Actuaries are business professionals who use their knowledge of mathematics, statistics, economics, and finance to analyze and solve problems related to managing risk. Actuaries are commonly employed in the insurance, financial services, and healthcare industries and in government agencies. As an Actuarial Science major at Western New England University, you will be positioned to enter a profession that is regularly listed among the top 10 best professions (CareerCast.com), based on factors such as job environment, salary, employment outlook, stress level and growth opportunities.). And with so many companies in the Hartford-Springfield area that employ actuaries, Western New England University is an ideal place to study actuarial science.
Why Choose Actuarial Science?
The Actuarial Science major is designed to follow the recommendations of the two largest actuarial professional societies in the US: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The major is housed in the Department of Mathematics, a vibrant community of 15 full-time faculty members dedicated to excellence in teaching and research. Classes are small and majors experience a high degree of student-professor interaction. Our facilities in the newly renovated Herman Hall, including the Math Center and student lounge area, are a great environment for collaborative work.
What Will You Study?
The core coursework is in mathematics: calculus, linear algebra, probability, statistics, stochastic processes, interest theory, mathematical finance, and actuarial modeling. Required courses in economics, accounting, and finance provide necessary knowledge of the professional environment in which actuaries work, as do courses in business writing and ethics. You’ll also hone your computer, oral communication, and independent learning skills, all of which are invaluable to the profession. We also offer support helping our students to pass at least one of SOA Exam P or FM before they graduate.
The actuarial profession is one of the most respected, well-compensated (see the salary surveys at D.W. Simpson and Ezra Penland) and rewarding fields today. Our graduates have obtained actuarial positions at a variety of companies including MassMutual, GE Financial, The Hartford, Fidelity, Towers Watson, and independent consulting firms. Our Department maintains contacts with numerous area actuarial professionals in order to keep our program up to date and our graduates competitive.
The Department of Mathematics faculty members are excellent and dedicated teachers. Four department faculty members have won University-wide Excellence in Teaching Awards, and some Department members have won similar awards at their previous institutions. Our faculty members are also active researchers and work in areas including statistics, actuarial science, and applied mathematics. Some faculty members hold grants (including NSF grants) that support undergraduate research by our students. All full-time tenured or tenure-track faculty members in the Department hold doctoral degrees.
Unique Learning Opportunities
Internships and Field Work
The skills you will gain as an Actuarial Science major will create numerous opportunities for internships in such areas as insurance and finance in the Springfield-Hartford corridor. Students have obtained actuarial internships at several area companies including MassMutual, GE Financial, and Towers Watson.
Study Abroad: Become a Global Citizen
Today’s workforce needs professionals who see the big picture. The College of Arts and Sciences will help you to become a student of world cultures and histories as they relate to your studies while making valuable contributions in your explorations. Whether you participate in a faculty-led summer seminar course or spend a semester at an international university, the experience will broaden your horizons and help you compete in the global landscape.