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Actuarial Science Minor

How to Add/Change an Actuarial Science Minor

The department of Statistics accepts and processes requests for minors at any time.

To add or change an Actuarial Science minor, you must download and complete the Change of Major/Minor Form. If you would like to schedule an appointment with an academic advisor to make a plan for enrolling in those courses, then follow the steps below.

Steps to schedule an appointment with Brandy Hayden:

  1. Login to Navigate
  2. Click Schedule an Appointment
  3. Select Advising
  4. Select Explore Minors
  5. Select Explore Actuarial Science Minor

Once you have met with an advisor (if needed), you must submit the Change of Major/Minor form to the Statistics Document Submission Portal so that it can be signed and sent to the College of Science Dean’s Office for processing.

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?

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 Watson, 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
Society of Actuaries: www.soa.org
Caualty Actuarial Society: www.casact.org

Important Information to Note:

  • Students are responsible for reading the course descriptions and the course duplications section to avoid taking a course for which credit is not allowed.
  • An overall GPA of 2.0 or higher must be attained in the courses counting toward the minor.
  • 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.

 

More information about VEE credit can be found at www.beanactuary.com.