Program Overview

Overview

The Actuarial Science Program at Illinois State combines high quality education in all areas of actuarial theory with serious commitment to actuarial practice and professionalism.

We offer two ways to complete the M.S. in Actuarial Science; traditional (on-campus) or online. The actuarial science program is designed to support you as you prepare to pass the professional exams set by the two major societies for Actuaries in the U.S. or to take similar exams from similar societies elsewhere.

Traditional Sequence

The traditional sequence is offered on-campus located in Normal, IL and courses are conducted during the day. During the last year of your program, a culminating experience is completed locally within in Illinois.

Online Sequence

The online Actuarial Science sequence offers the same quality program taught by our faculty, but courses are offered in real-time (synchronous) accompanied by independent coursework.

The courses are generally offered in the evenings (Central US Time Zone) during the week. The online program provides you with the flexibility of completing courses part-time for a flat fee per credit hour.

Admission Requirements

University Admission Requirements

• Have earned a four-year bachelor's degree or its equivalent from a college or university that is accredited by the appropriate regional accrediting association, or do so by the time of program matriculation.
• Submit unofficial transcripts from each college or university other than Illinois State at which graduate, undergraduate, or non-degree credit was earned.
• If admitted, official domestic transcripts can be emailed from the university to the Graduate School, or mailed in a sealed envelope to: Illinois State University, Graduate School, 208 Hovey Hall, Campus Box 4040, Normal, IL.
• If admitted, official international transcripts can be emailed directly from the international institution to the Graduate School, or mailed in a sealed envelope to: Illinois State University, International Admissions, Campus Box 6180, Normal, IL.

Additional Program Admission Requirements

• GPA: You must have a minimum 3.2 GPA (on a scale in which an A is a 4.0) for the last 60 hours of undergraduate work.
• Mathematical Background: You’ll need a minimum of the following mathematics courses:
  • three semesters of Calculus
  • one semester of Linear Algebra
  • four quantitative courses above the Calculus/Linear Algebra level (such as advanced mathematics, finance, statistics, economics, etc.)
• Resume: Upload your resume or C.V. in the application system.
• Statement of Purpose: Include the following information:
  • Your interest in pursuing a graduate degree in mathematics from Illinois State
  • How your academic and professional goals align
  • What you hope to achieve as a graduate student in mathematics
• Letters of Recommendation: Submit the name and email address for a letter of recommendation. If you’re applying for a graduate assistantship and/or partial tuition waiver, you’ll need two letters of recommendation.
• GRE Scores or Professional Exam Evidence: Use institutional code 1319 to submit your GRE scores to Illinois State, or alternatively, submit evidence of your successful passage from a professional society such as the Society of Actuaries or the Casualty Actuary Society.

Application Deadlines

• Traditional Sequence:
  • Fall (August) Term — July 1
  • Spring (January) Term — October 1
  • Summer (May/June) Term — April 1
• Online Sequence:
  • Fall (August) Term — July 1
  • Spring (January) Term — October 1
  • Summer (May/June) Term — April 1

Graduate Assistantships

The University provides graduate assistantships as a means of financial support. They are intended as a way to facilitate a student's progress to degree while providing important professional development.

• Eligibility: To be eligible for an assistantship a student must, generally, be admitted unconditionally as a degree-seeking student into a graduate academic program, or have a minimum of 120 undergraduate hours if in an integrated degree program, be in good-standing, and be enrolled full-time (typically at least 9 credit hours during the fall or spring semesters, or at least 6 hours during the summer session).
• Benefits: Graduate assistants receive monthly wages paid in the form of either a stipend or an hourly wage, a waiver for 100% of tuition during a semester of appointment, and a waiver for up to 12 credit hours of tuition for the summer term immediately following a fall or spring appointment.

Costs & Funding

• Traditional Sequence: See Student Accounts for information on tuition and fees. Funding for graduate students is available from several different sources. Students who have been admitted from contiguous states including Iowa, Indiana, Kentucky, Michigan, Missouri, and Wisconsin will receive in-state tuition.
• Online Sequence: The online Actuarial Science sequence is charged at a flat rate of $1,500 per credit hour. This rate is not based on geographic location but rather the selection of this online program. All students in the online sequence will be charged the same amount for each course until the degree is completed.