Actuarial Science
Major in the College of Natural Sciences
The actuarial science major is housed with the Mathematics Department of the College of Natural Sciences and prepares students to enter the actuarial profession.
Actuaries use mathematical skills to define, analyze, and solve business problems involving the cost of possible future events (i.e. projecting how a new auto-safety law will change insurance claims, estimating the benefit costs of a labor contract, analyzing investment risks, or projecting financial costs of an epidemic.) Actuaries are employed by organizations such as insurance companies, financial institutions, consulting firms, industrial corporations, government agencies, universities, accounting firms, and labor unions.
As a B.S. in Mathematics: Option 1: Actuarial Science major, students take a variety of courses in accounting, micro and macroeconomics, business finance, computer science, calculus, matrix algebra, probability, statistics, up to nine Mathematics Department actuarial courses, and one actuarial foundations courses taught by the Mathematics Department. Students who complete these courses and pass at least two exams administered by Societies of Actuaries can compete well for actuarial jobs. For additional information on the career field and becoming an actuary, visit the Be an Actuary site.
Declaration Requirements
ShowProspective University of Texas at Austin students should visit UT Admissions to learn about the application process and how to declare a major.
How to Declare
ShowStep 1: Internal transfer students must apply to the College of Natural Sciences prior to completing 60 hours or four long semesters at UT. Applications are due to the College of Natural Sciences in the spring. Learn more about the college's internal transfer requirements.
Step 2: Once accepted into the College of Natural Sciences, all students will start as entry-level actuarial science majors until they successfully complete the entry-level requirements.
Required Courses
ShowThere are prerequisites to consider when making a long-term plan. In addition, some classes are offered only in fall or only in spring. It is important to consult an advisor to discuss these issues. View the degree requirements for the actuarial science major. Note that you will be best served by researching the degree requirements, then creating a draft plan of all coursework during your time at UT, and then discussing your plan with your academic and/or faculty advisor.
Specializations
ShowActuarial science is one of the degree options available to students who wish to complete a bachelor of science in mathematics. However, students in any major can choose to pursue an informal concentration in actuarial studies.
Personality
ShowStudents in this major are bright, organized, disciplined, self-motivated, and hardworking. They enjoy solving challenging problems in a mathematical context. Students typically have a strong interest in pursuing a career in business because they gain skills which are transferable to any industry or employer that requires financial or risk modeling and management. Current students have an opportunity to explore their interests through the Actuarial Science Club, which organizes talks and panels, study groups for professional exams, and intensive exam-prep review seminars.
Skills
Show- Strong mathematical problem-solving skills
- Good oral and written communication skills
- Fundamental programming skills and knowledge of tools such as Excel and Access
- Ability to work well with others
- Critical thinking skills used to evaluate and solve problems
- Tireless work ethic, allowing students to prepare for professional examinations by studying for hundreds of hours outside of class
