Actuarial Science Minor

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COURSE OPTIONS

REQUIRED COURSES:

MATH 152: Calculus I (4)

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.

STAT 148: Introduction to Financial Mathematics (2)

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. Prerequisite: an ACT mathematics score of 22 or higher or one course from Mathematics 100, 108, 115; strong algebra skills. [Cross-listed: Mathematics 148]

STAT 215: Introduction to Univariate Probability (2)

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. Prerequisite: Mathematics 152. [Cross-listed: Mathematics 215]

STAT 216: Introduction to Multivariate Probability (2)

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. Prerequisites: Mathematics 152; Statistics 215. [Cross-listed: Mathematics 216]

STAT 218: Intermediate Financial Mathematics (2)

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. Prerequisite: Statistics 148. Pre or corequisite: Mathematics 152. [Cross-listed: Mathematics 218]

MUST CHOOSE 1:

Students must complete two of the following three tracks (Society of Actuaries Certified Validation by Education Experience Tracks):

A) Choose 1- STAT 131 or STAT 132, 202

STAT 131: Introductory Statistics (4)

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. Prerequisite: an ACT mathematics score of 22 or higher or one course from Mathematics 100, 108, 115 or ALEKS score of 45 of higher.

STAT 132: Accelerated Introductory Statistics (2)

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. Prerequisite: Mathematics 152 or significant prior experience with statistics.

STAT 202: Econometrics (3)

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. Prerequisite: Statistics 131 or 132. [Cross-listed: Economics 232]

B) Economics 202, 203

ECON 202: Principles of Economics: Micro (3)

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.

ECON 203: Principles of Economics: Macro (3)

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.

C) Business Administration 305, 325. (Note: Business Administration 201 is a prerequisite for Business Administration 305.)

BUAD 305: Corporate Finance (3)

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. Prerequisite: Business Administration 100, 201; Math 115 for students with a score below 22 on the mathematics portion of the ACT.

BUAD 325: Advanced Financial Management (3)

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. Prerequisite: Business Administration 305.