 credits

Courses MATH- 110, 120, and 210 provide the foundation for all upper-level mathematics courses. Main topics considered during the first semester: functions, limits, continuity, differentiation, the chain-rule, antiderivatives, the definite integral, Fundamental Theorem of Calculus and trigonometric functions. Applications of all topics are emphasized. Three hours of lecture and one hour and twenty minutes of laboratory per week. Lab fee. Students must purchase an approved graphing calculator prior to beginning this course. (ATTR: ARTS, CAQ, CDQ)

Lecture Hours: 4

A minimum grade of B- is required in all courses in order to count towards the Actuarial Science major.

Skills Developed

  • Communicating technical information, verbally and in writing
  • Constructing well-reasoned arguments
  • Modeling and valuing complex financial instruments
  • Organizing and working in teams
  • Understanding time value of money calculations and constructing equations of value
  • Working with real-world data
  • Forecasting Financial behavior of a business
  • Understanding the structure and pieces of a financial portfolio
  • Applying technology to problem-solving

Employers of our Graduates

  • Travelers
  • The Hartford
  • Chubb Insurance
  • ISO
  • Met Life
  • Marsh
  • Farm Family
  • First Niagara
  • Utica National

Internship Sites

  • New York State Insurance Department
  • Swiss Re
  • Munich Re
  • Travelers
  • The Hartford
  • Met Life
  • Farm Family
  • Utica National
This school offers programs in:
  • English


Last updated January 13, 2018
Duration & Price
This course is Campus based
Start Date
Start date
Sept. 2019
Duration
Duration
Full time
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Locations
USA - Loudonville, New York
Start date : Sept. 2019
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Dates
Sept. 2019
USA - Loudonville, New York
Application deadline Request Info
End date Request Info