Actuarial and Risk Analytics Minor, B.A., B.S.
The actuarial data typically found in insurance industries and other organizations is emerging an astonishing rate due to the advancement of modern technology. Based on such data, risk analytics identify, measure, and mitigate various risk exposures or hazards facing a business, investment, or project to minimize the likelihood of future adverse effect of occurring. Therefore, it is an increasing professional demand for individuals with advanced knowledge and skills in risk analysis for actuarial data that greatly outstrips the availability of graduates.
Admission Requirements, Retention & Termination Standards
To sign a minor in Actuarial and Risk Analytics, students must be majoring in Statistics, Data Science or Actuarial Science with a minimum overall GPA 2.5 or higher. For students who are interested in this minor, but not in these three majors, please consult with the academic advisor of this minor before taking courses from the minor requirements.
- Statistics majors: The Statistics majors can complete the ARA minor by taking DAS 150QR, DAS 253, DAS 450, and all the courses under Required Courses II given below. In addition, Statistics majors do require to select STA 589 as one of their electives.
- Data Science majors: The Data Science majors can complete the ARA minor by taking all the courses under Required Courses II given below. In addition, Data Science majors do require to select STA 589 as one of their electives.
- Actuarial Science majors: The Actuarial Science majors can complete the ARA minor by taking all the courses under Required Courses I given below.
- Double majors in Statistics and Data Science: The Statistics and the Data Science double majors can complete the ARA minor by taking all the courses under Required Courses II given below. In addition, they do require to select STA 589 as one of their electives.
- Double majors in Statistics and Actuarial Science: The Statistics and the Actuarial Science double majors can complete the ARA minor by taking DAS 150QR, DAS 253 and DAS 450.
- Double majors in Data Science and Actuarial Science: The Data Science and the Actuarial Science double majors automatically have all courses for the ARA minor.
Program Requirements
Required Courses I (12 hours)
| DAS 150QR | Introduction to Data Science | 3(2-2) |
| DAS 251 | Data Visualizations and Programming using Tableau | 1(1-1) |
| DAS 252 | Data Visualization and Programming using R/RStudio | 1(1-1) |
| DAS 253 | Data Visualization and Programming using SAS | 1(1-1) |
| DAS 350 | Exploratory Data Analytics | 3(2-2) |
| DAS 450 | Applied Analytics I | 3(3-1) |
Note: These courses are double counted with the Data Science Major.
Required Courses II (13 hours)
| ACC 201 | Concepts of Financial Accounting | 3(3-0) |
| ACT 540 | Mathematical Theory of Interest | 3(3-0) |
| ACT 544 | Statistics for Risk Modeling | 4(4-0) |
| FIN 332 | Managerial Finance | 3(3-0) |
Total: 25 semester hours