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Master of Science in Actuarial Science
30 Credits
The IU Online Collaborative Master of Science Degree in Actuarial Science, offered as a consortial program with IUPUI, IU Northwest, and IU South Bend, is a rigorous program of study that combines advanced mathematical and technological knowledge with critical thinking and problem-solving skills. Graduates will be qualified to work in the insurance industry and other businesses involved in risk analysis, risk management, and statistical modeling. This degree will provide students with the skills needed to pass the advanced professional actuarial examinations and be well-prepared for lucrative mid-career positions in the insurance and/or financial industry.
The program is designed to prepare you for the Society of Actuaries (SOA) exams SRM (Statistics for Risk Modeling), FAM (Fundamentals of Actuarial Mathematics), and one of ALTAM (Advanced Long Term Actuarial Models) or ASTAM (Advanced Short Term Actuarial Models).
As a student in this degree, you take courses that prepare you to:
- PLO #1: Identify the assumptions of mean-variance portfolio theory and its principal results.
- PLO #2: Apply appropriate methods for the evaluation of asset portfolios to calculate the required return on a particular asset.
- PLO #3: Explain various forms of efficient markets and why market participants may make irrational systematic errors, leading to market inefficiencies.
- PLO #4: Measure investment risk and conduct project analysis using advanced techniques used in capital budgeting.
- PLO #5: Describe the various types of insurance and how to calculate present values and premiums.
- PLO #6: Apply key concepts concerning parametric and non-parametric (tabular) and multi-state models including single life, or multiple life, and multiple decrements.
- PLO #7: Perform calculations on the present value random variables associated with benefits and expenses for any of the models in PLO #2.
- PLO #8: Apply appropriate premium-calculation methodologies.
- PLO #9: Calculate and interpret various statistical measures associated with reserves for insurances and annuities.
- PLO #10: Apply appropriate models to pension plans and retirement benefits.
This program is part of the School of Natural Science & Mathematics.
Degree Requirements
To earn the M.S. in Actuarial Science, you must complete 30 credit hours.
Requirements are broken down as follows:
- Core Course (15 cr)
- Actuarial Specialization (3 cr)
- Electives (12 cr)
Admissions
To be accepted to this program, you must have:
- Baccalaureate degree in Actuarial Science or equivalent preparation that meets the core requirements of a B.S. Actuarial Science.
- Transcripts from all colleges and universities attended must be provided. Transcripts not required from IU Campuses.
- 3.0 minimum undergraduate GPA
You may submit a 250-word personal statement explaining your background and reasons for entering the program. This statement should include your career goals, a summary of relevant work experience, and a discussion of any deficiencies the in your academic record that do not meet program admission standards.
NOTE: This program is authorized, exempt, or not subject to state regulatory compliance and may enroll students from all 50 states
Courses
Courses
Core Course (15 cr)
- MATH-A 600 Statistics for Risk Modeling I
- MATH-A 601 Statistics for Risk Modeling II
- MATH-A 605 Fundamentals of Long-Term Actuarial Mathematics
- MATH-A 606 Fundamentals of Short-Term Actuarial Mathematics
- MATH-A 699 Capstone in Actuarial Sciences
Actuarial Specialization (3 cr)
Choose one of the following:
- MATH-A 610 Advanced Long-Term Actuarial Mathematics
- MATH-A 611 Advanced Short-Term Actuarial Mathematics
Electives (12 cr.)
Choose four of the following:
- MATH-M 451 The Mathematics of Finance
- MATH-M 485 Life Contingencies
- STAT-S 450 Time Series Analysis
- STAT-S 531 Applied Linear Models I
- STAT-S 532 Applied Linear Models II