Program Overview

Mathematics, MS: Actuarial Science

Overview

The program provides a mathematically rigorous education in actuarial science, prepares students for actuarial professional exams, and develops their economics and business reasoning skills. Students obtain thorough knowledge in the fundamentals of actuarial science such as applied probability models, applied statistics, credibility, financial economics, life contingencies, loss models, and risk theory.

Objective of Mathematics MS: Actuarial Science (Option C)

The program is intended for students who will seek employment as an actuary upon completion of the degree. Those interested in entering the department's Ph.D. program should consider a different Master's option.

Overview of Mathematical Sciences Department MS programs

The Department of Mathematical Sciences offers graduate programs of study in mathematics with specializations in the fields of algebra, analysis, topology, applied mathematics, probability and statistics, and actuarial science. The programs of study at the master's level are designed to suit both the student intending to continue toward a PhD as well as the student who wishes to begin a professional career upon completion of the master's program.

Dual Master's Degree Option

In addition to multiple options available for MS in mathematics, the Department of Mathematical Sciences at UWM and the Department of Technomathematics of Fachhochschule Aachen (FHA), Germany have recently created a Dual Master's Degree Program in Mathematics. The students enrolled in this program will be able to earn Master's degrees from both institutions upon completion of the common course requirements.

Admission Requirements

• Application deadlines vary by program.
• Students with undergraduate degrees in mathematics, statistics, actuarial science, economics or a related area are eligible for admission.
• Applicants should have a strong mathematical background that includes three semesters of calculus, linear algebra, probability, and mathematical statistics.
• Although not required, having one actuarial professional exam passed would be an asset.

Credits and Courses

• The minimum degree requirement is 33 credits.
• The following courses are required:
  • ACTSCI 791: Investment Mathematics II (3 credits)
  • ACTSCI 793: Actuarial Models I (3 credits)
  • ACTSCI 794: Actuarial Models II (3 credits)
  • ACTSCI 796: Actuarial Statistics I (3 credits)
  • ACTSCI 797: Actuarial Statistics II (3 credits)
  • MATH 783: Introduction to Probability Models (3 credits)
  • One of the following two courses:
    • ACTSCI 891: Actuarial Risk Theory
    • ACTSCI 895: Topics in Actuarial Science
  • One of the following pairs:
    • MTHSTAT 871 and MTHSTAT 872: Mathematical Statistics I and II
    • ECON 701 and ECON 702: Economic Theory: Microeconomics and Economic Theory: Macroeconomics
    • BUS ADM 703 and BUSMGMT 705: Financial Accounting and Corporate Finance
    • COMPSCI 557G and COMPSCI 720: Introduction to Database Systems and Computational Models of Decision Making
  • Two of the following courses:
    • MTHSTAT 763: Regression Analysis
    • MTHSTAT 764: Time Series Analysis
    • MTHSTAT 766: Computational Statistics
    • MTHSTAT 768: Multivariate Statistical Analysis
    • ACTSCI 790: Actuarial Internship

Additional Requirements

• A thesis is not required for the actuarial science option. Rather, students must pass three departmental written proficiency exams, which are based on the learning objectives of the actuarial professional exams P, FM and one of IFM, LTAM, STAM.
• Waivers for departmental exams are granted for students who have passed the corresponding professional exams.
• For future advancement in the field of actuarial science, "Validation by Educational Experience" (VEE) credits are required. VEE credits may be earned from the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) with a grade of B- or better in the following courses:
  • MTHSTAT 871: Mathematical Statistics I
  • MTHSTAT 872: Mathematical Statistics II
  • ECON 701: Economic Theory: Microeconomics (VEE-Economics)
  • ECON 702: Economic Theory: Macroeconomics (VEE-Economics)
  • BUS ADM 703: Financial Accounting (VEE-Accounting and Finance)
  • BUSMGMT 705: Corporate Finance (VEE-Accounting and Finance)

Major Professor as Advisor

The student must have a major professor, selected from the members of the Actuarial Science Committee, to advise and supervise the student's studies. The entering student is assigned an advisor by the chair of the committee. Before the start of studies, each student in the program must develop a plan of study in consultation with the Committee.

Time Limit

Full-time students are expected to complete the program in two years. Students must complete all degree requirements within five years of initial enrollment.