B.S. in Actuarial Science
Actuarial science is the study of problems of insurance and finance through mathematical modeling. Actuaries develop theoretical models to evaluate the current financial implications of uncertain future events. As such, actuaries requires a combination of strong analytical skills, business knowledge, and understanding of human behavior to manage complex risks facing our society.
Actuarial Science Program
Otterbein is the first private university in Ohio offering a BS in Actuarial Science. Our program is identified as an advanced undergraduate Actuarial Science program by the Society of Actuaries. Our students receive closely-directed classroom instruction and individualized advising. Our program provides preparation for the professional actuarial examinations administered by the Casualty Actuary Society and the Society of Actuaries. We also offer courses approved by Society of Actuaries and Casualty Actuarial Society which cover all three Validation by Education Experience (VEE) exams. These are required for actuarial certification.
Columbus has several insurance headquarters such as Nationwide Insurance, State Auto Insurance Companies, Grange Insurance, and Motorists Mutual Insurance Company. These insurance companies offer paid internship opportunities and often come to Otterbein University to recruit actuarial students for internships. Some students complete internships in Cincinnati, Cleveland, and out-of-state.
Frequently Asked Questions About Actuarial Science
- What does an actuary do?
Actuaries analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits (Bureau of Labor Statistics).
- How much does an actuary make?
Actuaries are well compensated. Beginning salaries for actuaries with a bachelor’s degree range from $50,000 to $65,000 annually. Experienced Fellows have the potential to earn from $150,000 to $250,000 annually. Check beanactuary.org for more information.
- Where does an actuary work?
The insurance industry, private corporations, consulting firms, and the government. Actuaries also work for banks and investment firms, public accounting firms, labor unions, rating bureaus, and fraternal organizations. Check beanactuary.org for more information.
|Student Learning Outcomes||University Learning Goals (KMERI*)|
|1. Students apply a variety of problem-solving strategies.||Knowledgeable|
|2. Students have the ability to analyze, interpret, interrelate and synthesize data.||Engaged|
|3. Students recognize when a quantitative model may be useful and learn modeling as the art of applying math to real world applications.||Inquisitive|
|4. Students appreciate the role of actuarial science in society and understand the ethical responsibilities of actuaries.||Responsible|
|5. Students demonstrate proficiency in the mathematics of finance.||Knowledgeable|
|6. Students can apply their knowledge to solve real problems encountered in Actuarial Science.||Multi-literate|
*NOTE: KMERI refers to Otterbein's learning goals. It stands for Knowledgeable, Multi-literate, Engaged, Responsible, and Inquisitive. To learn more about KMERI, visit our University Learning Goals page.