MS in Actuarial Science

Boston University’s Master of Science (MS) in Actuarial Science program provides specialized courses in actuarial science and related courses in probability and statistics. The program also offers students a broad-based exposure to business and economic principles along with an opportunity to further their knowledge of mathematics. In addition, the program will prepare each student for the professional qualifying examinations. And finally, the program will provide an opportunity for students to be aware of and understand the ethical dilemmas that are often encountered in the process of business decisionmaking. Students may select one of the following concentrations depending on their areas of interest and preparation: Insurance or Mathematical Finance.

Learning Outcomes

  • Detailed knowledge of the mathematics and statistics that form the core of actuarial calculations. This knowledge includes topics in probability, financial mathematics and derivatives, life contingencies, and loss models. Our program emphasized precision, accuracy, and a deep understanding of these core actuarial topics.
  • Proficiency in distinguishing and describing, in depth, many actuarial practice areas, and an understanding of the principles that govern the development of insurance products for those areas, including emerging trends.
  • The computer skills required to analyze data using the most current software tools employed by insurance industry leaders.

Admissions Information

For current admissions information, please visit the Metropolitan College website.

Second Master’s Degree Option

In appreciation of the converging nature of management skills and technology, the Actuarial Science department collaborates with Metropolitan College’s departments of Administrative Sciences and Computer Science. Degree candidates in any of these programs may apply 8 credits from one degree toward a second degree in one of these disciplines, thereby reducing their work by two courses.

Interested students apply for a second master’s degree after enrollment at MET. Students who apply for a second master’s degree are eligible for an application fee waiver and may also request that application materials (including references and transcripts) be forwarded from the first application to the second. Upon acceptance to the second master’s degree, credit transfer may be applied for up to 8 credits.

Passing Grade

Minimum passing grade for a course in the graduate program is C, but an average grade of B must be maintained to satisfy the degree requirements. Grades from all required and elective courses are counted toward the average.

Degree Requirements

A total of 43 credits is required for the Master of Science in Actuarial Science. In addition to a computer laboratory course (MET AT 602), a minimum of 10 courses (40 credits) at the 500 level or above is required for the MS in Actuarial Science. All required courses are selected from the following lists of core required courses and core elective courses.

Core Required Courses (23 credits)

For the concentration in insurance, the six required courses are:

  • MET AT 602 Laboratory for Actuarial and Financial Data Analysis II (3 cr)
  • MET AT 721 Mathematics of Compound Interest
  • MET AT 722 Finance for Actuaries
  • MET AT 731 Actuarial Mathematics I
  • MET AT 741 Actuarial Statistics I
  • MET AT 743 Regression and Time Series

For the concentration in mathematical finance, the six required courses are:

  • MET AT 602 Laboratory for Actuarial and Financial Data Analysis II (3 cr)
  • MET AT 721 Mathematics of Compound Interest
  • MET AT 722 Finance for Actuaries
  • MET AT 731 Actuarial Mathematics I
  • MET AT 761 Mathematics for Investment and Portfolio Theory
  • MET AT 762 Mathematical Finance for Actuarial Science

Core Elective Courses (20 credits)

For both concentrations, the remaining five courses (a total of 20 credits) need to be selected from the following list.

  • MET AT 732 Actuarial Mathematics II
  • MET AT 741 Actuarial Statistics I
  • MET AT 742 Actuarial Statistics II
  • MET AT 743 Regression and Time Series
  • MET AT 751 Individual Insurance Applications of Actuarial Principles
  • MET AT 752 Group Insurance Applications of Actuarial Principles
  • MET AT 754 Casualty Insurance Principles
  • MET AT 761 Mathematics for Investment and Portfolio Theory
  • MET AT 762 Mathematical Finance for Actuarial Science
  • MET AT 782 Pension Mathematics and Mortality Tables
  • MET AT 990 Seminar in Actuarial Science
  • MET MA 581 Probability
  • MET MA 582 Mathematical Statistics
  • MET MA 603 SAS with Statistical Applications

Students who have completed any of the above coursework or successfully passed the corresponding professional examinations may substitute these courses with courses available through Boston University’s College of Arts & Sciences (CAS) and the Questrom School of Business. Approval must be obtained from both the Actuarial Science department and the CAS or Questrom departments offering the courses. It must be emphasized that prerequisite courses identified upon admission must be fulfilled as soon as possible.

Some recommended courses include CAS MA 575 Linear Models and CAS MA 585 Time Series Analysis. For a complete list of available courses, please contact the Actuarial Science department.

In special cases, at most two elective courses can be taken from the following list, provided written permission is obtained from the Actuarial Science department:

  • MET AD 712 Financial Markets and Institutions
  • MET AD 713 Derivative Securities and Markets
  • MET AD 717 Investment Analysis and Portfolio Management
  • MET AD 740 Planning and Operating New Ventures
  • MET AD 744 Venture Capital and Financing Innovation
  • MET AD 763 Multinational Finance and Trade
  • MET AD 764 Multinational Tactics, Strategy, and Positioning
  • MET CS 565 Advanced Java Programming
  • MET CS 579 Database Management
  • MET CS 669 Database Design and Implementation for Business
  • MET CS 682 Information Systems Analysis and Design
  • MET CS 770 Object-Oriented Analysis and Design
  • MET CS 779 Advanced Database Management
  • MET CS 782 IT Strategy and Management

Directed Studies

Courses in directed studies are offered to students who plan to engage in special research topics under the supervision of a faculty advisor.

  • MET AT 991 Directed Study I
  • MET AT 992 Directed Study II

Actuarial Internships

The following internship courses are also offered to students who seek practical applications of actuarial principles in insurance companies, financial institutions, pension consulting firms, and other related fields.

  • MET AT 981 Internship in Actuarial Science I
  • MET AT 982 Internship in Actuarial Science II

To take these internship courses, students should have successfully completed MET AT 722 and AT 731 and maintain an overall cumulative GPA of 3.3 or higher.

Relationship to Professional Examinations

Many courses offered in the program are designed to prepare students for the professional actuarial examinations administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS).