Master of Science in Actuarial Mathematics and Quantitative Risk


The Master of Science in Actuarial Mathematics and Quantitative Risk degree is designed to provide fundamental concepts of actuarial science with an emphasis on mathematical methods and ensuing models to evaluate, manage and control actuarial risk. The program will introduce insurance strategies and their financial instruments.


Program Objectives


  • Introduce the students to the probabilistic and statistical models and methods of Actuarial Science;

  • Master the methods and techniques for actuarial risk evaluation, management and control;

  • Analyze and construct innovative insurance strategies and the corresponding banking instruments;

  • Successfully pass the examinations of the SOA. 


Program Outcomes


Upon completion of the program, student should be able to:

  • Model typical long term and short-term insurance related risks and losses;

  •  Apply the mathematical models and methods of Actuarial Science, e.g. to control insurance losses and risks;

  • Design insurance strategies and instruments, provide decision support, and improve existing practices in the insurance industry

Degree Requirements

The program is a 30-credit degree program. Students are required to complete:

  • 6 course courses (18 credits) 

  • 4 elective courses (12 credits) 

Core Courses

MA 540Introduction to Probability Theory

3

Or

MA 611Probability

3

MA 541Statistical Methods

3

Or

MA 612Mathematical Statistics

3

MA 542Actuarial Finance I

3

MA 543Actuarial Finance II

3

MA 545Short-Term Actuarial Mathematics

3

MA 546Long-Term Actuarial Mathematics

3

Electives

MA 548Advanced Calculus II

3

MA 552Axiomatic Linear Algebra

3

MA 615Numerical Analysis I

3

MA 611Probability

3

MA 612Mathematical Statistics

3

MA 623Stochastic Processes

3

MA 629Nonlinear Optimization

3

MA 641Time Series Analysis I

3

MA 661Dynamic Programming and Reinforcement Learning

3

MA 662Stochastic Programming

3

MA 701Statistical Inference

3

MA 712Mathematical Models of Risk

3

BIA 670Risk Management and Simulation

3

EMT 606Economics for Managers

3

BIA 650Optimization and Process Analytics

3

CS 506

In addition, students enrolled in this program should consider taking the following courses listed among the electives:

For mathematical sciences requirement: MA 641 Time Series Analysis I

For financial and accounting requirements: EMT 606 Economics, BIA 650 Optimization and Process Analytics