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Bachelor of Science in Mathematical Economics - Actuarial Sciences Concentration


Sample Degree Path for B.S. in Mathematical Economics - Actuarial Track

The Mathematical Economics degree with the Actuarial Science Concentration 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. Actuaries typically work for health, life, and property insurance companies, but individuals with actuarial training may work in many other areas such as banking, investment, energy, government, employee benefits, predictive analytics, and many 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 takes many years to pass all of the exams. In this 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 Economics, Mathematical Statistics, and Accounting and Finance, obtained through approved course sequences. 

B.S. in Mathematical Economics qualifies for STEM OPT extension

The major requires a minimum of 61 hours in mathematics, economics, and finance courses and leads to a Bachelor of Science degree. The major of study does not require completion of a second major or a minor. To be admitted into the major, students must have earned a minimum of 60 hours (with at least 12 hours completed at WKU) with the overall GPA of at least 2.0. Additionally, students must complete the following courses with a minimum GPA of 2.0:  

B.S. IN MATHEMATICAL ECONOMICS (ACTUARIAL) - ADMISSION COURSES (13 hours) 
 MATH 136  Calculus I (4 hours, may count as Colonnade Foundations Course)
ECON 2021  Microeconomics Principles (may count as  Colonnade Explorations Course)
ECON 2031  Macroeconomics Principles (may count as Colonnade Explorations Course)
ECON 206 
or STAT 301 
Statistics
Introductory Probability and Applied Statistics


To earn a Bachelor of Science in Mathematical Economics (Actuarial Sciences Concentration), students must complete the following courses:

B.S. IN MATHEMATICAL ECONOMICS (ACTUARIAL CONCENTRATION) -
MAJOR COURSES (minimum 48 hours)
CS 170 
or CS 180 

 Problem Solving and Programming (3 hours)
 or Computer Science I (4 hours)
ECON 302   Intermediate Microeconomics
ECON 303   Intermediate Macroeconomics 
 ECON 307   Financial Data Modeling
ECON 465 
or ECON 480 
or STAT 401 
 Regression and Econometrics 
 Forecasting
 Regression Analysis
 MATH 137   Calculus II (4 hours)
 MATH 237   Multivariate Calculus (4 hours)
 MATH 307   Introduction to Linear Algebra
 MATH 310 
 Introduction to Discrete Mathematics
MATH 382   Probability and Statistics I
MATH 4822   Probability and Statistics II
FIN 3303,4   Principles of Financial Management
FIN 332   Investment Theory
FIN 350   Risk Management and Insurance
FIN 4374   Corporate Asset Management
ECON 497 
or MATH 497 
 Senior Seminar Math - Econ (1hour)

A student may apply for VEE credit in Economics after completing  the ECON 202/203 sequence with a at least a "B" in both classes. 
A student may apply for VEE credit in Mathematical Statistics after completing MATH 482 with a at least a "B".
ACCT 200 is a prerequisite for FIN 330.
While not required, a student who also takes FIN 438 may apply for the  Accounting and Finance VEE Credit. This VEE credit requires ACCT 200, FIN 437 and FIN 438 with a at least a "B" in all classes. 

Additional notes regarding VEE credit: Validation by Educational Experience - VEE - is an integral part of becoming an actuary. To become an actuary, an individual has to complete a series of of exams, projects, and earn VEE credits.  As of July 2018, there are three required VEE credits: (1) Economics, (2) Mathematical Statistics, and (3) Accounting and Finance. All of the courses required for the VEE credits (except FIN 438), are included in the major.

A student may apply to receive VEE credit after passing at least two actuarial exams.The actuarial exams can be taken at any time before or after completing courses that can be used for VEE credit. For more information, see SOA or CAS websites.

 

Contact Information

Dr. Alex Lebedinsky 
Chair and Professor
Economics Department
(270)745-2249


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 Last Modified 8/30/19