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Undergraduate Catalog 2022-2023
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 actuarial 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 - 18 credits
The courses for the actuarial minor are from three areas: mathematics, economics, and business. A minimum of 18 credit hours is required. Students who choose this minor will need to take at least one actuarial exam.
Three Mathematics Courses
- MTH 3050* Mathematics of Finance (3 credits)
- MTH 4270* Applied Probability and Statistics (3 credits)
- MTH 4590* Mathematical Modeling (3 credits)
* Prerequisite: MTH 1420 Calculus II with a C or better.
Two Economics Courses
One Business Course (choose 1)
- BUS 3130** Financial Management (3 credits)
- BUS 3150*** Quantitative Methods for Decision-Making (3 credits)
** Prerequisites: ACC 2010, ECN 2950, and STA 2250
*** Prerequisite: STA 2250
Students are required to take at least one actuarial exam (Exam P/1 or FM/2). However, passing of the exam(s) is not required to obtain the minor. The best timing will be within three months of finishing MTH 3050 or MTH 4270. In any case, the exam must be completed before the end of the semester in which a student is graduating in order to obtain the minor.
Additional policies:
At most, six credits may be counted toward both a student's major and minor. At most, three credits may be counted towards two separate minors. At least nine credits will be upper division (3000+ level) courses and no courses will be taken on a pass/fail basis. A minimum of 12 credits (or four courses) will be taken at Detroit Mercy unless the courses are taken as part of a consortium agreement.
Students must maintain a cumulative 2.0 grade point average in all minor courses in order for the minor to be earned and posted on the official transcript at the time of graduation. Prerequisites (including some minimum grade requirements) must be satisfied if a course has them.
Program Contact Information
Kathy Zhong, Ph.D.
Minor Advisor, Actuarial Science
Engineering 252
Email: zhongk@udmercy.edu
Telephone: 313-993-1013