Tuesday, Apr 24, 2018
Field expected to produce median annual wage earnings of $100,000
by Rachel Stengel '14
Beginning in the fall of 2018, 91°µÍø will offer the only AACSB-accredited bachelor's degree program in actuarial science in New Jersey. AACSB accreditation is the most recognized form of specialized/professional accreditation an institution and its business programs can earn worldwide.
The program is a partnership between Rider's College of Business Administration (CBA) and the College of Liberal Arts and Sciences' Department of Mathematics. Students have the option of entering the actuarial science program as a business major, earning a Bachelor of Science in Business Administration, or as a liberal arts major, earning a Bachelor of Arts. The major curriculum is the same for both programs; only the core courses differ.
Dr. Lan Nygren, CBA associate dean, says the partnership helps solidify the business and mathematics knowledge necessary to succeed as an actuary and achieve professional certification.
"Students get a solid foundation in all areas of actuarial science, such as finance, probability, statistics, accounting, risk modeling and economics," she says. "Rider students have a strong track record of securing jobs as actuaries, underwriters and brokers in major companies — JP Morgan Chase, Prudential Financial and New York Life Insurance, just to name a few."
Actuaries analyze and manage the financial consequences of risk and uncertainty. They can be found in all sectors of the economy, but primarily in insurance companies and commercial and investment banks. The 91°µÍø Bureau of Labor Statistics projects the actuarial field will grow by 22 percent through 2026 with median annual wages of more than $100,000. The New York-New Jersey metropolitan area also boasts the highest employment levels for actuaries.
“CBA boasts a long history of preparing students for in-demand, high-paying careers and we are thrilled to have another course of study dedicated to thoroughly training future business leaders," says Dr. Cynthia Newman, CBA dean.
CBA's in-depth curriculum recently landed Rider a spot on College Choice's list of the Best Actuarial Science Degrees, even though the partnership with the math department was yet to be finalized. Nygren says the ranking reinforces Rider's reputation for offering a well-rounded education in all areas of business. "Revitalizing the major and adding the new option provides the opportunity to move up in the rankings," Nygren says.
In addition to becoming an actuary, there are a variety of career paths students can choose with the degree. "With the strong CBA business skills and mathematical knowledge, students are well-equipped to work in finance, economics, accounting or supply-chain management, in addition to the actuarial field," Nygren says.
For more information about the actuarial science program, contact CBA associate professor Dr. William Amadio at amadio@rider.edu or 609-896-5254.