Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuarial science includes a number of interrelating subjects, including probability and statistics, finance, and economics. Actuarial Science stands at the intersection of risk management and financial management.
Actuaries are professionals who are qualified in this field through education and experience. They use their knowledge of mathematics and probability theory to define, analyze and solve complex business, financial and social problems. They evaluate individual and corporate risks, and design financially sound insurance and investment plans. Actuaries must demonstrate their qualifications by passing a series of professional examinations.
An actuary minor offers a blend of courses in statistics, mathematics, business and economics. As the financial crisis spreads over the world, the demand for professionals who manage the financial/economic risk is more and more desirable. Graduates with actuarial education are expected to be in great demand by the insurance and banking industry.
Requirements - Minor in Actuarial Science
The courses for the actuarial minor are from three areas: Courses in Mathematics, Economics and Business with a minimum of 18 credit hours. Students who choose this minor will need to take at least one Actuarial Exam.
Three Mathematics Courses
|MTH 3050*||Mathematics of Finance (with recitation section for SAO Exam FM/1)||3 cr.|
|MTH 4270*||Applied Probability and Statistics (with recitation section for SAO Exam FM/1)||3 cr.|
|MTH 4590*||Mathematical Model Building||3 cr.|
* These courses have MTH 1120 Mathematical Analysis II or MTH 1420 Calculus II as pre-requisites
Two (2) Economics Courses
|ECN 2950||Microeconomic Principles||3 cr.|
|ECN 2960||Macroeconomic Principles||3 cr.|
One (1) Business Course (choose 1)
|BUS 3130||Financial Management *||3 cr.|
|BUS 3150||Quantitative Methods for Decision-Making **||3 cr.|
* Has prerequisites: ACCT 2010 or ECN 2950; AND MTH 4270
** Has prerequisites: MTH 4270; AND MTH 1120 or MTH 1420
At least one (1) Actuarial Exam must be taken
Students are required to take at least one actuarial exam (Exam P/1 or FM/2). However, passing of the exams is not required to obtain the minor. The best timing will be within 3 months of finishing MTH 3050 or MTH 4270.
Students must maintain a cumulative 2.0 (C) grade point average in all minor courses and earn a grade of ‘C-’ or better in each course in order for the minor to be posted on the official transcript at the time of graduation. Prerequisites must be satisfied if a course has them. In particular, a student must have passed Calculus I with a grade of ‘C’ or higher in order to begin the minor coursework.
At least 12 credits (or 4 courses) of the courses required for the minor must be taken at UDM unless the courses are taken as part of a consortium agreement.