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Actuarial Science at APSU

Contact our department if you would like more information than listed below
Zach
Zach Marlow
Senior

Actuarial Math is the study of managing risk in both Financial and Statistical aspects. For those who enjoy the business aspects but also enjoy the Mathematics and theory behind risk, this program is for you! Within this bright new program, the professors are eager to help and grow young students interested in the pursuit of becoming an Actuary. Aid is even given in passing the Actuarial SOA/CAS exams!
Carr
Mackenzie Carr
Freshman

I knew early on in my educational career that I had a love for Mathematics. I wanted to go into a career field that would challenge me daily and allow me to incorporate my passion for Mathematics, which is just what Actuarial Science does. I chose Austin Peay's Actuarial Science program because it provides me with the tools I need to pass the SOA exams while allowing me to connect with professors who truly care about my success!

What is an an actuary?

Actuaries are highly sought-after professionals who develop and communicate solutions for complex financial issues.  Specifically, actuaries measure and manage risk.  Actuaries have a deep understanding of mathematics, statistics, and business management.  With this, they help businesses grow and provide value to their customers.  Actuaries help leaders make strategic decisions and consumers prepare for their future (Society of Actuaries).  According to the U.S. Bureau of Labor Statistics, the median annual salary for actuaries was $102,880 in May 2018.
More information about actuary careers can be found at BeAnActuary

How to become an actuary?

To be an actuary, you need a bachelor's degree, and you must pass exams conducted by the Society of Actuaries or the Casualty Actuarial Society.

B.S. in Mathematics with a concentration in Actuarial Science program at APSU:

The concentration in actuarial science prepares students for entry-level positions in actuarial science, as well as other areas.  Prior to graduation, students typically pass at least two actuarial exams and complete the validation by educational experience (VEE) credits for either of the two actuarial societies (SOA or CAS).  The concentration also prepares students for entry into master's and Ph.D. programs in actuarial science, mathematics, mathematical finance, engineering, statistics, and other related disciplines. The APSU curriculum covers Exam P/1, Exam FM/2, Exam IFM/3F, Exam STAM, and Exam LTAM given by SOA and CAS, as well as all VEE topics. Our program is recognized by SOA as a UCAP-AC program (Universities and Colleges with Actuarial Programs: Advanced Curriculum). Our program is one of only two programs in Tennessee to receive this highly sought recognition. More details about the program can be found in the APSU course catalog.
Exam coverage:
Exam P/1: MATH/STAT 4240 Probability
Exam FM/2: MATH 4130 Financial Mathematics
Exam  IFM/3F: MATH 4140 Financial Derivatives
Exam  STAM : MATH 4180 Actuarial Mathematics I
Exam LTAM:  MATH 4280 Actuarial Mathematics II

Actuarial Science Minor program:

A minor in Actuarial Science is for students who are interested in the field but do not have time to complete all the required course work in Actuarial Science Concentration. This minor will allow students to take several rigorous courses in Actuarial Science concentration and get the recognition. The minor consists of 18 credit hours and is appropriate for students who are graduating with a major in computer science, business, physics, mathematics, or engineering. The minor curriculum covers contents of exams P/1, FM/2, and IFM/3F. 

VEE Courses:

We cover all three validation by education experience requirements. All of our VEE courses are approved by SOA/CAS. You must pass two SOA, CAS exams before you apply for VEE credits.
VEE Economics: ECON 2100/2200
VEE Accounting & Finance: ACCT 2010/ FIN 3010
VEE Mathematical Statistics: STAT 4250

Scholarship Opportunities:

The Mathematics Department and its donors offer over $50,000 of scholarships annually. All scholarship applications are now online, and students should apply through the university system. For more details, see our department's scholarship page.
Other than APSU scholarships, you can get scholarships through:
  1. Actuarial Foundation scholarships
    1. Actuarial Diversity Scholarship
    2. Actuary of Tomorrow – Stuart A. Robertson Memorial Scholarship
    3. Caribbean Actuarial Scholarship
    4. Curtis E. Huntington Memorial Scholarship
    5. The Actuary - A Career Change: Elizabeth M. Mauro Reimbursement Program
  2. International Association of Black Actuaries
  3. Diversity Exam Reimbursement Program
  4. Hickman Scholars Program
  5. Scholarship opportunities to underrepresented minorities within the actuarial profession
  6. DW Simpson actuarial science scholarship

Internship Opportunities:

APSU is located close to Nashville, the capital of Tennessee. Nashville is the regional hub for actuarial firms and other firms which uses actuaries such as 
  1. Acceptance Insurance
  2. Aetna
  3. AIG
  4. Anthem
  5. Bridgestone
  6. Caterpillar
  7. Cigna
  8. Clover Health
  9. Findley
  10. The General Insurance
  11. Tennessee Department of Treasury
You can also get more advice on internships by going to BeAnActuary

Exams:

It is expected that you will have passed at least two preliminary exams by graduation. In the US, actuarial examinations are held by two organizations named Society of Actuaries and Casualty Actuarial Society. 
  1. Society of Actuaries, 475 North Martingale Road, Suite 600, Schaumburg, IL 60173, U.S.A. Telephone: 1-847-706-3500, Fax: 1-847-706-3599
  2. Casualty Actuarial Society, 1100 North Glebe Road, Suite 600, Arlington, VA 22201, U.S.A. Telephone: 1-703-276-3100, Fax: 1-703-276-3108.
For more details on exams and requirements, please see SOA Exams and CAS Exams

Exam Fee Reimbursement:

Our program is recognized as a UCAP-AC program. Thus every academic year three individual students who would pass the exams IFM, LTAM, STAM, or SRM are eligible to receive reimbursement of exam fees. In addition, APSU received a CASE (Casualty Actuaries of the Southeast) grant for academic year 2019/2020 which allow us to reimburse exam fees up to $200 for six full-time students for successfully passing preliminary actuarial exams P or FM. The full-time students must take and pass exams P or FM held by Society of Actuaries/Casualty Actuarial Society during the 2019-2020 academic year. 

Exam Preparation Materials:

We have rich resources for exam preparation. The APSU Library contains exam preparation materials published by ACTEX and ASM. We also have textbooks recommended by the SOA/CAS for preliminary exams. The Society of Actuaries and Casualty Actuarial Society publish sample problems and solutions in their web sites for each exam. For exam P and FM, you can find official online exam simulators.
Here are some other online resources for exam preparations:
  1. Coaching Actuaries
  2. The Infinite Actuary
  3. ACTEX Learning
  4. ASM Actuarial Study manuals
  5. The Actuarial Bookstore