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Students sitting at classroom desks during Estimathon.

Actuarial Science

Many things in life involve risk. But how do we know how much risk is worth risking? Whole industries, like insurance and finance, depend on having reliable answers to that question — and that’s where you come in. If, that is, you major in Actuarial Science at McDaniel.

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Degree Types
Major
Institution
Complementary Programs
Heart
Distinctive Requirements
Capstone

Why Actuarial Science at McDaniel?

Our Actuarial Science major combines cutting-edge courses in Mathematics, Economics, and Business Administration to form a specialized degree pathway. It will open doors for you into a unique career field in which professionals use statistical models to assess financial risk in a wide variety of industries.

This interdisciplinary program will give you the mathematical and economic tools you need to quantify and assess risk. Guidance from expert faculty and McDaniel's alumni network will provide you with all you need to know for future certification and career success.

The Payoff

The field of risk analysis is growing at a rate much faster than average, which means graduates of our program are highly employable. Want even better news? The median salary for actuaries is over $100,000.

Future Career Paths

Almost every graduate of our program is currently working in a professional position under the general titles like “mathematician,” “systems analyst,” “actuary,” and “statistician,” at places like:

  • The National Security Agency
  • The Pentagon
  • IBM
  • Hewlett Packard Corporation
  • NASA
  • The Department of Defense
  • Actuarial firms

Graduate Programs

Our graduates distinguish themselves in some of the finest graduate programs in the country, including:

  • Brandeis
  • Cornell
  • Harvard
  • Johns Hopkins
  • University of Maryland
  • University of Michigan
  • University of Virginia

Distinctive Courses

ECO 1103 - Introduction to Economics

The study of the economic foundations of any society: price theory - the market system and allocation of resources; and macroeconomic theory - national income, employment, inflation, business cycles, and international trade.

ENG 2212 - Professional Communication

An opportunity for students to practice and think critically about communication in the workplace. Assignments will focus on writing forms and topics suitable for students’ fields of major interest. Students will complete individual and collaborative projects designed to help them write clearly and effectively for audiences both within their professions and outside of them. Particular emphasis will be placed on electronic communication forms.

BUA 3323 - Corporate Finance and Financial Management

The management of business funds, with emphasis on the techniques of financial analysis, the financial environment in which firms operate, the sources and forms of external financing, and the allocation of funds to competing alternatives such as plant and equipment, working capital, and financial investment.

MAT 4340 - Investment & Financial Markets

This course will cover the theoretical basis of corporate finance and financial models and the application of those models to insurance and other financial risks.  This course is designed to prepare students for the Society of Actuaries Actuarial Exam IFM.

Program Requirements

The McDaniel Commitment in Action

The McDaniel Commitment—a series of opportunities guaranteed to all students—provides enhanced mentoring and coaching, and ensures every undergraduate student completes at least two meaningful experiential learning opportunities.

Photo of alumna Alayna Meekins.

IMPRESSIVE OUTCOMES Alayna Meekins ’22

Alayna Meekins graduated from McDaniel College as the first student to hold a degree in Actuarial Science. A dual major in Economics, Meekins kept an eye on the future while pursuing her ideal career as an actuary. Support from professors and alums alike helped set her up for success, and her plans aren't over yet.

Spencer Hamblen

FACULTY SPOTLIGHT Spencer Hamblen Professor of Mathematics

Professor of Mathematics Spencer Hamblen specializes in researching number theory, arithmetic dynamics, and algebraic symmetry. Majors in Actuarial Science may join him in classes like his Mathematics Problems Seminar (MAT3391), Number Theory (MAT3336), and the Jan Term opportunity Conference Experience in Mathematics (MAT1140).