Actuarial Science, M.A.S.

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Return to: 7210 Department of Risk Management and Insurance

Chia Chun Lo, Faculty Director, 404-413-7484, clo5@gsu.edu

Actuarial Science is a discipline that employs mathematics and statistics in modeling the financial impacts of risk and uncertainty in various sectors of the economy, and in designing solutions of managing risks. A majority of professional actuaries work in careers that are associated with the insurance industry, though growing numbers work in other fields. The mission of the MAS degree program is to educate students in the theory and practice of actuarial science through a specialized program of study. The program is designed to teach students both the core actuarial theory and the latest development in actuarial practice.

In addition to the MAS program, two dual-degree options are available: one where students will earn both the Master of Actuarial Science degree and the Master of Science in Quantitative Risk Analysis and Management (QRAM); and one where students will earn both the Master of Actuarial Science (MAS) degree and the Master of Science in Analytics (MSA).

The rapid integration of insurance and financial services and the increasing acceptance of enterprise risk management in broad sectors of the economy imply that risk professionals need to master the understanding of risks associated with assets, liabilities and business operations. This requires a set of integrated skills in actuarial risk modeling, financial risk modeling, and enterprise risk management. The dual degree program in MAS/QRAM is designed to serve the growing need for graduates who 1) have solid quantitative skills in both actuarial risk modeling and financial risk modeling, and 2) understand the business contexts and possess the necessary communication skills for solving complex risk issues.

Similarly, there is an increasing need for graduates an expertise in data analytics in the insurance field. The ongoing data revolution associated with the ever-increasing collection of data and use in the business process and decisions makes analytics skills relevant in all areas of business. The dual degree program MAS/MSA is designed to serve the need for actuarial graduates with analytics skills.

Degree Requirements

Regulations for the Degree

A maximum of 9 semester hours of transfer credit is possible in this 30-hour program or in the 48-hour dual degree program.

Foundation Requirements

These courses are in addition to the 30 hours required for the M.A.S. degree or in addition to the 48 hours required for the dual degree programs. They are assigned as part of the admissions process based on a review of each student’s transcripts.

Mathematics

Students must have completed three semesters of advanced calculus (MATH 2211, MATH 2212, and MATH 2215). Students who enter the program without sufficient background in probability and/or financial mathematics should take AS 8140 and/or AS 8230, respectively, among their actuarial electives.

Statistics

Students have completed two semesters of undergraduate mathematical statistics (MATH 4751, MATH 4752). Alternatively, these requirements can be satisfied by taking MSA 8190 .

Course Requirements: The Master of Actuarial Science

This section is applicable to students interested in the Master of Actuarial Science Degree. Students interested in the dual degree programs should go to Section 3 (MAS/QRAM) or Section 4 (MAS/MSA) below.

Required Technical Support Courses (2 courses, 6 credit hours)

ECON 8740 - Applied Statistics and Econometrics 3 Credit Hours (Students can use MSA 8200 - Econometric Predictive Analytics (3) (alternatively, ECON 9720 - Econometrics II ) as a substitute for ECON 8740 . Students in the dual degree MAS and QRAM must substitute MSA 8200 /ECON 9720 for ECON 8740 .)
MSA 8010 - Data Programming for Analytic 3 Credit Hours

Required Courses in the Specialization (4 courses, 12 credit hours)

* Students who have completed AS 4340 and/or AS 4350 or their equivalents must substitute appropriate 8000-level actuarial science courses for AS 8340 and/or AS 8350. The substitutions must be selected from section B & C below in consultation with the actuarial science faculty adviser.

AS 8340 - Life Contingencies 3 Credit Hours *
AS 8350 - Insurance Mathematics 3 Credit Hours *
or
RMI 8070 - Insurance Institutions and Operations 3 Credit Hours
AS 8360 - Insurance Ratemaking 3 Credit Hours
RMI 8300 - Predictive Risk Modeling 3 Credit Hours

Actuarial Elective Courses (Choose 3 courses, 9 credit hours)

The content in QRAM 8600/8610 has substantial overlap with the content of AS 8510. Students who have taken either QRAM 8600 or QRAM 8610 may not also take AS 8510, either for credit or to satisfy the requirements for the MAS degree. Similarly, students who take or have taken AS 8510 may not also take either QRAM 8600 or QRAM 8610, either for credit or to satisfy the requirements of the MAS degree.

AS 8140 - Probability 3 Credit Hours
AS 8230 - Financial Mathematics 3 Credit Hours
AS 8430 - Loss Distributions and Credibility Theory 3 Credit Hours
AS 8510 - Mathematical Finance for Actuaries 3 Credit Hours
QRAM 8600 - Theory of Risk Sharing 3 Credit Hours
QRAM 8610 - Financial Engineering 3 Credit Hours
RMI 8350 - Enterprise Risk Management 3 Credit Hours

Elective Courses in the Specialization (Choose 1 course, 3 credit hours)

FI 8090 - Financial Data Analytics 3 Credit Hours
MBA 8000 - Managing in the Global Economy 3 Credit Hours
MGT 8040 - Data Mining 3 Credit Hours
MSA 8040 - Data Management for Analytics 3 Credit Hours
MSA 8050 - Scalable Data Analytics 3 Credit Hours
MSA 8100 - Optimization Methods in Analytics 1.5 Credit Hours
MSA 8150 - Machine Learning for Analytic 3 Credit Hours
MSA 8190 - Statistical Foundations for Analytics 3 Credit Hours
MSA 8391 - Analytics Field Study 1 to 4 Credit Hours
MSA 8770 - Text Analytics 3 Credit Hours
QRAM 8630 - Interest Rate Models 3 Credit Hours
RMI 8050 - Risk Management Modeling 3 Credit Hours
RMI 8350 - Enterprise Risk Management 3 Credit Hours
RMI 8400 - InsurTech: New Technologies in Insurance Markets 3 Credit Hours
RMI 8450 - Machine Learning in Actuarial Science and Risk Management 3 Credit Hours
RMI 9080 - Actuarial Analytics 3 Credit Hours

Program of Study

Each student’s program must be planned in consultation with a faculty adviser in actuarial science and a copy of the program filed with the Office of Graduate Recruiting and Student Services for review and approval. Progress toward the degree, including clearance for graduation, cannot be confirmed without an approved program of study. The program of study should be planned before the student takes a non required course. Any changes in the program must be approved by the faculty adviser and a copy of the changes sent to the GRSS.

Time Limit

The time limit for completing the MAS program is five years from the first semester a course in sections 2-4 is taken.