The Actuarial Track
The actuarial track is a specialized option for math majors seeking to work in the actuarial field, preparing students for roles in risk management or the insurance industry. By combining courses in probability, statistics, and economics, the track provides the necessary skills while also preparing students for the exams needed to become an actuary. Unlike the other tracks in the math major, this can be completed without taking any proof-based courses, allowing students to focus on the applications of math relevant to a career in this field.
Completing the actuarial track grants a Bachelor of Arts degree. Additionally, the actuarial track is considered credit-intensive, meaning a minor or secondary major is not required to graduate.
Requirements:
The actuarial track requires the following courses in mathematics, computer science, economics, and accounting:
- Mathematics and Computer Science
- Calculus I-IV (Math 151, 152, 251/291, 252/292)
- Introduction to Linear Algebra (Math 250)
- Introduction to Interest Theory for Actuarial Sciences (Math 285)
- This requirement can be excused by passing the Society of Actuaries’ Exam FM.
- Mathematical Theory of Probability (Math 477)
- Mathematics of Contingent Risk Models I (Math 486)
- Computing for Math and the Sciences (CS 107) or Introduction to Computer Science (CS 121)
- Three additional math courses at the 300 level or above
- Economics and Accounting
- Introduction to Microeconomics (Econ 102)
- Introduction to Macroeconomics (Econ 103)
- Intermediate Microeconomic Analysis (Econ 320)
- Intermediate Macroeconomic Analysis (Econ 321)
- Econometrics (Econ 322)
- Introduction to Financial Accounting (Accounting 272)
- Either just two of the following or one with the addition of an extra math course at the 300/400 level:
- Economic Forecasting and Big Data (Econ 421)
- Financial Economics (Econ 413)
- Advanced Time Series and Financial Econometrics (Econ 423)
- Economics of Uncertainty (Econ 481)
Actuarial Exams
Many students planning to work in the actuarial field begin completing the necessary actuarial exams alongside their coursework. The two preliminary exams, the Society of Actuaries’ Exam P (Probability) and Exam FM (Financial Mathematics), must be completed by all actuaries, regardless of the insurance industry they intend to pursue. Fortunately, courses offered by the Department of Mathematics help to cover some of the material on these exams. Mathematical Theory of Probability (Math 477) helps students prepare for Exam P, while Introduction to Interest Theory for Actuarial Sciences (Math 285) helps students with Exam FM.
However, these courses do not cover all the material present in these exams, so it is helpful to purchase study materials for these exams. There are also many materials available online, including dedicated YouTube channels and sample questions published directly by the Society of Actuaries.
Overlap with Economics
It is important to note that the economics classes required for the actuarial track also count towards the Economics major at Rutgers. Therefore, only 4 or 5 additional Economics electives above the 300/400 level would be needed to complete the Economics major. See the Economics Major Requirements page for further specifications on what these electives can be.
Additionally, because of this overlap, students who take either Advanced Time Series and Financial Econometrics (Econ 423) or Economics of Uncertainty (Econ 481) to fulfill the necessary economics electives for the actuarial track will fully complete the requirements for a minor in Quantitative Economics.
As a result, for those willing to take proof-based courses, it is recommended to pursue the standard math major, using the additional math courses required in the actuarial track as electives, alongside a second major in Economics or a minor in Quantitative Economics. This allows students to gain the same foundation in actuarial science without limiting their academic and career options to the actuarial field.