THE UNIVERSITY OF NEBRASKA AT OMAHA ACTUARIAL PROGRAM

THE UNIVERSITY OF NEBRASKA AT OMAHA ACTUARIAL PROGRAM

Presented to the Curriculum Committee by Troy Podraza and Jody Eades

Presentation Overview

Needs for an Actuarial Program

Recommendations for three UNO programs

Arts & Sciences College
IS&T College
Business College

Actuarial Program

The local industry recognizes the need for more students to enter into the Actuarial Science profession. Omaha currently employs the greatest number of actuaries in the state, but does not produce any Actuaries through a formal educational program. The industry is looking toward UNO's leadership to help satisfy this demand.

Curriculum Considerations:

Actuaries need a well-balanced blend between mathematics, statistics, business, finance and computers.

Actuaries are required to pass a series of professional exams administered by two professional organizations in order to become an actuary. These exams cover a variety of topics considered essential for practicing as an actuary. Required courses should support this examination process.

Ideally an actuarial program would be created for the Arts and Sciences College, the IS&T College and the Business College.

UNO is in a unique position to offer a strong computer curriculum required for today’s actuaries, combined with the Math and Business classes.

Currently, an actuarial emphasis is offered through the Art’s and Sciences College, but the current course recommendations need to be updated.

UNL has offered to support this effort by providing Actuarial Science courses for Omaha via telecommuting or self-study.

Examination Process for a Fellowship in the Society of Actuaries (FSA) designation.

Exam 1 - Calculus and Statistics

Exam 2 - Economics, Finance, Theory of Interest

Exam 3 - Contingencies, Survival Models

Exam 4 - Applied Statistics

Exam 5 - Valuation, Claim Reserves

Exam 6 - Investments and Finance

Exam 7 - Modeling Processes (Computer-Aided Intensive Seminar)

Exam 8 - Track Specific (Life Insurance, Health Insurance, Finance, Investments, or Pensions)

Professional Development - 50 Units within 25 months
(one seminar = 15 Units and includes a research project with a final report)

Notes regarding the Examination Process for an FSA designation.

Exams offered twice a year.

Each exam requires approximately 300-400 hours of preparation.

Travel time through exams is about 8-10 years.

Industry provides only about 100-140 hours of "study time" while on the job.

Each exam has about a 30-35% pass rate.

Currently there are only 10,000 FSA in the nation.

Although the exams are self-study, college courses can help prepare and improve the students chances for successfully passing the exam.

Number of exams passed is the statistic most used by the industry for determining the best candidates for a job followed by internship experience. GPA, activities, awards, etc. are used to a much lessor degree for comparing candidates.

Actuarial Science Program

We would like to see three paths available to students in the following colleges where students can emphasize Math, Business or Technology for their Actuarial career:

Actuarial Science Program

We would like to see three paths available to students in the following colleges where students can emphasize Math, Business or Technology for their Actuarial career:

Arts and Sciences College

Business College

IS&T College

Arts & Sciences College

Program Recommendations for
Actuarial Students

Arts & Science
Mathematics Major

Current Mathematics Requirements:

Math 1950 - Calc I

Math 1960 - Calc II

Math 1970 - Calc III

Math 2230 - Intro Abstract

Math 2050 - Lin Algebra

Math 3100 - Combinatorics

Math 3230 - Diff Eq

Math 4740 - Prob/Stats 1

3000 Level Course

4000 Level Course

Arts & Science
Mathematics Major

Mathematics Recommendations:

Math 1950 - Calc I
Math 1960 - Calc II
Math 1970 - Calc III
Math 2230 - Intro Abstract
Math 2050 - Lin Algebra
Math 3100 - Combinatorics
Math 3230 - Diff Eq
Math 4740 - Prob/Stats 1
3000 Level Course - Theory of Interest 3400
4000 Level Course - Prob & Stats 2 4750 or Contingencies through UNL
4000 Level Course - Topics in modeling 4760

Arts & Science
Mathematics Major

Current Computer Requirements:

CIST 1400/1404 - C++/Lab
CSCI 1620/1810 - C++/Cobol

Arts & Science
Mathematics Major

Computer Recommendations:

CIST 1400/1404 - C++/Lab Replace with:
CSCI 1500 Visual Basic & desktop tools
CSCI 1620/1810 - C++/Cobol Replace with:
ISQA 3310 Manage Database Environment

Arts & Science
Mathematics Major

Area of Concentration:

Current Pre-actuarial requirements:

Principles of Accounting
Principles of Accounting II
Principles of Economics Micro
Principles of Economics Macro
Principles of Financial Management
Principles of Insurance

Arts & Science
Mathematics Major

Area of Concentration:

Pre-actuarial recommendations:

Principles of Accounting I

Principles of Accounting II

Replace Principles of Accounting II
(Would like to replace this course with Business Stats so student would have exposure to regression analysis, analysis of variance, hypothesis testing, time series, etc.)

Principles of Economics Micro

Principles of Economics Macro

Principles of Financial Management

Principles of Insurance

Principles of Insurance is no longer offered, although it would be a good course for the student

Possibly replace with Contingencies through UNL, if Contingencies cannot be substituted for 4000 level Math Course.

The student will now have a major in mathematics with a concentration in Actuarial Science

IS&T College

Program Recommendations for
Actuarial Students

IS&T COLLEGE
MIS Major

Current Requirements:

CIST 1010 - FOUNDATIONS OF IS&T

CIST 1100 - INTRO TO PERSONAL COMPUTING

CIST 1400/1404 - COMPUTER PROGRAMMING WITH LAB

CSCI 1500 - COMPUTER LITERACY WITH PROGRAMMING

CIST 2010 - COMPUTER AND COMMUNICATION SYSTEMS

CIST 2110 - ORGANIZATION, APPLICATIONS AND TECHNOLOGY

CSCI 2810 - ADVANCED COBOL PROGRAMMING

ISQA 3300 - FILE STRUCTURES FOR INFORMATION SYSTEMS

ISQA 3310 - MANAGEMENT DATA BASE ENVIRONMENT

ISQA 4110 - INFORMATION SYSTEM ANALYSIS

ISQA 4120 - SYSTEM DESIGN AND IMPLEMENTATION

PLUS 18 HOURS OF ELECTIVES FROM SPECIFIED LIST

IS&T COLLEGE
MIS Major

Current Recommendations:

CIST 1010 - FOUNDATIONS OF IS&T

Replace with a 3 credit hour course, preferably a mathematics course, such as Linear Algebra

CIST 1100 - INTRO TO PERSONAL COMPUTING

CIST 1400/1404 - COMPUTER PROGRAMMING WITH LAB

CSCI 1500 - COMPUTER LITERACY WITH PROGRAMMING

CIST 2010 - COMPUTER AND COMMUNICATION SYSTEMS

CIST 2110 - ORGANIZATION, APPLICATIONS AND TECHNOLOGY

CSCI 2810 - ADVANCED COBOL PROGRAMMING

ISQA 3300 - FILE STRUCTURES FOR INFORMATION SYSTEMS

ISQA 3310 - MANAGEMENT DATA BASE ENVIRONMENT

ISQA 4110 - INFORMATION SYSTEM ANALYSIS

ISQA 4120 - SYSTEM DESIGN AND IMPLEMENTATION

PLUS18 HOURS OF ELECTIVES FROM SPECIFIED LIST

IS&T COLLEGE
MIS Major

Current Recommendations:

CIST 1010 - FOUNDATIONS OF IS&T

Replace with a 3 credit hour course, preferably a mathematics course, such as Linear Algebra

CIST 1100 - INTRO TO PERSONAL COMPUTING

CIST 1400/1404 - COMPUTER PROGRAMMING WITH LAB

CSCI 1500 - COMPUTER LITERACY WITH PROGRAMMING

CIST 2010 - COMPUTER AND COMMUNICATION SYSTEMS

CIST 2110 - ORGANIZATION, APPLICATIONS AND TECHNOLOGY

CSCI 2810 - ADVANCED COBOL PROGRAMMING

ISQA 3300 - FILE STRUCTURES FOR INFORMATION SYSTEMS

ISQA 3150 - Principles of Quantitative Analysis

ISQA 3310 - MANAGEMENT DATA BASE ENVIRONMENT

ISQA 4110 - INFORMATION SYSTEM ANALYSIS

ISQA 4120 - SYSTEM DESIGN AND IMPLEMENTATION

PLUS 18 HOURS OF ELECTIVES FROM SPECIFIED LIST

IS&T COLLEGE
MIS Major

Current Recommendations:

CIST 1010 - FOUNDATIONS OF IS&T

Replace with a 3 credit hour course, preferably a mathematics course, such as Linear Algebra

CIST 1100 - INTRO TO PERSONAL COMPUTING

CIST 1400/1404 - COMPUTER PROGRAMMING WITH LAB

CSCI 1500 - COMPUTER LITERACY WITH PROGRAMMING

CIST 2010 - COMPUTER AND COMMUNICATION SYSTEMS

CIST 2110 - ORGANIZATION, APPLICATIONS AND TECHNOLOGY

CSCI 2810 - ADVANCED COBOL PROGRAMMING

ISQA 3300 - FILE STRUCTURES FOR INFORMATION SYSTEMS

ISQA 3150 - Principles of Quantitative Analysis

ISQA 3310 - MANAGEMENT DATA BASE ENVIRONMENT

ISQA 4110 - INFORMATION SYSTEM ANALYSIS

ISQA 4120 - SYSTEM DESIGN AND IMPLEMENTATION

ISQA 4150 - Case studies in Applied Statistics

PLUS 18 HOURS OF ELECTIVES FROM SPECIFIED LIST

IS&T COLLEGE
MIS Major

Current Recommendations:

CIST 1010 - FOUNDATIONS OF IS&T

Replace with a 3 credit hour course, preferably a mathematics course, such as Linear Algebra

CIST 1100 - INTRO TO PERSONAL COMPUTING

CIST 1400/1404 - COMPUTER PROGRAMMING WITH LAB

CSCI 1500 - COMPUTER LITERACY WITH PROGRAMMING

CIST 2010 - COMPUTER AND COMMUNICATION SYSTEMS

CIST 2110 - ORGANIZATION, APPLICATIONS AND TECHNOLOGY

CSCI 2810 - ADVANCED COBOL PROGRAMMING

ISQA 3300 - FILE STRUCTURES FOR INFORMATION SYSTEMS

ISQA 3150 - Principles of Quantitative Analysis

ISQA 3310 - MANAGEMENT DATA BASE ENVIRONMENT

ISQA 4110 - INFORMATION SYSTEM ANALYSIS

ISQA 4120 - SYSTEM DESIGN AND IMPLEMENTATION

ISQA 4150 - Case studies in Applied Statistics

PLUS 18 HOURS OF ELECTIVES FROM SPECIFIED LIST

Require only 17 hours of actuarial science electives which should include Calc I, II, III, and Discrete Math

IS&T COLLEGE
MIS Major

Co-requisite Option:

ACCT 2010 - Principles of Accounting I

ACCT 2020 - Principles of Accounting II

ECON 2200 - Principles of Economics Micro

ECON 2220 - Principles of Economics Macro

BSAD 2130 - Principles of Business Statistics

BSAD 3140 - Business Statistic Applications

FNBK 3000 - Financial Reporting and Analysis

MGMT 3490 - Management

IS&T COLLEGE
MIS Major

Co-requisite Recommendation:

ACCT 2010 - Principles of Accounting I

ACCT 2020 - Principles of Accounting II

ECON 2200 - Principles of Economics Micro

ECON 2220 - Principles of Economics Macro

BSAD 2130 - Principles of Business Statistics

BSAD 3140 - Business Statistic Applications

Replace with MATH 4740 - Probability and Statistics I

FNBK 3000 - Financial Reporting and Analysis

MGMT 3490 - Management

IS&T COLLEGE
MIS Major

Co-requisite Recommendation:

ACCT 2010 - Principles of Accounting I

ACCT 2020 - Principles of Accounting II

ECON 2200 - Principles of Economics Micro

ECON 2220 - Principles of Economics Macro

BSAD 2130 - Principles of Business Statistics

BSAD 3140 - Business Statistic Applications

Replace with MATH 4740 - Probability and Statistics I

FNBK 3000 - Financial Reporting and Analysis

Replace with FNBK 3250 - Principles of Financial Management

MGMT 3490 - Management

IS&T COLLEGE
MIS Major

Co-requisite Recommendation:

ACCT 2010 - Principles of Accounting I

ACCT 2020 - Principles of Accounting II

ECON 2200 - Principles of Economics Micro

ECON 2220 - Principles of Economics Macro

BSAD 2130 - Principles of Business Statistics

BSAD 3140 - Business Statistic Applications

Replace with MATH 4740 - Probability and Statistics I

FNBK 3000 - Financial Reporting and Analysis

Replace with FNBK 3250 - Principles of Financial Management

MGMT 3490 - Management

Replace with MATH 4750 - Probability and Statistics II/ Contingencies

Business College

Program Recommendations for
Actuarial Students

Business College
BA Major

Pre- Business Requirements:

BSAD 1500 - INTRO TO BUSINESS

ECON 2200 - PRINCIPLES OF ECONOMICS MICRO

ECON 2220 - PRINCIPLES OF ECONOMICS MACRO

ACCT 2010 - PRINCIPLES OF ACCOUNTING I

ACCT 2020 - PRINCIPLES OF ACCOUNTING II

BSAD 2130 - PRINCIPLES OF BUSINESS STATS

Business College
BA Major
*NO CHANGES

Pre- Business Recommendations:

BSAD 1500 - INTRO TO BUSINESS

ECON 2200 - PRINCIPLES OF ECONOMICS MICRO

ECON 2220 - PRINCIPLES OF ECONOMICS MACRO

ACCT 2010 - PRINCIPLES OF ACCOUNTING I

ACCT 2020 - PRINCIPLES OF ACCOUNTING II

BSAD 2130 - PRINCIPLES OF BUSINESS STATS

Business College
BA Major

Core Requirements:

BSAD 3140 - BUSINESS STAT APPLICATIONS
MGMT 3200 - MANAGERIAL COMMUNICATIONS
LAWS 3910 - BUSINESS LAW
LAWS 3920 - ADVANCED BUSINESS LAW
FNBK 3250 - PRINCIPLES OF FINANCIAL MANAGEMENT
MKT 3310 - PRINCIPLES OF FINANCIAL MARKETING
MGMT 3490 - MANAGEMENT
BSAD 3100 - MANAGEMENT INFORMATION SYSTEMS
BSAD 3500 - PRODUCT OPERATIONS MANAGEMENT
MGMT 4480 - CORPORATE BUSINESS STRATEGIES OR

MGMT 4490 - VENTURE STRATEGIES

Business College

Core Recommendations:

BSAD 3140 - BUSINESS STAT APPLICATIONS
MGMT 3200 - MANAGERIAL COMMUNICATIONS
LAWS 3910 - BUSINESS LAW
LAWS 3920 - ADVANCED BUSINESS LAW
ISQA 3310 - MANAGEMENT DATA BASE ENVIRONMENT
FNBK 3250 - PRINCIPLES OF FINANCIAL MANAGEMENT
MKT 3310 - PRINCIPLES OF FINANCIAL MARKETING
MGMT 3490 - MANAGEMENT
BSAD 3100 - MANAGEMENT INFORMATION SYSTEMS
BSAD 3500 - PRODUCT OPERATIONS MANAGEMENT
MGMT 4480 - CORPORATE BUSINESS STRATEGIES OR

MGMT 4490 - VENTURE STRATEGIES

Business College
BA Major

Specialization:

Business College students must currently take 24 hours of specialization courses including:

15 Hours of Required Business College Courses

3 Hours of Specialized Electives

6 Hours of Business Electives

Business College
BA Major

We would like to create an Actuarial Science Specialization for students in the Business college

Business College
BA Major

Specialization: Actuarial Science (26 hours)

Math 1950 - Calc I
Math 1960 - Calc II
Math 1970 - Calc III
Math 2050 - Linear Algebra
Math 3400- Theory of Interest
Math 4740 - Prob/Stats I
CSCI 1500 - Comp Lit W/ Programming

Back to the Mathematics Department Archive Page

Last modified: Mon Sep 10 09:43:56 CDT 2001