Master of Science in Actuarial Science
Richardson, USA
DURATION
2 Years
LANGUAGES
English
PACE
Full time
APPLICATION DEADLINE
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EARLIEST START DATE
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TUITION FEES
USD 18,276 / per semester
STUDY FORMAT
On-Campus
* late application deadline: day prior to classes begin
Scholarships
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Introduction
Actuaries are professionals who help businesses to assess the risk of certain events occurring. They assemble and analyze data to estimate the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. The Master of Science in Actuarial Science degree program is administered through the Department of Mathematical Sciences. The objective of the program is to educate future leaders of the actuarial industry with training in actuarial theory and methods in a wide spectrum of actuarial applications involving probabilistic and statistical models.
All students are prepared to take five actuarial preliminary exams. Students who have not taken classes required for Validation of Educational Experience (VEE) credits in statistics, finance, and economics will have such an opportunity. Upon acquiring relevant proficiency in mathematics — particularly of probability, statistics, decision theory, and financial mathematics — together with knowledge of insurance, passing five actuarial exams, and obtaining three VEE credits, the graduates of the program can be expected to be able to work as actuaries in insurance, consulting, finance, government, and emerging markets.
Admissions
Curriculum
Course Requirements
The minimal total required number of classes for graduation is 36 semester credit hours. Among them, 27 semester credit hours of required courses and 9 semester credit hours of electives.
Required Courses: 27 semester credit hours
- STAT 5351 Probability and Statistics I
- STAT 5352 Probability and Statistics II
- ACTS 6301 Theory of Actuarial Models: Life Contingencies I
- ACTS 6302 Theory of Actuarial Models: Financial Economics
- ACTS 6303 Theory of Actuarial Models: Life Contingencies II
- ACTS 6304 Construction and Evaluation of Actuarial Models I
- ACTS 6305 Construction and Evaluation of Actuarial Models II
- ACTS 6306 Advanced Actuarial Applications
- ACTS 6308 Actuarial Financial Mathematics
Prescribed Elective Courses: 9 semester credit hours
For the prescribed elective courses select three courses from the following:
- STAT 6337 Advanced Statistical Methods I
- STAT 6329 Applied Probability and Stochastic Processes
- STAT 6338 Advanced Statistical Methods II
- STAT 6343 Experimental Design
- STAT 6347 Applied Time Series Analysis
- STAT 7338 Time Series Modeling and Filtering
- STAT 6348 Applied Multivariate Analysis
- STAT 6390 Topics in Statistics - Level 6
- STAT 7334 Nonparametric and Robust Statistical Methods
- MATH 6313 Numerical Analysis
- STAT 6331 Statistical Inference I
- FIN 6301 Financial Management
- FIN 6308 Regulation of Business and Financial Markets
- FIN 6310 Investment Theory and Practice
- FIN 6314 Fixed Income Securities
- FIN 6360 Derivatives Markets
- FIN 6382 Numerical and Statistical Methods in Finance
- OPRE 6335 Risk and Decision Analysis
- MECO 6303 Business Economics
- ACCT 6305 Accounting for Managers
- PPPE 6321 Economics for Public Policy
Preparation for Actuarial Exams
These classes prepare for the three preliminary actuarial examinations jointly administered by the Society of Actuaries (SOA), Casualty Actuarial Society (CAS), and the Canadian Institute of Actuaries (CIA):
- Exam 1/P: STAT 5351 and STAT 5352
- Exam 2/FM: ACTS 6308
- Exam 3L/MLC: ACTS 6301
- Exam 3F/MFE: ACTS 6302
- Exam 4/C: ACTS 6304
- Exam 5/FAP: ACTS 6306
Validation by Educational Experience (VEE) Credits
- Applied Statistical Methods: STAT 6337 and STAT 6347
- Corporate Finance: FIN 6301
- Economics: MECO 6303
Program Outcome
The objective of the program is to educate future leaders of the actuarial industry with training in actuarial theory and methods in a wide spectrum of actuarial applications involving probabilistic and statistical models. All students will be prepared to take five actuarial preliminary exams and will take two advanced actuarial classes to prepare for professional accreditation. Furthermore, students who did not take classes required for VEE (Validation of Educational Experience) credits in statistics, finance, and economics will have such opportunity. With this combined knowledge of mathematics particularly of probability, statistics, and decision theory together with knowledge of financial mathematics and insurance, the expected passing of five actuarial exams, and the three required VEE credits, graduates of the program will be able to work as senior actuaries in insurance, consulting, finance, government, and emerging markets.
Career Opportunities
Graduates of the program seek positions such as professionals in the insurance industry, government, consulting, financial, or accounting firms. The job of an actuary consistently appears among the top jobs in the rankings of 200 jobs by CareerCast’s Jobs Rated Almanac based upon factors such as work environment, income, hiring outlook, and stress.
English Language Requirements
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