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Weather Risk Management Option within the B.S. Degree in Meteorology at The Pennsylvania State University

Drafted by Arthur Small and Andrew Kleit
Revised Version of: November 16, 2006
Status: Approved by UGAP Committee and full Meteo faculty

Goals: Weather and climate are fundamental drivers of economic activity and financial risk. Weather affects a wide range of industries, including energy, agriculture, insurance, construction, retail, and transport, among others. Weather and climate variation play central roles in the availability of water resources, the spread of disease, and an array of other processes vital for human welfare. There are, consequently, many organizations that confront risks related to weather, and that have a demand for experts who can help them manage these risks.

The Weather Risk Management option is designed for students who wish to work professionally at this intersection of meteorology and risk management. The option combines study of meteorology and atmospheric sciences with training in risk, finance, and decision-making.

Required (27 credits):
ENNEC 100 (GS) Principles of Microeconomics (3 credits)
EM SC 301 Energy Commodity & Futures Markets (3)
EM SC 401 Corporate Finance (3) or

ENNEC 484W Energy Economics (3)

ENNEC 473 Futures, Options and Other Derivatives (3)
METEO 436 Atmospheric Physics I (3)$ or

METEO 437 Atmospheric Physics II (3)^$ or

METEO 454 Introduction to Micrometeorology (3) [Preferred]^$

METEO 460 Weather Risk and Financial Markets (3)
METEO 473 Application of Computers to Meteorology (3)^#
METEO 474 Computer Methods of Meteorological Analysis and Forecasting (3)^#

# satisfies the the meteorological data analysis course requirement.
$ satisfies the the physical meteorology course requirement.

Select one statistics course from the following list:
ECON 490 Introduction to Econometrics (3)

STAT 318 Elementary Probability (3)
STAT 319 Applied Statistics in Science (3)
STAT 414 Introduction to Probability Theory (3)
STAT 415 Introduction to Mathematical Statistics (3)
STAT 460 Intermediate Applied Statistics (3)
STAT 462 Applied Regression Analysis (3)

Elective (3-4 credits): Select one course from the following list:
METEO 414 Mesoscale Meteorology (4)
METEO 415 Forecasting Practicum (3)
METEO 416 Advanced Forecasting (3)
METEO 417 Hydrometeorology (3)
METEO 448 Stormwater Hydrology (3)
METEO 452 Tropical Meteorology (3)
METEO 454 Introduction to Micrometeorology (3)*
METEO 455 Atmospheric Dispersion (3)
METEO 456 Environmental Meteorology (3)
METEO 470 Climate Dynamics (3)
METEO 476 Atmospheric Natural Disasters Seminar (3)

Substitutions are possible subject to prior approval by the option director.

*If not used to meet the required courses.

Substitutions are possible subject to prior approval by the option director.

Total: 30-31 credits

Comment: Students are encouraged to use ENNEC 100 to satisfy their social science general education requirement. In this case, the option carries 18 credits of requirements beyond those of the current Meteo core. Students are also encouraged to undertake during the course of the program a professional internship with an organization involved with weather risk management.