College of Liberal Arts & Sciences
M.S. in Actuarial Science
The Master of Science program in actuarial science requires 36 s.h. of graduate credit. The program prepares students for actuarial careers by emphasizing the theory that underlies risk processes and the application of this theory to practical problems of insurance pricing and management. It also helps them learn material that is included in professional examinations administered by professional organizations such as the Society of Actuaries and the Casualty Actuarial Society.
Students complete required courses and a M.S. final examination.
The M.S. in actuarial science requires the following course work.
| Code | Title | Hours |
|---|---|---|
| One of these sequences: | ||
| STAT:4100-STAT:4101 | Mathematical Statistics I-II | 6 |
| STAT:5100-STAT:5101 | Statistical Inference I-II (for well prepared students) | 6 |
| All of these: | ||
| ACTS:3080 | Mathematics of Finance I | 3 |
| ACTS:4130 | Quantitative Methods for Actuaries | 3 |
| ACTS:4180 & ACTS:4280 | Life Contingencies I-II | 6 |
| ACTS:4380 | Mathematics of Finance II | 3 |
| ACTS:6160 | Topics in Actuarial Science | 3 |
| ACTS:6480 | Loss Distributions | 3 |
| ACTS:6580 | Credibility and Survival Analysis | 3 |
| STAT:4560 | Statistics for Risk Modeling | 3 |
| A course approved by the advisor | 3 | |
Master of Science Final Examination
The M.S. final examination is offered the weekend before classes begin in January. The exam covers the material presented in ACTS:6160 Topics in Actuarial Science, ACTS:4180 Life Contingencies I, ACTS:4280 Life Contingencies II, and ACTS:4380 Mathematics of Finance II. Students who do not succeed the first time they take the exam may repeat it once.
Sample Schedule for M.S. Students in Actuarial Science
| Year | Fall Semester | Spring Semester |
|---|---|---|
| 1 | STAT:4100 Mathematical Statistics I
ACTS:3080 Mathematics of Finance I ACTS:4130 Quantitative Methods for Actuaries |
STAT:4101 Mathematical Statistics II
ACTS:4180 Life Contingencies I ACTS:4380 Mathematics of Finance II |
| 2 | STAT:4560 Statistics for Risk Modeling or STAT:4540 Statistical Learning
ACTS:4280 Life Contingencies II ACTS:6160 Topics in Actuarial Science |
ACTS:6480 Loss Distributions
ACTS:6580 Credibility and Survival Analysis FIN:3300 Corporate Finance |
Students who have already completed a course equivalent to STAT:4100 (22S:153) Mathematical Statistics I can finish all coursework requirements in three semesters by taking four courses each semester. Here is a sample schedule.
| Year | Fall Semester | Spring Semester |
|---|---|---|
| 1 | STAT:4101 Mathematical Statistics II
ACTS:3080 Mathematics of Finance I ACTS:4130 Quantitative Methods for Actuaries An approved elective. |
ACTS:4180 Life Contingencies I
ACTS:4380 Mathematics of Finance II ACTS:6480 Loss Distributions ACTS:6580 Credibility and Survival Analysis |
| 2 | STAT:4560 Statistics for Risk Modeling or STAT:4540 Statistical Learning
ACTS:4280 Life Contingencies II ACTS:6160 Topics in Actuarial Science An approved elective |
Plan of Study
The applicant for a master's degree must file a Plan of Study, approved by the advisor and the DEO, with the Graduate College within the session in which the comprehensive exam is taken, and by a date to be established by the Graduate College dean. The Plan shall meet the requirements for the degree approved by the graduate faculty. The plan of study is completed by the faculty and is submitted for you. There is nothing you need to do, except review it. It is usually completed at the beginning of your 4th semester and a copy is placed in your mail box in 241 Schaeffer Hall.
If a student makes a change in his or her Plan of Study (i.e., adds or deletes a course), he or she must file an Application for Change in Plan of Study.
Application for Degree
The student must file an application for an anticipated degree with the Registrar not later than ten weeks after the start of the semester or one week after the start of the summer session in which the degree will be conferred. You may apply for your degree on ISIS. Failure to file the application for Degree by the deadline may result in postponement of graduation to a subsequent session.
Students must be registered for the semester in which they graduate. Students who have completed their coursework may register for 000:001 Masters Final Registration for 0 s.h. with their advisor's approval.
The Ph.D. Degree
We do not have a formal Actuarial Science Ph.D. program at The University of Iowa. Students who desire to work on a Ph.D. in Statistics with concentration in actuarial science/financial mathematics are cautioned that this is a very selective and highly mathematical program.