Minor in Actuarial Science
The Indiana Wesleyan University Minor in Actuarial Science 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.
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.