Actuarial Science

The Indiana Wesleyan University Minor in Actuarial Science minor from the Division of Math and Computer Information Sciences prepares students to enter the actuarial profession. Specifically, the plan of study includes coursework preparing students for the first two actuarial exams and satisfying the Society of Actuaries' requirements for Validation by Educational Experience (VEE) in the areas of Applied Statistics, Managerial Finance, and Economics.

The Society of Actuaries describes an actuary as follows:

An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur.

Actuaries are an important part of the management team of the companies that employ them. Their work requires a combination of strong analytical skills, business knowledge and understanding of human behavior to design and manage programs that control risk.

Learn more about life as an actuary at

This Minor is intended for students taking a Mathematics Major or Mathematics Interdisciplinary Major, although students with other majors can include this minor by also taking the necessary mathematical prerequisites. The student will need at least 19 credit hours from the following courses. MAT-351 and MAT-363 prepare students for the first two actuarial exams, while the remaining courses satisfy various VEE requirements.

If you enjoy using your mathematical skills to solve challenging real-world problems, consider Actuarial Science as a profession, and consider a liberal arts education at Indiana Wesleyan University and a Minor in Actuarial Science as your preparation for a career as an actuary.

Bob Mallison

Challenge Problem

Marbles can have three colors, red, white, or blue with equal probability. If four marbles are randomly selected, what is the probability that there is at least one of each color?


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One of the best ways to discover a degree program is to check out the course listings. By simply clicking on the course titles below, you can get a preview of the classes you will attend as a student at Indiana Wesleyan University.

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The IWU Math department is a supportive and Christ-centered community dedicated to cultivating a premier mathematical experience in and out of the classroom. The professors who teach courses for Actuarial Science minor all hold PhDs and are involved in enriching mathematical endeavors beyond classroom lectures, such as regularly meeting with students one-on-one; supporting a math club; having guest lecturers; hosting a math colloquium where students and professors give mathematical presentations on topics not found in standard classes; giving math problem challenges; participating in state, national, and international math competitions; and much more.

Click on a professor's name below for more information or e-mail any of our Math professors, who would be glad to correspond with you.