Graduate Studies in Actuarial Science
Students interested in studying actuarial science at the graduate level at the Illinois State University should pursue graduate studies in Mathematics: Sequence in Actuarial Science. There are two options for obtaining a Master degree: with Master Thesis (requiring 30 credit hours of graduate classes), or without a thesis (requiring 32 credit hours of graduate classes, and a culminating experience, in the form of a professional internship, a project, or a comprehensive examination).
Our program reserves the right to enforce professional standards of practice as specified by the Society of Actuaries and the Casualty Actuarial Society. These standards may be taken into consideration in program retention decisions. Practically, this means that graduate actuarial studentes are expected to pass several professional actuarial examinations and obtain professional actuarial internship(s) before they graduate.
Financial support for graduate students is provided in the form of competitive Graduate Teaching Assistantships (GTA). Avalable positions are announced online: go to www.ilstu.edu, click on "jobs", follow that to Graduate Assistantships and search for mathematics. Actuarial students may also compete for Graduate Assistantships in the Department of Finance, Insurance and Law. For mathematics applications, two letters of reference should be sent directly to Professor Alberto Delgado, they should address academic and job skills, and for an international student, spoken English ability. An optional optional statement of purpose from the student candidate may also be submitted.
The following actuarial classes in the Department of Mathematics are offered only at the graduate level:
- Mathematics 480: Applications of Actuarial Principles (covers reserving and pricing for various forms of insurance, pension funding, and some issues of insurance and pensions regulation), and
- Mathematics 483: Mathematical Models in Finance and Investments (covers the mathematical portion of topics from advanced acturial examinations on finance and investments).
The following actuarial classes in the Department of Mathematics are available for graduate credit:
- Mathematics 353: Regression and Time Series Analysis (meets all VEE Statistics requirements, covers material on regression and time series on the CAS Course S ),
- Mathematics 380: Actuarial Models (covers a part of the life contingencies material of the SOA Course MLC and the CAS Course S),
- Mathematics 381: Actuarial Models II (covers the rest of SOA Course MLC and Markov and Poisson Processes material on the CAS Course S), note that at this time, MAT 381 is only offered in the Fall semester,
- Mathematics 383: Actuarial Models III (covers the mathematics of financial economics on SOA Course MFE and CAS Course 3F), and
- Mathematics 384, Actuarial Modeling (covers the material on the SOA Course C, which is the same as the CAS Course 4).
Professional internship in actuarial science is available as Mathematics 498. Internship information is available here. Students should also consider taking graduate classes in mathematics, statistics, finance, and economics.
- Mathematics 350: Applied Probability Models (covers the material tested in the SOA Course P, which is the same as CAS Course 1)
- Mathematics 351: Statistics and Data Analysis (covers some statistics material included in the CAS Course S, and material required as a background for the SOA Course C, which is the same as the CAS Course 4),
- Mathematics 354: Nonparametric Statistics,
- Mathematics 356: Statistical Computing,
- Mathematics 443: Statistical Learning and Data Mining,
- Mathematics 450: Finite Sampling,
- Mathematics 453: Regression Analysis (meets a VEE Statistics requirement in regression analysis, but not in the area of time series analysis),
- Mathematics 455: Applied Stochastic Processes,
- Mathematics 456: Multivariate Statistics,
- Mathematics 458: The Design of Experiments.
- Economics 437: Fundamentals of Econometrics, along with Economics 438: Microeconometrics satisfy VEE Statistics requirements,
- Economics 440, Advanced Microeconomic Theory, along with Economics 441, Advanced Macroeconomic Theory satisfy VEE Economics requirements.
- Finance Insurance and Law 440: Financial Management. This class, along with FIL 242 or MAT 483 satisfies VEE Finance requirements. Graduate actuarial students interested in taking FIL 440 must contact the College of Business MBA Program advising office and request a special permission for non-majors to take it. Such students must prove knowledge of material in ACC 401 class (or both ACC 131 and ACC 132), as well as MAT 350 (or having passed Course P/1 actuarial examination), and MAT 280 (or having passed Course FM/2 actuarial examination). Students seeking enrollment in ACC 401 must contact the College of Business MBA Program advising office and request a special permission for non-majors to take it. The contact person at the College of Business MBA Program is Mr. B.J. Newmister.