Program Overview

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MS in Actuarial Science

The Master of Science (MS) in Actuarial Science at Boston University’s Metropolitan College prepares students for all actuarial-related competencies. Actuaries use quantitative skills to help others make prudent and intelligent financial decisions. These decisions are based on future predictions derived from past and present data analyses. Actuaries typically work for life, health, and property/casualty insurance companies. Consulting firms, government agencies, accounting firms, industrial corporations, banks, and financial services companies are other significant actuarial employers.

Program Overview

The MS in Actuarial Science curriculum will prepare students for the professional qualifying examinations offered by the Society of Actuaries (SoA) and the Casualty Actuarial Society (CAS). The program requires an average of 16–24 months to complete. Students may begin the program in the fall, spring, or summer term.

Learning Outcomes

• Detailed knowledge of the mathematics and modeling techniques that form the core of actuarial calculations. This knowledge includes topics in probability, statistics, life contingencies, loss models, credibility theory, investment theory, and financial mathematics.
• An accurate and deep understanding of these core actuarial topics and the ability to creatively solve increasingly complex business problems.
• Proficiency in distinguishing and describing a wide range of actuarial practice areas in-depth and knowledgeably, and the ability to articulate an understanding of the principles that govern the development of both standard insurance products and new developments risk management models.
• Competency in the computer skills required to analyze data using leading-edge software tools of the trade in insurance, risk management, and related industries.

Degree Requirements

Students are required to complete the core courses and either two electives or two concentration courses in Finance or Insurance. A total of nine courses (34 units) is required, as follows:

Core Courses (seven courses/26 units)

• MET AT 505 Actuarial and Financial Data Analysis
• MET AT 521 Financial Mathematics
• MET AT 531 Fundamentals of Actuarial Mathematics
• MET AT 743 Regression and Time Series
• MET AT 799 Capstone in Actuarial Science (2 units)
• One course selected from the following list:
  • MET AT 541 Introduction to Individual Insurance
  • MET AT 542 Introduction to Group Insurance
  • MET AT 543 Introduction to Property and Casualty Insurance
  • MET AT 544 Introduction to Pension Mathematics
• One course selected from the following list:
  • MET AT 771 Advanced Long-Term Actuarial Models
  • MET AT 781 Advanced Short-Term Actuarial Models

General Electives (two courses/8 units)

Students who are not choosing a concentration in Finance or Insurance must select two electives (8 units) from the list below:

• MET AD 632 Financial Concepts
• MET AT 511 Economics and Management Decisions
• MET AT 541 Introduction to Individual Insurance
• MET AT 542 Introduction to Group Insurance
• MET AT 543 Introduction to Property and Casualty Insurance
• MET AT 544 Introduction to Pension Mathematics
• MET AT 722 Finance for Actuaries
• MET AT 761 Mathematics and Portfolio Theory
• MET AT 762 Mathematical Finance for Actuaries
• MET MA 581 Probability
• MET MA 582 Mathematical Statistics
• MET MA 603 SAS with Statistical Applications

With permission from the director of the Actuarial Science program, students may choose to take up to one related course outside of the electives list.

Concentrations

Finance

The Finance concentration delves into advanced topics such as financial derivatives, portfolio management, and risk assessment in financial markets. You will gain in-depth knowledge of investment strategies, asset-liability management, and financial modeling techniques specific to insurance and pension fund operations.

Learning Outcome

• A deep understanding of mathematical finance methods and tools used by actuaries.

Concentration Requirements

In addition to the MS in Actuarial Science core courses (26 units), students pursuing a concentration in Finance must also choose two of the following concentration courses:

• MET AT 722 Finance for Actuaries
• MET AT 761 Mathematics and Portfolio Theory
• MET AT 762 Mathematical Finance for Actuaries

Insurance

The Insurance concentration covers advanced topics in life, health, and property and casualty insurance, emphasizing risk assessment, policy design, and pricing strategies. You will explore cutting-edge techniques in loss modeling, reserve estimation, and insurance analytics.

Learning Outcome

• Knowledge in individual, group, property, and casualty insurance and related tools and algorithms.

Concentration Requirements

In addition to the MS in Actuarial Science core courses (26 units), students pursuing a concentration in Insurance must also choose two of the following concentration courses:

• MET AT 541 Introduction to Individual Insurance
• MET AT 542 Introduction to Group Insurance
• MET AT 543 Introduction to Property and Casualty Insurance
• MET AT 544 Introduction to Pension Mathematics
• MET AT 545 Introduction to Risk Management

Directed Study

Courses in Directed Study are offered to students who plan to engage in special research topics under the supervision of a faculty advisor.

• MET AT 991 Directed Study I
• MET AT 992 Directed Study II

Actuarial Internships

The following internship courses are also offered to students who seek practical applications of actuarial principles in insurance companies, financial institutions, pension consulting firms, and other related fields.

• MET AT 981 Internship in Actuarial Science I
• MET AT 982 Internship in Actuarial Science II

To take these internship courses, students should have successfully completed MET AT 521 and MET AT 528 (or the associated professional examination) and maintain an overall cumulative GPA of 3.3 or higher. In addition, to enroll in these courses, international students must meet the rules of Boston University’s International Students & Scholars Office (ISSO) regarding internships.

Second Master’s Degree Option

In recognition of the converging needs of management and technology, the departments of Actuarial Science, Administrative Sciences, and Computer Science collaborate to offer a unique opportunity to students currently enrolled in their degree programs as well as alumni of those programs.

Accreditation

Boston University is accredited by the New England Commission of Higher Education (NECHE).