Indiana University East is collaborating with other IU campuses in Indianapolis, South Bend and Gary to offer a highly specialized graduate degree in actuarial science . The new degree program is 100% online and leverages the expertise of faculty members from four of Indiana University’s campuses. These faculty members are experts in probability, statistics and financial mathematics. The program’s faculty includes one Fellow and one Associate of the Society of Actuaries. The program is a seamless extension of Indiana University East’s existing online bachelor’s degree in actuarial sciences, which uses the same collaborative model. Actuaries are highly trained professionals who use mathematics, statistics, and financial theory to analyze the economic costs of risk and uncertainty. Actuaries typically work in the insurance industry and other businesses involved in risk analysis, risk management, and statistical modeling.

Indiana University East’s new degree will prepare students for lucrative mid-career positions in the financial industry. “This program includes courses that are designed to prepare students for four advanced exams of the Society of Actuaries”, explained Markus Pomper, Ph.D., the dean of the School of Natural Science and Mathematics. According to Pomper, these exams are in Fundamentals of Actuarial Mathematics (FAM), Statistics for Risk Modeling (SRM), Advanced Long-Term Actuarial Models (ALTAM), and Advanced Short-Term Actuarial Models (ASTAM). “Preparation for the two basic exams in Probability (Exam P) and Financial Mathematics (FM), are offered as part of the undergraduate degree program. Students who complete both the undergraduate and the graduate degree are well on their way to become an Associate of the Society of Actuaries”, Pomper explained.

Hee Seok Nam, Ph.D., an assistant professor of mathematics at Indiana University East, and himself an Associate of the Society of Actuaries, is equally excited about the new program and is hoping to share his passion for actuarial mathematics with his future students. “Working as an actuary is a dynamic combination of analytical tasks, continuous learning, collaboration and an opportunity to contribute to impactful financial decision. These characteristics attracted me to teach students pursuing an actuarial career path”, Nam said.

According to data from the U.S. Department of Labor Occupational Labor Handbook, the typical entry level salary for an actuary with a bachelor’s degree is just under $114,000. Indiana University’s new master’s degree in actuarial science provides opportunities for professional growth, promotions and even higher salaries for incumbent actuaries. Employment opportunities for actuaries are positive: The U.S. Department of Labor projects the field to grow by 23% from 2022 to 2032 , which is much faster than the average for all occupations. The Department of Labor expects approximately 2,300 openings for actuaries each year, on average, over the decade. Many of those openings will result from the need to replace workers who transfer to different occupations or exit the labor force for retirement.

Indiana University East will offer some of beginning classes for the program in the coming spring semester. The program will see its full start in fall 2024.