The Actuarial Concentration

The core of the concentration in Actuarial Studies consists of the Core Courses listed below; these cover the material tested in five actuarial examinations for Associateship status. The most essential of these—indicated in red—cover the material in two actuarial examinations and are the courses most often taken by students who major in something other than Mathematics or Business.

A strong undergraduate preparation would include most of the Core Courses and possibly some Additional Courses; see the information for undergraduate Mathematics majors and non-degree candidates or for majors in the College of Business. A strong graduate preparation would include all the Core Courses (some as undergraduate background) plus some Additional Courses; see the information for graduate actuarial students. NOTE: an indication below such as “usually Fall only” means that that class is always offered in the indicated semester and might be offered in the other long semester depending on teaching-staff availability and demand---check with the Course Schedule or Prof. Daniel in RLM11.174 or Dr. Vaaler in RLM12.124.

Core Courses

Introductory computer programming, such as CS303E or MIS304 or ASE201

M408K, L, & M (or 408C & 408D): Calculus [KLM recommended as more reasonably paced.]

ACF329 (= M389F): Theory of interest; prerequisite M408L or 408D with a grade of C or better; usually Spring only

ACF129D: Introductory financial mathematics; prerequisite credit with a grade of C or better (or current registration) in ACF329 (= M389F)

M341 or 340L: Linear algebra; prerequisite M408L or M408D with a grade of C or better

M362K: Probability; prerequisite M408L or M408D with a grade of C or better

M358K (or 378K): Statistics; prerequisite M362K with a grade of C or better

M339J (= M389J): Probability models with actuarial applications; prerequisites grades of C or better in M362K and M358K (or 378K); usually Spring only

M339U (= M389U): Actuarial contingent payments I; prerequisites M362K with a grade of C or better, and grades of C or better (or current registration) in both ACF329 (= M389F) and M341 or 340L; usually Fall only

M339V (= M389V): Actuarial contingent payments II; prerequisites grades of C or better in both M339U (= M389U) and ACF329 (= M389F); usually Spring only

M339W (=389W): Financial mathematics for actuarial applications; prerequisite a grade of C or better in ACF129D (or FIN377.2), and a grade of C or better (or current registration) in M339V (= M389V); usually Fall only

M349P (= M389P): Actuarial statistical estimates; prerequisites grades of C or better in both M339J (= M389J) and M341 or 340L; usually Fall only

M349R Applied regression and time series; prerequisite any introductory statistics course; usually Spring only

At least two of the preceding four courses “V”, “W”, “P”, and “R”.

ACC311-312 (or ACC310F): Accounting [Note that actuarial students majoring in Math should obtain from Professor Daniel the special advising codes that allow them to register for ECO 420K and the restricted Business-major classes ACC311-312, FIN 357, and RM357E and 369K and 377 without having to obtain special permission. Actuarial students majoring neither in Mathematics nor in Business need to seek special permission from the Economics Department to take ECO420K and from the College of Business Administration to take these and other restricted Business classes rather than the Business Foundation alternatives such as ACF310F and FIN320F.]

Computer programming, such as CS 313E, 326E, or 327E

Spreadsheet and database software knowledge, possibly by taking online courses on Excel and Access, or---for databases---by taking CS327E

Public speaking

ECO304K & L: Economics

FIN357: Finance [Among the prerequisites, Math-major actuarial students may skip MIS324, substitute ACC310F for ACC311-312, and substitute M358K or M378K for STA309; ECO304K & L are also required.] [See ACC311-312 note.]

Additional Courses

M139S (= M189S): Seminar on issues in actuarial practice; prerequisite grades of C or better in all of the following: ACF329 (= M389F), M339J (= 389J) or 339U (= 389U), and in addition at least one of (or current registration in) M339U (=389U) & 339V (=389V) & 339J (=389J) & 349P (=389P); Spring only

M175-W: substantial-writing-component course based on M139S (= 189S); prerequiaite simultaneous registration in M139S (= 189S); Spring only

M362M (can be taken as M394C): Introduction to stochastic processes I; prerequisite M362K and M341 or 340L.

"M362N" (can be taken as M394C): Introduction to stochastic processes II; prerequisite M362M.

M374G (= M384G): Regression Analysis; Fall only

Computer programming, such as CS 313E, 326E, or 327E

RM357E: Risk management & insurance [See ACC311-312 note.]

RM369K: Pensions, and health & life insurance (prereq. RMI357E) [See ACC311-312 note .]

RM377: Property & casualty insurance (prereq. RMI357E) [See ACC311-312 note.]

LEB320F: Business law foundations

MAN320F: Management foundations

MKT320F: Marketing foundations

FIN367: Investments [See ACC311-312 note.]

FIN377.2: Financial risk management (Options) [See ACC311-312 note. Prerequisite for actuarial students is FIN357.]

STA376: Statistics in Business Forecasting [See ACC311-312 note.]

MIS383N topics: Computational Finance, or Financial Engineering

MSC380 topics: Financial Optimization, or Mathematics in Finance

RM395 topics: Introduction to Risk Management, Managing Financial Risk, Risk Management & Finance, Managing Environmental Risk, Managing International Risk, or Managing Employee Risks & Benefits

STA380 topics: Correlation & Regression Analysis, Forecasting, or Risk Analysis & Management