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Statistics and Actuarial Science 1 Statistics and Actuarial Science 1 An actuary is a business executive, professionally trained in the mathematical sciences. Actuaries specialize in the Statistics and evaluation of financial risk—most often in the context of life, health, and casualty insurance, where they design, Actuarial Science analyze, and refine varied programs to meet the insurance needs of society. Many actuaries are employed by insurance Chair companies, where they have responsibilities for all phases • Kung-Sik Chan of the development and maintenance of their company's products. They have considerable influence on the financial Director of Graduate Studies soundness of their company through work in pricing insurance policies and in compiling data for financial statements. • Aixin Tan Many actuaries are employed as consultants. Their actuarial Director of Undergraduate Studies, services are used by smaller insurance companies and Actuarial Science by individual employers who need actuarial guidance in • Elias S. Shiu establishing insurance and retirement programs for their employees. A growing number of actuaries work in the areas Director of Undergraduate Studies, Data of asset/liability management and risk management. Some of Science these actuaries are employed by investment and consulting firms; others are employed by insurance companies. • Rhonda R. DeCook Actuaries have been called financial architects and social Director of Undergraduate Studies, mathematicians, because their combined analytical and Statistics business skills help solve a growing variety of financial and social problems. The actuarial profession is a demanding yet • Rhonda R. DeCook rewarding career choice. Undergraduate majors: actuarial science (B.S.); statistics (B.S.) Related Major and Certificate Undergraduate minor: statistics Major: Data Science Graduate degrees: M.S. in actuarial science; M.S. in statistics; Ph.D. in statistics The B.S. in data science produces graduates with the Faculty: https://stat.uiowa.edu/people sophisticated analytical and computational skills required Website: https://stat.uiowa.edu/ to thrive in a quantitative world where new problems are encountered at an ever-increasing rate. The major The Department of Statistics and Actuarial Science offers emphasizes the statistical/probabilistic and algorithmic undergraduate majors, an undergraduate minor, and graduate methods that underlie the preparation, analysis, and degree programs. They partner with other departments communication of complex data. With focus on technical to offer the B.S. in data science and the undergraduate foundations, the data science program promotes skills Certificate in Social Science Analytics (see below). The useful for creating and implementing new or special- department offers courses that any undergraduate student purpose analysis and visualization tools. It also promotes a may use to satisfy the GE CLAS Core Quantitative or Formal fundamental understanding of how to best handle uncertainty Reasoning requirement. when making data-driven decisions. Probability and statistics are important scientific disciplines Statistics majors may not earn a major in data science. essential to all fields of study that rely on information The Department of Statistics and Actuarial Science and the obtained from data. In a world bombarded with numerical Department of Computer Science collaborate to offer the information, informed decisions rely on the ability to separate major in data science. The B.S. in data science is administered fact from fiction by applying valid statistical analyses and by the Department of Statistics and Actuarial Science; see the visualizations. Statisticians can provide crucial guidance B.S. in data science in the Catalog. in determining what information is reliable and which predictions may be trusted. They often help search for clues Certificate: Social Science Analytics to the solution of a scientific mystery and sometimes keep investigators from being misled by false impressions. The growth of big data and informatics calls for a new set of skills for social science students and an increased The work of a statistician may range from the theoretical understanding of the logic of data collection and analysis. The (developing new methodologies and statistical theory) to certificate focuses on the application side of data analysis the applied (working with scientists and decision makers to and allows focus to be on the specific research methods and collect, analyze, and interpret data). Regardless of the areas quantitative skills using data-driven methods effective for in which they work, statisticians need strong mathematical, more understanding in an increasingly complicated social- computational, and communication skills. Because uncertainty political world. The certificate offers an opportunity for and data arise in many settings, statisticians have the interdisciplinary training on how data can be used to address opportunity to work on a variety of projects in industry, important questions in the social sciences. The Department education, government, and research. Thousands of of Statistics and Actuarial Science collaborates with the statisticians work in medicine, law, agriculture, business, Departments of Geographical and Sustainability Sciences, finance, public policy, marketing, manufacturing, engineering, Political Science, and Sociology and Criminology to offer the and other fields in the social and natural sciences. The undergraduate program in social science analytics; see the diversity of applications is an exciting aspect of the field and Certificate in Social Science Analytics in the Catalog. is one reason why the demand for well-trained statisticians continues to be strong. 2 Statistics and Actuarial Science Students may not take STAT:3101/IGPI:3101 Introduction Programs to Mathematical Statistics II and STAT:4101/IGPI:4101 Mathematical Statistics II at the same time and get credit Undergraduate Programs of for both (nor go back to STAT:3101/IGPI:3101 after taking STAT:4101/IGPI:4101). Study Majors Statistics Courses STAT:1000 First-Year Seminar 1 s.h. • Major in Statistics (Bachelor of Science) Small discussion class taught by a faculty member; topics • Major in Actuarial Science (Bachelor of Science) chosen by instructor; may include outside activities (e.g., films, lectures, performances, readings, visits to research Minor facilities). Requirements: first- or second-semester standing. • Minor in Statistics STAT:1010 Statistics and Society 3 s.h. Statistical ideas and their relevance to public policy, Graduate Programs of Study business, humanities, and the social, health, and physical sciences; focus on critical approach to statistical evidence. Majors Requirements: one year of high school algebra or MATH:0100. • Master of Science in Statistics GE: Quantitative or Formal Reasoning. • Master of Science in Actuarial Science STAT:1015 Introduction to Data Science 3 s.h. • Doctor of Philosophy in Statistics Data collection, visualization, and wrangling; basics of probability and statistical inference; fundamentals of data Facilities learning including regression, classification, prediction, and cross-validation; computing, learning, and reporting in the R The Department of Statistics and Actuarial Science is housed environment; literate programming; reproducible research. in Schaeffer Hall, adjacent to Old Capitol, a National Historic Requirements: one year of high school algebra or MATH:0100. Landmark and the center of campus. The department STAT:1020 Elementary Statistics and Inference 3 s.h. operates two computer labs in Schaeffer Hall. One, which also Graphing techniques for presenting data, descriptive is used as an electronic classroom, contains 28 Windows PCs. statistics, correlation, regression, prediction, logic of statistical The second houses 18 high-end UNIX workstations. Students inference, elementary probability models, estimation and use these labs for class work and research. tests of significance. Requirements: one year of high school algebra or MATH:0100. GE: Quantitative or Formal Reasoning. Courses Same as PSQF:1020. STAT:1030 Statistics for Business 4 s.h. • Statistics Courses [p. 2] Descriptive statistics, graphical presentation, elementary • Actuarial Science Courses [p. 5] probability, estimation and testing, regression, correlation; statistical computer packages. GE: Quantitative or Formal • Data Science Courses [p. 6] Reasoning. STAT:2010 Statistical Methods and Computing 3 s.h. Undergraduate Duplication and Methods of data description and analysis using SAS; Regression Policy descriptive statistics, graphical presentation, estimation, hypothesis testing, sample size, power; emphasis on Statistics majors may not earn a major in data science; learning statistical methods and concepts through hands-on likewise, data science majors may not earn a major in experience with real data. Recommendations: undergraduate statistics. standing. GE: Quantitative or Formal Reasoning. Undergraduate students should be aware of the duplication STAT:2020 Probability and Statistics for the and regression policies concerning the following courses. Engineering and Physical Sciences 3 s.h. Students may earn credit for only two of these: STAT:1010 Probability, random variables, important discrete and Statistics and Society, STAT:1015 Introduction to Data continuous distributions, joint distributions, transformations Science, STAT:1020/PSQF:1020 Elementary Statistics and of random variables, descriptive statistics, point and interval Inference,
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