The discipline of actuarial science deals with the mathematical and statistical analysis of risk, especially as it pertains to the insurance and finance industries. It takes a great deal of training to become a professional actuary, but most of this training is done on-the-job (not in graduate school), which makes it an attractive option for many mathematics and statistics majors. Students pursuing this minor will gain the foundation necessary to prepare for the first two society exams. The Minor in Actuarial Science also affords students the means to gain VEE (Validation by Educational Experience) for courses in Regression (STAT 308), Mathematical Statistics (STAT 305), Economics, Accounting and Finance.
This course of study is in line with the 2018 restructuring of the actuarial exams, especially regarding exams covering probability, financial mathematics, mathematical statistics (new exam in 2018), and actuarial statistics I and II (new exams in 2018).