Major in Mathematics - Actuarial Science and Risk Management Concentration

Admission

Students who are interested in the Actuarial Science & Risk Management concentration must complete an application for admission to the program. Admission to Towson University does not guarantee admission to the concentration. The application 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 and MATH 274/MATH 284 with a grade of at least B in both on the first attempt.
    2. Received a score of 4 or 5 in AP Calculus AB or BC.
    3. Received a passing score on at least one Society of Actuaries (SOA) exam.

Math majors intending to pursue the concentration in Actuarial Science & Risk Management will remain in their current concentration until they are admitted, but will be advised by the Actuarial Science faculty. Students are encouraged to communicate with their faculty adviser regularly to evaluate their progress toward admission.

Students who have not met the admission requirements will not be able to enroll in MATH 438 and MATH 485. Students who take a course listed above before being admitted to the concentration will be disenrolled from the course.

Note: Students not satisfying any of the requirements may petition the Director of Actuarial Science & Risk Management to be admitted into the concentration.

This is a screened program.

Mathematics Major Requirements

All Mathematics majors must take the following required courses.  

Required Courses
MATH 265ELEMENTARY LINEAR ALGEBRA4
MATH 267INTRODUCTION TO ABSTRACT MATHEMATICS4
MATH 273CALCULUS I4
MATH 274CALCULUS II4
MATH 275CALCULUS III4
Total Units20

Actuarial Science and Risk Management Concentration Requirements

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. This concentration will prepare students for the required professional exams to be taken after graduation.

In addition to the 20 units of common requirements for all Mathematics majors, the Actuarial Science and Risk Management concentration requires 63-64 units for a total of 83-84 units. All courses must be completed with a grade equivalent of 2.00 or higher. MATH 498 and minimum six additional upper-level courses in the major must be taken at Towson University. 

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 I 14
ECON 201MICROECONOMIC PRINCIPLES3
ECON 202MACROECONOMIC PRINCIPLES3
ENGL 317WRITING FOR BUSINESS AND INDUSTRY (Core 9)3
FIN 331PRINCIPLES OF FINANCIAL MANAGEMENT3
MATH 312THEORY OF INTEREST4
MATH 331PROBABILITY4
MATH 332MATHEMATICAL STATISTICS3
MATH 337APPLIED REGRESSION AND TIME SERIES PREDICTIVE MODELING4
MATH 438LONG-TERM ACTUARIAL MODELS I4
MATH 439COMPUTATIONAL PROBABILITY MODELS3
MATH 442SHORT-TERM ACTUARIAL MODELS4
MATH 448LONG-TERM ACTUARIAL MODELS II3
MATH 485MATHEMATICAL FINANCE3
MATH 486RISK MANAGEMENT AND FINANCIAL ENGINEERING3
MATH 498SENIOR SEMINAR: ACTUARIAL SCIENCE AND RISK MANAGEMENT 23
Mathematics Elective
Select one of the following:3-4
INTRODUCTION TO ABSTRACT ALGEBRA
REAL ANALYSIS I
LINEAR ALGEBRA
Total Units63-64
1

COSC 175 is a prerequisite for COSC 236

2

MATH 498 must be taken at Towson University. 

Continuation Policy

To continue in the Actuarial Science and Risk Management concentration, students need to receive a minimum "B" grade in MATH 331  or maintain a total minimum grade point average of 3.00 in the required courses for the concentration.

Students who fail to meet the criteria for continuation will be removed from the concentration. Students will not be allowed to enroll in MATH 438  and MATH 485  until they achieve a total minimum GPA of  3.00 in the required courses for the concentration or receive a minimum "B" grade in MATH 331 . Students who enroll in MATH 438 or MATH 485 before meeting the criteria for continuation will be removed from the course(s). 

NOTE: Students are required to take MATH 498. One of the prerequisites to enroll in this course is to pass at least one SOA exam.

Transfer and Second Degree Students

Transfer students and those seeking a second baccalaureate degree need to meet the same requirements of the concentration as described above.

Departmental Honors Program

The Department of Mathematics offers a departmental honors program for students who demonstrate exemplary abilities in mathematics. The program provides students with an opportunity to work closely with faculty mentors in an individual program of research, directed readings and independent study.

Graduation with departmental honors requires a minimum overall cumulative GPA of 3.33, and successful completion of a two-course research sequence and an honors thesis in mathematics (MATH 499). Departmental honors will be posted to the transcript shortly after the bachelor’s degree is conferred.

Required Coursework for Departmental Honors in Mathematics
Research Sequence, Select one of the following:6
READINGS IN MATHEMATICS
and RESEARCH IN MATHEMATICS
READINGS IN MATH EDUCATION
and INDEPENDENT STUDY: RESEARCH IN MATHEMATICS EDUCATION
APPLIED MATHEMATICS LABORATORY I
and APPLIED MATHEMATICS LABORATORY II
Thesis Requirement
MATH 499HONORS THESIS IN MATHEMATICS1
Total Units7

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 23694ACCT 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 33233FIN 33113
MATH 369, 372, or 4634MATH 4393
MATH 43844MATH 44843
 Core 123
 
(Students are advised to prepare for and take the SOA Exam LTAM at the end of the Spring Term)
 14 15
Senior
Term 1UnitsTerm 2Units
MATH 33774MATH 48663
MATH 44284MATH 4983
MATH 48563Core 133
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 15
Total Units 122
1

VEE for Accounting and Finance

2

 VEE for Economic

3

 VEE for Mathematical Statistics

4

 Exam LTAM

5

 Seminar

6

 Exam IFM

7

 Exam SRM & Exam PA

8

 Exam STAM

9

COSC 175 is a prerequisite for COSC 236.

  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.