Actuarial Science FAQ
For the entry-level actuary, what qualifications do students need?
Entry‑level actuarial positions typically require strong knowledge in mathematics, statistics, economics, and finance, along with passing at least one or two professional exams, usually Exam P (Probability) and Exam FM (Financial Mathematics) from the Society of Actuaries (SOA) or the equivalent exams from the Casualty Actuarial Society (CAS). Additionally, programming skills are important. Students should learn R, Python, and optionally SAS.
How many years will it take to become a fully qualified actuary?
Assuming students pass Exams P and FM during their undergraduate studies at Loyola, they will typically need five or more years beyond graduation to complete the remaining exams and acquire the required professional experience.
What Loyola courses meet the ASA educational pathways of SOA?
Loyola’s actuarial science concentration fully meets the SOA’s requirements for undergraduate actuarial education at the Foundations level. We also partially fulfill requirements for the intermediate levels, Actuarial 1 and Actuarial 2.
Foundations Level:
- VEE Economics: College credits in both Microeconomics and Macroeconomics, such as EC 102 and EC 103.
- VEE Accounting and Finance: College credits in both Financial Accounting and Financial Management, such as AC 201 and FI 230.
- Exam FM: Knowledge of Precalculus (e.g., MA 109) and Financial Management (e.g., FI 230).
- Exam P: Knowledge of Calculus (e.g., MA 251, MA 252, and MA 351) and Probability Theories (e.g., ST 461). Note: ST 381 does not cover all the exam requirements.
Actuarial 1 & 2 Levels:
- VEE Mathematical Statistics: College credits in both Probability Distribution and Statistical Inference, such as ST 461 and ST 462.
- Exam SRM (Statistics for Risk Modeling): Knowledge of Statistical Linear Models, Machine-Learning Models, and Time Series Analysis, such as ST 465, ST 473, and ST 778 (Only Data Science double majors in the Accelerated Program).
- Exam PA (Predictive Analytics): Knowledge of Data Visualization, Machine-Learning Models, and Generalized Linear Models, such as ST 310, ST 473, and ST 475.
Where can students find general information about the actuarial profession and exam timelines?
Students can learn more about actuarial careers, exam requirements, and preparation resources at the following websites: