Program Overview

Professional Science, Actuarial Science Concentration, M.S.

The Actuarial Science concentration in the Master of Science in Professional Science degree offers preparation, basic knowledge, and professional skills to work as an actuary and to pass actuarial professional examinations. This program provides students with the mathematical and statistical skills necessary to manage risks and excel in insurance and finance.

Program Description

Actuarial science is a special discipline that trains students to apply mathematical skills and statistical techniques to study uncertain future events, especially those of concern to insurance and pension programs. The program offers training so that students can make practical use of probability theory and statistical analysis for managing risks and solving practical problems. An internship takes the place of writing a thesis.

Career Opportunities and Outlook for Actuaries with a Master's Degree in Professional Science with a Concentration in Actuarial Science from MTSU's Program at the Master's Level in the Field of Actuarial Science and Related Fields Such As Insurance, Finance, and Risk Management, Including but Not Limited to the Following Potential Career Paths and Job Titles: Actuarial Analyst, Actuarial Auditing, Annuity Pricing Actuary, Chief Actuary and Vice President, Consulting Actuary, Data Analyst, Financial Actuary, General Liability Actuary, Health Actuary, Investment Researcher, Investment Valuation, Life Reinsurance Pricing, Life Valuation, Model Validation Financial Actuary, Mortality Valuation, Product Actuary, Risk and Hedging, Risk Management, Specialty Pricing Actuary, Underwriting, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Companies and Organizations: Acuff & Associates, Aetna, Alfa Insurance, American General Life and Accident Insurance Co., Bank of China, Blue Cross Blue Shield of Tennessee, BPS&M Wells Fargo Commercial, Brentwood, Caterpillar Finance, China Actuarial Society, China PingAn Insurance, Cigna, Consumers Insurance, Direct General Group of Companies, Farm Bureau Insurance, Farmers Insurance, First Acceptance Insurance, Genworth Financial, Humana Inc., Kentucky, Humana Inc., Texas, Lincoln Financial Group, Nationwide Insurance, Select Actuarial Services, Sigma Actuarial Consulting Group, Inc., State Farm Insurance, Tower and Watson, Memphis, Tower and Watson, Atlanta, Travelers Insurance, Willis North America Inc., Zurich Insurance, and Other Related Companies and Organizations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Government Agencies, Non-Profit Organizations, and Private Companies: Government Agencies, Such As the U.S. Bureau of Labor Statistics, Non-Profit Organizations, Such As the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), and Private Companies, Such As Insurance Companies, Consulting Firms, and Investment Firms, Including but Not Limited to the Following Specializations and Fields: Insurance, Finance, Risk Management, Investments, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Potential Career Paths and Job Titles: Actuarial Analyst, Actuarial Auditing, Annuity Pricing Actuary, Chief Actuary and Vice President, Consulting Actuary, Data Analyst, Financial Actuary, General Liability Actuary, Health Actuary, Investment Researcher, Investment Valuation, Life Reinsurance Pricing, Life Valuation, Model Validation Financial Actuary, Mortality Valuation, Product Actuary, Risk and Hedging, Risk Management, Specialty Pricing Actuary, Underwriting, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Companies and Organizations: Acuff & Associates, Aetna, Alfa Insurance, American General Life and Accident Insurance Co., Bank of China, Blue Cross Blue Shield of Tennessee, BPS&M Wells Fargo Commercial, Brentwood, Caterpillar Finance, China Actuarial Society, China PingAn Insurance, Cigna, Consumers Insurance, Direct General Group of Companies, Farm Bureau Insurance, Farmers Insurance, First Acceptance Insurance, Genworth Financial, Humana Inc., Kentucky, Humana Inc., Texas, Lincoln Financial Group, Nationwide Insurance, Select Actuarial Services, Sigma Actuarial Consulting Group, Inc., State Farm Insurance, Tower and Watson, Memphis, Tower and Watson, Atlanta, Travelers Insurance, Willis North America Inc., Zurich Insurance, and Other Related Companies and Organizations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Government Agencies, Non-Profit Organizations, and Private Companies: Government Agencies, Such As the U.S. Bureau of Labor Statistics, Non-Profit Organizations, Such As the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), and Private Companies, Such As Insurance Companies, Consulting Firms, and Investment Firms, Including but Not Limited to the Following Specializations and Fields: Insurance, Finance, Risk Management, Investments, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Potential Career Paths and Job Titles: Actuarial Analyst, Actuarial Auditing, Annuity Pricing Actuary, Chief Actuary and Vice President, Consulting Actuary, Data Analyst, Financial Actuary, General Liability Actuary, Health Actuary, Investment Researcher, Investment Valuation, Life Reinsurance Pricing, Life Valuation, Model Validation Financial Actuary, Mortality Valuation, Product Actuary, Risk and Hedging, Risk Management, Specialty Pricing Actuary, Underwriting, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Companies and Organizations: Acuff & Associates, Aetna, Alfa Insurance, American General Life and Accident Insurance Co., Bank of China, Blue Cross Blue Shield of Tennessee, BPS&M Wells Fargo Commercial, Brentwood, Caterpillar Finance, China Actuarial Society, China PingAn Insurance, Cigna, Consumers Insurance, Direct General Group of Companies, Farm Bureau Insurance, Farmers Insurance, First Acceptance Insurance, Genworth Financial, Humana Inc., Kentucky, Humana Inc., Texas, Lincoln Financial Group, Nationwide Insurance, Select Actuarial Services, Sigma Actuarial Consulting Group, Inc., State Farm Insurance, Tower and Watson, Memphis, Tower and Watson, Atlanta, Travelers Insurance, Willis North America Inc., Zurich Insurance, and Other Related Companies and Organizations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Government Agencies, Non-Profit Organizations, and Private Companies: Government Agencies, Such As the U.S. Bureau of Labor Statistics, Non-Profit Organizations, Such As the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), and Private Companies, Such As Insurance Companies, Consulting Firms, and Investment Firms, Including but Not Limited to the Following Specializations and Fields: Insurance, Finance, Risk Management, Investments, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Potential Career Paths and Job Titles: Actuarial Analyst, Actuarial Auditing, Annuity Pricing Actuary, Chief Actuary and Vice President, Consulting Actuary, Data Analyst, Financial Actuary, General Liability Actuary, Health Actuary, Investment Researcher, Investment Valuation, Life Reinsurance Pricing, Life Valuation, Model Validation Financial Actuary, Mortality Valuation, Product Actuary, Risk and Hedging, Risk Management, Specialty Pricing Actuary, Underwriting, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Companies and Organizations: Acuff & Associates, Aetna, Alfa Insurance, American General Life and Accident Insurance Co., Bank of China, Blue Cross Blue Shield of Tennessee, BPS&M Wells Fargo Commercial, Brentwood, Caterpillar Finance, China Actuarial Society, China PingAn Insurance, Cigna, Consumers Insurance, Direct General Group of Companies, Farm Bureau Insurance, Farmers Insurance, First Acceptance Insurance, Genworth Financial, Humana Inc., Kentucky, Humana Inc., Texas, Lincoln Financial Group, Nationwide Insurance, Select Actuarial Services, Sigma Actuarial Consulting Group, Inc., State Farm Insurance, Tower and Watson, Memphis, Tower and Watson, Atlanta, Travelers Insurance, Willis North America Inc., Zurich Insurance, and Other Related Companies and Organizations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Government Agencies, Non-Profit Organizations, and Private Companies: Government Agencies, Such As the U.S. Bureau of Labor Statistics, Non-Profit Organizations, Such As the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), and Private Companies, Such As Insurance Companies, Consulting Firms, and Investment Firms, Including but Not Limited to the Following Specializations and Fields: Insurance, Finance, Risk Management, Investments, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Potential Career Paths and Job Titles: Actuarial Analyst, Actuarial Auditing, Annuity Pricing Actuary, Chief Actuary and Vice President, Consulting Actuary, Data Analyst, Financial Actuary, General Liability Actuary, Health Actuary, Investment Researcher, Investment Valuation, Life Reinsurance Pricing, Life Valuation, Model Validation Financial Actuary, Mortality Valuation, Product Actuary, Risk and Hedging, Risk Management, Specialty Pricing Actuary, Underwriting, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Companies and Organizations: Acuff & Associates, Aetna, Alfa Insurance, American General Life and Accident Insurance Co., Bank of China, Blue Cross Blue Shield of Tennessee, BPS&M Wells Fargo Commercial, Brentwood, Caterpillar Finance, China Actuarial Society, China PingAn Insurance, Cigna, Consumers Insurance, Direct General Group of Companies, Farm Bureau Insurance, Farmers Insurance, First Acceptance Insurance, Genworth Financial, Humana Inc., Kentucky, Humana Inc., Texas, Lincoln Financial Group, Nationwide Insurance, Select Actuarial Services, Sigma Actuarial Consulting Group, Inc., State Farm Insurance, Tower and Watson, Memphis, Tower and Watson, Atlanta, Travelers Insurance, Willis North America Inc., Zurich Insurance, and Other Related Companies and Organizations in the Industry of Insurance, Finance, and Risk Management, Including but Not Limited to the Following Government Agencies, Non-Profit Organizations, and Private Companies: Government Agencies, Such As the U.S. Bureau of Labor Statistics, Non-Profit Organizations, Such As the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), and Private Companies, Such As Insurance Companies, Consulting Firms, and Investment Firms, Including but Not Limited to the Following Specializations and Fields: Insurance, Finance, Risk Management, Investments, and Other Related Fields and Specializations in the Industry of Insurance, Finance, and Risk Management.

• Actuarial analyst
• Actuarial auditing
• Annuity pricing actuary
• Chief actuary and vice president
• Consulting actuary
• Data analyst
• Financial actuary
• General liability actuary
• Health actuary
• Investment researcher
• Investment valuation
• Life reinsurance pricing
• Life valuation
• Model validation financial actuary
• Mortality valuation
• Product actuary
• Risk and hedging
• Risk management
• Specialty pricing actuary
• Underwriting

Employers of MTSU Alumni

• Acuff & Associates
• Aetna
• Alfa Insurance
• American General Life and Accident Insurance Co.
• Bank of China
• Blue Cross Blue Shield of Tennessee
• BPS&M Wells Fargo Commercial, Brentwood
• Caterpillar Finance
• China Actuarial Society
• China PingAn Insurance
• Cigna
• Consumers Insurance
• Direct General Group of Companies
• Farm Bureau Insurance
• Farmers Insurance
• First Acceptance Insurance
• Genworth Financial
• Humana Inc., Kentucky
• Humana Inc., Texas
• Lincoln Financial Group
• Nationwide Insurance
• Select Actuarial Services
• Sigma Actuarial Consulting Group, Inc.
• State Farm Insurance
• Tower and Watson, Memphis
• Tower and Watson, Atlanta
• Travelers Insurance
• Willis North America Inc.
• Zurich Insurance

Requirements

Admission Requirements

Admission to the Master of Science in Professional Science with a concentration in Actuarial Science requires:

1. an earned bachelor's degree from an accredited university or college with a course in multivariate calculus (MATH 3110 or the equivalent) with a grade of C (2.00) or better and a course in linear algebra (MATH 2010 or equivalent) with a grade of C (2.00) or better;
2. basic competency in word processing, electronic mail, library retrieval systems, presentation graphics, spreadsheets, and databases;
3. appropriate undergraduate preparation for advanced study of actuarial science.

Application Procedure

All application materials are to be submitted to the College of Graduate Studies. Applicant must:

1. submit application with the appropriate application fee;
2. submit official transcripts from all collegiate institutions attended;
3. submit three letters of reference.

Degree Requirements

The Master of Science in Professional Science with a concentration in Actuarial Science requires completion of 36 semester hours.

Curriculum: Professional Science, Actuarial Science

The following illustrates the minimum coursework requirements.

Core Courses (15 hours)

• ACTG 6100 - Accounting and Legal Issues for Managers
• BCED 6820 - Managerial Communication
• BCED 6910 - Internship Program
• MGMT 6740 - Leadership and Motivation
• STAT 5140 - Probabilistic and Statistical Reasoning

Concentration Courses (21 hours)

Required Courses (9 hours)

• ACSI 6020 - Construction and Evaluation of Actuarial Models
• ACSI 6030 - Actuarial Models for Life Contingencies
• ACSI 6040 - Actuarial Models for Financial Economics

12 hours from the following:

• ACSI 5220 - Mathematics of Corporate Finance
• ACSI 5230 - Mathematics of Compound Interest
• ACSI 5240 - Mathematics of Interest Theory, Economics, and Finance
• ACSI 5530 - Rate Making and Loss Reserving
• ACSI 6010 - Introduction to Loss Models
• ACSI 6110 - Predictive Analytics
• ACSI 6600 - Problems in Actuarial Science
• DATA 6300 - Data Understanding
• DATA 6310 - Data Exploration
• ECON 6010 - Macroeconomics I
• ECON 6020 - Microeconomics I
• ECON 6070 - Econometrics II
• STAT 5190 - Mathematical Statistics II
• STAT 5200 - Statistical Methods for Forecasting
• STAT 5320 - Probability and Stochastic Processes
• STAT 5700 - Analysis of Large-Scale Data Sets
• STAT 6160 - Advanced Mathematical Statistics I
• STAT 6180 - Advanced Mathematical Statistics II
• STAT 6605 - Problems in Statistics-SAS Programming
• STAT 7400 - Computational Statistics
• MATH 6601 - Problems in Mathematics-Advanced Calculus
• MATH 6602 - Problems in Mathematics-Number Theory
• MATH 6603 - Problems in Mathematics-Mathematics of Finance
• MATH 6604 - Problems in Mathematics-Mathematics of Life Contingencies

Faculty

• Dr. Don Hong, Professor
• Dr. Abdul Khaliq, Professor
• Dr. Vajira Manathunga, Associate Professor