The field of actuarial science applies mathematical principles and techniques to problems in the insurance industry. Progress in the field is generally based upon completion of examinations given by the Society of Actuaries (SOA). The Baruch College major is designed to prepare students to pass the first five examinations. Students interested in this highly structured program are urged to contact the Department of Mathematics as early as possible so that the department may assign an advisor to aid in formulating an appropriate course of study.
Prerequisites for Major:
MTH 3006 ( Integral Calculus 4 credits) and MTH 3030 (Analytic Geometry and Calculus II 5 credits)
MTH 3006 and MTH 3007 and MTH 3020
MTH 3010 (Calculus II 4 credits) and MTH 3020 (Intermediate Calculus 4 credits)
ACC 2101 Principles of Accounting 3 credits
CIS 2200 Introduction to Information Systems and Technologies * 3 credits
STA 2000 Business Statistics I * 3 credits
ECO 1001 Micro-Economics 3 credits
ECO 1002 Macro-Economics 3 credits
* NOTE: Students who have completed MTH 4120 Introduction to Probability, may be waived from CIS 2200 and STA 2000. Please consult the Weissman Office of the Associate Dean to request registration permission.
MTH 3300 Algorithms, Computers, and Programming I 3 credits
MTH 4120 Introduction to Probability 4 credits (Students who have completed MTH 3120 must register for MTH 4119 as an independent study, please consult the Department of Mathematics).
MTH 4410 Theory of Interest 4 credits
MTH 4500 Mathematical Finance 4 Credits
FIN 3000 Principles of Finance 3 credits
FIN 3610 Corporate Finance 3 credits
In addition, one course must be chosen from the following list of electives:
MTH 4125* Stochastic Processes 4 credits
MTH 4130 Mathematics of Statistics 4 credits
MTH 4135* Methods of Monte Carlo Simulation 3 credits
* Actuarial science majors are encouraged to select this course.
The following table shows the correspondence between the five preliminary examinations given by the SOA and the courses at Baruch which contain the required material.
Baruch Courses SOA Examination
MTH 4120 P – Probability
MTH 4410 FM – Financial Mathematics
MTH 4135, MTH4420 and MTH 4500 MFE – Models for Financial Economics
MTH 4420 and MTH 4421 MLC – Models for Life Contingencies
MTH 4130 and MTH 4451 C – Construction and Evaluation of Actuarial Models
Validation by Educational Experience (VEE)
The VEE topics are not prerequisites for the SOA exams, and may be fulfilled independently of the examination process. You must pass two SOA actuarial exams before applying to have your VEE credit added to your record. The VEE Candidate Credit application process is online. Three subjects, Economics, Corporate Finance and Applied Statistical Methods, require VEE Validation in addition to the SOA examinations. The SOA has implemented VEE requirements for these subjects which can be fulfilled with the corresponding Baruch courses:
Economics – ECO 1001, ECO 1002
Corporate Finance – FIN 3000, FIN 3610
Applied Statistical Methods – MTH 4130
Additional information may be obtained on the SOA website.