Actuarial Science Minor

What is an actuary?

"Through their knowledge of statistics, finance, and business, actuaries assess the risk of events occurring and help create policies that minimize risk and its financial impact on companies and clients. One of the main functions of actuaries is to help businesses assess the risk of certain events occurring and formulate policies that minimize the cost of that risk." - Bureau of Labor Statistics

Who can earn the minor?

A minor in Actuarial Science has been approved for students who will graduate in Spring 2010 and later. The minor is open to students in all majors, though it is most beneficial if the student is a College of Business or College of Science (Statistics, Mathematics, or Economics) major due to the courses required for the minor.

What are the benefits of completing the minor?

Some of the courses in the minor serve as starting points for learning the concepts covered on the first two actuarial exams (P/1 and FM/2). Most companies hiring actuaries want to see that the students have attempted at least one of the first two exams before graduation. Companies that actively recruit at VT include Mercer HR, Towers Perrin, GEICO, and Genworth Financial. The other courses in the minor meet the Validation by Educational Experience (VEE) requirements for Applied Statistics and Economics. Taking these courses while at Virginia Tech means that you won't have to take them somewhere else after you graduate.

Where can I go on the web to find out more about actuaries and what they do?

Information on actuaries and the exam process: www.beanactuary.com
U.S. Department of Labor Occupational Outlook handbook: www.bls.goc/oco/ocos041.htm
American Academy of Actuaries: www.actuary.org/aboutus.asp

How do I sign up for the minor?

Contact Leigh Harrell via email (leighh@vt.edu) to make an appointment.

Requirements for the Minor in Actuarial Science: 21 - 24 credit hours

I. Probability: 3 credits

STAT 4105 1, Statistical Theory

II. Finance: 6 credits

FIN 3104 2 , Introduction to Finance
FIN 3134 2 , Finance Concepts and Skills

III. Statistics - Regression: minimum 3 credits

Completion of:
STAT 3005-3006, Statistical Methods
OR
STAT 4706 3, Statistics for Engineers II
OR
STAT 4214 3 , Regression Analysis

IV. Statistics - Time Series:3 credits

STAT 4534 3 , Applied Statistical Time Series Analysis - Currently Offered Spring Odd Years (Spring 2009, 2011, etc.)

V. Economics: 6 credits

ECON 2005, Principles of Economics
ECON 2006 4 , Principles of Economics

Notes:

  1 STAT 4105 has a pre-requisite of MATH 2224, Multivariate Calculus.
  2 FIN 3104 and 3134 have a pre-requisite of ACIS 2115, Principles of Accounting I.
  3 STAT 4706 has a pre-requisite of STAT 4105 or 4705. STAT 4214 and STAT 4534 have a
      pre-requisite of STAT 3006 or 4706.
  4 ECON 2006 has a pre-requisite of ECON 2005

An Overall GPA of 2.5 or higher must be attained in the courses counting toward the minor

A B- or better must be earned in the classes listed in sections II, III, IV, and V to be eligible for the Society of Actuaries Validation by Educational Experience.

Students are responsible for reading the course descriptions and the Course Duplications section to avoid taking a course for which credit is not allowed.