Take your place as an expert in the growing field of actuarial science. Take your place as an expert in the growing field of actuarial science. Take your place as an expert in the growing field of actuarial science. Take your place as an expert in the growing field of actuarial science. Take your place as an expert in the growing field of actuarial science.

College of Arts & Sciences

Department of Mathematics

Actuarial Science

Questions?

Undergraduate Admissions

(630) 637-5800

admissions@noctrl.edu

Why pursue an actuarial science degree at North Central College?

Not only is North Central recognized on the Society of Actuaries’ listing of Universities and Colleges with Actuarial Programs (UCAP), but we’re also one of the few schools with a full-fledged actuarial science major offered jointly by two departments—mathematics and finance. This exposure to “both sides of the house” will vastly expand your job options after graduation. And because we keep our classes small, you’ll receive all the personal attention you need to prepare for the probability and financial mathematics exams you’ll need to pass before working in the field. In the last 2 years, the pass rates for actuarial exams for our students is between 75-90%. In the last 3 years, students that have passed 2 exams and have a summer internship by the senior year have 100% job placement in the actuary industry. Graduates in actuarial science have been employed at: American Association of Insurance Services (AAIS) Lauterbach & Amen, Allstate, Liberty Mutual and Blue Cross Blue Shield.

You can also:
•   Conduct research with your professors as early as your first year on campus.
•   Attend local, regional and national professional conferences.
•   Gain hands-on experience by interning in the Naperville area and Chicago.
•   Obtain extra help from a peer tutor—or become one yourself.
•   Join the Actuarial Science Club and the mathematics honor society Pi Mu Epsilon.
•   Take VEE courses approved by the Society of Actuaries (SOA) in applied statistical methods, economics and corporate finance.
•   Take courses to help you prepare for the first two actuarial exams and apply for a summer internship.
•   Have the fees reimbursed if you pass an actuarial exam.

More Department information

Actuarial Science, B.S.

For additional programs and courses in this department, see Mathematics.

Major Requirements

At least 52 credit hours from Mathematics, Accounting, Economics and Finance, including:

  • MTH 141 - Integrated Calculus II: Calculus of Derivatives -or-

    MTH 141 - Integrated Calculus II: Calculus of Derivatives

    3.00 credit hours

    An integrated calculus course which combines the study of exponential, logarithmic and inverse trigonometric functions with a formal development of the derivative. Students may not receive credit for MTH 141 and any of the following: MTH 122, MTH 130 or MTH 151.

    Prerequisite(s)


    MTH 140.

    Core

    Mathematics.

    Schedule Of Classes

  • MTH 151 - Calculus I

    MTH 151 - Calculus I

    3.00 credit hours

    Fundamental concepts of calculus including limits, continuity and differentiation with applications. The Calculus I, II and III sequence is recommended for students in science as well as for students in other divisions desiring a strong preparation in mathematics. Students may not receive credit for MTH 151 and any of the following: MTH 130, MTH 140 or MTH 141.

    Prerequisite(s)


    MTH 121 and MTH 122; or four years high school math including algebra, geometry and trigonometry.

    Core

    Mathematics.
    IAI

    M1 900

    Schedule Of Classes

  • MTH 152 - Calculus II

    MTH 152 - Calculus II

    3.00 credit hours

    Continuation of Calculus I with emphasis on integration and its applications. Required for the B.S. degree in any department.

    Prerequisite(s)


    MTH 141 or MTH 151.

    Core

    Mathematics.
    IAI

    M1 900

    Schedule Of Classes

  • MTH 153 - Calculus III

    MTH 153 - Calculus III

    3.00 credit hours

    Continuation of Calculus II with an emphasis on infinite series.

    Prerequisite(s)


    MTH 152.

    Core

    Mathematics.
    IAI

    M1 900

    Schedule Of Classes

  • MTH 254 - Calculus IV

    MTH 254 - Calculus IV

    3.00 credit hours

    Functions of two or more variables, partial derivatives, multiple integrals and line integrals. Vector analysis, divergence and Stokes's theorems.

    Prerequisite(s)


    MTH 153.

    Core

    Mathematics.

    Schedule Of Classes

  • MTH 300 - Linear Algebra

    MTH 300 - Linear Algebra

    3.00 credit hours

    Vector spaces, linear transformations, inner products, eigenvalues and eigenvectors, Gram-Schmidt process and orthogonal transformations.

    Prerequisite(s)


    MTH 153; MTH 280 recommended.

    Schedule Of Classes

  • MTH 341 - Probability and Statistics I

    MTH 341 - Probability and Statistics I

    3.00 credit hours

    Basic laws of probability, discrete distributions, random variables, mathematical expectation, moment generating functions, Chebyshev's inequality and Markov chains.

    Prerequisite(s)


    MTH 254.

    Schedule Of Classes

  • MTH 342 - Probability and Statistics II

    MTH 342 - Probability and Statistics II

    3.00 credit hours

    A continuation of MTH 341 to include continuous distributions, central limit theorem, estimations, hypothesis testing and applications.

    Prerequisite(s)


    MTH 341.

    Schedule Of Classes

  • MTH 365 - Theory of Interest

    MTH 365 - Theory of Interest

    3.00 credit hours

    The study of compound interest and annuities; applications to problems in finance and actuarial science. Required for the major in actuarial science.

    Prerequisite(s)


    MTH 152; MTH 153 and FIN 350 are recommended.

    Schedule Of Classes

  • MTH 376 - Problem Solving Seminar: Actuarial Science

    MTH 376 - Problem Solving Seminar: Actuarial Science

    1.00 credit hours

    An intensive seminar in problem solving, provides participants with the ability to solve non-routine problems in insurance-related and/or financial/investment mathematics. Required for Acturarial Science majors.

    Prerequisite(s)


    MTH 341 or MTH 365.

    Schedule Of Classes

  • ACC 201 - Accounting Principles I/Financial

    ACC 201 - Accounting Principles I/Financial

    3.00 credit hours

    An introduction to accounting principles and procedures as they are employed in the communication of financial information to various users, such as management, stockholders and government agencies. Topics include accounting for assets, liabilities, owner's equity and other reporting issues.

    Schedule Of Classes

  • ACC 202 - Accounting Principles II/Managerial

    ACC 202 - Accounting Principles II/Managerial

    3.00 credit hours

    Analysis of accounting for managerial decision-making, planning and control. Topics include budgeting, variance analysis, traditional and nontraditional product costing methods and cost-volume profit analysis.

    Prerequisite(s)


    ACC 201.

    Schedule Of Classes

  • ECN 250 - Microeconomic Principles

    ECN 250 - Microeconomic Principles

    3.00 credit hours

    Introduction to the theory of consumer choice, social and individual welfare, the behavior of business firms under pure competition and monopoly and applied microeconomic topics.

    Prerequisite(s)


    MTH 121 or higher or appropriate placement.

    Core

    Social Science.
    IAI

    S3 902

    Schedule Of Classes

  • ECN 252 - Macroeconomic Principles

    ECN 252 - Macroeconomic Principles

    3.00 credit hours

    Introduction to macroeconomic theory, with emphasis on factors which explain changes in national income, unemployment and inflation. Other topics include money and banking and fiscal and monetary policies.

    Prerequisite(s)


    MTH 121 or higher or appropriate placement; ECN 250 recommended.

    Core

    Social Science.
    IAI

    S3 901

    Schedule Of Classes

  • ECN 360 - Money and Banking

    ECN 360 - Money and Banking

    3.00 credit hours

    An examination of the function of money, credit and financial institutions in the U.S. economy, and an analysis of Federal Reserve policy and its impact on the macroeconomy.

    Prerequisite(s)


    ECN 250 and ECN 252; or ECN 100.

    Schedule Of Classes

  • ECN 445 - Econometrics

    ECN 445 - Econometrics

    3.00 credit hours

    This course provides exposure to the estimation and testing of economic models using statistical methods and appropriate empirical data. Emphasis is placed on model construction and the use of multiple linear regression for interpretation, analysis and forecasting.

    Prerequisite(s)


    ECN 250; ECN 252; ECN 241 or MTH 341 and MTH 342.

    Schedule Of Classes

  • FIN 350 - Corporate Finance

    FIN 350 - Corporate Finance

    3.00 credit hours

    An introduction to corporate financial management. Topics include financial statement analysis, discounted cash flow analysis, bond and stock valuation, common stock/debt financing, risk and return, cost of capital and capital budgeting.

    Prerequisite(s)


    ACC 201; ECN 250; ECN 252; ECN 241 or MTH 341 and MTH 342.

    Schedule Of Classes

  • FIN 400 - Investments and Portfolio Management

    FIN 400 - Investments and Portfolio Management

    3.00 credit hours

    A broad survey of investments and portfolio management. Topics include stock and bond market analysis and valuation, portfolio analysis and management, efficient markets, international financial markets and derivative securities.

    Prerequisite(s)


    FIN 350.

    Schedule Of Classes

  • FIN 425 - Financial Institutions

    FIN 425 - Financial Institutions

    3.00 credit hours

    A study of measuring and managing the risks faced by financial institutions. Topics include the organizational and regulatory structure of the financial services industry. The risks measured may include interest rate risk, market risk, credit risk, off-balance sheet risk, liquidity risk, insolvency risk, foreign exchange risk and sovereign risk. The risk management methods may include liability and liquidity management, deposit insurance and capital adequacy, product or geographic expansion, and the use of derivatives.

    Prerequisite(s)


    ECN 360 and FIN 350.

    Schedule Of Classes

Required Support Courses for the B.S. Degree

At least nine credit hours in computer science (except CSC 230 and CSC 231).

Recommended Electives

  • COM 214 - Group Process

    COM 214 - Group Process

    3.00 credit hours

    The understanding and practice of small group communication theory and skills in information-sharing and decision-making discussions.

    Core

    Communication.

    Schedule Of Classes

  • COM 230 - Business and Professional Communication

    COM 230 - Business and Professional Communication

    3.00 credit hours

    This course focuses on developing the skills and strategies involved in written, face-to-face and electronic communication in professional settings. Students learn fundamentals of interviewing, writing and presenting in professional contexts and may investigate organizational communication practices such as performance feedback, training, meeting management and organizational identity.

    Prerequisite(s)


    One of COM 100, COM 200 or COM 214; Junior standing.

    Schedule Of Classes

  • CSC 210 - Data Structures and Algorithms

    CSC 210 - Data Structures and Algorithms

    3.00 credit hours

    Structures, techniques and algorithms for managing data. Topics include variations of linked lists; binary trees, B-trees and other types of search trees; advanced searching and sorting algorithms; graphs and graph algorithms; and analysis of algorithms. Programming required.

    Prerequisite(s)


    CSC 161 and knowledge of C++ or Java; CSC 230 recommended.

    Schedule Of Classes

  • CSC 230 - Discrete Structures I -or-

    CSC 230 - Discrete Structures I

    3.00 credit hours

    Fundamental topics in mathematics and computer science including formal logic, proof techniques, sets, relations and functions, combinatorics, graphs, Boolean algebra, logic circuits and finite state machines.

    Prerequisite(s)


    CSC 160; MTH 121 or higher.

    Core

    Mathematics.

    Schedule Of Classes

  • MTH 280 - The Nature of Proof in Mathematics

    MTH 280 - The Nature of Proof in Mathematics

    3.00 credit hours

    The study of the nature of proof in mathematics. Students learn to find examples and counterexamples of abstractly defined objects and to generalize from those examples to conjecture theorems of their own. Specific proof techniques are taught within the context of subject matter chosen by the instructor.

    Prerequisite(s)


    MTH 152.

    Schedule Of Classes

  • FIN 475 - Derivatives: Markets, Pricing and Applications

    FIN 475 - Derivatives: Markets, Pricing and Applications

    3.00 credit hours

    This course deals with financial instruments known as derivatives and their use in managing risk and creating leverage. The derivatives market consists of financial contracts in the form of options, forwards, futures, swaps, debt-related securities and many other types of related instruments. These contracts are used by corporations, investment funds, individuals and governments to control risk arising from fluctuating interest rates, exchange rates, stock prices and commodity prices. They are also used by investors and financial institutions to leverage investment positions. This course is designed to expand understanding of derivative related financial instruments and their use in investment and corporate financial management. Upon completion of the course, students will have a clear understanding of derivative markets, the theory of pricing derivative securities and the use of derivatives in practice.

    Prerequisite(s)


    FIN 350.

    Schedule Of Classes

  • IFS 103 - Data Analysis and Modeling Using Spreadsheets

    IFS 103 - Data Analysis and Modeling Using Spreadsheets

    1.50 credit hours

    Introduction to organization and analysis of data that appears in tabular form. Topics include presentation and analysis of quantitative and qualitative data, statistical and financial functions, formulas, graphical tools, macros and scripting, modeling and simulation, scenarios and goal-seeking and what-if analysis. Case studies will be used extensively.

    Prerequisite(s)


    MTH 118 or higher; previous experience developing spreadsheets.

    Schedule Of Classes

Recommendations

It is strongly recommended that Actuarial Science majors pass at least one actuarial exam (preferably in the summer following their second year) and complete an internship before graduation.

Typical Course Sequence

Assumes the student has the necessary prerequisites.

  FALL WINTER SPRING
FIRST YEAR:
  • MTH 140 or MTH 151 
  • MTH 141 or MTH 152 
  • MTH 152 or MTH 153 
SECOND YEAR:
  • MTH 153 or MTH 254 

     
  • MTH 341 
        or
  • MTH 254 and/or MTH 365 
  • MTH 342 and/or MTH 376 

     

Actuarial Science Internships and Jobs

A North Central education integrates career preparation with rich academic study. Our faculty encourages you to refine and apply your knowledge in an interconnected world. Here you'll learn to think independently and work globally to solve problems and lead.

Internships

  • Allstate, Northbrook, IL
  • Assurant, Milwaukee, WI
  • Bankers Life and Casualty Company, Chicago
  • Society of Actuaries, Schaumburg, IL
  • American Association of Insurance Services (AAIS), Lisle, IL
  • Lauterbach & Amen, LLP, Naperville, IL
  • BrickStreet Insurance, Naperville, IL
  • Blue Cross Blue Shield, Chicago, IL
  • Lockton, Chicago, IL
  • Zurich Insurance, Schaumburg, IL
  • Pekin Insurance, Pekin, IL
  • CNA, Chicago, IL

Careers

Recent graduates in actuarial science include:

  • Actuarial associate
  • Actuarial analyst
  • Actuarial leader
  • P & C Actuarial Analyst

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