Actuarial Science & Risk Management

College of Business & Public Administration
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Actuarial Science Minor

Actuarial Science is the study of applied mathematics, statistics, finance, and risk management in both insurance and business consulting contexts.  Actuaries develop the various insurance products that policyholders may buy, while also pricing those products and ensuring their companies have enough money (assets) set aside to fund future claims (liabilities).  Drake's Actuarial Science minor provides students with a sound calculus background, which then enables them to learn basic probability and time-value-of-money topics.  Classes incorporate both the core concepts students need to be successful in their actuarial or risk management careers, and the problem-solving skills required to pass the introductory professional actuarial exams.  

This minor is available to all Drake students. Requirements can be found on the Drake Catalog.

Risk Management and Insurance Minor

Drake's minor in Risk Management and Insurance establishes a foundational understanding of how to identify, measure, and manage risk for individuals and businesses.

Individual risk management considers the benefits auto, home, life, health, and disability income insurance have on a family impacted by an unexpected event.  Employee benefits, annuities, Social Security, and retirement strategies help people live life to their full potential. 

Businesses and other organizations use risk management techniques to prevent losses from happening in the first place and reduce the losses that do occur.  Businesses are exposed to liability loss exposures from their places of business, activities, products, workers, management, directors & officers, environmental impacts, and cyber risks.  For those risks a business cannot eliminate, risk financing techniques such as transferring risk through insurance are used. 

The Risk Management and Insurance Minor covers the course material for three CPCU exams.  Drake students can earn up to two exam waivers toward the CPCU designation and the Collegiate Studies for CPCU Program Certificate.  The minor combines with other majors to prepare students for careers in:

  • Financial planning or wealth management
  • Insurance sales, brokerage, or underwriting
  • Insurance innovation
  • Corporate finance for an insurance company
  • Corporate risk management or risk management consulting
  • Employee benefits and human resources
  • Claims adjusting or processing

This minor is available to all Drake students. Requirements can be found on the Drake Catalog.

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