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 IFM (Investment and Financial Markets), LTAM (Long-Term Actaurial Mathematics), STAM (Short-Term Actuarial Mathematics), and SRM (Statistics for Risk Modeling).  Note that Actuarial Exam P (Probability) and FM (Financial Mathematics) are taught at the undergraduate level.

  • MATH 5226 - Mathematics of Financial Markets (3)
  • MATH 5228 - Actuarial Science IIA (3)
  • MATH 5229 - Actuarial Science IIB (3)
  • STAT 5123 - Applied Statistics I (3)
  • STAT 6115 - Statistical Learning with Big Data (3)
  • STAT 6228 - Short-Term Actuarial Mathematics (3)
Elective Courses (12 credit hours)

Select from the following with at least 6 credit hours in MATH or STAT courses:

  • MATH 6203 - Stochastic Calculus for Finance I (3)
  • MATH 6205 - Financial Computing (3)
  • MATH 6206 - Stochastic Calculus for Finance II (3)
  • STAT 5124 - Applied Statistics II (3)
  • STAT 7127 - Linear Statistical Models (3)
  • STAT 7133 - Multivariate Analysis (3)
  • STAT 7135 - Statistical Computation (3)
  • STAT 7139 - Time Series Analysis (3)
  • FINN 6152 - Financial Management (3)
  • FINN 6153 - Investment Management (3)
  • FINN 6203 - Financial Economic Theory (3)
  • FINN 6214 - Asset and Portfolio Management (3)
  • FINN 6219 - Financial Econometrics (3)
  • ITCS 6114 - Algorithms and Data Structures (3)
Note:

Other courses may be considered with permission of the department.

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 5229 and STAT 6228.  The research seminar project defense is the comprehensive examination for those students who select the research seminar option.

 

Grade Requirements


Students must receive a grade of B or above for this concentration. 

Degree Total = 30 Credit Hours