Actuarial Sciences

The degree requirements and sample four-year plans are listed in the UD Catalog.

​The Department of Mathematical Sciences offers a program in Actuarial Science leading to the Bachelor of Science degree. The major, with courses taught by faculty in the Departments of Economics, Finance, and Mathematical Sciences (among others), provides a strong background in actuarial science, including the satisfaction of all three actuarial science VEE requirements. Students graduating with this degree will be well prepared for the first two actuarial examinations, the foundation of an actuarial career.

A wealth of information about actuarial careers can be found at the site beanactuary.org, which is jointly sponsored by the two main actuarial societies: the Society of Actuaries (SOA), which handles life insurance, pensions, and health care, and the Casualty Actuarial Society (CAS), which handles fire, homeowners, and automobile insurance, etc.  These societies independently maintain and administer exams for professionals following the actuarial career track.

There is also an active Actuarial Sciences Club on campus.  More information about Actuarial Sciences can be found on the Admissions Web site.

In order to progress in the profession, actuaries must pass a series of exams.  The first few exams cover the same material; each society just has a different name for them. 

Exam 1/Exam P

Any math major at University of Delaware should have no trouble passing the probability exam (called Exam P by the SOA or Exam 1 by the CAS) after taking MATH243, MATH349, and either MATH350 or STAT470. MATH450 or STAT471 are also recommended, as is doing some limited additional reading on actuarial terminology, which may be downloaded from the SOA Web site  .

Exam 2/Exam FM

The financial mathematics exam (called Exam FM by the SOA or Exam 2 by the CAS) should be taken after completion of the Economics and Accounting/Finance Clusters, together with some additional reading on the theory of interest.

Exam 3F/ Exam IFM

The financial mathematics exam (called Exam IFM by the SOA or Exam 3F by the CAS) should be taken after completion of MATH620, together with some additional self-directed reading.

Some study materials for the professional exams are available free once you have registered for the exams; see the appropriate society Web page for details.  The Actuarial Sciences Club occasionally sponsors study sessions for these exams.

VEE Requirements

In addition to passing exams, associates must complete course work meeting the Validation by Educational Experience (VEE) requirements in three topic areas: Economics, Accounting and Finance, and Mathematical Statistics. To meet this requirement, a student must earn a grade of B- or higher.  ECON301 and ECON304 should satisfy the VEE requirement in the area of Economics. ACCT207 and FINC311 should satisfy the VEE requirement for Accounting and Finance. MATH450 or STAT471 should satisfy the VEE requirement for Mathematical Statistics.

​International students wishing to practice actuarial science in their home country should check with the relevant actuarial society about transferability of coursework and exams.

Dr. Edwards has experience in taking some of the exams. Please contact him if you are interested in the actuarial profession and have more questions.