MS in Actuarial Science

Actuaries use quantitative skills to help others make prudent and intelligent financial decisions. These decisions are based on future predictions derived from past and present data analyses. Actuaries typically work for life, health, and property/casualty insurance companies. Consulting firms, government agencies, accounting firms, industrial corporations, banks, and financial services companies are other significant actuarial employers. Recent years have brought a sea change in the roles that an actuary can fulfill. Now, actuaries are also employed by companies as diverse as internet retailers, NFL franchises, and software developers.

Although actuaries are skilled mathematicians, they are also business professionals who need broad-based skills. Many actuaries find themselves in senior management positions in their mid- and late-career paths, requiring a skillset that extends beyond mathematic knowledge. The Master of Science (MS) in Actuarial Science curriculum at Boston University’s Metropolitan College will prepare students for all actuarial-related competencies. In addition, because a prospective actuary needs to prepare for the professional qualifying examinations offered by the Society of Actuaries (SoA) and the Casualty Actuarial Society (CAS), the courses in this program provide a high level of knowledge in the relevant exam topics, ensuring that students have a strong background when preparing for these essential exams.

Depending on their areas of interest and preparation, students may select one of the following concentrations: Finance or Insurance.

Learning Outcomes

Students who complete the Master of Science in Actuarial Science will be able to demonstrate:

• Detailed knowledge of the mathematics and modeling techniques that form the core of actuarial calculations. This knowledge includes topics in probability, statistics, life contingencies, loss models, credibility theory, investment theory, and financial mathematics.
• An accurate and deep understanding of these core actuarial topics and the ability to creatively solve increasingly complex business problems.
• Proficiency in distinguishing and describing a wide range of actuarial practice areas in-depth and knowledgeably, and the ability to articulate an understanding of the principles that govern the development of both standard insurance products and new developments risk management models.
• Competency in the computer skills required to analyze data using leading-edge software tools of the trade in insurance, risk management, and related industries.

Additionally, students concentrating in Finance will be able to demonstrate:

• A deep understanding of mathematical finance methods and tools used by actuaries.

Additionally, students concentrating in Insurance will be able to demonstrate:

• Knowledge in individual, group, property, and casualty insurance and related tools and algorithms.

Admissions Information

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

Second Master’s Degree Option

In recognition of the converging needs of management and technology, the departments of Actuarial Science, Administrative Sciences, and Computer Science collaborate to offer a unique opportunity to students currently enrolled in their degree programs as well as alumni of those programs. Learn more.

Passing Grade

The 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

Students are required to complete the core curriculum and either two general electives or a concentration in Finance or Insurance.

A total of nine courses (34 units) is required as follows:

Core Courses (seven courses/26 units)

• MET AT 505 Actuarial and Financial Data Analysis
• MET AT 521 Financial Mathematics
• MET AT 531 Fundamentals of Actuarial Mathematics
• MET AT 743 Regression and Time Series
• MET AT 799 Capstone in Actuarial Science (2 units)

Plus, one course selected from the following list:

• MET AT 541 Introduction to Individual Insurance
• MET AT 542 Introduction to Group Insurance
• MET AT 543 Introduction to Property and Casualty Insurance
• MET AT 544 Introduction to Pension Mathematics

And one course selected from the following list:

• MET AT 771 Advanced Long-Term Actuarial Models
• MET AT 781 Advanced Short-Term Actuarial Models

Elective Courses (two courses/8 units)

Students who are not choosing a concentration in finance or insurance must select two electives (8 units) from the list below*. Students who opt to complete a concentration in Finance or Insurance should complete the listed concentration requirements.

• MET AD 632 Financial Concepts
• MET AT 511 Economics and Management Decisions
• MET AT 541 Introduction to Individual Insurance
• MET AT 542 Introduction to Group Insurance
• MET AT 543 Introduction to Property and Casualty Insurance
• MET AT 544 Introduction to Pension Mathematics
• MET AT 722 Finance for Actuaries
• MET AT 761 Mathematics and Portfolio Theory
• MET AT 762 Mathematical Finance for Actuaries
• MET MA 581 Probability
• MET MA 582 Mathematical Statistics
• MET MA 603 SAS with Statistical Applications

Students may take up to one related elective course from other departments at Boston University, with the permission of the director of the Actuarial Science program.

*Selections cannot be identical to courses taken as part of the core.

Master of Science in Actuarial Science Concentrations

Finance (two courses/8 units)

In addition to the MS in Actuarial Science core courses (26 units), students pursuing a concentration in Finance must also choose two of the following concentration courses:

• MET AT 722 Finance for Actuaries
• MET AT 761 Mathematics and Portfolio Theory
• MET AT 762 Mathematical Finance for Actuaries

Insurance (two courses/8 units)

In addition to the MS in Actuarial Science core courses (26 units), students pursuing a concentration in Insurance must also choose two of the following concentration courses*:

• MET AT 541 Introduction to Individual Insurance
• MET AT 542 Introduction to Group Insurance
• MET AT 543 Introduction to Property and Casualty Insurance
• MET AT 544 Introduction to Pension Mathematics

*Selections cannot be identical to courses taken as part of the core.

Directed Study

Courses in Directed Study 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 521 and MET AT 528 (or the associated professional examination) and maintain an overall cumulative GPA of 3.3 or higher. In addition, to enroll in these courses, international students must meet the rules of Boston University’s International Students & Scholars Office (ISSO) regarding internships.