Undergraduate Programs
Actuarial Sciences and Economics Program(ASEC)

Actuarial science and economics is a joint program of the Mathematics
and Economics Departments. You may want to read more about the many opportunities with a career as an actuary In addition to following a prescribed
series of courses, students are expected to pass the first two actuarial
examinations. The examinations are sponsored by leading actuarial
societies and administered in numerous U.S. locations. MATH372 and
MATH472 are designed to prepare students for these examinations.
All majors must meet with the undergraduate advising coordinator
in the Department of Mathematics to fill out a program sheet
before graduation. At least 15 hours in the program, at the 300-level
or above, must be taken at Eastern Michigan University.
General Education Requirements .................................... 35 hours
Area I Symbolics and Communication
1. ENGL121 Composition II: Researching the Public
Experience (3 hrs)
2. See page 21
3. See page 21
4. MATH120 Calculus I*
5. One course from the following:
*COSC137 Introduction to FORTRAN Programming
*COSC138 Computer Science I
*COSC237 Computer Programming and Numeric
Methods
Area II Science and Technology
1. See page 21
2. See page 22
3. See page 22
Area III Social Sciences
1. PLSC112/113 American Government (3 hrs)
2. See page 22
3. ECON201 Principles of Macroeconomics*
4. ECON202 Principles of Microeconomics*
Area IV Arts and Humanities
1. See page 23
2. See page 23
3. See page 23
4. See page 23
Physical Education/Graduation Requirement ................... 2 hours
Major Requirements ......................................................... 62 hours
Required Courses 12 hours
ACC240 Principles of Financial Accounting (3 hrs)
ACC241 Principles of Managerial Accounting (3 hrs)
One course from the following:
*COSC137 Introduction to FORTRAN
Programming (3 hrs)
*COSC138 Computer Science I (3 hrs)
*COSC237 Computer Programming and Numeric
Methods (3 hrs)
One course from the following:
FIN350 Principles of Finance (3 hrs)
ECON361 Corporation Finance (3 hrs)
Required Mathematics Courses 26 hours
*MATH120 Calculus I (4 hrs)
MATH121 Calculus II (4 hrs)
*MATH122 Elementary Linear Algebra (3 hrs)
MATH223 Multivariable Calculus (4 hrs)
MATH370 Probability and Statistics I (4 hrs)
MATH372 Problems in Actuarial Studies I (2 hrs)
MATH471 Probability and Statistics II (3 hrs)
MATH472 Problems in Actuarial Studies II (2 hrs)
Required Economic Courses 18 hours
*ECON201 Principles of Macroeconomics (3 hrs)
*ECON202 Principles of Microeconomics (3 hrs)
ECON301 Intermediate Macroeconomic Analysis (3 hrs)
ECON302 Intermediate Microeconomic Analysis (3 hrs)
ECON405 Economic Analysis for Business (3 hrs)
ECON415 Introduction to Econometrics (3 hrs)
Restricted Elective Courses 6 hours
Any combination of electives from:
Courses at the 300-level or above in mathematics
ECON340 Money and Banking (3 hrs)
ECON455 Cost-benefit Analysis (3 hrs)
Minor Requirements ........................................................... 0 hours
No minor is required.
University Elective Courses .............................................. 25 hours
PROGRAM TOTAL ....................................................... 124 hours
NOTE:
*This course satisfies both a general education and a major requirement.

Opportunities for Employment
Actuarial science majors should find excellent job opportunities through the end of this decade and beyond. Jobs are typically available in many organizations including:

  • insurance companies
  • health service organizations
  • public accounting firms
  • large industrial corporations
  • labor unions
  • federal government agencies
  • fraternal and benevolent organizations
  • universities and colleges

National figures indicate that entry-level positions (after passing at least two actuarial exams) pay about $33,000 annually. Several graduates of EMU’s program have passed all professional exams and are Fellows of the Society of Actuaries, and many others have reached the level of Associate.


Requirements for Admission
As a program geared to mathematically talented students, incoming students should have "A" grades in most of their match courses. To be admitted to the program, students must complete the calculus-linear algebra sequence and the introductory microeconomics and macroeconomics sequence. A minimum math GPA of 3.5 is strongly recommended. Since this is a joint program of the Departments of Mathematics and Economics, students are encouraged to see advisors in both departments as early as possible.


Points of Interest
Internships are available with local actuarial firms. There are several co-curricular activities on campus to promote learning and recognition of student achievement. These include the Economics Club and Math Club, sponsorship of student papers for the Undergraduate Symposium, trips to the Economics Club of Detroit, and the annual awards ceremonies conducted by the Departments of Mathematics and Economics. The Department of Mathematics honors one student each year as the Outstanding Actuarial Student.


Scholarship Opportunities
Majors in this program are eligible for scholarships awarded to non-teaching math majors. There are now three such endowed scholarships and will soon be a fourth. You may wish to apply for a number of University-wide scholarships. Call the Office of Financial Aid, 734/487-0455, for information.

For description of course offering go to Undergraduate Catalogue.

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Undergraduate Programs