There is no separate actuarial major at Rutgers. However the first three calculus courses (Math 151, Math 152, Math 251) and probability (Math 477 or Statistics 381) are recommended preparation for the first actuarial exam (called Exam P), which is given in the Fall and Spring. This exam no longer has any problems that are just calculus, although calculus is tested in connection with many of the probability problems.

Since Fall 2005 Exam P has not been given at Rutgers, New Brunswick. The Society of Actuaries (SoA) now uses commercial test centers -- go to their web site to obtain the schedule and locations for the exam. Students interested in obtaining a summer actuarial internship with a major insurance company such as MetLife or Prudential should try to pass this exam as soon as possible (at least by the end of the junior year). Rutgers Career Services sets up interviews with actuarial employers.

The second actuarial exam (Exam MF--Mathematics of Finance) covers the theory of interest and introduction to financial economics. The mathematics department does not teach a course on the mathematical theory of interest, but this can be learned by self-study and working through sample exams. Relevant economics courses available to all Rutgers undergraduates are the introductory courses Economics 102 and 103 (Macro and Micro Economics), Economics 203 and 204 (Intermediate Micro and Macro Economics), together with more advanced courses such as Economics 322 or 326 (Econometric Theory), Economics 393 (Financial Economics), and Economics 394 (Economics of Capital Markets). For students admitted to the Rutgers Business school there are several courses in the Finance major that are relevant for this exam (see the list of courses below that satisfy the VEE requirements).

Further recommended math courses are Math 250 (Linear Algebra), Math 481 (Theory of Statistics) or Statistics 382 (essentially the same), and other courses in probability and statistics, such as Math 424 (Stochastic Models), Math 478 (Probability II), Statistics 384 (Intermediate Statistical Analysis), and Statistics 463 (Regression Analysis). Topics from these courses appear in the third and fourth actuarial exams, along with many other topics related to insurance and finance.

The recommended preparation for the actuarial exams is a combination of academic courses and study of sample exams, which are available from the Society of Actuaries and the Casualty Actuarial Society . Descriptions of the exams are given in the Basic Education Catalog of the Society of Actuaries, which your can obtain from the undergraduate math office in Hill 303 or online from the Society of Actuaries web site.

Caution: These requirements are subject to change. Further details are given at the web pages of the Society of Actuaries and the Casualty Actuarial Society.

1. Economics

• 01:220:102 Introduction to Microeconomics and 01:220:103 Introduction to Microeconomics

2. Corporate Finance

• 01:220:393 Financial Economics
  or
  
• 33:390:400 Corporate Finance and 33:390:440 Advanced Corporate Finance
  (Only open to students in the school of business)

3. Applied Statistical Methods

• Either
  • 01:960:463 Regression Methods or
  • 16:960:563 Regression Analysis
  followed by 16:960:565 Applied Time Series Analysis
  (563 and 565 are graduate courses; open to undergraduates with permission of statistics department)
  or
  
• 33:390:450 Financial Analysis, Planning, Forecasting
  (Only open to students in the school of business)
  

Note: The corporate finance requirement can be satisfied by taking an approved exam or passing approved on-line courses (not given by Rutgers). See the SoA web pages for further details.