This sequence is designed to prepare students to work as actuaries in the insurance industry, or as actuarial consultants, working on mathematical models and their implementation in dealing with the risk of potential financial losses. Students can review all classes required and plan their course of study based on the information provided below. Students are also encouraged to review additional information about typical obstacles encountered by actuarial students. Check out the sample four-year schedule for the actuarial sequence in mathematics.
Contact the Academic Adviser in the Department of Mathematics:
Ms. Drew Hileman
e-mail: cdhilem@ilstu.edu
tel.: (309) 438-7007
You can make an appointment with Drew at: smartURL.it/AppointmentWithDrew
Students can also contact actuarial faculty members, but it should be noted that academic plans are supervised by the Academic Adviser. Our actuarial faculty:
- Dr. Krzysztof Ostaszewski, FSA, CERA, FSAS, CFA, MAAA
Actuarial Program Director
e-mail: krzysio@ilstu.edu, tel. (309) 438-7226 - Dr. Ranee Thiagarajah, ASA, MAAA
e-mail: kthiaga@ilstu.edu, tel. (309) 438-7789 - Dr. Xing (Clara) Wang, e-mail: xwang70@ilstu.edu, tel. (309) 438-8781
- Dr. Zhanyi Jiao, e-mail: zjiao1@ilstu.edu, tel. (309) 438-8781
Links to Additional Advising Information
Major Course Requirements
| Course (Credit Hours) | Description |
|---|---|
| MAT 145 (4 hours) | Calculus I. |
| MAT 146 (4 hours) | Calculus II (preresuisite: MAT 145). |
| MAT 147 (4 hours) | Calculus III (prerequisite: MAT 146). |
| MAT 175 (4 hours) | Linear Algebra (prerequisite: MAT 146) |
| MAT 298 (1+ hours) | MAT 298 (Professional Internship): Students become ready for a professional actuarial internship by passing at least one professional actuarial examination. You can find advice for students looking for an internship here. You can find information on how to register for MAT 298 here. |
| MAT 280 (3 hours) | Financial Mathematics ( prerequisites: MAT 145 and MAT 146, each with a grade of at least a B). This class covers fully the material tested on the the Society of Actuaries Course FM (same as the Casualty Actuarial Society Course 2) professional actuarial examination and for sufficiently good performance may provide students with exemption for Course FM examination, as an approved University Earned Credit class for exam FM. Illinois State University Actuarial Program also offers a non-credit online seminar for this actuarial examination (free to Illinois State University students). |
| MAT 350 (4 hours) | Applied Probability Models (prerequisite: MAT 147 required, MAT 175 suggested). This class covers fully the material tested on the Society of Actuaries Course P (same as the Casualty Actuarial Society Course 1) professional actuarial examination. Illinois State University Actuarial Program also offers a non-credit online seminar for this actuarial examination (free to Illinois State University students). |
| MAT 351 (4 hours) | Statistics and Data Analysis (prerequisite: MAT 350, with a grade of at least a C). This class is an approved VEE Mathematical Statistics course. |
| MAT 353 (4 hours) | Regression and Time Series Analysis (prerequisite: MAT 351). This class covers topics from the Society of Actuaries Course SRM examination and the Casualty Actuarial Society Course MAS I examination. |
| MAT 355 (4 hours) | Introduction to Statistical Learning (minimum prerequisite: MAT 351, but MAT 351 and 353 are preferred). This class covers topics from the Society of Actuaries Course SRM examination and the Casualty Actuarial Society Course MAS II examination. At this time, MAT 355 is offered in the Spring semester only. Actuarial students are required to take two out of these four classes: MAT 355, MAT 381, MAT 383, MAT 385 although it is suggested that they take three or even all of them. |
| MAT 380 (4 hours) | Actuarial Models I (prerequisites: MAT 280 and MAT 350, with a grade of at least a B in both). This class covers topics of the Society of Actuaries Course FAM professional examination (and some topics of the Casualty Actuarial Society Course MAS I examinations), and for sufficiently good performance, and together with MAT 384, may provide students with credit for Course FAM examination, under the University Earned Credit program of the Society of Actuaries. |
| MAT 381 (4 hours) | Actuarial Models II (prereqiusite: MAT 380, with a grade of at least a B). This class covers all topics of the Society of Actuaries Course ALTAM professional examination and some of the topics of the Casualty Actuarial Society Course MAS I examination. At this time, MAT 381 is offered in the Fall semester only. MAT 381 is approved for University Earned Credit for Society of Actuaries Course ALTAM examination. Actuarial students are required to take two out of these four classes: MAT 355, MAT 381, MAT 383, MAT 385, although it is suggested that they take three or even all of them. |
| MAT 383 (4 hours) | Actuarial Models III (prerequisites: MAT 280 and MAT 350, with a grade of at least a B in both). This class covers the mathematical topics on the past Society of Actuaries Course IFM examination (same as the Casualty Actuarial Society Course 3F examination). Course IFM examination was only offered until the end of 2022 and is now discontinued, and its topics are moved to more advanced examinations. Actuarial students are required to take two out of these four classes: MAT 355, MAT 381, MAT 383, MAT 385, although it is suggested that they take three or even all of them. |
| MAT 384 (4 hours) | Actuarial Models IV (prerequisite: MAT 351 with a grade of at least a B). This class covers the material tested on the Society of Actuaries Course FAM professional actuarial examination (the portion on short-term models) This class, for sufficiently good performance and together with MAT 380, may provide students with credit for Course FAM examination, under the University Earned Credit program of the Society of Actuaries. |
| MAT 385 (4 hours) | Actuarial Models V(prerequisite: MAT 384 with a grade of at least a B). This class covers the material tested on the Society of Actuaries Course ASTAM professional actuarial examination. MAT 385 is approved for University Earned Credit for Society of Actuaries Course ASTAM examination. Actuarial students are required to take two out of these four classes: MAT 355, MAT 381, MAT 383, MAT 385, although it is suggested that they take three or even all of them. |
| ACC 131 (3 hours) | Financial Accounting (sophomore standing required). This class is one of the VEE Finance and Accounting classes (this VEE requirement is met by earning grades of at least a B in ACC 131, FIL 242 and FIL 341). |
| ACC 132 (3 hours) | Managerial Accounting (prerequisite: ACC 131). |
| ECO 101 (3 hours) | Principles of Microeconomics. This class, together with ECO 102, with grades of B or better fulfills the VEE requirement in Economics. |
| ECO 102 (3 hours) | Principles of Macroeconomics. This class, together with ECO 101, with grades of B or better fulfills the VEE requirement in Economics. |
| FIL 242 (3 hours) | Investments. This class has special prerequisites for actuarial students (replacing those listed in the official catalog): ACC 131, ACC 132, MAT 280, and MAT 350. After fulfilling the prerequisites, actuarial students must request permission to take this class from Ms. Kathy Sims in the College of Business Advising. This class, in combination with FIL 341 (Intermediate Business Finance) and ACC 131 (Financial Accounting) is an approved VEE Finance and Accounting course. Actuarial students should plan to take this class in the Fall. |
| FIL 341 (3 hours) | Intermediate Business Finance. This class has special prerequsites for actuarial students (replacing those listed in the official catalog): ACC 131, ACC 132, MAT 280, and MAT 350. After fulfilling the prerequisites, actuarial students must request permission to take this class from Ms. Kathy Sims in the College of Business Advising. This class, in combination with FIL 242 (Investments) or MAT 483 (Mathematical Models in Finance and Investments), and ACC 131 (Financial Accounting) is an approved VEE Finance and Accounting course. Actuarial students should plan to take this class in the Spring. |
| FIL 250 (3 hours) | Introduction to Risk and Insurance (junior standing required). |
| IT 168 (4 hours) or IT 166 (4 hours) | IT 168 is Structured Problem Solving Using the Computer. IT 166 is Python Programming for Science and Data Analysis. Actuarial students are required to take at least one of these two courses. |
| Senior Portfolio | Senior Portfolio is also required |
Students are encouraged to take MAT 283 (Introduction to Actuarial Computing, offered Fall and Spring, but not in the Summer semesters), and seminars for actuarial examinations (seminars for the first four exams are offered free of charge to Illinois State University students, and actuarial majors are urged to plan to pass at least the first two examinations by the time they graduate) offered through the Illinois State University Conference Unit at Extended University.
Graduation Requirements
Complete a minimum of 120 hours, complete General Education requirements, complete at least 42 senior level hours, complete residency requirements, complete an AMALI course (you can view more information about the AMALI requirement and AMALI course list here), maintain a GPA of 3.0 in the major, as well as a GPA of 2.0 overall, and submit the senior portfolio. It should be noted that students who reach junior standing without having passed at least one professional actuarial examination, are unlikely to complete the senior portfolio, and should consider changing to another major (statistics sequence in mathematics or insurance are two very good options). Students in this major who attain senior standing are expected to have passed at least two, preferably more, professional actuarial examinations.
All graduates of the College of Arts and Sciences must satisfy a foreign language requirement that may be met by: 3 years of a single foreign language in high school or completion of the second semester or higher of college-level foreign language (FOR 112 or articulated course) with a grade of “C” or better or equivalent proficiency as determined by examination. American Sign Language may be used to fulfill this requirement by transfer credit or by proficiency.
All graduating actuarial students are also asked to fill out this actuarial graduation survey, and undergraduate students will receive an e-mail asking them to fill out a senior survey.
You may also want to consult Current Academic Catalog.
For more information, please contact
Dr. Krzysztof Ostaszewski, FSA, CERA, FSAS, CFA, MAAA
Actuarial Program Director
Department of Mathematics
Campus Box 4520
Normal, IL 61790-4520, U.S.A.
E-mail: actuary@IllinoisState.edu