Actuarial Science at APSU

If you would like more information than listed below, you can contact our department, or to learn more about a student's perspective of our program and the field of actuarial science, you can read APSU actuarial science major Mackenzie Carr's interview with the website Advisor Smith.

Zach Marlow

Alum (2020)

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In the Actuarial Science program at Austin Peay, the faculty offer rigorous yet fair and comprehensive training to prep for life as a future Actuary. Professors make sure you are given resources and tools for success in the future. Foundational coursework gives a head start to Actuarial exams as well as preparing for graduate coursework. Thanks to Austin Peay, I have become a Graduate Teaching Assistant at a Center for Actuarial Excellence school, passed a couple of Actuarial exams, earned an Actuarial Internship just a year following my graduation from Austin Peay, and am looking to become a full-time Actuarial analyst in the following summer!

Mackenzie Carr

Alum (2023)

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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 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 $120,000 in May 2023.

More information about actuarial 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 (SOA) or the Casualty Actuarial Society (CAS).

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  complete courses for at least three actuarial exams and all 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 FAM, Exam ASTAM, and Exam ALTAM 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 have met the requirements for this level of highly sought recognition. More details about the program can be found in the APSU course catalog.

Exam coverage:

Exam P/1 (Probability): MATH/STAT 4240

Exam FM/2 (Financial Mathematics): MATH 4130

Exam FAM (Fundamentals of Actuarial Mathematics): MATH 4190

Exam ASTAM (Advanced Short-Term Actuarial Mathematics): MATH 4180

Exam ALTAM (Advanced Long-Term Actuarial Mathematics): MATH 4280

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 FAM. 

VEE Courses:

We cover all three Validation by Educational Experience requirements. All of our VEE courses are approved by SOA/CAS. You must pass two SOA or 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 $75,000 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. Southeastern Actuaries Conference (SEAC) Scholarship

2. Casualty Actuaries of the Southeast (CASE) Scholarship

3. Casualty Actuarial Society (CAS) Trust Scholarship

4. Actuarial Foundation scholarships

5. International Association of Black Actuaries

6. Organization of Latino Actuaries

7. Actuarial Exam Support Program by CAS and SOA

8. Hickman Scholars Program

9. DW Simpson Actuarial Science Scholarship

10. Additional Scholarship Opportunities

Internship Opportunities:

APSU is located close to Nashville, which is the regional hub for actuarial firms and other  employers of actuaries, such as 

1. Acceptance Insurance

2. AIG

3. Bridgestone

4. Caterpillar

5. Cigna

6. Clover Health

7. Elevance Health

8. The General

9. Tennessee Department of Treasury

10. USI Consulting

You can also get more advice on internships by going to BeAnActuary. Furthermore, Acturhire is a job board focused on actuarial roles, offering both internship and full-time opportunities.

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, each academic year, three individual students who pass the exams SRM, FAM, ALTAM, or ASTAM are eligible to receive reimbursement of their exam fees. In addition, APSU has received CASE (Casualty Actuaries of the Southeast) grants, which allowed us to reimburse exam fees for students that passed exams P or FM. 

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 on their websites 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