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Actuarial Science Minor

Add strategic finance, risk management, and applied mathematical skills to your studies at one of the world’s top centers of actuarial science education.

Zimpleman College of Business | On-Campus

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What You'll Learn

All businesses face a degree of risk that’s calculated between their assets and projected insurance claims. Actuarial science professionals turn to statistics, probability, and other mathematical concepts to assign a value to this difference—a factor insurance companies then use to develop and price their offerings.

In Drake University’s Actuarial Science minor, you’ll build the core tools and understanding needed to pass introductory professional actuarial exams and succeed in career paths related to insurance and risk management.

After acquiring a mathematical foundation, you’ll study key applied areas, including theory of interest and personal risk management.

As one of only 24 universities in the U.S. recognized as a Center for Actuarial Excellence (CAE) by the Society of Actuaries, Drake gives you access to leading experts in the field and exceptional opportunities outside the classroom to establish your career..

About the Actuarial Science Minor

  • Study insurance in one of the industry’s most important hubs, Des Moines, positioning yourself for strategic career connections.
  • Tap into Drake’s resources, like the Kelley Center for Insurance Innovation or the Global Insurance Accelerator Partnership.
  • Easily combine the Actuarial Science minor with a business major like finance or accounting to expand your career prospects.
  • Build essential computational skills that are in demand across industries.

Program Facts

  • On campus
  • Available to all Drake students
  • 120 total credits; 22-23 credits for the minor

Program Options

With just seven courses, this minor delivers a solid introduction to the overlap between finance and risk management in the business world.

Actuarial Science Minor

Taking about half the courses required for the major exposes you to fundamental actuarial science concepts and applied mathematical skills, lets you supplement your studies, and directs you toward further exploration.

Meet the Faculty

Learn the technical side of actuarial science from faculty with extensive industry experience who are steering the field through their research.

Yiqing Chen, PhD

Yiqing Chen, PhD

Sammons Endowed Professor of Actuarial Science and Risk Management

Toby White, PhD, CFA, FSA

Toby White, PhD, CFA, FSA

Associate Professor, Finance and Actuarial Science

Kevin Croft, MBA, ASA, CFA

Kevin Croft, MBA, ASA, CFA

Distinguished EMC Associate Professor of Practice in Actuarial Science and Risk Management; Director of the Kelley Center for Insurance Innovation

All Faculty Members

Outside the Classroom

At Drake, you’ll discover a world of opportunity at your doorstep, from campus-based organizations to internships and professional connections in Des Moines, the insurance capital of the U.S.

In Drake's Kelley Center for Insurance Innovation, two students brainstorm ideas around a table, while a third writes on a whiteboard in the background

Kelley Center for Insurance Innovation

Deepen your professional preparation and engage with the insurance industry through lectures, research opportunities, and internships—including with the scores of insurance companies headquartered in Des Moines.

A hand shake between one hand with a jeweled bracelet and the other with a light blue shirt cuff

Internships

Gain high-impact professional experience before graduation. With dozens of insurance companies in the area and an annual actuarial science career fair on campus, there’s more than one avenue to secure an internship and lengthen your résumé.

Two Drake Actuarial Science Minors stand in front of signage for the Gamma Iota Sigma fraternity

Gamma Iota Sigma

Grow professionally and personally as a member of the international risk management, insurance, and actuarial science collegiate fraternity. Forging relationships with fellow students, you’ll build your network and participate in unique development opportunities.

Careers & Skills

In this minor with outsized value, you’re essentially building two strategic skill sets at once.

One is in advanced mathematics and statistics, which are integral to any analytical career path. The second is core knowledge of risk management, interest, and insurance—assets for any business-related position.

Paired with a Drake business major, this study unlocks diverse opportunities in insurance, risk management, finance, business analytics, consulting, and management.

Employers

  • Allianz Life
  • Cigna
  • Liberty Mutual
  • Mutual of Omaha
  • Nationwide Insurance
  • State Farm Insurance Companies

Skills

  • Time-value-of-money
  • Probability and statistics
  • Actuarial modeling
  • Risk management
  • Professional communication
A Drake Actuarial Science student holds a strap on their backpack while smiling

Salary & Growth Outlook

$

The average salary for insurance underwriters as of 2024. (U.S. Bureau of Labor Statistics)

Related Programs

Curious about other ways to combine analytical skills with an interest in business? Explore these additional programs available through the Zimpleman College of Business.

Risk Management and Insurance, Minor

Strengthen your résumé with broad knowledge of insurance, risk management, and finance while sharpening your analytical tools for any data-driven career.

Actuarial Science, BSBA

Balance a practically focused business core with expert instruction in actuarial science to position you for success in finance, insurance, risk management, or another field that values an analytical mindset.

Data Analytics, BSBA

Study topics such as marketing, finance, corporate law, and organizational behavior, applying statistics and computer science to drive informed decision-making.

Take the Next Step

Add a new dimension to your business knowledge, gaining analytical skills and core concepts related to insurance, finance, and risk management.

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A group of Actuarial Science students walk through the Drake campus outdoors