Actuarial science has been added as an option in the mathematics major for next fall due to increased student demand.

According to Dr. Chris McGowan, dean of the College of Science, Technology and Agriculture, the program has been in the works for several years. Interest was communicated from the Office of Admissions, which led to the mathematics department forming a committee that could create the option and its classes.

"Students in high schools were asking for actuarial programs, so in response to that request we've put an actuarial program into play," McGowan said.

It recently was approved by the Board of Regents and currently is awaiting approval from the Missouri Department of Higher Education.

"We've been talking about this for several years, trying to get interest built up, and when I meet with prospective students and their parents probably 90 percent of the time this will come up in some fashion," mathematics chair Tamela Randolph said.

The closest college to offer a similar degree is Maryville University in St. Louis, which has a smaller student population than Southeast Missouri State University, so Randolph felt it was feasible to add the option. Hiring Dr. Emmanuel Thompson, who specializes in actuarial science, helped move the process along.

Thompson described actuarial science as "a discipline that combines mathematics, statistics, probability theory and financial theory to be able to manage risk."

"It draws from other academic fields," Thompson said. "It's not only a standard discipline like mathematics or statistics. It draws on economics, finance, computer science and communication. They all come together to form the actuarial science discipline. So, because of that, once you finish school and start working you're going to apply all these disciplines as part of your work."

Because of the different facets of actuarial science, the department worked with the College of Business and Computer Science to create the program, Randolph said.

"We had to get outside our little world, so there's lots of things involved besides just 'Hey, this is a good idea,'" Randolph said. "It becomes hugely collaborative."

As they are starting to advertise this program, Randolph said that people are "coming up out of the woodwork."

"It seems like people are very interested, and the statisticians and Dr. Thompson are getting inquiries from all over the place," Randolph said. "I'm hoping we can fight with cybersecurity for the fastest moving major on campus."

The program also will help students get internships and take professional actuarial exams to become a qualified actuary, Thompson said.

"And the thing too, those who take a degree in actuarial science, it does not necessarily mean that they all end up becoming actuaries, but it develops them for the financial service industry," Thompson said.

Thompson added that students with the major can go on to become risk analysts even if they don't go on to become fellowship actuaries.

"I think it's a great program for students," McGowan said. "It's an area where students can graduate with a B.S. degree and make a very decent salary."