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Undergraduate Catalog 2020-2021
Actuarial Science Minor
Description
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. In our increasingly interconnected 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.
Program Learning Outcomes
Graduates of this program will be able to:
- demonstrate a basic understanding of probability and statistics by their ability to solve a variety of exam problems.
- correctly solve a variety of actuarial science problems using both basic and advanced mathematical techniques.
- apply actuarial mathematics to problems in a variety of fields, including insurance, finance, investment, and other businesses.
- communicate effectively and clearly both in written and oral form.
Actuarial Science Minor Requirements
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 credits)
- MTH 4270* Applied Probability and Statistics (with recitation section for SAO Exam FM/1) (3 credits)
- MTH 4590* Mathematical Model Building (3 credits)
* These courses have MTH 1420 Calculus II as pre-requisite.
Two Economics Courses
One Business Course (choose 1)
- BUS 3130* Financial Management (3 credits)
- BUS 3150** Quantitative Methods for Decision-Making (3 credits)
*Has prerequisites: ACC 2010 or ECN 2950; AND STA 2250
**Has prerequisites: STA 2250
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.
At least 12 credits (or 4 courses) of the courses required for the minor must be taken at Detroit Mercy unless the courses are taken as part of a consortium agreement.
Program Contact Information
Minor Advisor: Kathy Zhong, Ph.D.
Engineering 252
Email: zhongk@udmercy.edu
Telephone: (313) 993-1013