Mathematics/Statistics Major
The Luther College Mathematics Department offers two majors: mathematics and mathematics/statistics. The mathematics/statistics major leads to a Bachelor of Arts Degree in mathematics with a statistics concentration. The mathematics/statistics majoris excellent preparation for careers in statistics and actuarial science. The required courses with a statistical emphasis are Probability, Mathematical Statistics, Linear Regression, Design of Experiments/Analysis of Variance, and Introduction to Actuarial Science. Many of these courses utilize the statistical computer packages SPLUS and SYSTAT, which are available for student use on the campus network.
Careers in Actuarial Science
An actuary can be thought
of as a financial engineer who quantifies and models future risk. It
is someone who combines mathematical and business skills to set premiums, develop
products, and solve financial and social problems. Actuaries are
typically employed by insurance companies, financial institutions, consulting
firms, and government agencies.
To become an actuary a student must pass a series of exams. Prospective employers prefer to see at least the first exam passed while a student is still in college. The first exam's subject matter is calculus and probability, which is covered in appropriate courses at Luther. Review sessions are also offered to further help students prepare for this exam. Much of the subject matter for the second exam; Interest Theory, Microeconomics, Macroeconomics, and Finance, is covered in other Luther course work. Conveniently, Luther is one of the national test centers for these actuarial exams. They are given on campus each May and November.
Summer internships are available on a competitive basis. Companies such as Lutheran Brotherhood in Minneapolis, Aid Association for Lutherans in Appleton, and Northwestern Mutual in Milwaukee have given internships to Luther students in the past. In addition to salary, many companies offer a stipend for summer living expenses.
Statistics is the are and science of reasoning from uncertain empirical data. Statisticians work on planning data collection, summarizing the data and making decisions and inferences. Statisticians are employed by general industry, drug and biopharmaceutical companies, medical research centers, government, and universities.
A student with a bachelor's degree is able to secure government employment with such agencies as the Census Bureau and Bureau of Labor Statistics. The Mayo Clinic also employs bachelor's level statisticians.
For long-term career satisfaction, a master's degree in statistics should be considered. this opens the door to a variety of opportunities with such companies as Intel, Ford Motor Company, Kellogg's, Upjohn, and Colgate-Palmolive. A rapidly growing area with great demand is the field of biostatistics. A biostatistician works on a team with physicians and scientists on cutting-edge medical research. Luther Students have had internships at Mayo Clinic and the University of Iowa. In addition to course work in statistics and mathematics, most biostatistics programs require a single undergraduate course in biology. Extensive preparation in biology is not necessary.
Luther students have been admitted to graduate programs in statistics and biostatistics at such schools as the University of Iowa, Iowa State University, the University of Minnesota, and the University of Washington. Assistantships that cover tuition and living expenses are available at these institutions on a competitive basis.
The current job outlook is very good for both actuaries and statisticians as companies and institutions compete for gradutates with technical and scientific skills.
Requirements for the Mathematics/Statistics Major
240, 245, 321, 322, 327, 454, 463, and computer science 150. (Mathematics 253 is recommended.)
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