Richard Mikula, Ph.D.
Actuaries are highly educated business executives who specialize in the evaluation of insurance and financial risk. Professional actuaries hold positions of responsibility with insurance companies, consulting firms, investment banks, self-insurers, and governmental organizations.
Graduates of this program will have the foundational skills (interest theory, finance, economics, statistics, probability, and modeling) necessary to conduct financial analyses and manage financial risks. Additionally, students will learn how to provide assessments of financial securities systems, with focus on their mechanisms and complexity from the economics and finance standpoint, and the corresponding governing mathematics. Students will also learn how to evaluate the likelihood of events and quantify contingent outcomes to minimize losses associated with undesirable events.
The course work will prepare students to take Actuarial Exams P, FM and MLC as sponsored by the Society of Actuaries (SOA), and will provide Validation by Educational Experience (VEE) credits for Corporate Finance and Applied Statistical Methods
WHY ACTUARIAL SCIENCE?
- The need for actuaries is expected to grow 26% by 2022
- Median salary of $93,680 (Bureau of Labor Statistics Occupational Outlook Handbook, 2012)
- U.S. census data in 2010 suggests that the actuarial science field has a 0% unemployment rate
WHY OUR PROGRAM?
- One of only three PSM programs in Actuarial Science in the country
- We offer the only fully online PSM in Actuarial Science
- Geared toward working professionals, the curriculum has been designed to minimize work conflicts through delivery of two 7-week courses per semester, and one full-semester course per semester.
- Course work prepare students to take Actuarial Exams P, FM and MLC as sponsored by the Society of Actuaries (SOA), and will provide Validation by Educational Experience (VEE) credits for Corporate Finance and Applied Statistical Methods.
Coursework in this program will prepare you to take Actuarial Exams P, FM and MLC as sponsored by the Society of Actuaries (SOA), and will provide Validation by Educational Experience (VEE) credits for Corporate Finance and Applied Statistical Methods.
Topics covered include:
- Actuarial Models and Life Data Analysis
- Financial and Managerial Accounting
Application Process and Deadlines
To complete the application process, students must submit:
- Online application
- Official college transcript(s)
- Statement of professional goals - One page in length
- A bachelor’s degree with a GPA of 3.00 or higher
- Successful completion of the following undergraduate coursework:
- 9 credits of Calculus (through multivariable calculus) or equivalent
- 3 credits of Linear Algebra or coursework that covers the fundamentals of matrix calculations
If English is not the student’s primary language, a TOEFL score of 213 or higher (computer-based exam), 550 or higher (paper-based exam), or 80 or higher (internet-based exam) will be required.
Core Courses (Math and Actuarial Science)-18 Credits
ACTSCI 1: Probability
ACTSCI 2: Mathematical Statistics
ACTSCI 3: Introduction to Financial Mathematics
ACTSCI 4: Regression Analysis and Statistical Models
ACTSCI 5: Forecasting and Time Series Analysis
ACTSCI 6: Actuarial Models and Life Data Analysis
Professional Skills Course Requirements – 9 Credits
PS 1: Professional Skills 1 -Financial and Managerial Accounting
PS 2: Professional Skills 2 - Corporate Finance
PS 3: Professional Skills 3 – Financial Risk Management
Internship/Capstone Project - 3 Credits
IC 1: Internship Program/Capstone Project
Suggested Map for Full-Time Students-
Fall Semester: ACTSCI 1 (7 week); ACTSCI 3 (7 week); PS 1 (full semester)
Spring Semester: ACTSCI 2 (7 week); ACTSCI 4 (7 week); PS 2 (full semester)
Fall Semester: ACTSCI 5 (7 week); ACTSCI 6 (7 week); PS 3 (full semester)
Spring Semester: IC 1(full semester)
- 100% Online Delivery: LHU’s distance instructional methods are designed to maintain a personal, one-to-one mentoring and supervisory relationship with degree candidates while making it possible to create active and engaged learning communities. No campus visits or on-campus residencies are required; however, much of the coursework is completed via virtual classrooms utilizing the latest technology in online instruction.
- Internships: Students are required to complete a three credit internship or capstone project