Minor in Actuarial Science

Why minor in actuarial science?

Actuarial Science uses mathematical methods to define, analyze, and solve business and social problems. Actuaries are needed in any field that must weigh the financial consequences of risk, and are often employed by insurance companies, banks, consulting firms, investment firms, hospitals, and governments.

The minor in Actuarial Science will help prepare students to pass several of the preliminary actuarial exams: SOA Exam P / CAS Exam 1 – Probability and SOA Exam FM / CAS Exam 2 – Financial Mathematics.

This program is offered in collaboration with School of STEM.

Prerequisites (20 credits)

Students must earn an average grade of 2.7 in the following four prerequisite courses, with no grade below a 2.5 in any individual course.

5STMATH 124 Calculus I
5STMATH 125 Calculus II
5STMATH 126 Calculus III
5B BUS 220/BIS 200 Introduction to Microeconomics

Core Requirement (25 credits)

5STMATH 224 Multivariable Calculus
Prerequisite: STMATH 126
5STMATH 330 Financial Mathematics
Prerequisites: STMATH 125 and B BUS 220/BIS 200
5STMATH 392 Probability
Prerequisite: STMATH 224
5B BECN 302 Intermediate Microeconomics
Prerequisites: B BUS 220/BIS 200, STMATH 224
5B BECN 458/B BUS 458 Risk Modeling OR B BECN 382 Introduction to Econometrics.
Prerequisite: B BECN 302
Core Requirements

Students must earn an average grade of 2.7 in the five core requirement classes. At least three of the core requirement classes must not be already counted towards a student’s major; specifically, only one of STMATH 330 and STMATH 392 can count as an elective towards the Mathematics major for students also interested in obtaining a minor in Actuarial Science.

Students who have completed the minor prerequisites can complete the minor in one year as follows:

  • Autumn Quarter: STMATH 224 and STMATH 330. Take B BECN 302 this quarter too if you want to take B BECN 458 in Winter.
  • Winter Quarter: STMATH 392 and B BECN 302 (if the latter not taken in Autumn) OR STMATH 392 and B BECN 458 (if B BECN 302 taken in Autumn)
  • Spring Quarter: B BECN 382 if B BECN 458 not taken in Winter.