Major in Mathematics - Actuarial Science and Risk Management Concentration

Admission

Students who are interested in the Actuarial Science & Risk Management (ASRM) Program must complete an application for admission to the program. Admission to Towson University does not guarantee admission to the ASRM Program. The Application Form may be obtained from the Mathematics Office or downloaded from this website.

To be admitted to the concentration, students are required to meet the following two requirements:

  1. Students must have a grade point average of at least 3.0 in mathematics.
  2. Students must also meet one of the following requirements:
    1. Completed MATH 273/MATH 283 (Calculus I) and MATH 274/MATH 284 (Calculus II) with a grade of at least B in both.
    2. Received a score of 4 or 5 in AP Calculus AB or BC.
    3. Received a passing score on at least one SOA exam.

Degree candidates intending to be in the ASRM program are designated as pre-ASRM until admitted into the concentration. These students will also be assigned an adviser from the ASRM faculty and are encouraged to communicate with their faculty advisor regularly to evaluate their progress in admission.

Students who have not met the admission requirements will not be able to enroll in MATH 438 (Actuarial Models) and MATH 485 (Introduction to Mathematical Finance) . Students who take an ASRM course listed above before being admitted to the ASRM concentration will be disenrolled from the course.

Note: Students not satisfying any of the requirements may petition to the Director of ASRM program to be admitted into the program.

Continuation

To continue in the ASRM concentration, students need to receive at least a grade “B” in MATH 331 (Probability) and maintain a total grade point average of at least 3.0 in the required courses for the ASRM concentration.

Students who fail to meet the criteria for continuation will be placed in the pre-ASRM Concentration. Students will not be allowed to enroll in MATH 438 (Actuarial Models) and MATH 485  (Introduction to Mathematical Finance) until they achieve a total GPA of at least 3.0 in the required courses for the ASRM concentration and/or receive at least a grade “B” in MATH 331 (Probability).

If students enroll in these courses before meeting the criteria for continuation during the preregistration period, they will be disenrolled from the course(s). Once students are in the ASRM program and have successfully enrolled in MATH 438 (Actuarial Models) or MATH 485 (Introduction to Mathematical Finance), they cannot be placed in pre-ASRM.

The Society of Actuaries has recognized Towson University as a Center of Actuarial Excellence (CAE). There are eight criteria for this designation, including curriculum, faculty composition, graduate quality, connection to industry, and research/scholarship.

In addition to the Core Curriculum and common requirements for all Math majors, the Actuarial Science and Risk Management Concentration requires 86 units (83 shown below plus ENGL 317, 3 units), completed with a grade equivalent of 2.00 or higher.

Students must complete the Core Curriculum requirements in addition to the requirements for a concentration.

The following are common requirements for all Mathematics concentrations:

MATH 265ELEMENTARY LINEAR ALGEBRA4
MATH 267INTRODUCTION TO ABSTRACT MATHEMATICS4
MATH 273CALCULUS I4
MATH 274CALCULUS II4
MATH 275CALCULUS III4
Select one of the following courses: 13-4
INTRODUCTION TO ABSTRACT ALGEBRA
LINEAR ALGEBRA
INTRODUCTORY REAL ANALYSIS
Total Units23-24

Actuarial Science and Risk Management Concentration Requirements

Actuarial Science & Risk Management Concentration Required Courses
ACCT 201PRINCIPLES OF FINANCIAL ACCOUNTING3
or ACCT 211 HONORS ACCOUNTING PRINCIPLES I
ACCT 202PRINCIPLES OF MANAGERIAL ACCOUNTING3
or ACCT 212 HONORS ACCOUNTNG PRINCIPLES II
COSC 236INTRODUCTION TO COMPUTER SCIENCE I4
ECON 201
ECON 202
MICROECONOMIC PRINCIPLES
and MACROECONOMIC PRINCIPLES
6
FIN 331PRINCIPLES OF FINANCIAL MANAGEMENT3
FIN 333INVESTMENTS AND EQUITY SECURITY ANALYSIS3
MATH 265ELEMENTARY LINEAR ALGEBRA4
MATH 267INTRODUCTION TO ABSTRACT MATHEMATICS4
MATH 273CALCULUS I4
MATH 274CALCULUS II4
MATH 275CALCULUS III4
MATH 312THEORY OF INTEREST4
MATH 331PROBABILITY4
MATH 332MATHEMATICAL STATISTICS3
MATH 337APPLIED REGRESSION AND TIME SERIES PREDICTIVE MODELING4
MATH 369INTRODUCTION TO ABSTRACT ALGEBRA4
MATH 438LONG-TERM ACTUARIAL MODELS I3
MATH 439COMPUTATIONAL PROBABILITY MODELS3
MATH 448LONG-TERM ACTUARIAL MODELS II3
MATH 485MATHEMATICAL FINANCE3
MATH 486RISK MANAGEMENT AND FINANCIAL ENGINEERING3
MATH 442SHORT-TERM ACTUARIAL MODELS4
MATH 498SENIOR SEMINAR: ACTUARIAL SCIENCE AND RISK MANAGEMENT3
Total Units83

Note: ENGL 317 must be taken to fulfill the Core Curriculum requirement of English Composition.

Suggested Four-Year Plan

Based on course availability and student needs and preferences, the selected sequences will probably vary from those presented below. Students should consult with their adviser to make the most appropriate elective choices.

Freshman
Term 1UnitsTerm 2Units
COSC 2364ACCT 20113
MATH 273 (Core 3)4COMM 131 (Core 5)3
Core 1 (or Core 2)3MATH 2654
Core 43MATH 2744
Core 103Core 1 (or Core 2)3
 17 17
Sophomore
Term 1UnitsTerm 2Units
ACCT 20213ECON 201 (Core 6 )23
MATH 2754MATH 2674
MATH 312 (Exam FM)4MATH 331 (Exam P)4
Core 74Core 84
(Students are advised to prepare for and take the SOA/CAS Exam FM at the end of the Fall Term)
(Students are advised to prepare for and take the SOA/CAS Exam P at the end of the Spring Term)
 15 15
Junior
Term 1UnitsTerm 2Units
ECON 20223ENGL 317 (Core 9)3
MATH 369, 463, or 4734FIN 33113
MATH 33233MATH 4393
MATH 43843MATH 44843
MATH 39053Core 123
 
(Students are advised to prepare for and take the SOA Exam LTAM at the end of the Spring Term)
 16 15
Senior
Term 1UnitsTerm 2Units
MATH 33774MATH 48663
MATH 44284MATH 4983
MATH 48563Core 13
Core 113Core 143
(Students are advised to prepare for and take the SOA/CAS Exam IFM at the end of either the Fall or Spring Term)
(Students are advised to prepare for and take the SOA/CAS Exam STAM at the end of the Spring Term)
 Elective3
 14 12
Total Units 121
  1. Demonstrate knowledge of the properties of numbers and sets.
  2. Demonstrate skills and knowledge of appropriate technology used in solving mathematical problems.
  3. Demonstrate skills and knowledge of the basic concepts of calculus.
  4. Demonstrate skills and knowledge of linear and abstract algebra.
  5. Demonstrate skills and knowledge of basic probability and/or statistics.