School of Actuarial Science Programs

Drake offers the following options for pursuing an education in the field of actuarial science:

Actuarial Science Major

Actuarial Science students will complete the core business curriculum, which includes a combination of accounting, economics, math, statistics, management, and other business courses, in addition to a series of Actuarial Science courses. Students begin with calculus I–calculus III, which provide the mathematical basis for actuarial work. This is followed with four semesters of probability and statistics. These courses provide general modeling skills.

At the same time, courses in finance and interest theory provide the needed background in investments. These skills are combined in the two-semester actuarial mathematics sequence where specific actuarial problems are addressed. Plus, professional preparation with emphasis on communication, writing, and presentation skills provides a well-rounded experience that will put you a step ahead of the competition come graduation.

Requirements for major:

  • Non-business requirements:
  • Mathematics 50, 70, 100 (Calculus I, II and III)
  • Mathematics 80 (Linear Algebra)
  • Information Systems 44 (IT Applications for Business)
  • Business core:
  • Statistics 71 and 72 are replaced by Actuarial Science 131 (Introduction to Probability I) and Actuarial Science 141 – (Statistical Modeling and Data Analysis I)
  • Requirements for major:
  • Actuarial Science 120/120L (Theory of Interest and Lab)
  • Actuarial Science 121 (Introduction to Derivatives)
  • Actuarial Science 132 (Introduction to Probability II)
  • Actuarial Science 145 (Derivatives Mathematics)
  • Actuarial Science 150 (Life Insurance Mathematics I)
  • Actuarial Science 170 (Statistical Modeling and Data Analysis II)
  • Finance 102 (Advanced Corporate Finance)

    Choose one:
  • Actuarial Science 151 (Life Insurance Mathematics II) or
    Actuarial Science 160 (Credibility & Simulation)


Joint Majors

A joint major is single major that combines coursework from Actuarial Science and another area.

Below please find the essential courses that must be completed for a joint major with Actuarial Science. Other courses required depend on what second major gets paired with Actuarial Science for a joint major.

Nonbusiness requirements:

  • Mathematics 50, 70, 100 (Calculus I, II and III)
  • Mathematics 80 (Linear Algebra)
  • Business core:
  • Statistics 71 and 72 are replaced by Actuarial Science 131 and corresponding lab 131L (Introduction to Probability I) and Actuarial Science 141 (Statistical Modeling and Data Analysis I)
  • Requirements for major:
  • Actuarial Science 120 (Theory of Interest), and corresponding lab, 120L
  • Actuarial Science121 (Introduction to Derivatives)
  • Actuarial Science 132 (Introduction to Probability II)
  • Actuarial Science 145 (Derivatives Mathematics)
  • Actuarial Science 150 (Life Insurance Mathematics I)
  • Statistics 170 (Statistical Modeling and Data Analysis II)

To be fully prepared for Exam C (one of the first five actuarial examinations), students should also complete Actuarial Science 160 (Credibility and Simulation).

 

Bachelor of Science in Business Administration with a joint major in Actuarial Science/Finance

The joint major in Actuarial Science and Finance provides students with an opportunity to study two subjects that require strong quantitative and analytical reasoning skills. Skillsets in Finance complement Actuarial Science and vice versa.

The joint major prepares students for career opportunities in many facets of financial services, including insurance, banking, personal financial planning, portfolio management, and more.
For students planning to complete professional actuarial examinations, the finance courses cover several topics that appear on the advanced examinations.

Nonbusiness requirements:

  • Mathematics 50, 70, 100 (Calculus I, II and III)
  • Mathematics 80 (Linear Algebra)
  • Business core:
  • Statistics 71 and 72 are replaced by Actuarial Science 131 and corresponding lab 131L (Introduction to Probability I) and Actuarial Science 141 (Statistical Modeling and Data Analysis I)

Requirements for major:

  • Actuarial Science 120 (Theory of Interest) and corresponding lab 120L
  • Actuarial Science 121 (Introduction to Derivatives)
  • Actuarial Science 132 (Introduction to Probability II)
  • Actuarial Science 145 (Derivatives Mathematics)
  • Actuarial Science 150 (Life Insurance Mathematics I)
  • Statistics 170 (Statistical Modeling and Data Analysis II)
  • Economics 10 (Principles of Macroeconomics), (recommended for Validation by Educational Experience)
  • Finance 102 (Advanced Corporate Finance)
  • Finance 129 (Financial Institutions Management)
  • Finance 170 (International Finance)
  • Finance 193 (Portfolio Analysis)
  • Finance 197 (Seminar in Finance)

To be fully prepared for Exam C (one of the first five actuarial examinations), students should also complete Actuarial Science 160 (Credibility and Simulation).

 

Actuarial Science Concentration

A concentration in Actuarial Science allows students to apply solid quantitative skills in completing a few of the introductory Actuarial Science courses without making a full commitment to the major. This concentration is open to any student meeting the pre-requisites for the courses.

The requirements for the concentration are:

  • Actuarial Science 120 (Theory of Interest) and corresponding lab 120L
  • Actuarial Science 131 (Introduction to Probability I) and correspondong lab 131L
  • Actuarial Science 121 (Introduction to Derivatives) or Actuarial Science 132 (Introduction to Probability II)

 

Insurance Concentration

Unlike the extensive insurance programs at other schools that are limited to business students, Drake’s insurance concentration is open to, and attracts, students from throughout the University regardless of their major. For the most part, with their own extensive training programs, insurance companies do not seek college students with an in-depth insurance education. Rather companies seek bright students who, regardless of their major, have a basic knowledge of the concepts and efficient uses of insurance and are interested in discussing opportunities for employment in the industry. Growing demand for Drake graduates from the insurance industry reflects the program’s preparation for initial employment in the industry.

Students can earn the concentration by completing three courses with a GPA of 2.0 or above:

  • Insurance 51—Personal Risk Management
  • Insurance 141—Business Risk Management
  • Insurance 161—Insurance Company Operations

 

 

 

 

CBPA News
September 15, 2016
A series of free and low-cost public events at Drake University will highlight the experiences of social justice leaders from developing countries around the world.
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