N.B. Actuarial Science undergraduate students who also want to double major in Mathematics (Program C) must DECLARE the Mathematics major in room 120 Schaeffer Hall. Both majors must be declared in order to graduate with a double major. Selective Admissions to Actuarial Science Due to the demanding nature of the Actuarial Science major and the difficulty of the examinations required for professional designation, there is a selective admission program for Actuarial Science. This means that incoming students should declare their major to be "Actuarial Science Interest," and then they must apply directly to the Department and be approved by the Department before they can major in Actuarial Science. Students normally apply for admission to the Actuarial Science major at the end of the fall semester of their second year, after they have taken 22M:55 and 22S:130. Students should apply no later than the end of the spring semester of their third year. Transfer students expecting to graduate in less than two years should apply to the major immediately upon being accepted to The University of Iowa as an "Actuarial Science Interest" major. Students who apply to the Actuarial Science major have normally completed at least 40 semester hours at the University of Iowa or at another post-secondary institution. They have normally completed a three- or four-course Calculus sequence, a course in Linear Algebra, and a calculus-based course in Probability and Statistics. Such a background provides an important foundation to the study of actuarial science. The admission decision is based on a student's performance in the above courses and other courses that are relevant to success in the major, as well as performance on professional actuarial exams. Both the "Mathematical Science" GPA and the cumulative GPA are considered. Experience indicates that a student with a Math GPA under 3.0 is not likely to succeed in the Actuarial Science major. Most admitted students have GPA's considerably higher than 3.0. The trend in grades from semester to semester is also considered, and ACT or SAT scores are helpful in evaluating transfer students. When a student is known to the Actuarial Science faculty, factors such as work ethic, enthusiasm, and commitment are also taken into account. The Application to the Undergraduate Major is due by June 15 for the fall semester, or by December 31 for the spring semester. Applications are available on the program web page and in 241 Schaeffer Hall. Course Requirements Students seeking a B.S. degree must earn a minimum of 120 semester hours of degree credit. In addition to the major requirements, students must also complete the General Education Program (GEP). There are 9 required areas within the GEP; students must fulfill the requirements of each area before graduation. Students may not choose the pass/nonpass (P/N) grading option for courses they wish to use to complete the General Education Program. Courses approved for General Education may be taken P/N only when they are used as elective hours. International students must complete all ESL prerequisites before registering for any rhetoric course. Actuarial Science course requirements are as follows. 22C:016 Computer Science I 06E:001 Principles of Microeconomics 06E:002 Principles of Macroeconomics 22M:025 Calculus I 22M:026 Calculus II 22M:027 Introduction to Linear Algebra 22M:055 Fundamental Properties of Spaces and Functions I 22M:056 Fundamental Properties of Spaces and Functions II 22S:130 Introduction to Mathematical Statistics I 22S:131 Introduction to Mathematical Statistics II 22S:153 Mathematical Statistics I 22S:154 Mathematical Statistics II 22S:174 Quantitative Methods for Actuaries 22S:175 Actuarial Models 22S:180 Mathematics of Finance I 22S:181 Life Contingencies I 22S:182 Life Contingencies II In exceptional cases, the advisor may grant permission to waive 22S:130 and/or 22S:131. Here is a sample schedule for completing the B.S. degree requirements for Actuarial Science. Year Fall Semester Spring Semester 1 06E:001 Principles of Microeconomics 22C:016 Computer Science 22M:025 Calculus I 06E:002 Principles of Macroeconomics 22M:027 Introduction to Linear Algebra 22M:026 Calculus II 2 22M:055 Fund Prop of Spaces & Functions I 22S:130 Intro to Mathematical Statistics I 22M:056 Fund Prop of Spaces & Functions II 22S:131 Intro to Mathematical Statistics II 22S:180 Mathematics of Finance I 3 22S:153 Mathematical Statistics I 22S:174 Quant Methods for Actuaries 22S:154 Mathematical Statistics II 22S:175 Actuarial Models 22S:181 Life Contingencies I 4 22S:182 Life Contingencies II   Graduation with Honors in Actuarial Science Qualified undergraduate students may earn a degree with Honors. Students must obtain an "Application for Graduation with Honors in a CLAS Major or the College of Education" available through the Honors Program web site http://www.uiowa.edu/~honors/ or in 420 Blank Honors Center. The form requires signatures from both the project director and the departmental honors advisor (Professor Jim Broffitt for Actuarial Science). Students will be responsible for submitting it to the Honors Program. To graduate with Honors in Actuarial Science, a student must be a member of the University Honors Program, have a GPA of at least 3.40 in all departmental courses numbered 22S:120 and above and a cumulative University of Iowa GPA of at least 3.40, as well as complete the following three courses which are beyond those required for the B.S. degree: 22S:171 Topics in Actuarial Science (3 s.h.) 22S:176 Credibility and Loss Distributions (3 s.h.) 22S:183 Mathematics of Finance II (3 s.h.) Four-Year Graduation Plan for the B.S. in Actuarial Science The following checkpoints list the minimum requirements undergraduate students must complete by certain semesters in order to stay on the university's four-year graduation plan. Much of the work in the discipline is sequential, so students must begin requirements for the major as soon as possible. Individual study plans must be made carefully. Students who first enroll in a spring semester must consult the department to confirm a four-year plan. Before the third semester begins: 22M:025-026, 22M:027, and at least one-quarter of the semester hours required for graduation. Before the fifth semester begins: 22M:055-056, 22S:130, 22S:131 and 22S:180, and at least one-half of the semester hours required for graduation. Before the seventh semester begins: 22C:016, 22S:153-154, 22S:174, 22S:175, 22S:181, and at least three-quarters of the semester hours required for graduation. Before the eighth semester begins: 22S:182 During the eighth semester: enrollment in all remaining course work in the major, all remaining General Education courses, and a sufficient number of semester hours to graduate. Course Selection Guidance for Undergraduate Actuarial Science Majors Students who have not had previous experience with computers may wish to take 22C:005 Problem Solving and Computing in their first semester. Courses in statistics and actuarial science often require students to use computers even if knowledge of computer programming is not listed as a prerequisite. 06E:001 or 06E:002 satisfies the Social Science GEP. The other will satisfy one of the two GEP Distributed Education areas. Students are encouraged to satisfy the Natural Science GEP by completing 029:081-082 Introductory Physics I-II. This will increase the student's understanding of how mathematical models are used to explain real-world phenomena. Students may wish to investigate APP/CLEP test opportunities. The Evaluation and Exam Service is located in 300 Jefferson Building. Undergraduate students may earn up to 4 hours of credit in 22S:188 Actuarial Exam Preparation. Recommended electives include actuarial science courses that are not required for one's degree, as well as business and mathematics courses such as 6A:001 Introduction to Financial Accounting, 6A:002 Managerial Accounting, 6F:104 Corporate and Financial Risk Management, 6F:116 Futures and Options, 6F:117 Corporate Finance, 6J:047 Introduction to Law, 6J:048 Introduction to Management, 6M:100 Introduction to Marketing Strategies, 22M:072/22C:072 Elementary Numerical Analysis, 22M:100 Introduction to Ordinary Differential Equations, and 22S:150 Regression, Time Series and Forecasting. Note that 6F:117 and 22S:150 can satisfy the VEE requirements of the professional societies. Undergraduate students can earn a second major in Mathematics ("Program C") by taking only two additional courses from the Mathematics Department. Students must declare a second major in 120 Schaeffer Hall. Both majors must be declared in order to graduate with a double major.

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