Why Study Actuarial and Financial Mathematics?
Apply the power of mathematics to predict and manage insurance and financial risks
Actuarial science is a discipline that assesses financial risks in the insurance and finance fields. The set of skills required for such careers – namely, the analytical, statistical, and computational ability to determine and quantify risk – are easily transferrable to any number of professions within and beyond finance.
Although careers in the actuarial and financial sectors require analytical and computational ability, and have been very popular among students majoring in mathematics, they do not, however, require a full mathematics major. The actuarial and financial mathematics (AFM) minor provides a clearly marked pathway to those careers for Clark students who may choose to major in fields other than mathematics.
Insurance companies expect their actuaries to pass several exams to become associates of one of the two national societies for actuarial science. Indeed, these credentials are required to perform important functions such as signing legal documents, and therefore companies are invested in hiring new actuaries who can pass these exams in a timely fashion. To find actuarial employment at any insurance company, students generally need to pass at least the first exam and preferably the second exam as well. Once employed, actuaries pass the remaining exams, often with support from their company in paid study hours and exam fees.
The first two exams are in mathematics: the first in probability and the second in financial mathematics, and these topics are directly covered in the AFM minor.
Required courses for the minor: 8
As a complement to this concentration, you can engage in a variety of related experiential learning opportunities, including internships, study abroad, and research.
Careers in the actuarial and financial sectors have been in high demand, and are among the most lucrative. They also provide a solid foundation for graduate studies in related fields. Many of our students have found internships and employment in insurance and financial companies. Some pursued graduate degrees in actuarial science, or finance, including Clark’s master of science in finance (MSF).
Because of the AFM minor, Clark has been recognized by the Society of Actuaries (SoA) as a university with an actuarial program with an introductory curriculum (IC). For more information about the actuarial career please visit the SoA website.