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Program
Description
Ball
State University's Center for Actuarial Science, Insurance and Risk Management
is certainly an exciting major, but what exactly does a CARMI student
do out in the real world?
Actuaries are professionals trained in mathematics, statistics, and economic techniques that allow them to put a financial value on future risk-based events. For instance, how many people in a certain age group will require heart surgery in five years and what will the average claim be?
What is the likelihood of a new driver being in an accident in Indianapolis next year? How much money should a health insurance company be prepared to spend on all claims in a year? These questions are very important to the insurance and risk management industry, and they are answered every day by people trained as actuaries.
Actuaries work for companies or consulting firms that have a vested interest in future events and need to put a price tag on financial risks. Their skills are sought by insurance companies, investment firms, government agencies, employee benefits consulting firms, and others. Preparing students to solve the problems of probability is the goal of Ball State's program in actuarial science. The university is the only one in Indiana with complete bachelor of science and master of arts programs in the field.
Students are required to take courses in calculus, algebra, statistics, and probability in addition to advanced classes in actuarial science. They also take classes in the Department of Finance on principles of insurance and risk management and more advanced topics in life and health insurance and employee benefits. Course work prepares students for all associate-level examinations required for professional status.
Student opportunities
The Department of Mathematical Sciences has many additional academic and social opportunities for students. Students often give mathematical presentations, both within the department and at student conferences at other universities. Many students participate in mathematics competitions; in 1996 the Ball State team placed 52nd among all colleges and universities in North America in the prestigious Putnam mathematics contest.
Several
student organizations offer enriching activities. The Actuarial Science
Club frequently brings in speakers from the insurance industry and gives
its members the opportunity to discuss their work and internship experiences.
The Math Club sponsors many social activities and invites guests to speak
on topics of student interest.
The Department of Mathematical Sciences offers state-of-the-art computer facilities, including two labs featuring Internet access and a variety of hardware and software packages.
Applicants to Ball State expecting to major in a mathematics program should inquire into scholarships available. The Edwards Memorial Scholarship provides substantial financial support to select entering freshmen every year and is renewable for up to four years.
