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Actuarial Science Minor

For some people, the idea of understanding statistics, mathematics, business, economics, and more in order to help model risk may sound intimidating. But for an actuarial science minor, it’s invigorating. If you love figuring out how to apply math and statistical models to real situations, consider an actuarial science minor from Dordt.

Male student sits at desk with a surface pro in actuarial science class

Program Overview

Dordt's Christ-centered actuarial science program is academically strong. Our faculty have firsthand knowledge of what it takes to be an actuary; they have taken and passed actuarial exams, plus they have worked in the field. Dordt students had a 100 percent placement rate for the class of 2021 upon graduation. Dordt’s actuarial program is taught from a Christian perspective so students can feel equipped to make positive change in the financial industry.

An actuarial science professor leans over to assist a student and review his work

What You'll Learn

Dordt’s actuarial science minor is a good option for students who decide later in their college career to pursue actuarial science. It’s also ideal for students who wish to pursue actuarial science along with another major. The minor in actuarial science requires fewer courses but will still put you in a strong position to get a job upon graduation.

What You Can Do With An Actuarial Science Emphasis

An actuarial science minor combined with a business-related major can create another path to becoming an actuary. Dordt’s actuarial science minor can help you prepare for actuarial exams as well as internship or entry-level jobs. According to our data, if you have an interest in an actuarial science minor, pursuing it at Dordt is the way to go.

Financial Advisor

A Financial Advisor is responsible for providing financial guidelines or advice to customers such as investment management, tax planning, and estate planning.

Budget Analyst

A Budget Analyst helps different organizations plan their finances by preparing budget reports and monitoring their spending.

Actuarial Consultant

An Actuarial Consultant uses financial and statistical theories to evaluate, manage, and advise companies on financial risks.

To complete an actuarial science minor, students will complete one course in calculus and four statistics courses. Additionally, students will pick two of three tracks, each consisting of two statistics, economics, or business administration classes based on their area of interest.

  • Calculus I: A study of the basic concepts and techniques of calculus for students in all disciplines. Topics include limits, differentiation, integration, and applications. This course is intended for students without any previous calculus credit. Prerequisite: Mathematics 116 or equivalent or ALEKS PPL score of 70 or higher by third class meeting.
  • Introduction to Financial Mathematics: This course covers topics in basic interest theory including interest, annuities, and amortization as well as basic concepts in derivatives markets including stocks, bonds, forwards, puts, calls, spreads, and hedges. Course content is taught using a guided discovery approach focusing on student conceptual understanding. The course also includes discussion of Christian perspectives on investments and risk management. This course, along with Statistics 218, also serves as preparation for Actuarial Exam FM/2. Offered first half of fall semester.
  • Introduction to Univariate Probability: An introduction to the theory and techniques of general probability and common univariate probability distributions. Topics include but are not limited to basic set theory, introductory probability rules (independence, combinatorials, conditionals, Bayes theorem, etc.), common univariate distributions (e.g., binomial and normal) and expected value/variance. This course, along with Statistics 216, also serves as preparation for Actuarial Exam P/1. Offered first half of the semester.
  • Introduction to Multivariate Probability: An introduction to multivariate probability distributions. Topics include but are not limited to joint probability density functions, conditional and marginal probability distributions, moment generating functions, covariance and correlations, transformations and linear combinations of independent random variables. This course, along with Statistics 215, also serves as preparation for Actuarial Exam P/1. Offered second half of the semester.
  • Intermediate Financial Mathematics: This course covers intermediate topics in financial mathematics including progressing annuities, force of interest, duration, convexity, immunization, swaps, forwards and other topics on Actuarial Exam FM/2 that are not covered in Statistics 148. This course, along with Statistics 132, also serves as preparation for Actuarial Exam FM/2. Offered second half of fall semester.
  • Introductory Statistics: An introductory course in statistical techniques and methods and their application to a variety of fields. Topics include data analysis, design of experiments, and statistical inference including confidence intervals and hypothesis testing. Exposure to statistical software and a substantive student project are also part of this course.
  • Accelerated Introductory Statistics: This course covers the same content and learning objectives as Statistics 131 but in half the time. This course, along with Statistics 202 and Statistics 203, also serves as preparation for Actuarial Exam SRM. Additionally this course, along with Statistics 202, Statistics 203, Statistics 220 and Statistics 352, serves as preparation for Actuarial Exam MAS I. Offered first half of spring semester. Credit will not be given for both Statistics 131 and 132.
  • Econometrics: This course covers all of the topics in Statistics 201 and topics commonly used in economic applications of statistics: time series and forecasting, linear time series models, moving average, autoregressive and ARIMA models, data analysis and forecasting with time series models and forecasting errors. Meets at the same times as Statistics 201 plus two additional hours per week. This course, along with Statistics 132 and Statistics 203, also serves as preparation for Actuarial Exam SRM. Additionally this course, along with Statistics 132, Statistics 203, Statistics 220 and Statistics 352, serves as preparation for Actuarial Exam MAS I. Offered second half of spring semester. Credit will not be given for both Statistics 201 and 202.
  • Principles of Economics: The study of allocation of scarce resources at the level of the individual, household, and firm. Included are human motivation and preferences, the market, the function of prices, supply, demand, perfect and imperfect competition, and selected policy questions. Christian views on the nature of humanity, human motivation, and the market are also studied.
  • Principles of Economics: Macro: An introduction to the study of human choice in the allocation of scarce resources, concentrating on the aggregate or national level. Economic systems, national income accounts and analysis, income distribution, fiscal and monetary policy, banking systems, economic growth, and selected economic policy problems are covered. Christian views on the origin and nature of economic resources and humankind’s stewardship responsibilities are discussed. Prerequisite: Economics 202; or permission of instructor.
  • Corporate Finance: An introduction to the theory, issues, and practice of business finance. Key components include valuation of financial assets, financial planning and control, working capital management, and capital budgeting.
  • Advanced Financial Management: The study of advanced topics in financial management, such as risk analysis, capital structure, dividend policy, mergers, acquisitions, foreign investment, etc. Case analysis will be used extensively.

See the course catalog for more information.

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Student Stories

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With all the resources and relationships that Dordt had to provide, Caleb was able to grow in his faith, sharpen his academic skills, harness his athletic ability, and prepare for everything that lies ahead of him.

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Actual Actuarial Experience

Lucas Vander Berg

With the level of work and trust that he was given by Dordt's faculty, Lucas was able to experience and participate in a variety of different research projects that ultimately prepared him for the amazing opportunities he received after college.

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