Program in Actuarial Mathematics

The Actuarial Mathematics program is designed to provide broad training in the basic mathematics underlying the operations of private and social insurance and employee benefit plans. The courses are organized to assist the student to prepare for several of the examinations of the Casualty Actuarial Society and the Society of Actuaries.

Non-credit review classes for some of the professional actuarial examinations are organized each term; ask your actuarial advisor about the time and place of these classes. It is strongly recommended that some of these exams be passed before graduation. Summer internships are an important component of the educational program, and students are strongly encouraged to seek an internship no later than the conclusion of their junior year. Students are encouraged to take either Math 422 or 427 to satisfy their upper-level writing requirement.

Prerequisites

Prerequisite to concentration in Actuarial Mathematics  is one of the pair of courses 215 & 217, 255 & 217, 285 & 217, or 295 & 296. In addition, each student must complete two introductory courses in Economics (Econ 101 and 102), and acquire a working knowledge of a high-level computer language (e.g. Fortran, C or C++) at a level equivalent to completion of EECS 183.

The concentration program must include at least ten courses: 4 basic courses, 4 special Actuarial Mathematics courses, and 2 related courses as described below.

Basic Courses

Basic courses consist of one from each of the following groups completed with a grade of at least C-:

  • Differential Equations—Math 216, 256, 286, or 316
  • Finance—Math 423
  • Probability—Math 425
  • Statistics—Stat 426

More advanced students, such as those who have completed Math 396, may substitute higher level courses with the approval of a concentration advisor.

Special Courses 

The special Actuarial Mathematics courses must include Math 424 and Math 520, and at least one of Math 521 or 522, as well as Math 523. Note that Math 424 and Math 425 or 525 are prerequisite to Math 520, which in turn must precede Math 521 or 522. Since 520 is not offered every semester, careful planning is essential.

Related Courses

To complete the major each student should elect two additional intermediate or advanced courses related to Actuarial Mathematics. Some, but not all, of the courses numbered 300 and above offered by Accounting, Computer Science, Economics, Finance, Industrial and Operations Engineering, and Statistics are appropriate here. Some specific approved courses are:

  • Math 422, 427, 462 and 623
  • All Accounting courses over 300, except 471
  • Econ 401, 402, 409, and 452
  • Finance 302 and 310
  • IOE 310 and 452
  • LHC (Bus. Ad.) 305
  • Some Statistics courses numbered above 400
  • Sociology 330
  • Philosophy 361, 414 and 429

Actuarial Mathematics students interested in receiving VEE credits from the Society of Actuaries are encouraged to elect Economics 406 and IOE 452 for their cognates.

Other courses may sometimes be appropriate and in all cases approval of the advisor in Actuarial Mathematics is required.

Skipping contentItem: An error occurred with ContentType:UMICH-LINK format:TitlLnkHdr Content Instance Name:Actuarial/Financial Mathematics Faculty: null