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 the material that is tested on professional examinations administered by professional organizations such as the Society of Actuaries and the Casualty Actuarial Society.
Students complete required courses and a final examination.
The M.S. with a major in actuarial science requires the following coursework.
| Code | Title | Hours |
|---|---|---|
| One of these sequences: | ||
| STAT:4100-STAT:4101 | Mathematical Statistics I-II (same as IGPI:4100-IGPI:4101) | 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 | Life Contingencies I | 3 |
| ACTS:4280 | Life Contingencies II | 3 |
| 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 | |
Final Examination
The final examination is offered the weekend before classes begin in January. The exam covers the material presented in ACTS:4130 Quantitative Methods for Actuaries, ACTS:4180 Life Contingencies I, ACTS:4280 Life Contingencies II, and ACTS:4380 Mathematics of Finance II. Students who do not succeed on their first attempt may retake the exam once.
Applicants must meet the admission requirements of the Graduate College; see the Manual of Rules and Regulations on the Graduate College website.
Sample Plan of Study
Sample plans represent one way to complete a program of study. Actual course selection and sequence will vary and should be discussed with an academic advisor. For additional sample plans, see MyUI.
Actuarial Science, M.S.
| Academic Career | ||
|---|---|---|
| Any Semester | Hours | |
| 36 s.h. must be graduate level coursework; graduate transfer credits allowed upon approval. More information is included in the General Catalog and on department website. a | ||
| Hours | 0 | |
| First Year | ||
| Fall | ||
| STAT:5100 or STAT:4100 |
Statistical Inference I b or Mathematical Statistics I |
3 |
| ACTS:3080 | Mathematics of Finance I | 3 |
| ACTS:4130 | Quantitative Methods for Actuaries | 3 |
| Hours | 9 | |
| Spring | ||
| STAT:5101 or STAT:4101 |
Statistical Inference II b or Mathematical Statistics II |
3 |
| ACTS:4180 | Life Contingencies I | 3 |
| ACTS:4380 | Mathematics of Finance II | 3 |
| Hours | 9 | |
| Second Year | ||
| Fall | ||
| STAT:4560 | Statistics for Risk Modeling | 3 |
| ACTS:4280 | Life Contingencies II | 3 |
| ACTS:6160 | Topics in Actuarial Science | 3 |
| Hours | 9 | |
| Spring | ||
| Final Exam c, d | ||
| ACTS:6480 | Loss Distributions | 3 |
| ACTS:6580 | Credibility and Survival Analysis | 3 |
| Elective course e | 3 | |
| Hours | 9 | |
| Total Hours | 36 | |
| a | Students must complete specific requirements in the University of Iowa Graduate College after program admission. Refer to the Graduate College website and the Manual of Rules and Regulations for more information. |
| b | Students must complete one of the following sequences: either STAT:4100 and STAT:4101, or STAT:5100 and STAT:5101. |
| c | The final examination is offered the weekend before classes begin in January; it covers the material presented in ACTS:4130, ACTS:4180, ACTS:4280, and ACTS:4380. Students who do not succeed on their first attempt may retake the exam once. |
| d | Students must also satisfactorily complete all degree requirements. |
| e | Requires faculty advisor approval. |
Most actuaries are employed by insurance companies or employee benefits consulting firms. They have responsibilities related to all phases of product development and maintenance for their companies. Individual employers who need guidance in establishing employee insurance and retirement programs also hire actuarial science graduates. A growing number of actuaries work in asset/liability management, some in investment firms, and others in insurance companies.
Actuaries have always been in high demand and earn good salaries. Most Iowa graduates find work as actuaries, but some become financial managers and teachers. They take positions in locations all across the country, often in large metropolitan areas.
The Pomerantz Career Center offers multiple resources to help students find internships and jobs.