Actuarial Mathematics

The University of Michigan Department of Mathematics is recognized by the Society of Actuaries as a Center for Actuarial Excellence! 

The Actuarial Mathematics program is designed to provide broad training in the basic mathematics underlying the operations of private and social insurance and employee benefit plans. The courses are organized to assist the student in preparing for several of the examinations of the Casualty Actuarial Society and the Society of Actuaries.

Non-credit review classes for some of the professional actuarial examinations are organized each term; ask your actuarial advisor about the time and place of these classes. It is strongly recommended that some of these exams be passed before graduation. Summer internships are an important component of the educational program, and students are strongly encouraged to seek an internship no later than the conclusion of their junior year. Students are encouraged to take either Math 422 to satisfy their upper-level writing requirement.

Grade Policies

All prerequisite courses must be satisfied with a grade of C– or above. Students with lower grades in prerequisite courses must receive special permission of the instructor to enroll in subsequent courses. For purposes of calculating grade point average, the term "field of the major" means the following:

1. All MATH courses.
2. All courses used to meet requirements for the major.
3. All required cognate courses (if any). 
4. All mandatory prerequisites.
5. ECON 101, ECON 102, and EECS 183

Actuarial Subplan Checklist 

I. Prerequisites

A prerequisite to major in Actuarial Mathematics is one of the pairs of courses 205 & 217, 215 & 217, 285 & 217, or 295 & 296. In addition, each student must complete two introductory courses in Economics (Econ 101 and 102), and acquire a working knowledge of a high-level computer language (e.g., Fortran, C, or C++) at a level equivalent to completion of EECS 183.

The major program must include at least eleven courses: 4 basic courses, 5 special Actuarial Mathematics courses, and 2 related courses as described below.

II. Basic Courses

Basic courses consist of one from each of the following groups, completed with a grade of at least C-:

• Differential Equations: Math 286 or 316
• Probability: Math 425
• Statistics: Stats 426
• Analysis: Math 351 or 451

More advanced students, such as those who have completed Math 396, may substitute higher-level courses with the approval of a departmental advisor.

III. Special Courses 

The special Actuarial Mathematics courses must include Math 424, Math 520, Math 523, and at least two of Math 423, Math 521, Math 524, or Math 528.  Note that Math 520 and 523 are offered only in the Fall term. Similarly, Math 521 and 524 are offered only in the Winter term. Moreover, these courses have important prerequisites; thus, careful planning is essential. Students are strongly encouraged to meet with an advisor to plan their path through the major.

IV. Related Courses

To complete the major, each student should elect two additional intermediate or advanced courses related to Actuarial Mathematics. Some, but not all, of the courses numbered 300 and above offered by Accounting, Computer Science, Economics, Finance, Industrial and Operations Engineering, and Statistics are appropriate here. Some specific approved courses are:

• Math 422
• Math 427
• Math 462
• Math 623
• Econ 401
• Econ 402
• Econ 409
• Econ 452
• Fin 302
• Fin 317
• Fin 408 & 409 (1.5 credits each)
• IOE 310
• IOE 452
• Datasci 406
• Datasci 415
• Datasci 451
• Datasci 470
• Stats 413
• Stats 480
• Stats 500
• Stats 501
• Stats 503
• Stats 505
• Stats 531
• All Accounting courses 300 and above

Actuarial Mathematics students interested in receiving VEE credits from the Society of Actuaries are encouraged to elect ACC 300 and FIN 302 for their related courses.

Other courses may sometimes be appropriate, and in all cases, approval of the advisor in Actuarial Mathematics is required.