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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 to prepare 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.
Prerequisite to major in Actuarial Mathematics is one of the pair of courses 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: Stat 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 423, Math 424, Math 520, Math 523, and at least one of Math 521 or Math 524. Note that Math 520 and 523 are offered only in the Fall terms. Similarly, Math 521 and 524 are offered only in the Winter terms. 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:
|422||Risk Mgmt & Insurance||FIN 317
||Corp Financing Decisions
|462||Mathematical Models||FIN 408 &
|| (1.5 credits each)
|623||Computational Finance||FIN 409||Capital Markets AND Fixed Inc Sec|
|ECON 401||Inter Micro Theory||IOE 310||Intro Optim Methods|
|ECON 402||Inter Macro||IOE 452||Corporate Finance|
|ECON 409||Game Theory|
|ECON 452||Intro to Econometrics|
- All Accounting courses 300 and above, except 471
- Some Statistics courses numbered above 400
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.