# 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:

- Students must have a grade point average of at least 3.0 in mathematics.
- Students must also meet
__one of the following requirements__:

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:

Code | Title | Units |
---|---|---|

MATH 265 | ELEMENTARY LINEAR ALGEBRA | 4 |

MATH 267 | INTRODUCTION TO ABSTRACT MATHEMATICS | 4 |

MATH 273 | CALCULUS I | 4 |

MATH 274 | CALCULUS II | 4 |

MATH 275 | CALCULUS III | 4 |

Select one of the following courses: ^{1} | 3-4 | |

INTRODUCTION TO ABSTRACT ALGEBRA | ||

LINEAR ALGEBRA | ||

INTRODUCTORY REAL ANALYSIS | ||

Total Units | 23-24 |

^{1} | Student in the Applied Mathematics concentration must take MATH 369. |

## Actuarial Science and Risk Management Concentration Requirements

Code | Title | Units |
---|---|---|

Actuarial Science & Risk Management Concentration Required Courses | ||

ACCT 201 | PRINCIPLES OF FINANCIAL ACCOUNTING | 3 |

or ACCT 211 | HONORS ACCOUNTING PRINCIPLES I | |

ACCT 202 | PRINCIPLES OF MANAGERIAL ACCOUNTING | 3 |

or ACCT 212 | HONORS ACCOUNTNG PRINCIPLES II | |

COSC 236 | INTRODUCTION TO COMPUTER SCIENCE I | 4 |

ECON 201 & ECON 202 | MICROECONOMIC PRINCIPLES and MACROECONOMIC PRINCIPLES | 6 |

FIN 331 | PRINCIPLES OF FINANCIAL MANAGEMENT | 3 |

FIN 333 | INVESTMENTS AND EQUITY SECURITY ANALYSIS | 3 |

MATH 265 | ELEMENTARY LINEAR ALGEBRA | 4 |

MATH 267 | INTRODUCTION TO ABSTRACT MATHEMATICS | 4 |

MATH 273 | CALCULUS I | 4 |

MATH 274 | CALCULUS II | 4 |

MATH 275 | CALCULUS III | 4 |

MATH 312 | THEORY OF INTEREST | 4 |

MATH 331 | PROBABILITY | 4 |

MATH 332 | MATHEMATICAL STATISTICS | 3 |

MATH 337 | APPLIED REGRESSION AND TIME SERIES PREDICTIVE MODELING | 4 |

MATH 369 | INTRODUCTION TO ABSTRACT ALGEBRA | 4 |

MATH 438 | LONG-TERM ACTUARIAL MODELS I | 3 |

MATH 439 | COMPUTATIONAL PROBABILITY MODELS | 3 |

MATH 448 | LONG-TERM ACTUARIAL MODELS II | 3 |

MATH 485 | MATHEMATICAL FINANCE | 3 |

MATH 486 | RISK MANAGEMENT AND FINANCIAL ENGINEERING | 3 |

MATH 442 | SHORT-TERM ACTUARIAL MODELS | 4 |

MATH 498 | SENIOR SEMINAR: ACTUARIAL SCIENCE AND RISK MANAGEMENT | 3 |

Total Units | 83 |

*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 1 | Units | Term 2 | Units |

COSC 236 | 4 | ACCT 201^{1} | 3 |

MATH 273 (Core 3) | 4 | COMM 131 (Core 5) | 3 |

Core 1 (or Core 2) | 3 | MATH 265 | 4 |

Core 4 | 3 | MATH 274 | 4 |

Core 10 | 3 | Core 1 (or Core 2) | 3 |

17 | 17 | ||

Sophomore | |||

Term 1 | Units | Term 2 | Units |

ACCT 202^{1} | 3 | ECON 201 (Core 6 )^{2} | 3 |

MATH 275 | 4 | MATH 267 | 4 |

MATH 312 (Exam FM) | 4 | MATH 331 (Exam P) | 4 |

Core 7 | 4 | Core 8 | 4 |

(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 1 | Units | Term 2 | Units |

ECON 202^{2} | 3 | ENGL 317 (Core 9) | 3 |

MATH 369, 463, or 473 | 4 | FIN 331^{1} | 3 |

MATH 332^{3} | 3 | MATH 439 | 3 |

MATH 438^{4} | 3 | MATH 448^{4} | 3 |

MATH 390^{5} | 3 | Core 12 | 3 |

(Students are advised to prepare for and take the SOA Exam LTAM at the end of the Spring Term) | |||

16 | 15 | ||

Senior | |||

Term 1 | Units | Term 2 | Units |

MATH 337^{7} | 4 | MATH 486^{6} | 3 |

MATH 442^{8} | 4 | MATH 498 | 3 |

MATH 485^{6} | 3 | Core 13 | |

Core 11 | 3 | Core 14 | 3 |

(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) | ||

Elective | 3 | ||

14 | 12 | ||

Total Units 121 |

^{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 |

- Demonstrate knowledge of the properties of numbers and sets.
- Demonstrate skills and knowledge of appropriate technology used in solving mathematical problems.
- Demonstrate skills and knowledge of the basic concepts of calculus.
- Demonstrate skills and knowledge of linear and abstract algebra.
- Demonstrate skills and knowledge of basic probability and/or statistics.