Explore Options; Plan Your MBA Academic Program

Statistics
Please note: Before scheduling classes, check with the
department to determine the availability of courses for the
upcoming semester or visit the statistics website at
.
The Statistics major develops the skills and insights required
to draw inferences and conclusions from many types of data.
A key challenge facing managers is the interpretation of the
vast amount of data generated in the world of business today.
Modern computing systems now produce large volumes of
information whereas previously one could often only rely upon
intuition and guesses. Yet this information does not directly
answer important business questions. What combination of
features is most desirable for consumers? What will sales be
next month? How did we do last month? Data analysis and
statistics offer a systematic approach that can help provide answers
to these questions.
Courses offered by the Statistics Department develop the
skills and insights required to make effective use of statistical
methods. The courses provide the knowledge needed to
select and apply techniques and to communicate statistical
results. Interpretation in realistic applications offers guiding
examples, and theory is used to motivate and compare alternative
schemes. The courses range from a rigorous training in
the fundamentals of statistical theory (STAT 430, 512) to applications
of popular methodologies, such as regression analysis
(STAT 701) and forecasting (STAT 711).
Regardless of topic, all of these courses provide useful
skills that augment the substantive managerial abilities of students.
Courses also provide exposure to computer software that
implements key techniques.
Requirements for the Major
The Statistics major may be tailored in accordance with student’s
interests, which may involve a second major. Five credit
units are required and the required prerequisite STAT 613
may contribute one credit unit. Some courses offered by other
departments are permitted (students who wish to include
courses from other departments in the major should request
permission to include these from the Statistics Department advisor
and file this permission with the MBA Program Office).
Courses taken on a Pass/Fail basis cannot be counted
toward the major.
The following courses additional courses beyond STAT 613
offered by the Department of Statistics are eligible for the major:
STAT 430/510 Probability (note: only stat 430 – 401
honors section in the fall semesters is cross-listed
with stat 510 – 401.)
STAT 432/512 Mathematical Statistics
STAT 433 Stochastic Processes
STAT 435/711 Forecasting Methods for Management
STAT 436 Stochastic Modeling
STAT 471/701 Advanced Statistics for Management
STAT 472/712 Decision Making Under Uncertainty
STAT 474 Modern Regression for the Social, Behavioral,
and Biological Sciences
STAT 475/920 Sample Survey Methods
STAT 476 Applied Probability Models in Marketing
STAT 520 Applied Econometrics I
STAT 521 Applied Econometrics II
STAT 622 Statistical Modeling
STAT 853 Actuarial Statistics
STAT 854 Applied Statistical Methods for Actuaries
STAT 910 Forecasting and Time Series Analysis
STAT 926 Multivariate Analysis: Methodology
STAT 950 Quantitative Consulting Seminar
MBA Advisor: Robert Stine (telephone: 215.898.3114; email:
stine@wharton.upenn.edu)
ACTUARIAL SCIENCE
STATISTICS
The Wharton actuarial science curriculum prepares students
for professional certification as an actuary. The curriculum
includes general business courses important for developing a
strong, general understanding of the business environment, as
well as quantitative courses in economics, accounting, computer
science, and finance. The location of the actuarial science
program within an internationally renowned business school
provides students with an exceptional opportunity to blend
studies in economic theory, financial strategies, general business
principles, insurance company management, corporate
risk management, and public policy. Students enrolling are
expected to have undergraduate training in calculus and at least
one course in statistics and probability theory. Students are
encouraged, but not required, to take actuarial examinations
organized by the Society of Actuaries or the Casualty Actuarial
Society during their studies.
The Society of Actuaries and the Casualty Actuarial
Society adopted a new examination system in 2007. Three
topics (Applied Statistical Methods, Corporate Finance, and
Economics) require Validation by Educational Experience
(VEE). The Society of Actuaries has approved a large number
of Wharton and Penn courses that satisfy the VEE requirements.
A list of these approved courses can be found on the
Society website.
Students then need to pass four preliminary exams:
Probability, Financial Mathematics, Actuarial Models, and
Construction and Evaluation of Actuarial Models. Actuarial
courses offered by the Department prepare students for the
Financial Mathematics and the Actuarial Models examinations.
Requirements for the Major
The major requires five credit units. Electives taken on a
Pass/Fail basis cannot be counted toward the Actuarial
Science major. Deviations from these requirements must
be approved by the department chairperson. See the MBA
Advisor.
73