Starting this semester, Stern students are no longer able to concentrate in Actuarial Science as part of their Bachelor of Science in Business degree. The change comes after years of declining enrollment in the program, as more students gravitate toward data science, analytics and statistics concentrations.  

Rohit Deo, undergraduate dean of the Stern School of Business, announced in a September email that the program will “sunset” and advised students interested in actuarial science — a math-intensive field that evaluates insurance and pension plans — to concentrate in statistics instead. Deo said that the statistics program will still allow students to prepare for the examinations needed to become an actuary, with opportunities to hone in on themes of probability and financial mathematics.

Founder, director and faculty advisor of Stern’s Actuarial Science program Aaron Tenenbein, said that most insurance companies prioritize scores on required actuary exams more than the field-specific degree. He added that the number of students concentrating in Actuarial Science halved, while Stern’s Statistics concentration tripled in demand. 

“The insurance companies don’t care what the degree is,” Tenenbien told WSN. “They just care about you passing exams.”

Tenenbein, who is also a statistics professor, had a class enrollment of thirty students in his actuarial science courses in 2000 — but the number shrunk to two or three students in recent years. Tenenbein will see no changes to his position following the change.

Juniors and seniors who arrived at Stern prior to fall 2024 will still be able to fulfill the concentration. Sophomores, first-years and any incoming students are directed to the school’s Business concentration in Statistics.

“It was unfair that they marketed this concentration to students and applicants when they’re accepting them,” a Stern sophomore, who spoke on condition of anonymity due to job recruitment concerns, said in an interview with WSN. “All the classes are still available and our concentration director and faculty advisor are still here. Why are you cutting it in the first place?” 

The concentration required 31 credits to complete — nearly double the number of those for statistics and data science concentrations. Actuarial science also required prerequisites such as Calculus I through III and linear algebra, which are not mandated for most alternative concentrations — raising concerns that some students might not receive as rigorous math training without the traditional program.

Another Stern student, who also spoke on the condition of anonymity for future job recruitment purposes, said that although the Actuarial Science title can show “more commitment” to the field, its cancellation will have little impact on their career path because they can still take the overlapping statistics courses. 

In 2019, the Wharton School of Business at the University of Pennsylvania also ended its actuarial science program, citing an absence of key resources, including “an upcoming faculty retirement” as contributing factors. Columbia University only offers a masters in actuarial science, while Baruch College offers the program as a major in the Weissman School of Arts and Sciences. 

“I was upset because I got into Baruch with a full scholarship, so that was something that I was considering,” the student said. “I ended up at NYU because I could study actuarial science at both — but now it’s being cut.” 

Contact Julian Torres at [email protected].