Statistics in USA

Actuarial science students learn to use tools from mathematics, statistics and finance to measure the impact of risk in order to improve forecasting and decision-making.

The BS degree program in actuarial science provides students with the preparation necessary for the required professional actuarial credentialing exams offered by the Society of Actuaries and the Casualty Actuarial Society.

In addition to the guidelines in the Concurrent Program Options section below, students interested in pursuing concurrent or second baccalaureate degrees in The College of Liberal Arts and Sciences are advised to visit The College's website for more information and requirements.

The Statistics major is designed for students who have an interest in the mathematics of statistics or plan to go to graduate school in statistics. Students choose one of two tracks: applied statistics and mathematical statistics. This major emphasizes probability and the theory of statistics and provides opportunities for additional study in applied and theoretical statistics as well as mathematics. Students are encouraged to take elective courses offered by the department that will prepare them for graduate studies.

Actuarial science involves the construction and management of insurance and pension systems using knowledge from statistics/data science, mathematics, economics, finance, and computer science. The field of actuarial science centers on data analytics for risk assessment. The Actuarial Science major curriculum prepares students for careers with insurance companies, consulting firms, healthcare organizations, and government organizations. Courses offered cover the material of the preliminary examinations of the Casualty Actuarial Society and the Society of Actuaries as well as more advanced subjects such as regression analysis, health analytics, and machine learning. While it is not required for students to sit for actuarial exams, more than 90% of our students pass at least two professional exams before they graduate.

Statistics is the mathematical science of studying and learning from data. Applications of statistics are all around us such as in weather forecasting, surveys, quality control, market demand, causality, and effectiveness of treatments. The Department offers a major and minor in statistics. The major provides a sufficient background in statistics, mathematics, and computer science to enable students to pursue a career in business, industry, or actuarial science as well as to pursue advanced study in statistics. The major is organized into 4 tracks to allow an emphasis in actuarial science, applied mathematics, computer science, or biological science.

The Department offers a major and minor in statistics. The major provides a sufficient background in statistics, mathematics, and computer science to enable students to pursue a career in business, industry, or actuarial science as well as to pursue advanced study in statistics. The major is organized into 4 tracks to allow an emphasis in actuarial science, applied mathematics, computer science, or biological science. 

Financial Mathematics gives you the mathematical and statistics skills to have a successful career in the financial industry. As a Financial Mathematics major, you learn how to develop and evaluate financial models to help companies make business decisions and predictions. Not only will you be able to apply these skills in economic and financial markets, but you will also explore other topics such as probability and computer algorithms.

The B.S. in Financial Mathematics degree program is offered by St. John’s College of Liberal Arts and Sciences in collaboration with The Peter J. Tobin College of Business. It provides you with a strong mathematic curriculum rooted in the liberal arts, along with the necessary business curriculum to do well in the financial industry.

Our department features small classes and collaborative relationships with industry partners. Working with the same data software programs that employers are looking for, you’ll build crucial skills in data visualization, predictive modeling and data analysis techniques.

Through the master's in Applied Statistics at UND, you’ll gain:

Competency in high level statistics including:

Problem solving

Data analysis

Data science and data mining

Machine learning

Big data

The range of skills required to carry out programs of independent research as a data scientist

The ability to effectively use a variety statistical software packages such as Python, SAS and R

Analytical skills needed to work as a professional data applied statistics scientist

This graduation plan is a sample plan and is intended to be a guide. Your specific plan may differ based on your Math and English placement and/or transfer credits applied. You are encouraged to meet with an advisor and set up an individualized graduation plan in Wolverine Track.

The Department of Economics and Decision Sciences offers courses leading to the Master of Science degree in Applied Statistics and Decision Analytics. Further information concerning the program and areas of specialization may be obtained from the department chairperson.
The Master of Science in Applied Statistics and Decision Analytics is a multidisciplinary graduate degree program with a unique focus on applied statistics and decision analytics. This program is intended for graduates from undergraduate programs in the quantitative and biological sciences, mathematics, sociology, psychology, business, computer sciences, physics, engineering, and education, as well as working professionals desiring to sharpen their data-analysis and analytical skills and learn advanced statistical methods. The 30-semester-hour curriculum provides students with a firm foundation of statistical analysis and modeling commonly used in many fields, including education, science, technology, health care, government, business, or social science research. The graduates of the program will be trained on industry-standard software packages, such as SAS and/or R, and gain modern analytical skills that are sought after in many fields, particularly in the areas of business and decision analytics or data analytics. The program is designed to include 18 semester hours (s.h.) of core courses, 6 s.h. of directed electives, and 6 s.h. from one of the following: a thesis option, an internship option, or an all coursework option.

The Bachelor of Science Degree in Applied and Computational Mathematics ACM provides students with a new reason to major in mathematical sciences by emphasizing applied mathematics and mathematical modeling. Students will learn to apply mathematics to real world problems arising in various settings, as they master new mathematical techniques. ACM students will have the option to specialize in a desired field through emphases in Actuarial Science, Data Analytics, or Scientific Computing. The Actuarial Science emphasis will provide an interdisciplinary approach by collaborating with programs in Mathematics, Business, Economics, and Finance. Students will prepare for Actuarial Exams P/1 and FM/2, and develop the knowledge and skills necessary for a wide range of job opportunities such as mathematicians, actuaries, operations research analysts, and statisticians. More information is available at Be an Actuary website.

The Mathematics with Actuarial Science Emphasis major is designed to prepare students to work in risk analysis for large corporations, government agencies, and insurance companies. Students are prepared through coursework to be able to pass two or more exams from the Society of Actuaries. As is typical in this field, they can be employed after graduation while they continue to study for and pass all exams necessary to become fully-credentialed actuaries. Talented majors with this emphasis can often find employment directly after graduation without passing actuarial exams.

As a statistics major, you can choose between two concentrations. The applied statistics concentration is geared toward students interested in statistical methodology and research for consulting activities in a wide range of industries. The actuarial science concentration is for students interested in applying their knowledge to assess risk in industries such as insurance, finance or investment. Our goal is to have actuarial science students pass two actuarial exams before graduation. The statistics program is designed to be completed in four years.

Here, you won’t get lost in the crowd. You’ll be an elite math student, and you’ll feel like a valued member of our family. You’ll enjoy small class sizes and amazing friendships with your fellow mathematics majors. Our dedicated professors will get to know you. They will support you in your coursework, research, internships, co-ops, and post-graduate or career preparations. They will become personally invested in your success – in college and beyond.

The requirements for admission into the Bachelor of Arts in Mathematics with a concentration in Actuarial Science are:

• a minimum cumulative grade point average (CGPA) of 2.75 and
• a minimum grade of B in Calculus and Analytic Geometry I or its equivalent.

Accepted majors must maintain:

• a minimum overall CGPA of 2.75 and a minimum CGPA of 2.75 for all mathematics courses counted toward the major and
• a minimum grade of C in all required math courses.

This concentration allows enough room to accommodate the general education requirements, as well as the math major requirements and the economics, accounting and finance credits needed for actuaries (74 credits total: 37 mathematics credits and 37 credits of economics, accounting, and finance including precalculus for business).

Prospective actuaries must pass a series of professional exams administered by the actuarial professional societies and show that certain subjects have been sufficiently covered by university or other coursework (Validation by Educational Experience, VEE). The coursework for the proposed concentration is selected to provide sufficient background to enable students take and pass the first two actuarial exams: the Financial Mathematics (FM/2) exam during their junior year, and the Probability (P/1) exam during their senior year. In this way students will be well positioned for this job market after completing the program. The program also includes courses that serve as preparation for subsequent actuarial exams and as satisfaction of VEE.

The proposed concentration also provides the graduate with numerous alternatives if the student decides to pursue a graduate degree. The student has the background to pursue a graduate degree in Actuarial Science, Mathematics, Statistics, Economics, or an MBA. In the latter two areas the student will have the advantage of taking many upper level courses in mathematics and statistics that may enhance the work in their own areas.

This major is sponsored by the Department of Mathematics, and is an interdisciplinary subject involving mathematics, statistics, and financial economics. It is designed to prepare students to enter the actuarial profession, as well as to provide a background in quantitative finance and risk management.

Upon completing the BS degree with a major in Statistics, students will be able to:

1. Apply advanced knowledge and theory in probability and statistical inference.
2. Apply and evaluate statistical models.
3. Apply statistical computing for data analysis and data science. 
4. Demonstrate competency as a professional statistician.
5. Effectively communicate as a professional statistician. 

Actuarial science is the mathematical and statistical underpinning of the design, financing and operation of all types of insurance plans, pension plans and benefit plans. Practitioners of actuarial science, called actuaries, work in the professional areas of life and health insurance, property and casualty insurance, and public and private pension and benefit plans.