Shaun Wang, Program Director and Graduate Program Adviser
Actuarial Science is a discipline that employs mathematics and statistics in modeling the financial impacts of risk and uncertainty in various sectors of the economy, and in designing solutions of managing risks. A majority of professional actuaries work in careers that are associated with the insurance industry, though growing numbers work in other fields. The mission of the MAS degree program is to educate students in the theory and practice of actuarial science through a specialized program of study. The program is designed to teach students both the core actuarial theory and the latest development in actuarial practice.
In addition to the MAS program, a dual-degree option is available where students will earn both the Master of Actuarial Science degree and the Master of Science in Risk Management and Insurance degree specializing in Mathematical Risk Management. The rapid integration of insurance and financial services and the increasing acceptance of enterprise risk management in broad sectors of the economy imply that risk professionals need to master the understanding of risks associated with assets, liabilities and business operations. This requires a set of integrated skills in actuarial risk modeling, financial risk modeling, and enterprise risk management. The dual degree program in MAS/MRM is designed to serve the growing need for graduates who 1) have solid quantitative skills in both actuarial risk modeling and financial risk modeling, and 2) understand the business contexts and possess the necessary communication skills for solving complex risk issues.
All Master of Actuarial Science students will complete the Business Communication Skills Requirement explained earlier in this chapter. The regulations, policies, and procedures given in the "Master'sEnrollment" and "Master's Programs" sections of this chapter apply to the M.A.S. program. A maximum of 9 semester hours of transfer credit is possible in this 30-hour program or in the 48-hour dual degree program.
1. Foundation Requirements. These courses are in addition to the 30 hours required for the M.A.S. degreeor in addition to the 48 hours required for the dual degree program. They are assigned as part of theadmissions process based on a review of each student's transcripts. They can be exempted if equivalent work has been previously completed with grades of C or higher.
Accounting: financial and managerial accounting principles (MBA 8025, or Acct 2101 & Acct 2102)
Finance: corporate finance principles (MBA 8135). This requirement can be waived if FI 3300, FI 4300 and FI 4320, or equivalent course work, have been completed with grades of "C" or higher.
Behavioral Science: Management principles (MGS 3400). Students may satisfy this requirement with either management (MGS 3400), sociology (Soci 1101), or psychology (Psyc 1101) principles.
Economics: MBA 7035 Economics for Managers or both macroeconomic principles (Econ 2105) and microeconomic principles (Econ 2106).
Mathematics: Students must have completed three semesters of advanced calculus (Math 2211, Math 2212, and Math 2215) and must have Compound Interest Theory AS 4230.
Statistics: Students must have Econ 9710 or completed two semesters of undergraduate mathematical statistics (Math 4751, Math 4752).
2. Course Requirements: The Master of Actuarial Science
This section is applicable to students interested in the Master of Actuarial Science Degree.
Students interested in the dual degree program should go to Section III below.
a. Required Courses (24 hours):
*Students who have completed AS 4340 and/or AS 4350 or their equivalents must substitute appropriate 8000-level actuarial science courses for AS 8340 and/or AS 8350. The substitutions must be selected from section B & C below in consultation with the actuarial science faculty adviser.
**Students can use Econ 9720 Econometrics II as a substitute for Econ 8740. Students in the dual degree Master of Actuarial Science and Master of Science in Risk Management and Insurance Specializing in Mathematical Risk Management must substitute Econ 9720 for Econ 8740.
Students must complete a minimum of 6 hours of course work from sections B and C combined.
b. Elective Courses in the Major or in Mathematical Risk Management: (3-9 hours)
c. Electives Outside the Major: (3-6 hours). At least one course must be selected from the 8000 level offerings in Risk Management and Insurance (RMI). Nonmajor electives must be individually approved by an actuarial science faculty adviser. In the selection of these electives, students will be strongly encouraged to choose courses that will serve to enhance their skills in writing and other forms of communication.
3. Course Requirements: Dual Degree Master of Actuarial Science and Master of Science in Risk Management and Insurance Specializing in Mathematical Risk Management.
This section is applicable to students interested in the dual degree program Master of Actuarial Science and Master of Science in Risk Management and Insurance Specializing in Mathematical Risk Management. Students interested in the Master of Actuarial Science should go to Section II above.
a. Required Technical Support Courses (0-3 hours)
*Students who have completed an equivalent course with a grade of "C" or higher must substitute an
appropriate elective in consultation with the Mathematical Risk Management faculty adviser.
b. Required Courses in the Dual Degree Program (27-33 hours)
** Students who have completed AS 4340 and/or AS 4350 or their equivalents must substitute appropriate 8000-level actuarial science courses for AS 8340 and/or AS 8350. The substitutions must be selected from section C below in consultation with the actuarial science faculty adviser.
c. Elective Courses in the Dual Degree Program (12-21 hours)
Students should consult with the faculty advisers for the Master of Actuarial Science and Mathematical Risk Management programs prior to beginning their elective coursework and may select from among the following courses:
Students may select, with the prior approval of both faculty advisers for the dual degree program, electives other than those shown above if they can demonstrate the course(s) will better meet their educational objectives.
4. Program of Study
Each student's program must be planned in consultation with a faculty adviser in actuarial science and a copy of the program filed with the Office of Graduate Admissions and Student Services for review and approval. Progress toward the degree, including clearance for graduation, cannot be confirmed without an approved program of study. The program of study should be planned before the student takes a non required course. Any changes in the program must be approved by the faculty adviser and a copy of the changes sent to the GASS.
5. Time Limit
The time limit for completing the M.A.S. program is five years from the first semester a course in section a,b, or c (above) is taken.