Bachelor of Science in Mathematical Economics - Actuarial Science Track
The Mathematical Economics with the Actuarial Science Track seeks to prepare students for careers as actuaries. Actuaries use a combination of strong analytical skills, business knowledge, and an understanding of human behavior to manage risk. Risk is the chance that an undesirable event that brings harm will occur, but risk can also involve opportunity for benefit. Risk can be found in many areas within today's complex society, including insurance, banking, rating bureaus, fraternal organizations, and more. To become an actuary, you must pass a series of exams to earn actuarial designation by either the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). It can take many years to pass all of the exams. With the track in actuarial science as part of a mathematical economics major, you will take courses that provide you the best chance of success on the first two actuarial exams. In addition, you can apply to receive Validation by Educational Experience (VEE) credit from either the CAS or SOA in the areas of Applied Statistics, Economics, and Corporate Finance, obtained through approved course sequences.
The major in Mathematical Economics with the Actuarial Science Track requires 61 hours in mathematics, economics, and finance courses and leads to a Bachelor of Science degree. Admission into the program requires (1) the completion of MATH 136, ECON 202 and 203, and ECON 206 or STAT 301 with a minimum GPA of 2.0 in the courses listed; and (2) completion of a minimum of 60 hours with a minimum GPA of 2.0 overall; and (3) completion of a minimum of 12 hours at Western Kentucky University with a minimum WKU GPA of 2.0. All mathematical economics majors will be required to participate in an assessment process through their senior seminar class prior to graduation (ECON 497 or MATH 497, I hour). Mathematical Economics is a joint program from the Department of Economics in the Gordon Ford College of Business and the Mathematics Division of the Department of Mathematics and Computer Science in the Ogden College of Science and Engineering. The program of study does not require the completion of a second major. The additional courses needed to complete the degree include:
- ECON 302 - Microeconomic Theory
- ECON 303 - Macroeconomic Theory
- ECON 307 - Financial Data Modeling
- ECON 465 - Regression/Econometrics or ECON 480 - Economic Forecasting* - or STAT 401 Regression Analysis
- ECON 497 - or MATH 497 Senior Seminar Economics or Mathematics
- MATH 137 - Calculus II
- MATH 237 - Multivariate Calculus
- MATH 307 - Introduction to Linear Algebra^
- MATH 310 - Introduction to Discrete Mathematics
- MATH 382 - Probability & Statistics I
- MATH 482 - Probability & Statistics I
- FIN 330# - Principles of Financial Management
- FIN 332 - Investment Theory
- FIN 350 - Risk Management and Insurance
- FIN 437** - Corporate Asset Management
- CS 170 - or CS 180 Problem Solving and Programming or Computer Science I
^PHIL 215 and MATH 136 are prerequisites for MATH 307.
#ACCT 200 is a prerequisite for FIN 330.
*While not required, both courses must be taken to apply for Validation of Educational Experience (VEE) Credit with the Casualty Actuarial Society (CAS) or the Society of Actuaries
(SOA) in Applied Statistics.
**While not required, if student additionally takes FIN 438, he/she can apply for Validation of Educational Experience (VEE) Credit with the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA) in Corporate Finance.
NOTES regarding VEE credit: A student can apply to receive their VEE credit after
passing at least two actuarial exams; however, the exams can be taken at any time
and are not required before taking requisite courses. A student can apply for Validation of Educational Experience (VEE) Credit with the Casualty Actuarial Society (CAS) or the Society of Actuaries
(SOA) in Economics after taking the ECON 202/203 sequence.
Chair and Professor
Department of Economics
Western Kentucky University