The Board of Regents, State of Iowa, on Thursday, June 6, approved two new programs for the Iowa State University Ivy College of Business: an undergraduate major in actuarial science, and a master of real estate development — the first in Iowa.
“At the Ivy College of Business, we are committed in our pursuit of progress for our students, alumni, friends, and business partners,” said Raisbeck Endowed Dean David Spalding. “These new programs are just two recent examples showing this is a college on the move. We add new programs when we see a need that benefits our students, alumni, and industry. Recently, we added an undergraduate major in entrepreneurship, a PhD in entrepreneurship, and several graduate certificate programs to help professionals advance their careers.”
Details about the new programs approved Thursday:
Actuarial science is the discipline that applies financial, mathematical, and statistical methods to assess risk in insurance, finance, and other industries and professions. This new major at Iowa State was created in partnership with the Departments of Mathematics and Statistics. Students majoring in this area will acquire the knowledge base and skills in finance, mathematics, and statistics needed to pass the five preliminary actuarial exams. Creating an actuarial science major within the Ivy College of Business enables students to gain the business knowledge and skills needed in the insurance industry.
“This new major is a great opportunity for students,” Spalding said. “Iowa, and Des Moines in particular, are home to a number of insurance companies, making it the second biggest insurance center in the country. Having a program at Iowa State that is close to Des Moines helps the industry, and is a benefit for our students as they seek internships and full-time employment.”
CNNMoney.com rates actuaries as being one of the best jobs in America, featuring high demand, six-figure incomes, and no graduate school required. The median annual salary for entry level actuaries is $67,668, according to the salary.com website.
Iowa State students can declare the major starting in fall 2019.
Master of real estate development — first in the state of Iowa — is an interdisciplinary, professional degree developed by the College of Design and Ivy College of Business. It is offered in a blended format of online and in-person courses. The idea for this program arose in response to strong interest expressed by Iowa State stakeholders and alumni. A real estate taskforce consisting of faculty from both colleges worked closely with Iowa State alumni and senior management at several real estate investment and development firms, as well as financial services, to create the proposed curriculum and delivery method.
The Iowa State program is among the few national programs that incorporate a multidisciplinary approach, making it a unique opportunity for students.
This program provides students with graduate training in real estate market analysis, business finance, fundamentals of the built environment and urban planning with an emphasis on current trends and innovations. The program will engage with industry to facilitate a novel curriculum and guest speakers. Students will participate in a capstone project and will develop a working relationship with Iowa State faculty as well as alumni in the real estate development and investment industries.
The program, which can be completed in 21 months, is especially suited for professionals with work experience in a real estate-related field. Applications will be available this fall.
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The Debbie and Jerry Ivy College of Business offers a wide variety of programs to maximize student potential, connects students with professionals through case competitions, interactive learning, study abroad, internships, and ultimately successful employment. The college is accredited by the Association to Advance Collegiate Schools of Business (AACSB). Less than 5 percent of the world’s business programs have earned this credential.