Actuarial Statistics Concentration
The Master of Science in Mathematics with Concentration in Actuarial Statistics provides advanced skills and knowledge to individuals seeking actuarial careers in insurance and financial institutions. In addition to acquiring statistical and computational skills, the required courses for this concentration are designed to prepare students to pass a series of examinations needed to earn an Actuarial Designation with the Society of Actuaries or the Casualty Actuarial Society.
Additional Admission Requirements
In addition to the general requirements for admission to the Graduate School, the following are required for the Concentration in Actuarial Statistics:
- 9 credit hours of calculus at the level of MATH 1241, MATH 1242, and MATH 2241
- 3 credit hours of linear algebra at the level of MATH 2164
- Applicants must present evidence of undergraduate preparation in basic actuarial science including:
- 6 credit hours of probability courses at the level of MATH 3122 or STAT 3122 and MATH 3123 or STAT 3123 with a grade of B or above, or passing the SOA Exam P
- 6 credit hours of financial mathematics courses at the level of MATH 2228 and MATH 3228 with a grade of B or above, or passing the SOA Exam FM
- 6 credit hours of statistics courses at the level of STAT 3110 and STAT 3150 with a grade of B or above
Concentration Requirements
Core Courses (18 credit hours)
The following required courses prepare students for Actuarial Exams FAM (Fundamentals in Actuarial Mathematics), ALTAM (Advanced Long-Term Actuarial), and SRM (Statistics for Risk Modeling). Note that Actuarial Exam P (Probability) and FM (Financial Mathematics) are taught at the undergraduate level.
- MATH 5228 – Life Insurance Mathematics (3)
- MATH 5229 – Advanced Life Insurance Mathematics (3)
- STAT 5123 – Applied Statistics I (3)
- STAT 5227 – Loss Models and Applications (3)
- STAT 6113 – Cross-Section and Time-Series Econometrics (3)
- STAT 6115 – Statistical Learning with Big Data (3)
Elective Courses (12 credit hours)
Select from the following with at least 3 credit hours in MATH or STAT courses:
- DSBA 6112 – Graduate Econometrics (3)
- DSBA 6201 – Business Intelligence and Analytics (3)
- DSBA 6211 – Advanced Business Analytics (3)
- FINN 6152 – Financial Management (3)
- FINN 6153 – Investment Management (3)
- FINN 6203 – Financial Economic Theory (3)
- FINN 6214 – Asset and Portfolio Management (3)
- ITCS 6114 – Algorithms and Data Structures (3)
- ITCS 5156 – Applied Machine Learning (3)
- MATH 6203 – Stochastic Calculus for Finance I (3)
- STAT 5124 – Applied Statistics II (3)
- STAT 7122 – Advanced Statistics I (3)
- STAT 7133 – Multivariate Analysis (3)
- STAT 7135 – Statistical Computation (3)
- STAT 7137 – Survival Analysis (3)
Note:
Other courses may be considered with permission of the department. The following courses cover topics for Exam SRM:
- STAT 5124 – Applied Statistics II (3)
- STAT 6113 – Cross-Section and Time-Series Econometrics (3)
- STAT 6115 – Statistical Learning with Big Data (3)
- STAT 7133 – Multivariate Analysis (3)
- STAT 7137 – Survival Analysis (3)
- ITCS 5156 – Applied Machine Learning
- ITCS 6114 – Algorithms and Data Structures
Capstone Requirement
Students in the M.S. in Mathematics with Concentration in Actuarial Statistics may select one of the following options as their Capstone Requirement:
Directed Project
Students who select this option complete 3 credit hours of MATH 7892 or STAT 7892 in which they carry out an independent project under the supervision of a member of the graduate faculty. If the project option is selected, the candidate is required to defend their project before a committee of three graduate faculty members appointed by the department Graduate Committee.
Comprehensive Examination
Each candidate for the Concentration in Actuarial Statistics must perform satisfactorily on a final comprehensive examination. This examination is set and administered by a committee appointed by the department Graduate Committee. It may be in either written or oral form, and it covers those areas of study on the Long-Term and Short-Term Actuarial Mathematics, including MATH 5228 and STAT 5227. The research seminar project defense is the comprehensive examination for those students who select the research seminar option.