Penn Math Penn Math Undergrad

Minor in Actuarial Mathematics

Actuarial Science stands at the intersection of risk and money. Actuaries use their knowledge of mathematics and probability theory to define, analyze and solve complex business, financial and social problems. Actuaries evaluate individual and corporate risks, and design financially sound insurance and pension plans.Graduates from the University of Pennsylvania with an Actuarial Mathematics Minor are expected to be in great demand by the insurance and banking industry.

The Actuarial Mathematics Minor consists of the following eight courses. Courses taken on a pass/fail basis may not be counted toward the Actuarial Math Minor.

  1. Math 240, Calculus, Part III
  2. One of Math 320, Computer Methods in Mathematical Science I, Math 530, Mathematics of Finance, or another Mathematics course with permission of the Undergraduate Chair
  3. Statistics 430, Probability
  4. Statistics 431, Mathematical Statistics
  5. Insurance 260, formally Insurance 250, Applied Statistical Methods for Actuaries.
  6. Insurance 251/829, Fundamentals of Actuarial Science I
  7. Insurance 252/830, Fundamentals of Actuarial Science II
  8. An additional Insurance course, chosen from:

Notes:

  1. Other recommended courses include either Math 312, Linear Algebra Math 370,Algebra or Math 512, Advanced Linear Algebra (note that completion of one of these courses together with the rest of the Actuarial Mathematics minor also fulfills the requirements of the Mathematics minor), and Operations and Information Management 910 and 930.
    Note: Students who have already received credit for either Math 370, 371, 502 or 503 cannot receive further credit for Math 312/313/513. Students can receive credit for at most one of the three courses Math 312/313/513 because of the overlap in their syllabi.

  2. The Actuarial Mathematics Minor is administered jointly by the Undergraduate Chairs of the Insurance Department and the Mathematics Department.
    To enroll in the Minor, Wharton Students should procure the necessary form from the Wharton Undergraduate Office and then visit the Insurance Department. College students should procure the forms from the College Office and Engineering students should procure the forms from the Engineering School. Both College and Engineering students then bring the form to the Math Department office at 4W1, DRLB to get signed by a Math Minor Advisor. Students could also e-mail Math Minor Advisors to set up an appointment or ask questions. The Math Minor Advisors are,
    Dr. Tony Pantev Dr. Robin Pemantle Dr. Joachim Krieger
    DRL 3E4 DRL 4E6 DRL 4N67

  3. Students who decide to begin the Actuarial Mathematics Minor after completing one or both of Statistics 101 and 102 will replace one or both of the Statistics 430 and 431 courses with a course or courses designated by the Undergraduate Chairs. Usually, these courses will be more advanced statistics.

  4. Advancement in the actuarial profession is dependent upon passage of a sequence of examinations administered by the Society of Actuaries. Information about this examination program can be obtained in the Insurance and Mathematics Departments.