Formal Report

Actuarial Science Program Expansion at
the University of Missouri, Columbia
Prepared by Elizabeth Alongi, Jacob Fair, Leah Simpson
Current Actuarial Science Students
Report Distributed December 8, 2016
Prepared for
Nakhle Asmar and Steven Goldschmidt
Math Department Chair and Assistant Chair

Actuarial Science Program Expansion at the University of Missouri, Columbia
iii
ABSTRACT
Our focus is to improve the University of Missouri’s Actuarial Science program. The problem we
face is that there are not enough actuarial science students passing the preliminary actuarial
exams prior to graduation. Currently, the program is very small and is lacking the necessary
resources that many other universities provide. As a result, the actuarial program has a very low
student interest. This puts students at a great disadvantage compared to students at other
universities. We would like to propose to the Head and Assistant Chair of the Math Department
several detailed solutions to implement within the next couple years. As current actuarial
students, we believe that our ideas will be extremely beneficial to students in preparation for and
performance on the actuarial exams, as well as giving them a great start to their career after
Mizzou. We hope that these proposed solutions increase the success of Mizzou’s actuarial
science students.

iv
TABLE OF CONTENTS
ABSTRACT.................................................................................................................................. iii
LIST OF ILLUSTRATIONS .......................................................................................................... v
EXECUTIVE SUMMARY ............................................................................................................. 1
INTRODUCTION ......................................................................................................................... 2
Background Information................................................................................................... 2
Problem with Our Program .............................................................................................. 5
Analysis of the Problem ................................................................................................... 5
PROPOSED SOLUTIONS........................................................................................................... 7
Update the Website ......................................................................................................... 7
“Introduction to Actuarial Science” Class ......................................................................... 8
Mentor System................................................................................................................. 9
Additional Prerequisite Requirements.............................................................................10
Create Lab Classes ........................................................................................................10
Reimburse Exam Fees ...................................................................................................12
Additional Classes for Exam MLC and Exam C..............................................................13
Center of Actuarial Excellence........................................................................................14
CONCLUSIONS .........................................................................................................................16
WORKS CITED ..........................................................................................................................17
BIBLIOGRAPHY .........................................................................................................................18
APPENDICIES.......................................................................................................................... A-1
Appendix A.................................................................................................................... A-1
Appendix B.................................................................................................................... B-1
Appendix C ................................................................................................................... C-1

v
LIST OF ILLUSTRATIONS
Figure 1 – Pathway to Membership ............................................................................................. 3
Figure 2 – FSA Specialty Tracks ................................................................................................. 4
Figure 3 – Relevant University of Missouri Courses...................................................................11
Figure 4 – Projected Cost of Exam Reimbursement ..................................................................12
Figure 5 - Centers of Actuarial Excellence in the United States .................................................15

1
EXECUTIVE SUMMARY
The University of Missouri’s Actuarial Science program does not have enough students passing
the preliminary actuarial exams; the Actuarial Science program is within the Math Department.
The five preliminary actuarial exams that must be passed to gain credentials as a certified
actuary are: Probability (P), Financial Mathematics (FM), Models for Life Contingencies (MLC),
Models for Financial Economics (MFE), and Construction and Evaluation of Actuarial Models
(C). Most entry-level actuarial positions require at least one of these exams to be passed, and
often more than one (two or three). Therefore, it is recommended that students pass a minimum
of two exams before graduating. There are many reasons why our program does not have
enough students passing these exams. Some of the reasons include a lack of resources, little
funding, a small staff, a lack of importance stressed on exams, and low student interest. All of
these factors lead to few exams being passed, and thus a weak Actuarial Science program
compared to our peer institutions.
We have come up with a sequence of eight proposed solutions to help increase the number of
exams being passed by our students and in turn strengthening our Actuarial Science
program. Our recommendations are as follows:
1. Update the actuarial science website, rename courses, and include a sample four-year
plan of the order in which students should take classes and exams.
2. Create an “Introduction to Actuarial Science” class.
3. Implement a student-led mentor system.
4. Implement additional prerequisite requirements for actuarial science students.
5. Create lab classes to practice exam problem sets.
6. Reimburse actuarial exam fees for students.
7. Create additional classes for Exam MLC and Exam C.
8. Work to become a designated “Center of Actuarial Excellence” (CAE) by the Society of
Actuaries (SOA).
We understand that these recommendations cannot all be implemented immediately, but we
believe that over time they can be a huge step in making our Actuarial Science program one of
the best in the country. These changes will help the Mizzou actuarial science students be more
prepared for the actuarial exams and thus increase performance, resulting in more students
passing more exams. It cannot be overstated how important these exams are to being able to
land a high-quality job; our students will have a great head start for their career after Mizzou.

2
INTRODUCTION
Background Information
According to the Purdue Department of Mathematics, “an actuary is a business professional
who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and
financial theory to study uncertain future events, especially those of concern to insurance and
pension programs” (“What”). CareerCast.com named actuary the number one job of 2015 based
on a variety of factors including stress level, environment, and income (“Best”).
In order to become an actuary, individuals must pass a series of five preliminary exams: Exam
P – Probability, Exam FM – Financial Mathematics, Exam MFE – Models for Financial
Economics, Exam MLC – Models for Life Contingencies, and Exam C – Construction and
Evaluation of Actuarial Models. Each preliminary exam is “3 hours long, consisting of 30-35
multiple choice problems, and the pass rate is typically only 30-40%” (“B.S.”).
In addition, individuals must also earn three Validation by Educational Experience (VEE) credits
in Economics, Corporate Finance, and Applied Statistics. Upon the completion of the
preliminary exams and VEE credits, one must also complete Fundamentals of Actuarial Practice
(FAP), an e-learning course and an Associateship Professionalism Course (APC) (“Pathway”).
After meeting all of these requirements, an individual is declared an Associate of the Society of
Actuaries (ASA). Figure 1 shows the requirements to become an ASA.

3
Figure 1. Pathway to Membership (“Pathway”)
Many individuals then work to become a Fellow of the Society of Actuaries (FSA). To become a
fellow, one must choose a specialty track and then complete several more exams and online
courses. The six specialty tracks are listed below in Figure 2. According to the article “Be an
Actuary,” “it could take from 6-10 years to pass all of the exams, but you can begin a career as
an actuary by passing the first two exams, and then taking subsequent exams while working as
an actuarial assistant”. A career as an actuary is highly distinguished and requires a strong
background in mathematics and statistics. Although there are only 45 students in the actuarial
science program at Mizzou, they are some of the highest achieving students on campus
working towards careers in one of the most highly ranked jobs. These students should have a
multitude of resources at their disposal to help advance their careers.

4
Figure 2. FSA Specialty Tracks (“Big”)

5
Problem with Our Program
The problem we face here at Mizzou is that not enough students are passing enough actuarial
exams. Since one of the requirements to becoming an actuary is passing the exams, it is just as
important to have students attempt and pass exams while they are in school as it is to graduate
with an actuarial science degree. The only way we can start having more students pass more
exams is by strengthening our what-is-now weak actuarial science program.
Analysis of the Problem
Successful actuarial science programs at universities across the country prepare students to
pass the five preliminary exams listed above while they are enrolled as an undergraduate. With
a minimum of two exams passed, students will easily secure a job upon graduation. Compared
to its peers, Mizzou’s actuarial science program lacks the necessary resources to prepare
students for careers as actuaries. Currently, there are 45 students studying actuarial science at
Mizzou, and only about 10 have passed one or more preliminary exams (“Interview”). Students
that do not pass exams are at an extreme disadvantage in the job market when compared to
students graduating with two or three exams passed. Many other schools such as Drake
University and University of Nebraska, Lincoln have rigorous actuarial programs with lab
classes designed to prepare students for actuarial exams. Schools such as Maryville University
have nearly 100% job placement rate upon graduation (“Actuarial Science”). As the number one
journalism school in the country and as mentioned previously that CareerCast.com named
actuary the number one job of 2015 based on a variety of factors including stress level,
environment, and income (“Best”), there is no reason Mizzou should not also have a competitive
actuarial science program.

6
Due to a lack of funding, small staff, and low student interest, Mizzou’s weak actuarial program
has not been addressed. Leah Simpson currently works as a Course Assistant for Steven
Goldschmidt, Assistant Chair of the Math Department and Financial Mathematics instructor at
Mizzou. He recently informed her that the actuarial science program secured funds to expand
the actuarial science program at Mizzou and suggested she begin researching other actuarial
programs to see what Mizzou’s program is missing. As current actuarial science students, we
have first-hand experience with the effects of our weak program. In most schools excluding
Mizzou, senior actuarial science students are expected to have approximately two or more
exams passed. The importance of passing exams is not stressed enough at Mizzou, nor are the
courses specifically designed to help students pass exams. We hope that our research and
suggestions will help prepare future actuarial students for successful careers as actuaries. The
below suggestions are designed to increase the number of exams Mizzou students pass before
graduation.

7
PROPOSED SOLUTIONS
We compared Mizzou’s actuarial science programs to similar programs at four other schools:
Maryville University, Drake University, University of Michigan, and University of Nebraska,
Lincoln. Each of the following suggestions is a component of a strong actuarial science program
that Mizzou is missing.
1. Update the actuarial science website, rename courses, and include a sample four-year
plan of the order in which students should take classes and exams.
2. Create an “Introduction to Actuarial Science” class.
3. Implement a student-led mentor system.
4. Implement additional prerequisite requirements for actuarial science students.
5. Create lab classes to practice exam problem sets.
6. Reimburse actuarial exam fees for students.
7. Create additional classes for Exam MLC and Exam C.
8. Work to become a designated “Center of Actuarial Excellence” (CAE) by the Society of
Actuaries (SOA).
Update the Website
The first and easiest solution that we recommend doing is updating our current actuarial science
website. What we would like to see is a user-friendly webpage that is beneficial to current
actuarial students as well as those prospective students thinking about making Mizzou their
home. This would include a brief description of our program along with an explanation of what
an actuary is. Beyond this it should include a paragraph about each of the five preliminary
actuarial exams (Exams P, FM, MLC, MFE, and C) along with what VEE credits are and what

8
courses we offer for it. We also should rename some of the courses we offer so that they better
describe which actuarial exam they are aimed toward. The last update should be in regard to
laying out a detailed sample four-year plan that would include a recommended semester-by-
semester schedule along with the recommended times to take each of the preliminary exams.
This sample four-year plan would greatly help incoming students be able to clearly see how
their undergrad will be laid out.
Currently, the website has a lot of text and is not user-friendly at all. There is a paragraph
description about what an actuary is, but nothing about our program specifically. The only
information regarding exams are individual links to each of the exams on the Society of
Actuaries website, which can be hard to navigate or understand if you are not familiar with the
exams or the process of taking them. We do have all of the courses that are required for the
degree listed on the website, but no sample schedules or a four-year plan of any sort. The
University of Nebraska-Lincoln has a fantastic actuarial science website that lays out all of the
things we just mentioned; they even have information about each of their faculty members,
whereas we do not on the Mizzou webpage.
“Introduction to Actuarial Science” Class
Currently, Mizzou students are not exposed to any strictly actuarial science classes (MATH
4370, MATH 4371, MATH 4355, MATH 4590) until their junior year. As a result, it is oftentimes
too late for students to switch majors if they do not enjoy the classes and no longer wish to
pursue a career as an actuary. We suggest the Math Department create an “Introduction to
Actuarial Science” course that is required for all actuarial science majors and is ideally taken
during freshman year. This would be a one-credit course meant to introduce what the
expectations of an actuarial science student will be within their next four years. The course

9
should detail the exam process, outline exam-passing expectations by grade level, and explain
the courses offered at Mizzou and to which exams they correspond. In addition, students should
be required to create and submit a four-year graduation plan that includes tentative exam dates.
Drake University offers a similar class that includes case studies “to demonstrate actuarial
concepts” (“Drake University”). We believe this class will expose young students to the actuarial
exam process and stress the importance of passing exams.
Mentor System
This is the only solution that is completely student based and student controllable. We want to
create an environment where the upperclassmen can share their knowledge and experience
with the incoming actuarial students. This system would piggyback off of the introduction class,
where the upperclassmen in the actuarial program would mentor those students from the intro
class that are interested in the program.
At the beginning of the semester five or six upperclassmen would go to an intro class period and
each meet with a group of five or six freshmen. During this class period the goal is to simply get
to know each other and let the upperclassman get a feel for who is seriously interested in
pursuing actuarial science. The Actuarial Club will then hold a meeting within the next week or
two after this class period and those students from the introduction class that are interested in
the program should attend this club meeting. At the meeting, based on how many people show
up, each upperclassman will be paired up with one or two freshmen who they will mentor
throughout the school year.
The duty of the mentor is to offer guidance and help by assisting in various ways including, but
not limited to: suggesting when to start studying for exams, what study materials to use, which

10
classes to take and when, how to allot your study time to be most efficient, and any valuable tips
from their personal experiences with classes and the exams. Essentially the mentor’s role is to
be a peer that the incoming student can go to at any time with any question and feel
comfortable. Many students do not want to or feel comfortable actively seeking out advice from
an assigned elder advisor.
Additional Prerequisite Requirements
In order to convey the importance of attempting/passing exams to actuarial science students,
the Math Department should implement additional prerequisite requirements for actuarial
science students taking MATH 4370, MATH 4371, MATH 4355, and MATH 4590. In order to
enroll in those classes, actuarial science students should be required to provide proof of either a
passing or failing exam score. The prerequisites should be the following: Math 4370 – Exam P,
Math 4355 – Exam P, Math 4371 – Exam FM, and Math 4590 – Exam FM. These additional
requirements will force students to study for exams and carefully plan their exam schedules.
This will encourage students to form study groups and realize the time and effort needed in
order to pass these exams. The requirements may be waived with instructor approval.
Create Lab Classes
Most successful actuarial science programs have lab classes that accompany their actuarial
science classes to provide further practice with actuarial science problems. Currently, Mizzou
students studying for the preliminary exams are responsible for practicing the material entirely
on their own. Many actuarial science students at Mizzou simply do not study for the exams
because they are too busy with 12-17 credit hours or regular schoolwork, a part-time job, and
campus clubs. With the implementation of lab classes, students would be required to practice

11
exam problems, therefore giving them a higher probability of passing the exams. Ideally, each of
the classes in Figure 3 would implement additional lab classes for actuarial science students.
Figure 3. Relevant University of Missouri Courses
Because non-actuarial science students also enroll in the classes listed in Figure 3, only
actuarial science majors would be required to enroll in the additional lab classes. The instructor
of the lab classes should assign a practice problem set from the SOA website. Students should
then complete the assignment during the week and turn in the homework for a completion
grade. During class time, the instructor should review selected problems and discuss
techniques to solve the problems quickly in an exam setting. The structure of the class should
be similar to the structure of recitation classes for the calculus sequence; however, homework
should be mandatory so students actually learn to solve actuarial exam problems.
In order to add lab classes, the Math Department would either need to hire more professors or
increase the course load of the two current actuarial science professors. Implementation may be
more difficult for STAT 4750 since the curriculum is currently not designed to prepare students
for Exam P. The addition of a lab class for this course will be especially helpful for actuarial
science students.

12
Reimburse Exam Fees
One of the biggest concerns students have is the cost of the exams. They can range anywhere
from $225 to $375 depending on which exam you are taking. We are proposing that our
program structure a reimbursement system to not only help students with the cost of exams, but
also give them more motivation to continue to study and attempt the exams. There would be two
forms for reimbursement: full and partial. A full reimbursement would be the full price of the
exam fee, and would be given to those students who pass said exam. The grading scale for the
actuarial exams is 0-10. A score of 6 or higher is a passing score, thus resulting in a full
reimbursement. The second form of reimbursement is a partial reimbursement, which would be
given for a score of 3-5, and would consist of half the price of the exam.
Currently, our actuarial science program has 45 students. Figure 4 below is a projection of how
much money would be needed for one school year to cover exam fee reimbursements. The
chart is assuming there are approximately 100 students in the program with 50 students with
two exam attempts apiece. It also assumes that half of the exams taken will be passed and the
other half will warrant partial reimbursement. With these assumptions and the current cost of
the exams, the total yearly cost comes up to $15,450.
Exam P FM MLC MFE
Cost $225 225 375 325
Partial 10 10 2 2
Full 20 20 5 5
Total $5,625 5,625 2,250 1,950 $15,450
Figure 4. Projected Cost of Exam Reimbursement

13
The next question becomes, “how will the Math Department cover this cost?” We have spoken
with Professor Goldschmidt about this very topic and he has expressed interest in using some
of the excess money that the Math Department currently has on hand to implement this
recommendation.
We understand this extra money will eventually run out. In order to continue funding the
reimbursement of exams, we suggest soliciting insurance companies and consulting firms that
the department has connections with in order to start a fund within the Actuarial Science
program specifically used to reimburse exam fees. This solution would benefit both parties
involved. The Actuarial Science program would receive the money necessary to reimburse its
students for exam costs, while there would be an agreement that the donating companies would
have first access to our students upon graduation. At the very least, the donating companies
would have better connections to our program and our actuarial science graduates. Beyond this,
most companies that hire actuaries will pay not only for exam fees, but also study material and
paid study hours. Therefore, in the long run it could be beneficial for companies to donate to
our fund allowing them to spend less on future employees because they will be graduating with
more exams passed.
Additional Classes for Exam MLC and Exam C
Currently, MATH 4371 (Actuarial Modeling II) is offered at Mizzou as preparation for Exam MLC.
Unfortunately, the class only covers half of the exam material. As a result, students are
responsible for teaching themselves a large portion of the material. To better prepare students
for this exam, the Math Department should create an additional class to cover the remaining
exam material. Ideally, Professor Bobitan, who currently teaches MATH 4371, would teach this

14
class. Additionally, the Math Department should implement a corresponding lab class to prepare
students for Exam MLC.
When compared to Maryville, Drake, Nebraska, and Michigan, Mizzou is the only school that
does not offer classes that cover the material for Exam C. Unfortunately, this puts Mizzou
students at a disadvantage since they will be required to learn the material independently if they
wish to pass Exam C. The Math Department should create at least two classes to cover this
material. Ideally, students would also enroll in a lab class with each course to practice actuarial
exam problems.
Because Exam C contains both multiple choice and written problems, the problem sets should
contain both types of problems. To create a class, the Math Department would need to hire
another faculty member or increase the course load of the two current actuarial science
professors. Syllabi for Exam MLC and Exam C have been included in Appendix A and B to help
the Math Department or course instructors develop an effective curriculum. Please note that
these syllabi are often updated, so consult the SOA website before creating the courses.
Center of Actuarial Excellence
Currently, there are only 17 CAE’s in the United States (“Universities”). According to the SOA,
“Centers of Actuarial Excellence (CAE) are university/college actuarial programs that have met
eight specific requirements related to degree, curriculum, graduate count, faculty composition,
graduate quality, appropriate integration, connection to industry, and research/scholarship”
(“Universities”). These programs are among the top in the nation, and we believe Mizzou should
work to become one. The current actuarial science program meets several of the requirements,
but some still need to be addressed. The 17 CAE’s in the United States are listed below in

15
Figure 5, and the requirements to become a CAE, according to the SOA, are listed in Appendix
C.
Figure 5. Centers of Actuarial Excellence in the United States (“Universities”)
Mizzou currently fulfills the requirements for the published required courses and a syllabus. We
do not meet the second two requirements. We have had 29 graduates from the actuarial
science program within the last four years, which does not average to over 10 per year. Also,
Mizzou currently does not have any professors that are actuaries or pursuing actuarial
credentials. By becoming a CAE, Mizzou will gain more recognition on a national level and
increase enrollment.

16
CONCLUSIONS
Mizzou actuarial science students are at an extreme disadvantage when compared to students
from most other schools with actuarial programs. It is crucial that the Math Department make
the above proposed changes in order to increase the number of preliminary exams students
pass before graduating. Our plan to improve the actuarial program at Mizzou is very detailed
and lengthy. We realize that this will be a long term process and that some of our ideas for
solutions will be implemented within the next few months, while others may take several years
before they are put into place. Altogether, we believe that emphasizing the importance of the
actuarial exams earlier on would be beneficial to future actuarial students, implementing
additional classes, prerequisites, faculty members, and reimbursing exam fees will make taking
and passing exams significantly easier for students. With these new changes, enrollment should
drastically increase as well. This will strengthen our program. Hopefully within the next few
years, Mizzou will have an actuarial science program that is equivalent to the universities that
have strong programs. This will allow Mizzou’s students to be hired for jobs after graduation,
secure internships, and become successful actuaries.

17
WORKS CITED
"Actuarial Science." Maryville University. Maryville University, 2016. Web. 3 Oct. 2016.
"B.S in Actuarial Science." UCSB Statistics. N.p., n.d. Web. 04 Oct. 2016.
"Be an Actuary." A Top Ranked Job. N.p., n.d. Web. 04 Oct. 2016.
Big Nate Apr 22, 2013 Edited Aug 1, 2015 0 2 Tweet. "Do You Have What It Takes to Face The
Actuarial Exam Gauntlet?" InfoBarrel. N.p., 2013. Web. 06 Dec. 2016.
"Drake University Course Catalog." Drake University. Ellucian Company L.P., 2016. Web. 16
Oct. 2016.
"Interview with Steven Goldschmidt." Personal interview. 28 Sept. 2016.
"Pathway to Membership" SOA. Society of Actuaries, 2016. Web. 04 Oct. 2016.
"Universities & Colleges with Actuarial Programs (UCAP)." SOA. Society of Actuaries, 2016.
Web. 3 Oct. 2016.
"What Is an Actuary." Purdue Science. Department of Mathematics, 2014. Web. 2 Oct. 2016.

18
BIBLIOGRAPHY
"Actuarial Mathematics." College of LSA. Regents of the University of Michigan, 2016. Web. 16
Oct. 2016.
"Actuarial Science." Maryville University. Maryville University, 2016. Web. 3 Oct. 2016.
Anderson, Dan R., and Jr., Charles P. Hall. "Risk Management, Insurance, And Actuarial
Science In The Changing Curriculum." Journal Of Risk & Insurance 40.2 (1973): 297-
303. Business Source Premier. Web. 20 Oct. 2016.
"B.S in Actuarial Science." UCSB Statistics. N.p., n.d. Web. 04 Oct. 2016.
"Be an Actuary." A Top Ranked Job. N.p., n.d. Web. 04 Oct. 2016.
"The Best Jobs of 2015." CareerCast. Adicio, 2016. Web. 2 Oct. 2016.
Big Nate Apr 22, 2013 Edited Aug 1, 2015 0 2 Tweet. "Do You Have What It Takes to Face The
Actuarial Exam Gauntlet?" InfoBarrel. N.p., 2013. Web. 06 Dec. 2016.
Bradforth, Stephen E., et al. "University Learning: Improve Undergraduate Science Education."
Nature 523.7560 (2015): 282. MasterFILE Premier. Web. 20 Oct. 2016.
Butler, Tamsen. Personal Finance Specialist. "What Is an Actuary: An Interview with Actuarial
Officer R.D. Long." LoveToKnow. N.p., n.d. Web. 23 Oct. 2016.
"Drake Actuarial Science." Drake University. Drake University, n.d. Web. 16 Oct. 2016.
"Drake University Course Catalog." Drake University. Ellucian Company L.P., 2016. Web. 16
Oct. 2016.
Gardner, Lisa, Christian Roldán Santos, and Toby White. "Actuarial Science Summer Program
For Women And Minorities." Risk Management & Insurance Review 16.2 (2013): 267-
279. Business Source Premier. Web. 20 Oct. 2016.

19
Gardner, Lisa, Ph.D., and Toby White, Ph.D. "Drake University’s Actuarial Science and Risk
Management and Insurance Programs." CPCU EJournal 65.7 (2012): 1-11. Web. 16
Oct. 2016.
"Interview with Steven Goldschmidt." Personal interview. 28 Sept. 2016.
Kessler, Emily. "Strengthening The Role of Academia." Member. N.p., n.d. Web. 25 Oct. 2016.
Larson, Robert E. "The Actuarial Curriculum: Comments." Journal of Risk and Insurance 33.3
(1966): 475-77. Web.
"Pathway to Membership" SOA. Society of Actuaries, 2016. Web. 04 Oct. 2016.
Piotrowski, Chris, and Rohan Hemasinha. "Career Aspirations Of Undergraduate Mathematics
Majors: An Exploratory Study." College Student Journal 46.1 (2012): 46. MasterFILE
Premier. Web. 20 Oct. 2016.
Smith, Richard Manning, and Phyllis A. Schumacher. "Predicting Success For Actuarial
Students In Undergraduate Mathematics Courses." College Student Journal 39.1 (2005):
165. MasterFILE Premier. Web. 20 Oct. 2016.
"Undergraduate." CBA. University of Nebraska-Lincoln | Web Developer Network, 2016. Web.
16 Oct. 2016.
"Universities & Colleges with Actuarial Programs (UCAP)." SOA. Society of Actuaries, 2016.
Web. 3 Oct. 2016.
Warren, Bette. "Actuarial Science." The American Mathematical Monthly 89.7 (1982): 492-94.
Web.
"What Is an Actuary." Purdue Science. Department of Mathematics, 2014. Web. 2 Oct. 2016.

A-1
APPENDICES
Appendix A - Syllabus Exam MLC

A-2

A-3

A-4

B-1
Appendix B - Syllabus Exam C

B-2

B-3

B-4

B-5

B-6

C-1
Appendix C – Center of Actuarial Excellence Criterion
1. The university must show a recent published source that states the courses or other
requirements that must be met for students to earn the actuarial science major.
2. The university must complete and submit the Syllabus Worksheets to show how the
program’s syllabus and examinations tie to the SOA learning objectives and how that
course (or combination of courses) achieves 80% of the syllabus-weighted learning
objectives for a particular SOA examination.
3. The university must provide a count of students graduating with an actuarial science
major over the past four years (no fewer than 10). The list can come from the
department itself or could be a list published in another venue.
4. The faculty responsible for teaching actuarial courses and other program involvement
must be sufficient in both quantity and quality. At least one faculty member must be full-
time tenured or tenure-track and must be an actuary or pursuing actuarial credentials
(Associate or Fellow).

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