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M.S. in Actuarial Science
The Department of Statistics offers an M.S. in Actuarial Science. The program grounds students in the theory and methods used by actuaries at the same time that it prepares them to take SOA Exams P, FM, MLC, MFE, and C or CAS Exams 1, 2, 3L, 3F and 4.
The program is appropriate for students with a strong record of academic achievement in mathematics, statistics, or economics. Students should enter with a knowledge of elementary economics (equivalent to Economics W1105), linear algebra (Math V2010), and multivariate calculus (Math V1202).
Courses typically meet twice per week on Mondays and Wednesdays or Tuesdays and Thursdays, or once per week for long sessions on Fridays. Students enroll full-time or part-time and may switch from full-time to part-time status. Evening classes are available to accommodate part-time students who work during the day.
Students not already working in the field are strongly encouraged to participate in the internship program. The Department of Statistics will assist students not employed in the field in locating internship opportunities.
The program is demanding and requires a significant commitment of time and energy. While full-time students may complete the program in two terms, three terms are expected. Part-time students are expected to complete the program in no more than five terms.
International students must pay careful attention to rules regarding full-time status and optional and practical training. The international Students and Scholars Office (ISSO) is the source of information on these issues.
Program Requirements
Except for exemptions and substitutions as described below, students take a sequence of twelve core courses. In addition to coursework, students enroll every semester in either an internship or participate in the actuarial science pro-seminar series ACTU K4900.
Core Courses in Probability
STAT W4105. Probability.
STAT W4606. Elementary Stochastic Processes.
Core Courses in Statistics
STAT W4107. Statistical Inference.
STAT W4440. Linear Regression/Time Series Methods.
STAT W4543. Survival Analysis.
Core Courses in Business and Economics
ECON W3211. Intermediate Microeconomics.
ECON W3213. Intermediate Macroeconomics.
BUSI W3003. Corporate Finance.
Core Courses in Actuarial Science
ACTU W4840. Theory of Interest
ACTU K4821. Actuarial Models.
ACTU K4823. Actuarial Methods
ACTU K4830. Stochastic Processes for Actuaries
Exemptions and Substitutions Students should substitute STAT W4109 for STAT W4105 and STAT W4107. Students may substitute STAT W4315. Linear Regression Models and STAT W4437 Time Series Analysis for Stat 4440, and Stat 4635 Stochastic Processes for Finance for Stat 4606. Students may take Stat W6501 in place of STAT W4606. Students may be exempted from STAT W4105, STAT W4606, and STAT W4107 if they have taken equivalent courses prior to enrollment in the program. Students may be exempted from STAT 4440 (or STAT W4315 and STAT 4437), and BUSI W3003, ECON W3211, and ECON W3213 if they have taken equivalent courses that satisfy the SOA requirements for VEE credit prior to enrollment in the program. Exemptions are granted by the academic adviser on the basis of a transcript review and/or results on placement examinations.
Students may be exempted from no more than two required courses without substituting an approved elective. Students not exempted from required courses may also add electives to their program of study with the approval of the academic adviser.
A partial list of commonly approved elective courses is includes:
ECON W2661. Introduction to Accounting and Finance.
STAT W4201. Advanced Data Analysis.
Stat W4240. Data Mining.
STAT W4290. Statistical Methods in Finance.
STAT W4413. Nonparametric Statistics.
STAT G6505. Stochastic Methods in Finance.
STAT G8263. Stochastic Differential Equations with Applications.
STAT G6503. Statistical Inference in Time Series Modeling.
STAT W6501. Stochastic Processes and Applications.
IEOR E4404. Simulation.
MATH W4071. Introduction to the Mathematics of Finance.
BUSI B6301. Corporate Finance.
The program is administered through the School of Continuing Education in the School of Arts and Sciences. Application materials and additional information on the program may be found here.
For more information please contact Professor Noor Rajah at noor.rajah@columbia.edu.