Actuarial Mathematics

Actuarial Mathematics is an interdisciplinary subject that straddles business, economics, mathematics, and statistics.  In a single phrase its focus is on the management of risk.  The curriculum of this program is designed to support students in becoming an Associate of the Society of Actuaries (SOA).  Three of these requirements are pairs of courses that satisfy the Validation by Educational Experience (VEE) requirement of the Society.  The balance of the coursework is in support of passing the SOA’s exams: Probability, Financial Mathematics, and Investment & Financial Markets.

In addition to the major requirements, students must complete all CASL Degree Requirements.

Pre-Major Requirements

Not counted in the 37 credit hours required for the major.

ACC 298Financial Accounting3
CIS 1501CS I for Data Scientists4
ECON 201Prin: Macroeconomics3
ECON 202Prin: Microeconomics3
MATH 115Calculus I4
MATH 116Calculus II4
MATH 215Calculus III4

Major Requirements

37 credit hours upper level.

Mathematics Core12
Probability
Mathematics of Interest Theory
Mathematical Statistics
Mathematics of Finance
Applied Statistics Core13
Intro. to Data Science
Applied Statistics I
Applied Regression Analysis
Multivariate Stat Analysis
Finance Core6
Corporate Finance
Advanced Corporate Finance
Electives6
Choose two
Intermediate Microeconomics
Economic Statistics
Health Economics
Beh Econ for Business & Policy
Introduction to Econometrics
Investment Fundamentals
Financial Planning
Retirement Planning
Derivative Markets
Stochastic Processes
Advanced Calculus I
Advanced Calculus II
Intro to Numerical Analysis
Matrix Computation
Mktg Principles and Policies
Behavior in Organization
Time Series Analysis
Total Credit Hours37

Notes:

  1. At least 18 of the 37 upper level credit hours must be elected at UM-Dearborn.
  2. Students are strongly recommended to complete at least one Experiential Education experience, co-op or internship before graduation.
  3. Students wishing to use graduate level courses (STAT 500+, MATH 500+) as a part of the 34 hours required for the major must submit a petition to obtain the approval of the Actuarial Studies faculty advisor prior to registering for the class.
  4. Students not enrolled in the College of Business BBA Program cannot elect more than 30 upper-level (courses numbered 300 and above) credit hours offered by the College of Business.
  5. A minimum 2.0 GPA in the major is required for graduation.

Learning Goals

  1. Develop analytical and reasoning skills
  2. Apply theories and models to measure and manage risk
  3. Integrate disciplines to create a breadth of knowledge in mathematics and statistics as well as finance and economics
  4. Prepare for three of the professional exams required to obtain Associate credentials from the Society of Actuaries. The three Professional Exams addressed by this program are: Probability (P), Financial Mathematics (FM),Investment Finances and Models (IFM)