The Actuarial Science major combines math and finance in order to prepare you to become an actuary. Actuaries are consistently ranked in the top five careers in the nation based on work environment, employment outlook, job security, growth opportunity and salary. Actuaries compute and help manage risk, and they typically work for organizations that manage a lot of risk. The main employers of actuaries are insurance companies, private corporations and the government. Many actuaries work as consultants.
Becoming an actuary requires passing several exams over a six to 10 year period. You should be prepared to take the first test after taking Probability Theory (MAT 4200).
Examples of courses in this major:
In this course, we study the axioms and theorems of probability theory. We study probability distributions of discrete and continuous random variables and many of their applications. Throughout this course, we will use a significant amount of calculus to develop the theory of probability.
This course is the study of multivariable statistics on real data sets. Correlation, hypothesis testing and ANOVA are highlights of this class. Significant use of calculus will be utilized. We use minitab extensively.
The role of Christians in the marketplace is discussed with consideration of economic reasoning and methodology through examination of fundamental concepts in micro- and macro-economics and through extension and applications of economic theory. Examination of the general functioning of a price system using fundamentals of supply and demand is evaluated. Exploration of the variety of market forms, theory of factor incomes, and the effects of government intervention to promote efficiency and equity occurs.
This foundational course explores corporate financial topics such as financial statement analysis, net present value, corporate valuation, the stock market, the bond market, financial governance, and the role of the CFO in managing a business. This course provides a practical approach to the discipline.
This course is designed to provide a practical application of corporate finance and mathematics skills to a variety of analyses commonly performed by CFOs, investment bankers, actuaries and corporate financial analysts. Students will gather source data and build and apply models typically used in practice. This course also investigates the use of financial instruments and strategies to achieve a sustainable competitive advantage and create value. The course explores the relationships amongst corporate strategy, corporate finance and financial innovation.
The individuals who will challenge you to learn:
B.A. in Mathematics, Houghton College; M.S. in Mathematics, South Dakota State University; Ph.D. in Mathematics, Rensselaer Polytechnic Institute
Kristin Farwell joined the Grace College family in 2011. His passion is working with undergraduates on research topics and getting them prepared to give presentations at conferences. He has worked with many students on independent studies. Kris and his wife, Megan, have one daughter, Eden, and attend Winona Lake Grace Brethren Church.
Bachelor of Business Administration (B.B.A.), University of Kentucky; M.B.A., University of Cincinnati; Advanced Diploma in Management Accounting from the Chartered Institute of Management Accountants
Kenneth McEwan joins the Grace faculty as a full-time instructor of finance in the School of Business. He previously worked at Rolls-Royce Aircraft Engines as a director of Finance Business Partnering. Prior to this role, he was vice president of finance for Helicopter Engines and finance director for Engineering and Technology. McEwan also held finance positions at GM Military Vehicles Operation, GM Allison Transmission, and at the University of Cincinnati as a teaching assistant. He has served as president of the Board of NICA ministries, where he supervised two missionaries in Nicaragua; as treasurer of the Woodruff Place Foundation; and was on the board of trustees at New Hope Christian Church. He enjoys golf, kayaking, hiking and cross-country skiing. Kenneth and his wife, Robin, have been married 31 years and have three children and three grandchildren.
B.A. in Mathematics, Hope College; Ph.D. in Mathematics, Iowa State University
Ryan Johnson joined the Grace College family in 2014 as assistant professor of mathematics. He teaches a variety of courses including probability and statistics, abstract algebra, discrete math and calculus. Ryan has a strong desire to teach students to think critically and to apply their faith to all aspects of their lives. In his spare time, he enjoys adding imaginary numbers and participating in sports such as running, volleyball and basketball. Ryan's wife, Heidi, is a certified high school math teacher who loves helping Ryan become a better educator. They have one child named Gideon, as well as one on the way. They attend Christ Covenant Church in Winona Lake.
Some of the positions you can obtain:
Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry. They must pass a series of exams to become certified professionals. They must have a strong background in mathematics, statistics and business.
Actuarial consultants are professionals who advise clients on which methods, processes, policies, plans, etc. they should consider when making financial, insurance or pension-related decisions. Actuarial consultants calculate and analyze statistics, make forecasts, provide the most accurate information to clients, and help them realize what their best options are.
Statisticians use statistical methods to collect and analyze data and help solve real-world problems in business, engineering, the sciences or other fields. Employment of statisticians is projected to grow 27 percent from 2012 to 2022, much faster than the average for all occupations. Growth is expected to result from more widespread use of statistical analysis to make informed business, healthcare and policy decisions.