Master of Science in Actuarial Science. Agenda. Industry Trends Program Philosophy and Overview Program Requirements and Curriculum Professional Development and Career Services Navigating the Program Admission Requirements and Deadlines Contact Information. Industry Trends.
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Program Philosophy and Overview
Program Requirements and Curriculum
Professional Development and Career Services
Navigating the Program
Admission Requirements and Deadlines
Various industries heavily use actuaries in order to manage risk and as a result of steady growth in many of these industries, actuarial science has become an increasingly attractive profession
46% of actuaries work for private insurance companies
Insurance Brokers & Agencies 6.9% revenue growth, 1.2% employment growth in 2011
The Actuarial profession has consistently been rated as one of the best jobs to have
CareerCastrecently ranked it as the best job of 2013
According to the Bureau of Labor Statistics, the actuarial profession is set to grow 27% from 2010-2020 in the United States
High demand for actuaries. Relatively few graduate Actuarial Science programs currently in existence. Most professionals come from various majors.
Rigorous program of study, helps with exams but focuses on practice
The program gives students the opportunity to study with some of the best minds in the country, and provides an academic experience that extends beyond the limits of basic test preparation.
While passing the preliminary actuarial exams is important, it is of greater importance that students who complete this program leave with a strong foundation in Actuarial Science, and are prepared for to work and excel in their chosen industry.
Our top priority is providing students with the tools to move beyond the level of knowledge that is necessary for the actuarial exams, and ensuring that they become deeply skilled in their field of study.
An important aspect of accomplishing this goal is making sure that student are able to gain actuarial experience through internships, research projects, and ultimately through full time employment.
The responsibility is ultimately on the student to understand the marketplace, network, use all available resources to obtain employment.
Courses typically meet one or two times a week
Working students should be able to complete the program taking evening courses, although many courses are also offered during the day.
Students may enroll in the program either full-time (12 or more credits per term) or part-time (fewer than 12 credits per term).
Full-time students complete the program in three semesters, although some will be able to complete it in one calendar year.
Part-time students are expected to complete the program in six terms.
Individualized programs of study may be developed to accommodate those students who have completed some of the required coursework prior to entering the program as well as those students who wish to do additional coursework in risk management, data analysis, and mathematical finance.
Advanced students may take electives in mathematical finance, risk management, and advanced statistical methods.
Students can complete program either on campus or online. (Fully online M.S. in Actuarial Science program launches Fall 2014.)
SOA/CAS exam related courses
STAT W4109 – Probability / Statistical Inference - 6 pts. – P
STAT W4840 – Theory of Interest – 3 pts. – FM
ACTU K4830 – Stochastic Processes – 3 pts – MFE
ACTU K4821 – Actuarial Methods – 6 pts – MLC
ACTU K4823 – Actuarial Models – 3 pts – C
VEE Stat – STAT W4440 – Linear Regression and Time Series
VEE Corporate Finance – BUSI K4003 – Corporate Finance
VEE Economics – ECON 5211 & 5213 – Microeconomics and Macroeconomics
VEE Regression/Time Series – STAT W 4440. Linear Regression and Time Series Models (Core Class)
STAT W4105. Probability. 3 pts.(combines in 4109 with 4107) – 4109 is 6 points
STAT W4107. Statistical Inference. 3 pts. (combines in 4109 with 4105) – 4109 is 6 points
STAT W4840. Theory of Interest. 3 pts.
ACTU K4821. Actuarial Methods. 6 pts.
ACTU K4823. Actuarial Models. 3 pts.
ACTU K4830. Stochastic Processes for Actuarial Science. 3 pts.
STAT W4440. Linear Regression and Time Series Models. 3 pts.
STAT W4606. Elementary Stochastic Processes. 3 pts.
STAT W4543. Survival Analysis. 3 pts.
P / 1: Probability
FM / 2: Financial Mathematics
MLC / 3L: Life Contingencies (Actuarial Methods)
MFE / 3F: Financial Economics
C / 4: Actuarial Models
Validation By Educational Experience (VEE)
Regression / Time Series
The Actuarial Society at Columbia University is a great tool for students who are preparing to take any of the Preliminary Exam.
Through Columbia University, you will have access to various test preparation materials.
Career Resources Link
View industry specific resources to guide your career research and deepen your knowledge of your field of study.http://ce.columbia.edu/student-life-and-alumni-relations/career-services-ms-students
The Center for Career Education (CCE)http://www.careereducation.columbia.edu
- Resume review
- Workshops; career advising appointments
- Online resources
- Register for LionSHARE, Columbia’s job posting system
- Sign up for company presentations, interviews and job fairs
SCE provides students with support and resources for career management
For resume review, job search and professional development advice.
Program Directors/ FacultyFor industry trends, hiring patterns and profiles.
Proseminar Series/ Program Specific EventsProvide networking opportunities, as well as, educational value.
Career Advising AppointmentsWe employ a dedicated recruiting consultant that helps students on an individual basis.
Finding an internship can seem like a daunting task, but there are numerous facilities and programs available on campus to students to help them effectively search for, apply to, and ultimately obtain an internship.
An internship in the actuarial field will increase the probability you will secure a job when you complete the program
Most internships are offered for summer but some companies hire interns year round
The internship application process is a big part of both the spring and fall semesters, and a variety of resources are available to students to help them find opportunities they are interested in.
Large insurance, healthcare and consulting companies with formalized, annual internship programs will interview well in advance
Companies that hire on an as needed/project basis will interview and hire into late spring or close to the internship start date
Tuesdays and Thursdays from 4:00 to 6:00pm
ASNY (Actuarial Society of New York)
Faculty and Program Advisors
Strength in Numbers:
Applicants must hold at least a bachelor's degree or its equivalent and have a cumulative grade point average of 3.0 or better.
Students must have a knowledge of elementary economics (equivalent to ECON W1105), linear algebra (MATH V2010), and multivariate calculus (MATH V1202).
The Actuarial Science program can be taken on a full-time or part-time basis. Only international students enrolled in this program full-time qualify for a student visa.
Applicants must take and submit their GRE scores to Columbia University at the time of their application. Competitive applicants generally score very well on the quantitative portion of the GRE.
Applicants whose native language is not English or have not completed their undergraduate studies at an accredited US college or university are required to demonstrate proficiency in the English language by submitting official scores either from the TOEFL (Test of English as a Foreign Language) or IELTS (International English Language Testing System).
Students required to take the TOEFL exam must score 100 on the computer version, or its equivalent on other versions.
January 15, 2014; March 15, 2014; May 15, 2014
October 1, 2014; November 1, 2014
For More Information
Please refer to http://ce.columbia.edu/actuarial-science/apply
Noor Rajah, FSA, FCA, EA, MAAA, CFA
Lina Xu, PhD, FSA
Lewisohn Hall (SCE) - 5thFloor
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