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Group Student Advising MAS -II LTA M November 13, 2018 Econ M AS -I ST AM M F omic I s s c i t V s i E t E a t S Fina M AT nce H P FM

Actuarial Science Major Course Requirements • The required courses are: Act Sci 303, probability, statistics, Act Sci 650, Act Sci 652, Act Sci 300 and Act Sci 301. • You must take one of either Act Sci 651 or Act Sci 653. (You can take both courses, but only one counts for satisfying the major requirement. ) • Finally, you must take one of Act Sci 654 or Act Sci 655 or Act Sci 365. (You can take all of these courses, but only one counts for satisfying the major requirement. ) • Your probability course requirement may be satisfied by either (1) Math 431, (2) Stat 309, or (3) Stat 311. Math 234 is a prerequisite for probability, but can be taken concurrently with one of these probability courses. • Your statistics course requirement may be satisfied by (1) Stat 310 or (2) Stat 312. Do not take Gen Bus 306 or 307.

Actuarial Science Course Sequencing • We recommend Act Sci 303 as early as your second semester freshman year. You need to have completed Math 222 prior to taking this class (it cannot be taken concurrently). Act Sci 301 is a one-credit review class for Act Sci 303 and can be taken concurrently. • You can take either Math 431, Stat 309 or Stat 311 to meet the probability requirement for the major. Act Sci 300 is the review class for probability and be taken the semester AFTER you take one of these three courses. • Once you have completed Act Sci 303 and your probability course, register for the Act Sci 652/653 sequence, commonly in your junior year. Take Stats 310 or 312 concurrent with (or prior to) Act Sci 652, as Act Sci 653 requires completion of either Stat 310 or Stat 312. • You can take the Act Sci 650/651 sequence in your senior year. • You can take Act Sci 654, Act Sci 655 or Act Sci 365 after you have completed either Stat 310 or Stat 312 in your junior or senior year.

Actuarial Science Other Recommendations • Taking a computer programming course can be extremely valuable for actuarial science students. Consider Comp Sci 301 (Intro to Data Programming), or one or more of the modules in the Stats Data Analysis with R sequence (Stat 327). • It is strongly recommended to take RMI 300 your sophomore year. This course satisfies a breadth requirement and is very useful for actuaries. • Math, statistics and actuarial science courses can be challenging. Try not to overload your schedule in any semester. Be especially aware in your first semester at UW-Madison, as your transition to a new environment can bring its own challenges and opportunities. • The potential schedules below include the math, statistics, actuarial courses needed for the major, along with those classes needed to satisfy the VEE requirements (see below), and RMI 300. Fill in the rest of your schedule with required pre-business, and liberal studies requirements for the degree.

No High School Calculus Academic Year Fall Spring First Courses: Math 221 (5) Econ 101 (4) Actuarial Exam: Courses: Math 222 (4) Econ 102 (4) Actuarial Exam: Second Courses: Math 234 (4) Act Sci 303(3) Act Sci 301(1) Acct 100 (3) Actuarial Exam: FM/2 Courses: Statistics (3) Act Sci 300 (1) Act Sci 652 (3) Actuarial Exam: P/1 Courses: Probability (3) RMI 300 (3) Fin 300 (3) Courses: Act Sci 650 (3) Fin 320 (3) Act Sci 654 or Act Sci 655 or Act Sci 365 (3) Actuarial Exam: Courses: Act Sci 651(3) Fin 330 (3) Actuarial Exam: LTAM or MAS I Third Fourth Actuarial Exam: Courses: Act Sci 653 Actuarial Exam: STAM

High School Calculus AB Academic Year Fall Spring First Courses: Math 222 (4) Econ 101(4) Courses: Act Sci 303 (3) Act Sci 301 (1) Math 234 (4) Econ 102 (4) Actuarial Exam: FM/2 Actuarial Exam: Second Courses: Probability (3) RMI 300 (3) Acct 100 (3) Actuarial Exam: Courses: Statistics (3) Act Sci 300 (1) Fin 300 (3) Actuarial Exam: P/1 Third Courses: Act Sci 652 (3) Fin 320 (3) Courses: Act Sci 653 (3) Act Sci 654 or Act Sci 655 or Act Sci 365 (3) Actuarial Exam: Fourth Courses: Act Sci 650 (3) Actuarial Exam: MAS I Actuarial Exam: STAM Courses: Act Sci 651 (3) Fin 330 (3) Actuarial Exam: LTAM or IFM/3 F

Actuarial Major Courses and Pre-requisites Class Required for Major Pre-requisites Act Sci 300 Two credits of either The semester following either Math Offered both Fall and Act Sci 300 or 301* 431, Stat 309, or Stat 311 Spring semesters Act Sci 301 Two credits of either Concurrent or following Act Sci 300 or 301* 303 Offered both Fall and Spring semesters Math 431 or Stat 309 or Stat 311 Yes Math 234 (or concurrent) Offered both Fall and Spring semesters Act Sci 303** Yes Math 222 Stat 310 or Stat 312 Act Sci 652 Yes Math 431 or Stat 309 or Stat 311 Offered both Fall and Spring semesters Act Sci 653 Math 431, Stat 309, or Stat 311 Either Act Sci 651 or Act Sci 652 and either Stat 310 or 653 required Stat 312 Act Sci 650 Yes Act Sci 303 and either Math 431, Stat 309, or Stat 311 Either Act Sci 651 or Act Sci 650 653 required Either Act Sci 654 or Either Stat 310 or Stat 312 Act Sci 655 or Act Sci 365 required Usually offered only in Fall semester Offered in Spring semester Offered both Fall and Spring semesters Either Act Sci 654 or Either Stat 310 or Stat 312 Act Sci 655 or Act Sci 365 required Usually offered once a year Act Sci 651 Act Sci 654 Act Sci 655 Act Sci 365 Yes Other To be determined

Actuarial Professional Exam Offerings Based on 2017 sittings Exam Dates offered P/1 Mid-January, late March, mid-May, late July, late September, mid-November FM/2 Late February, mid-April, mid-June, mid-August, mid-October, mid-December IFM/3 F Mid-March, mid-July, late November STAM Mid-February, late June, early October LTAM Late October, Late April MAS-I and MAS-II April, October

UW Courses Related to Society of Actuaries (SOA) Requirements Effective Starting July 1, 2018 (see transition rules) UW-Madison Course Actuarial Exam or Requirement Stat 309 OR Stat 311 OR Math 431 AND Act Sci 300 Econ 101 AND Econ 102 OR Econ 111 Exam P/1 (Probability) Exam FM/2 (Financial Mathematics) Exam STAM (Short Term Actuarial Mathematics) Exam IFM/3 F (Investments and Financial Markets) Exam LTAM (Long Term Actuarial Mathematics) Exam SRM and PA (Statistics for Risk Modeling; Predictive Analytics) Economics VEE Acct 100 AND Fin 320* Accounting and Finance VEE Stat 310 OR Stat 312 and Act Sci 652* Statistics VEE Act Sci 303 AND Act Sci 301 Act Sci 652 AND Act Sci 653 Fin 320 and Fin 330 Act Sci 650 AND Act Sci 651 Act Sci 654 OR Act Sci 655 And (Act Sci 365) Machine Learning *To be confirmed as we apply for credit for the SOA

UW Courses Related to Casualty Actuarial Society (CAS) Requirements Effective Starting Spring 2018 (see transition rules) UW-Madison Course Actuarial Exam or Requirement Stat 309 OR Stat 311 OR Math 431 AND Act Sci 300 Exam P/1 (Probability) Exam FM/2 (Financial Mathematics) Exam IFM/3 F (Investments and Financial Markets) Exam MAS-1 (Modern Actuarial Statistics - 1) Act Sci 303 AND Act Sci 301 Fin 320 and Fin 330 Act Sci 650 AND Act Sci 652 And Act Sci 654 AND Math/Stat 632 Act Sci 653 AND Act Sci 365 (Machine Learning) AND Other topics Econ 101 AND Econ 102 OR Econ 111 Exam MAS-2 (Modern Actuarial Statistics – 2) Economics VEE Acct 100 AND Fin 320* Accounting and Finance VEE *To be confirmed as new syllabi are reviewed – there will likely be other topics on these exams not covered in these courses.

Considerations o o o Get Involved. We have an unbelievable actuarial science community here at UW-Madison. So many great people to meet and learn from: students, professors, visiting professionals. Take advantage of everything that our program has to offer to you. Second Major. Consider taking Risk Management and Insurance as a second major. Also popular is Finance. Studying Abroad. Many of our students will study abroad. Many of our courses are offered in both Spring and Fall semesters (all except 650, 651 and 655) so with planning you might be able to do so. Studying abroad can be very educational and fulfilling.

Study Materials ASM Manuals, Flashcards, Practice Exams Actex Manuals, Flashcards, Practice Exams BPP Check the library! TEL website SOA/CAS Provided Problems

Professional Exam Advice o o Take the Exams. If you’ve been studying but don’t think you’ll do very well, take it anyway. It’s the best way to find out what you need to work on. Take the exams while the knowledge is fresh in your mind. The longer you wait, the more you forget, the more you have to re-study. Practice Makes Perfect, especially practice problems. Exam problems might be in a format you haven’t seen in class. The best way to look out for this is to do old exam problems. Form study groups!

Additional Resources www. beanactuary. com www. actexmadriver. com www. soa. org www. actuarialoutpost. com