Actuarial Science

What is an actuary?

Actuaries are professionals who find ways to manage risk. Actuaries use analytical/math skills, business knowledge, and understanding of human behavior to evaluate the likelihood of future events and design creative ways to reduce the probability of bad outcomes. It is one of the top-ranked jobs and a well compensated business profession not only nationally but also internationally. Actuaries work in the insurance industry as well as for consulting companies, financial institutions, government, labor unions, etc. 

Read more details about actuarial careers

Information on salaries of an actuary

About Arcadia’s Actuarial Science Program

Arcadia has a long history of programs in actuarial science: originally, we offered a concentration in actuarial science as part of our mathematics major and since 2013 we have had a major. 
In recent years, our program has been cited in several college rankings as one of the top choices for Actuarial Science degrees in Pennsylvania. We are listed among the 35 recommended schools for Actuarial Science degrees in the country (CollegeChoice). Some of the advantages of the program noted are its flexibility, individual attention students are not likely to find in bigger programs, and a heavy emphasis on exam preparation (an 80% pass rate in 2018 based on P and FM exams). In addition, Arcadia's professional staff (FSA with over 25 years of experience as an actuary, Ph.D. in Statistics, Ph.D. in Actuarial Science), an advisory board of local practicing actuaries, and high demand for our graduates by local firms were also cited as distinguishing characteristics of the program.

Actuarial Science Student Q&A

Carlie Banchi is sharing her actuarial science experience at Arcadia with AdvisorSmith that is dedicated to providing advice on business insurance

Society of Actuaries UCAP-Advanced Status

In 2018, SOA (Society of Actuaries) has designated Arcadia as a UCAP-AC program. In order to attain this status, Arcadia showed that we provide course coverage for four SOA preliminary exams and approved courses for all Validation by Educational Experience (VEE) topic areas. The four exams for which we prepare students are:

P: Probability
FM: Financial Mathematics
SRM: Statistics for Risk Modeling
STAM: Short Term Actuarial Mathematics

    This designation not only means that we are able to provide an enhanced exam preparation curriculum to prepare you for a successful career as an actuary, but it also means we get extra financial support from the Society that can be used for reimbursement of student exam fees and for purchasing student study materials to help offset some of your costs.

    Student Passed 3 Exams Including STAM

    Mao Li is sharing his experience and tips on actuarial science exam preparation

    What to Expect

    • A flexible program which prepares students for the four exams of the Society of Actuaries and Casualty Actuarial Society, with high exam pass rates (80% in 2018)
    • Nurturing and small classroom environment
    • Assistance finding internships and preparing for actuarial careers through
      • Personalized coaching on resume writing and interview preparation
      • ‘Shadow an Actuary’ program 
      • Actuarial Career Day
    • Validation by Educational Experience (VEE) credit for all three courses
    • Experienced faculty with both academic and professional credentials
    • Continuing support from an external professional Advisory Board of local actuaries
    • A diverse range of applied and research capstone projects
    • Various undergraduate conference and actuarial club meetings, all 100% funded and sponsored by the department
    • Opportunities to study abroad at some of the top universities around the world
    • Help with applications for graduate programs

    Our Advisory Board

    • Stuart Alden, FSA, Senior VP and Actuary, Aon Risk Solutions
    • Ralph Donato, Principal Consulting Actuary, Long Term Care Group
    • Andrew Martin, FSA, VP Product Management, Penn Mutual Insurance Co.
    • Maureen Whitman, FSA, Director and Actuary, Independence Blue Cross

    Both Ralph Donato and Andrew Martin are graduates of Arcadia University.