Program Overview

University of Wisconsin-Milwaukee Academic Catalog

The University of Wisconsin-Milwaukee is accredited by the Higher Learning Commission, a regional accreditation agency recognized by the U.S. Department of Education.

Actuarial Science (ACTSCI) Program

Overview

The Actuarial Science program at the University of Wisconsin-Milwaukee provides students with a comprehensive education in actuarial science, including financial risks, insurance products, and risk evaluation methods.

Courses

• ACTSCI 290 Introduction to Actuarial Science: 3 cr. Undergraduate. Overview of the actuarial profession, financial risks, and types of insurance products; risk components; and risk evaluation methods.
  • Prerequisites: Satisfaction of Quantitative Literacy Part A GER.
• ACTSCI 391 Investment Mathematics I: 4 cr. Undergraduate. Examination of annuities, loans, bonds, portfolio immunization, and interest rate swaps. Foundational preparation for the Financial Mathematics (FM) Professional Actuarial Exam.
  • Prerequisites: grade of C or better in MATH 232(P).
• ACTSCI 490 Introduction to Actuarial Practice: 1 cr. Undergraduate. Professional topics such as healthcare, pensions, life insurance, property and casualty, reinsurance, and regulation.
  • Prerequisites: ACTSCI 290(P).
• ACTSCI 491 Actuarial Workshop FM: 1 cr. Undergraduate. Continuation of topics from ACTSCI 391 along with practice and preparation for the Financial Mathematics (FM) Professional Actuarial Exam.
  • Prerequisites: ACTSCI 391(C) or consent of instructor.
• ACTSCI 492 Actuarial Workshop P: 1 cr. Undergraduate. Continuation of probability topics from MTHSTAT 361 along with practice and preparation for the Probability (P) Professional Actuarial Exam.
  • Prerequisites: MTHSTAT 361(C) or consent of instructor.
• ACTSCI 590 Actuarial Internship: 1-6 cr. Undergraduate. Apply principles and techniques of actuarial science in business, governmental and other appropriate settings.
  • Prerequisites: soph st; 6 cr 300-level or above in ACTSCI or MTHSTAT; GPA in ACTSCI and MTHSTAT courses at least 2.5.
• ACTSCI 591 Investment Mathematics II: 3 cr. Undergraduate. Mathematical models in finance and economics, corporate finance.
  • Prerequisites: MTHSTAT 361(P); ACTSCI 391(P).
• ACTSCI 593 Actuarial Models I: 3 cr. Undergraduate. Long term insurance coverage, single life survival models, life insurance, annuities, benefit and premium random variables, mortality models.
  • Prerequisites: ACTSCI 391(P); MTHSTAT 361(P); MTHSTAT 362(C).
• ACTSCI 594 Actuarial Models II: 3 cr. Undergraduate. Long term insurance coverage, single life survival models, life insurance, annuities, benefit and premium random variables, mortality models.
  • Prerequisites: ACTSCI 593(P); MTHSTAT 362(P).
• ACTSCI 596 Actuarial Statistics I: 3 cr. Undergraduate. Loss models for short term insurance and their statistical fitting.
  • Prerequisites: MATH 234(P); MTHSTAT 362(P).
• ACTSCI 597 Actuarial Statistics II: 3 cr. Undergraduate. Credibility theory, ratemaking, and reserving.
  • Prerequisites: MATH 234(P); MTHSTAT 362(P).
• ACTSCI 599 Capstone Experience: 1 cr. Undergraduate. Independent research on current financial and insurance topics that are not covered in regular actuarial courses.
  • Prerequisites: senior standing.

Graduate Courses

• ACTSCI 790 Actuarial Internship: 1-6 cr. Graduate. Apply principles and techniques of actuarial science in business, governmental and other appropriate settings.
  • Prerequisites: graduate standing.
• ACTSCI 791 Investment Mathematics II: 3 cr. Graduate. Mathematical models in finance and economics, corporate finance.
  • Prerequisites: graduate standing.
• ACTSCI 793 Actuarial Models I: 3 cr. Graduate. Long term insurance coverage, single life survival models, life insurance, annuities, benefit and premium random variables, mortality models.
  • Prerequisites: graduate standing.
• ACTSCI 794 Actuarial Models II: 3 cr. Graduate. Long term insurance coverage, single life survival models, life insurance, annuities, benefit and premium random variables, mortality models.
  • Prerequisites: grad st; ACTSCI 593(P); MTHSTAT 362(P).
• ACTSCI 796 Actuarial Statistics I: 3 cr. Graduate. Loss models for short term insurance and their statistical fitting.
  • Prerequisites: graduate standing.
• ACTSCI 797 Actuarial Statistics II: 3 cr. Graduate. Credibility theory, ratemaking and reserving.
  • Prerequisites: graduate standing.
• ACTSCI 891 Actuarial Risk Theory: 3 cr. Graduate. Risk models; premium principles; reinsurance contracts; ruin theory; ordering of risks; bonus-malus systems; IBNR techniques.
  • Prerequisites: grad st; MATH 571(P) & ACTSCI 596(P), or consent of instructor.
• ACTSCI 895 Topics in Actuarial Science: 3 cr. Graduate. Advanced topics in actuarial science.
  • Prerequisites: graduate standing; 6 credits of 700 level ACTSCI coursework.

Accreditation

The University of Wisconsin-Milwaukee is accredited by the Higher Learning Commission, a regional accreditation agency recognized by the U.S. Department of Education.

Catalog Disclaimer

The University reserves the right to change the information published in this Catalog without notice. Students are advised to consult with their individual School/College or department for the most up-to-date information about program requirements.