MS in Actuarial Science

Actuaries use quantitative skills to help others make prudent, informed financial decisions. These decisions are based on future predictions derived from past and present data analyses. Actuaries typically work for life, health, and property and casualty insurance companies. Consulting firms, government agencies, accounting firms, industrial corporations, banks, and financial services companies are other significant employers of actuaries. Recent years have brought changes in the roles 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 mathematical 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.

This program requires an average of 16–24 months to complete. Students may begin the program in the fall, spring, or summer term.

Learning Outcomes

• Master the mathematics and modeling techniques central to actuarial calculations, including probability, statistics, life contingencies, loss models, and financial mathematics.
• Demonstrate the ability to articulate the principles governing standard insurance product development and risk management models.
• Use industry-standard computer software to analyze data for applications in insurance, risk management, and related financial industries.
• Apply knowledge of regulatory frameworks, solvency requirements, and practice areas to evaluate real-world actuarial scenarios.
• Synthesize core actuarial concepts to develop and present solutions for business challenges within insurance companies, consulting firms, and other institutions.

Admissions Information

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

Degree Requirements

Students are required to complete the core courses and either two electives or two concentration courses 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
• MET AT 545 Introduction to Risk Management

And one course selected from the following list:

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

General Electives (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*:

• MET AD 632 Financial Concepts
• MET AT 503 SAS for Actuaries
• 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 545 Introduction to Risk Management
• MET AT 581 Probability for Actuaries
• MET AT 582 Mathematical Statistics for Actuaries
• MET AT 722 Finance for Actuaries
• MET AT 761 Mathematics and Portfolio Theory
• MET AT 762 Mathematical Finance for Actuaries

With the director of the Actuarial Science program’s permission, students may take up to one related course outside the electives list.

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

Concentrations

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 Studies I
• MET AT 992 Directed Studies 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 1
• MET AT 982 Internship in Actuarial Science 2

To take these internship courses, students must have successfully completed MET AT 521 and MET AT 531 (or the associated professional examinations) 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.