Actuarial Mathematics Master's Program

Counseling

Actuarial M.S. Math students will receive course counseling from the Associate Chair for Education. The Graduate Program Coordinator will process departmental and Rackham paperwork.  Information about minimum credits, cross-listed courses, etc. can be found in this Course Enrollment section of the Graduate Student Handbook.

Requirements

This program has a minimum requirement of 24 graduate credit hours of course work, including two cognate courses. Elementary courses taken to fill gaps in undergraduate preparation (e.g., Math 424 and 425) are not counted toward the 24 credit hour degree requirement. 

The curriculum will be individually designed to complement a student’s past educational experiences and to reflect future actuarial plans, particularly as they relate to the professional actuarial examinations and other professional credentialing requirements. For example, a student with a strong Economics background might be advised to elect specialized courses in Statistics while a student with a strong Statistics background might be advised to elect Economics courses in addition to classes in Mathematics.

The University has not made a determination in any state as to whether this program satisfies academic prerequisites for licensure. The University makes no representation that the credits you complete as part of this program would be accepted towards licensure qualification in any state. Our program is organized to assist the student to prepare for several of the examinations of the Casualty Actuarial Society and the Society of Actuaries.

In all cases, the program must be planned in consultation with and approved by the Actuarial Master’s Program Advisor. 

1. The following courses must be included in the program unless equivalent courses have already been completed: 
   • Math 520-521 (Life Contingencies I-II)
     
   • MATH 523-524 (Loss Models I-II)
     
2. In addition to the courses in Item (1), the program must include 
   
   • Two advanced Mathematics courses, such as Math 525-526 or Math 573-574
     OR
   • Two advanced Statistics courses, such as Stats 500 and Stats 531
     
3. In addition to the courses in Items (1) and (2), the program must include two cognate courses at the graduate level. These may be elected from other special areas of mathematics or from other fields. The courses chosen must be related to the student’s mathematics program. These courses may include the following:
   • Math 423, 472, 506, 525, 526, 561, 562, 573, 574, 623
   • Stats 415, 426, 500, 503, 509, 531
   • IOE 452
   • Other courses in Business Economics, Computer Science, Economics, Finance, Industrial and Operations Engineering, Mathematics, and Statistics may be appropriate, depending on the student’s background and goals.

Program Learning Goals

1. Learning Goal > Statistical and Mathematical Proficiency: Gaining expertise in statistical methods, probability theory, and mathematical modeling as they apply to actuarial science.
   • Assessment > Regular assessments specifically designed to test understanding of statistical distributions, probability theory, stochastic processes, financial mathematics concepts (e.g., interest theory, derivatives pricing), and core mathematical modeling techniques relevant to actuarial science. 
2. Learning Goal > Problem-Solving Skills: Enhancing analytical and critical thinking skills needed to address complex risk assessment and management scenarios.
   • Assessment > In-depth case studies that present real-world, complex actuarial scenarios requiring students to identify key issues, analyze data, apply appropriate methods, and propose solutions for risk assessment and management.
3. Learning Goal > Research and Innovation: Developing research skills to contribute to advancements in actuarial methods and practices.
   • Assessment > Independent research on a specific actuarial topic, culminating in a written paper and presentation.
4. Learning Goal > The program is organized to assist the student to prepare for several of the examinations of the Casualty Actuarial Society and the Society of Actuaries.
   • Assessment > Completion of at least one professional actuarial exam.