New Actuarial Science Major to Prepare Assumption Students for Success in Rapidly Expanding Field
Assumption will introduce this fall a new Bachelor of Arts degree program in actuarial science. To meet the immense demand from insurance, financial services, and consulting industries for professionals who have solid training in risk analysis, the four-year program will prepare students through a curriculum emphasizing probability, statistics, finance, accounting, and economics.
The major was approved by the Board of Trustees on May 9, 2015.
“Assumption’s new actuarial science major provides our students with yet another path to achieving professional success as they journey through the institution’s strong, diverse liberal arts curriculum,” said Assumption President Francesco C. Cesareo, Ph.D. “As the demand for actuaries continues to rise, Assumption is proud to prepare students to fill this need and, in doing so, secure lucrative, stable, and personally fulfilling careers.”
Actuaries use training in mathematics and economics to solve business problems involving risk and are highly sought after because of their multidisciplinary background and strong quantitative skills. To pursue a career as an actuary, students must earn an undergraduate degree and pass a sequence of rigorous professional actuarial exams.
Created in consultation with Assumption’s Departments of Business and Economics, and hosted by the Department of Mathematics and Computer Science, the actuarial science major will require completion of business and mathematics courses including accounting, actuarial mathematics, corporate finance, economics, honors calculus, investment theory, probability theory, and statistics. Extensive exam preparation is also included in Assumption classroom instruction. The program will assist Assumption actuarial science students in applying for summer grants, which could be used for either scholarship purposes or summer internships—which often lead to job offers upon graduation.
“Actuary ranks near the top of annual “best job” surveys: steady demand; strong income potential; consistently high job satisfaction, said Professor Joe Alfano, Ph.D., department chair of mathematics and computer science. “We are delighted to train Assumption students for this rewarding career.”
According to the U.S. Bureau of Labor and Statistics (USBLS), the median pay for actuaries is $93,000 per year; new hires average $65,000 per year; fellows $130,000; and mature fellows $260,000. The federal agency’s job outlook for actuaries predicts growth “much faster than average” for the next seven years.
The new major, integrated into Assumption’s liberal arts curriculum, will prepare students for today’s competitive job market. Surveys of employers, including a recent study conducted by the Association of American Colleges & Universities, demonstrate that businesses seek college graduates with the ability to analyze and interpret data, strong oral and written communication skills, a talent for critical thinking, interpersonal and leadership skills, the ability to work in teams, and sound decision-making capabilities—the hallmarks of an Assumption education.