2021-2022 Academic Catalog

Offered in: Chicago

Actuaries use statistical and data science tools to analyze and plan for future financial situations. The MS program in Actuarial Science is designed to train students in the background knowledge necessary to become an actuary.  

Risk analysts and actuaries are expected to earn professional designation from either the Society of Actuaries (life and health insurance) or the Casualty Actuarial Society (property and casualty insurance). These societies administer a series of examinations that lead to the risk analyst designation, or for actuaries, first to the designation of associate and then to fellow. The initial exams are the same for both societies. The courses required for the MS in Actuarial Science will aid the student in preparing for the first four of the professional societies' examinations and will also satisfy their Validation by Educational Experience (VEE) requirements in economics,  corporate finance, and mathematical statistics.

Actuarial Science involves the application of probability theory and risk management to the areas of life and health insurance, property and casualty insurance, pension plans, and other employee benefit plans. Risk analysts and actuaries, who evaluate the long-term financial impact of these plans on both the issuing company and the purchaser or beneficiary of the plan, are employed by insurance companies, consulting firms, large corporations, and governmental agencies. The Masters in Actuarial Science emphasizes the mathematical theory that underlies risk evaluation.

The program accepts properly prepared students who wish to attend on either a part- or full-time basis. Many courses are offered in the evenings to accommodate students who are employed during the day.

Admission

Applicants for admission to graduate work in Actuarial Science must meet the general requirements for admission to graduate work in the University. Students must have completed an undergraduate degree, not necessarily in mathematics, but must have completed linear algebra (equivalent to MATH 246 LINEAR ALGEBRA at Roosevelt) and at least three semesters of calculus (equivalent to MATH 231 CALCULUS I, MATH 232 CALCULUS II, and MATH 233 CALCULUS III at Roosevelt) with grades of C- or higher and with a B (3.0) average.  Students who wish to join the MS program but who are lacking some of these courses are encouraged to complete them prior to application, either at Roosevelt or elsewhere.

Prerequisites

Graduate students must satisfactorily complete the prerequisite courses listed below with grades of C- or higher and with a B (3.0) average, as well as any courses required of international students by the English Language Program. It is possible to make up any deficiencies after being admitted as a graduate student, but no credit will be granted towards the degree for meeting these requirements. Students may enroll in prerequisite courses and certain graduate courses concurrently, provided the prerequisites for those graduate courses have been satisfied.  The prerequisite courses are ACCT 210 PRINCIPLES OF ACCOUNTING, ACSC 347 PROBABILITY THEORY, and ACSC 367 FINANCIAL MATH.  Students who are uncertain about whether their undergraduate coursework is sufficient are encouraged to contact the department chair for an evaluation.

For descriptions of these prerequisites, see the undergraduate catalog. Program prerequisites should be completed within the first year (18 credit hours) of coursework. Any prerequisite may be waived by a placement exam.

Graduate students must satisfactorily complete the prerequisite courses with grades of C- or higher and with a B (3.0) average, as well as any courses required of international students by the English Language Program. It is possible to make up any deficiencies after being admitted as a graduate student, but no credit will be granted towards the degree for meeting these requirements. Students may enroll in prerequisite courses and certain graduate courses concurrently, provided the prerequisites for those graduate courses have been satisfied.

Advising

Following acceptance to the program, students meet with the graduate advisor to plan a program of study.  All students are required to obtain approval for their course selections each semester. All courses presented for the degree must be approved by the graduate advisor. Up to 9 credit hours of transfer credit may be considered for the program; however, all such credit must be at the graduate level and may not be applied to any other earned degree.

Requirements

The completed degree requires a total of 33 credit hours of graduate coursework. In addition to a core of mathematical probability and statistics, candidates should take courses that prepare them for the actuarial professional exams. The electives, therefore, include a combination of math, finance, and economics classes. If any of the core courses were taken as an undergraduate, substitutions may be made from the math electives with the approval of the graduate advisor.

Requirements

The completed degree requires a total of 33 credit hours of graduate coursework; at least one professional actuarial exam also must be taken.  Students who have passed the P or FM exam prior to taking MATH 480P or MATH 480FM must substitute a different elective for this course. Note that ECON 421 MACROECONOMIC THEORY, ECON 423 MICROECONOMIC THEORY, FIN 408 FINANCE FOR DECISION MAKERS, FIN 485 INVESTMENT THEORY, MATH 448 PROBABILITY AND STATISTICS II, ACCT 403 INTRODUCTION TO ACCOUNTING, and ACCT 405 ACCOUNTING FOR EXECUTIVES satisfy the requirements of the Casualty Actuarial Society and Society of Actuaries for Validation by Educational Experience courses provided a grade of B- or higher is achieved. Students are encouraged to complete the VEE requirements; note that many students fulfill a portion of the VEE coursework as undergraduates with courses equivalent to ECON 101 PRINCIPLES OF ECONOMICS I, ECON 102 PRINCIPLES OF ECONOMICS II,ECON 321 INCOME & EMPLOYMENT THEORY, ECON 323 PRICE THEORY,  FIN 311 PRINCIPLES OF FINANCE, FIN 312 CORPORATE FINANCE, and ACSC 348 MATHEMATICAL STATISTICS. A list of approved courses may be found on the SOA website.

Your degree map is a general guide suggesting courses to complete each term on the academic pathway to your degree. It is based on the most current scheduling information from your academic program. Your program’s degree map is reviewed annually and updated as schedules change (although you retain the same course requirements as long as you are continuously enrolled in your degree program).

Always work closely with your academic advisor to understand curriculum requirements and scheduling, as each student’s academic plan can look slightly different. No more than two grades of C (not C-) may be applied toward the 33 hours used for the degree. A graduate course can only be repeated once; no more than two courses can be repeated. Students who are lacking either ACSC 347 PROBABILITY THEORY or ACSC 367 FINANCIAL MATH should take these undergraduate prerequisites in the fall of their first year; these prerequisites do not count towards the 33 credit hours.