Bachelor of Science in Mathematical Economics - Actuarial Sciences Concentration

Sample Degree Path for B.S. in Mathematical Economics - Actuarial Track

Our program is recognized by the Society of Actuaries as a UCAP-IC program. It offers courses that satisfy all three VEE credits and prepares students for the FM and P exams. 

The Mathematical Economics degree with the Actuarial Science Concentration seeks to prepare students for careers as actuaries.  Actuaries use a combination of strong analytical skills, business knowledge, and an understanding of human behavior to manage risk. Actuaries typically work for health, life, and property insurance companies, but individuals with actuarial training may work in many other areas such as banking, investment, energy, government, employee benefits, predictive analytics, and many more.

To become an actuary, you must pass a series of exams to earn actuarial designation by either the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). It takes many years to pass all of the exams. In this major, you will take courses that provide you the best chance of success on the first two actuarial exams. In addition, you can apply to receive Validation by Educational Experience (VEE) credit from either the CAS or SOA in the areas of Economics, Mathematical Statistics, and Accounting and Finance, obtained through approved course sequences. 

B.S. in Mathematical Economics qualifies for STEM OPT extension. 

The major requires a minimum of 64 hours in mathematics, economics, and finance courses and leads to a Bachelor of Science degree. The major of study does not require completion of a second major or a minor. To be admitted into the major, students must have earned a minimum of 60 hours (with at least 12 hours completed at WKU) with the overall GPA of at least 2.0. Additionally, students must complete the following courses with a minimum GPA of 2.0:  

B.S. IN MATHEMATICAL ECONOMICS (ACTUARIAL) - ADMISSION COURSES (13 hours)
MATH 136	Calculus I (4 hours, may count as Colonnade Foundations Course)
ECON 2021	Microeconomics Principles (may count as  Colonnade Explorations Course)
ECON 2031	Macroeconomics Principles (may count as Colonnade Explorations Course)
ECON 206  or STAT 301	Statistics Introductory Probability and Applied Statistics

To earn a Bachelor of Science in Mathematical Economics (Actuarial Sciences Concentration), students must complete the following courses:

B.S. IN MATHEMATICAL ECONOMICS (ACTUARIAL CONCENTRATION) - MAJOR COURSES (minimum 48 hours)
CS 170  or CS 180  or STAT 330	Problem Solving and Programming (3 hours)  or Computer Science I (4 hours)  or Introduction to Statistical Software
ECON 302	Intermediate Microeconomics
ECON 303	Intermediate Macroeconomics
ECON 307	Financial Data Modeling
ECON 465  or ECON 480  or STAT 401	Regression and Econometrics   Forecasting  Regression Analysis
MATH 137	Calculus II (4 hours)
MATH 237	Multivariate Calculus (4 hours)
MATH 307	Introduction to Linear Algebra
MATH 310	Introduction to Discrete Mathematics
MATH 382	Probability and Statistics I
MATH 4822	Probability and Statistics II
FIN 3303,4	Principles of Financial Management
FIN 332	Investment Theory
FIN 334	Financial Mathematics
FIN 350	Risk Management and Insurance
FIN 4374	Corporate Asset Management
ECON 497  or MATH 497	Senior Seminar Math - Econ (1hour)

¹ A student may apply for VEE credit in Economics after completing  the ECON 202/203 sequence with a at least a "B" in both classes. 
²  A student may apply for VEE credit in Mathematical Statistics after completing MATH 482 with a at least a "B".
³ ACCT 200 is a prerequisite for FIN 330.
⁴ This course, together with ACCT 200 satisfies the requirements of the  Accounting and Finance VEE Credit. Grades in both courses must "B" or higher to receive this VEE credit. 

Additional notes regarding VEE credit: Validation by Educational Experience - VEE - is an integral part of becoming an actuary. To become an actuary, an individual has to complete a series of of exams, projects, and earn VEE credits.  As of July 2018, there are three required VEE credits: (1) Economics, (2) Mathematical Statistics, and (3) Accounting and Finance. All of the courses required for the VEE credits, are included in the major.

A student may apply to receive VEE credit after passing at least two actuarial exams.The actuarial exams can be taken at any time before or after completing courses that can be used for VEE credit. For more information, see SOA or CAS websites.