slide1 n.
Skip this Video
Loading SlideShow in 5 Seconds..
Master of Science in Actuarial Science PowerPoint Presentation
Download Presentation
Master of Science in Actuarial Science

Loading in 2 Seconds...

play fullscreen
1 / 38

Master of Science in Actuarial Science - PowerPoint PPT Presentation

  • Uploaded on

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.

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
Download Presentation

Master of Science in Actuarial Science

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

Industry Trends

Program Philosophy and Overview

Program Requirements and Curriculum

Professional Development and Career Services

Navigating the Program

Admission Requirements and Deadlines

Contact Information


General Information

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

  • This includes Life and Health Insurance, Personal Property and Casualty Insurance, Commercial Property and Casualty Insurance, etc.

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.


Program Philosophy

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.


Program Overview

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.)


Program Requirements – 2013

  • GPA > 3.0
  • Course completed within 3 years of start date (excludes summer)
  • 36 points needed – Does not include Proseminar and internships (considered professional requirements)
  • STAT 4109 (or 4105/4107) and STAT 4840 required with a grade of B- or higher – Certain students can be exempted from 4840 if passed FM. No students can be exempted from 4109.

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 Courses

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)


Class Information – Core Courses

STAT W4105. Probability. 3 pts.(combines in 4109 with 4107) – 4109 is 6 points

  • Calculus-based introduction of probability.

STAT W4107. Statistical Inference. 3 pts. (combines in 4109 with 4105) – 4109 is 6 points

  • Calculus-based introduction to the theory of statistics.

STAT W4840. Theory of Interest. 3 pts.

  • Introduction to the mathematical theory of interest as well as the elements of economic and financial theory of interest.

ACTU K4821. Actuarial Methods. 6 pts.

  • This course covers the non-stochastic process portions of the MLC/3L exam, and is about pricing and reserving of life insurance. Topics include actuarial present value, the equivalence principle, premiums, three methods of calculating reserves, joint life and multiple hazard.

ACTU K4823. Actuarial Models. 3 pts.

      • This course covers portions of the C/4 exam not covered elsewhere in the curriculum. Topics may include Bayesian statistics, credibility, and risk measures.

Class Information – Core Courses

ACTU K4830. Stochastic Processes for Actuarial Science. 3 pts.

  • This course covers the material and the theoretical background for exam MFE.

STAT W4440. Linear Regression and Time Series Models. 3 pts.

  • Theory and practice of regression analysis with simple and multiple regression.

STAT W4606. Elementary Stochastic Processes. 3 pts.

  • Review of elements of probability theory including topics such as Poisson processes, exponential distribution, etc.

STAT W4543. Survival Analysis. 3 pts.

  • Survival distributions, types of censored data, estimation for various survival models, nonparametric estimation of survival distributions

Accreditation Requirements

Actuarial Exams

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)

Corporate Finance



Regression / Time Series


Preparing for Exams

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.

  • Both electronic (Coaching Actuaries online exam preparation) and paper resources (ACTEX manuals & BPP manuals) will be made available to help students study for the preliminary exams. Students will be able to take practice tests in an environment similar to actual testing conditions as well.

Career Resources

Career Resources Link

View industry specific resources to guide your career research and deepen your knowledge of your field of study.

The Center for Career Education (CCE)

- 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


Career Resources

SCE provides students with support and resources for career management

Career Coach

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.

  • Refine your career plans
  • Update your résumé; review a cover letter
  • Create a target list of companies
  • Practice for an interview

Finding an Internship

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.

  • Students can have their resume and cover letter reviewed by engaging in the program’s prescribed resume and cover letter review and revision process.
  • Proseminar– This course gives students numerous opportunities to network with industry professionals as well as attend a number of employer information sessions.
  • Job/internship opportunities that are exclusive to the Actuarial Science Program will be posted on the Ning social networking site periodically.

Internship Job Search

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


Student Resources

After College

  • A job board that has internship and fulltime positions that are unique to the Columbia University Actuarial Science Program. All students register for this invitation only job board and are then given access to opportunities unique to the Columbia University Actuarial Science Department

Proseminar Series

Tuesdays and Thursdays from 4:00 to 6:00pm

        • All students sign up for Proseminar series each semester – There is no charge.
        • Sample of companies presenting this semester – PricewaterhouseCooper, AIG, SSINC , MetLife, Liberty Mutual

ASNY (Actuarial Society of New York)

        • Students encouraged to sign up for membership
        • Membership dues are $35
        • Access to live monthly seminar(s) for $10-$30
        • Past Seminars include topics such as: Special Needs Planning, Personal Financial Risk Management, Longevity Risk Management
        • The ASNY Career Fair takes place at Columbia University and brings in many top employers.


Faculty and Program Advisors

Career Coach


Building Relationships Within the Program


  • We consider this to be a students greatest asset or liability and as a result place an unique emphasis on helping to facilitate the development of our students communication skills
  • While classes are offered to help with this development, we feel that nothing works better than practice. As such, we encourage our students to not only focus on performing at a high academic level, but also on ensuring that they build relationships within the program throughout their course of study.

Strength in Numbers:

  • We like to think of our students as part of a team within the program. Together they are more powerful than alone.
  • In 10 years, we hope that each and every student will have a very powerful network that is rooted in their time here at Columbia.

Admission Requirements

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.


Application Deadlines

Fall 2014

January 15, 2014; March 15, 2014; May 15, 2014

Spring 2015

October 1, 2014; November 1, 2014

For More Information

Please refer to


Program Contact Information

Noor Rajah, FSA, FCA, EA, MAAA, CFA

Lina Xu, PhD, FSA

Program Director

Lewisohn Hall (SCE) - 5thFloor

Program Coordinators

Prajwal Kilari

Elena Lambridis

For More Information

Please contact

frequently asked questions
Frequently Asked Questions
  • Can you switch between part time and full time?
  • Is it the same cost for in-person, online and the hybrid programs?
  • Can you tell us more about the online courses?
  • Are any scholarships offered?
  • What does it take to be approved for summer courses?
  • Are the math courses actual prerequisites? In other words, what does “familiar with linear algebra and multivariate calculus” mean?