Beyond the Classroom: Quantitative Risk Analytics
Key Resources
Academic Advisors
Visit the NatSci Advising page for contact information and instructions for scheduling an appointment
Department Website
Visit the department website for important updates and information
Major Requirements
Visit the Office of the Registrar's website for detailed information about requirements
Students learn the skills and knowledge needed to evaluate the financial risk associated with different events, investments, and projects for corporations and organizations by completing course work in mathematics, statistics, and economics. This degree differs from the Actuarial Science degree in allowing for greater flexibility in the industries or business served and not requiring the extensive testing and certification for actuaries.
Skills and Competencies
- Quantitative Analysis – Apply mathematical techniques, statistical methods, and data science tools to evaluate and manage financial risk
- Financial Risk Assessment – Utilize knowledge of interest-rate theory, stochastic processes, and insurance
operations to assess and mitigate financial risks associated with investments and business projects - Data Interpretation & Communication– Analyze complex data sets to derive actionable insights and effectively communicate findings to stakeholders using clear, data-driven narratives
This Major Could Be For You If:
- You aim to work in roles such as risk analyst, data scientist, or financial analyst within sectors like insurance, investment banking, or major corporations
- You enjoy using your quantitative skills to tackle practical challenges and contribute to strategic decision-making processes
Common Questions
What is the difference between this & Actuarial Science?
Quantitative Risk Analytics focuses on applying mathematical and statistical methods to evaluate and manage financial risks across various industries, offering flexibility in career paths. Actuarial Science is more specialized and requires extensive testing and certification, primarily focusing on insurance and pensions.
What makes this major unique?
This major offers a comprehensive blend of mathematics, statistics, and financial theory with a strong emphasis on practical applications.
Skill Development
Building your skills takes exploration and experience. These opportunities below are options you may be interested in. These are ideas to get you started; you have the freedom to find what aligns with your goals.
Research Opportunities
- Consider faculty-directed research or off-campus summer programs
- Connect with the Undergraduate Research Office for assistance
Work-Based Learning
- Develop professional skills through on- or off- campus work or internships with the help of the Career Services Network
- Gain experience through volunteer work via the Center for Community Engaged Learning
Career Growth
- Engage with NatSci’s Career Exploration workshops and resources
Campus Involvement
- Connect with other students in clubs like the plethora of Data Science Student Clubs and Organizations
Education Abroad Ideas
University of New South Wales
- 12-15 weeks | Fall/Spring
- Direct Enroll
Lancaster University
- 12-15 weeks | Fall/Spring
- Direct Enroll
To get started with Education Abroad and to explore other programs that suit your goals, check out the MSU Education Abroad website or visit the Education Abroad Advising Center.
Career Exploration
Career exploration is all about discovering the paths that align with your interests, personality, lifestyle, values and skills. Remember, your major doesn’t define your career, and the career cluster examples provided are just a starting point—not an exhaustive list. Explore widely, and keep an open mind as you shape your future!
Finance & Investment
Careers
- Financial Analyst
- Quantitative Analyst
- Investment Banker
- Portfolio Manager
- Risk Manager
Key Employers
- Investment Banks
- Financial Services Firms
- Asset Management Companies
- Hedge Funds
- Private Equity Firms
- Major Corporations with internal finance departments
Strategies
- Pursue internships or co-op positions with financial institutions or investment firms
- Join finance or investment clubs and participate in relevant competitions or case studies
- Develop strong programming skills in languages such as Python or R, commonly used in financial analysis
- Network with professionals in the finance industry and attend relevant conferences or seminars
Insurance & Risk Management
Careers
- Risk Analyst
- Actuarial Analyst
- Insurance Underwriter
- Claims Adjuster
- Risk Consultant
Key Employers
- Insurance Companies
- Risk Management Consulting Firms
- Government Agencies (e.g., regulatory bodies)
- Reinsurance Companies
- Brokerage Firms
- Large Corporations with inhouse risk management departments
Strategies
- Obtain relevant certifications such as those offered by professional risk management organizations
- Participate in industry-related workshops and professional networking events
- Complete internships or workstudy programs with insurance firms or risk management companies
Data Science & Analytics
Careers
- Data Scientist
- Data Analyst
- Business Intelligence Analyst
- Predictive Analytics Specialist
- Operations Research Analyst
Key Employers
- Technology Companies
- Consulting Firms
- Healthcare Organizations
- E-commerce Companies
- Government Agencies
- Research Institutions
Strategies
- Build a solid foundation in programming languages such as Python, R, and SQL
- Engage in hands-on data projects or internships to gain practical experience in data analysis and predictive modeling
- Join data science or analytics clubs and participate in data challenges or hackathons
Looking for more options?