MS in Actuarial Science

The world is filled with uncertainty and risk—and successful businesses need to quantify these risks. With their mathematical ability, analytic tools, and computer programming skills, actuaries are uniquely qualified to develop solutions to increasingly complex problems and to help quantify and manage risk for businesses in a variety of industries. By using data and models, actuaries have the expertise to determine the probability of certain future events. As an actuary, you develop ways to mitigate the impact of adverse financial circumstances on businesses, governmental agencies, and other organizations.

Available on campus and online, the Master of Science in Actuarial Science at Boston University’s Metropolitan College (MET) provides you with the tools and knowledge to excel as an actuary, and offers the option of choosing a concentration in Finance or Insurance.

Courses in BU MET’s Actuarial Science master’s degree program are designed to not only help you have a deep understanding of the subject matter, but also to assist you in preparing for examinations offered by the SoA and CAS. These examinations are essential in an actuary’s career. Students who follow the SoA exam track will typically work in fields such as life insurance, health insurance, long-term care insurance, and pension plans, all of which use the probability of mortality. Those who follow the CAS exam track will typically work for companies that develop premiums for risks that are more quantifiable, such as automobile and homeowner’s insurance.

A solid foundation in calculus and multivariate calculus is recommended for applicants to the master’s program in Actuarial Science. Students who complete the degree 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.

Qualifying international students in F-1 status are also entitled to Curricular Practical Training (CPT), a type of employment/internship authorization, after completing two consecutive full-time semesters of study in the program.

Second Master’s Degree Option

In appreciation 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.