Actuarial Science, M.S.

FOX SCHOOL OF BUSINESS AND MANAGEMENT

Learn more about the Master of Science in Actuarial Science.

About the Program

The Fox School of Business and Management has a longstanding tradition of preparing our students with the power to lead within the world of business. Actuaries specialize in the evaluation of insurance and financial risks and distinguish themselves through a combination of analytical skills, business acumen, and professionalism. Temple’s Actuarial Science M.S. program prepares students for a successful career in the field through its rigorous coursework and exceptional opportunities for professional development. Our curriculum covers multiple professional actuarial exams and can be tailored to students’ interests and background. We are recognized as a Center of Actuarial Excellence (CAE) by the Society of Actuaries and as a Global Center of Insurance Excellence (GCIE) by the International Insurance Society.

Time Limit for Degree Completion: 6 years

Campus Location: Main

Full-Time/Part-Time Status: The degree program can be completed on a full- or part-time basis.

Affiliation(s): Research is supported by Fox School of Business and Management's Advanta Center for Research in Financial Institutions, Center for Healthcare Research and Management, Innovation and Entrepreneurship Institute, and Institute of Global Management Studies. Research interests of the Fox School faculty are also supported by numerous centers and institutes throughout Temple University.

Accreditation: All Fox School of Business and Management graduate programs are accredited by the Association to Advance Collegiate Schools of Business (AACSB International).

Job Prospects: The Fox School Center for Student Professional Development provides students with career coaching and professional development resources that support the job search. Actuaries hold positions of responsibility with consulting firms, government insurance programs, government regulatory organizations, insurance companies, and investment banks.

Non-Matriculated Student Policy: Students with an undergraduate GPA of 3.0 or higher may be allowed to take classes under non-matriculated status. Non-matriculated students may take a maximum of 9 credits. Any additional courses require the student to be matriculated in a program.

Financing Opportunities: Citizens and permanent residents of the United States are considered domestic students and are typically eligible for federal student loans as well as alternative loans through private lenders. The Fox School grants 5% tuition scholarships to alumni who are admitted to the program. The program also offers merit- and need-based scholarships to eligible admitted students. 

Admission Requirements and Deadlines

Application Deadline:

Fall:

  • December 15 – Early Decision Deadline
  • March 1 – Scholarship Deadline and International Deadline
  • June 30 – Final Deadline

Spring:

  • August 1 – Scholarship Deadline and International Deadline
  • November 1 – Final Deadline

Applications are reviewed as they are received and will be considered after the deadline on a space-available basis.

APPLY ONLINE to this Fox graduate program at https://fox.secure.force.com/SiteLogin/.

Letters of Reference:
Number Required: 2

From Whom: Professional references from an immediate supervisor, current or past, are preferred. Academic references are acceptable.

Bachelor's Degree in Discipline/Related Discipline: A baccalaureate degree from an accredited university or college is required.

Statement of Goals: Essay prompts can be found in the online application portal. 

Standardized Test Scores:
GRE/GMAT: Required. Scores for the GRE typically fall within the following percentile ranges: 50 to 99 Verbal; 80 to 99 Quantitative.

Applicants who earned their baccalaureate degree from an institution where the language of instruction was other than English, with the exception of those who subsequently earned a master’s degree in a country where the language of instruction is English, must report scores for a standardized test of English that meet these minimums:

  • TOEFL iBT: 90
  • IELTS Academic: 7.0
  • Duolingo: 110
  • PTE Academic: 68

Resume: Current resume or CV is required.

Transfer Credit: Upper-level graduate credits from an AACSB-accredited graduate business program, but not previously applied to a conferred degree, may be transferred into the M.S. program. The credits must be part of the required degree program at Temple University. To be transferred, the grade must be a "B" or better. The Admissions Committee makes recommendations for transferring credits to the department chair. The maximum number of credits a student may transfer is 6.

Program Requirements

General Program Requirements:
Number of Credits Required Beyond the Baccalaureate: 30

Required Courses:

Core Courses
AS 5101Theory of Interest3
AS 5102Actuarial Modeling I3
AS 5104Actuarial Modeling III3
AS 5107Advanced Theory of Interest3
AS 5108Actuarial Analytics3
BA 5687MS Advanced Professional Development Strategies0
RMI 5101Managing Human Capital Risk3
RMI 5104Managing Property and Liability Risk3
Electives 19
Select three from the following:
Accounting for Managerial and Investment Analysis and Planning
Actuarial Modeling II
Actuarial Economics
Corporate Finance for Actuarial Science
Independent Study 2
Microeconomic Analysis
Macroeconomic Analysis
Econometrics I
Time Series Econometrics
Panel Data Econometrics
Health Systems Organization and Development
Financial Management of Healthcare Organizations
Marketing Management/Strategy
Managing Risk
Retirement Plans
Managing International Risk
Visualization: The Art of Numbers and the Psychology of Persuasion
Statistical Learning and Data Mining
Advanced Business Analytics
Stochastic Processes
Applied Multivariate Analysis I
Survival Analysis I
Nonparametric Methods
Total Credit Hours30

Culminating Events: Successful completion of coursework is required to earn the M.S. degree in Actuarial Science.

Courses

AS 5101. Theory of Interest. 3 Credit Hours.

This course covers one of the foundational concepts of actuarial science: the time value of money. Students learn about simple, compound, and effective interest rates, and use them to calculate present values and future values of all forms of deterministic cash flows, both discrete and continuous. These techniques are then applied to value annuities, loans, stocks, and bonds. The course also includes a thorough discussion of interest rate risk, how it can be measured, and how insurers can mitigate this risk through asset-liability management.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

AS 5102. Actuarial Modeling I. 3 Credit Hours.

The heart of the traditional actuarial science curriculum, this course examines the pricing of life insurance products by integrating concepts from probability and interest theory. It introduces random variables measuring the future lifetime of a person and the present values of life insurance and life annuity products, in both discrete-time and continuous-time settings. Students learn to calculate and interpret the mean, variance and probability functions for these random variables. In addition, students learn to determine actuarially fair premiums for life insurance and life annuity products as well as other life-contingent payments.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

Pre-requisites:
AS 5101|Minimum Grade of B-|May be taken concurrently.

AS 5103. Actuarial Modeling II. 3 Credit Hours.

This is a continuation of AS 5102. Students learn to calculate reserves for life insurance and life annuity products. The course then introduces Markov Chains in order to extend the pricing and reserving concepts to multiple lives (e.g. life insurance for a married couple or business partners) and multiple decrements (e.g. modeling different health statuses). The course also includes actuarial applications to pension valuation and profit testing.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

Pre-requisites:
AS 5102|Minimum Grade of B-|May not be taken concurrently.

AS 5104. Actuarial Modeling III. 3 Credit Hours.

Focusing on short-term actuarial modeling, the course introduces a variety of frequency, severity, and aggregate loss models. Students learn to select suitable models for a given data set, to parameterize the models to the data, to assess the predictive quality of the models through various measures of confidence, and to estimate losses using credibility theory.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

AS 5105. Actuarial Economics. 3 Credit Hours.

This course develops the conceptual framework of microeconomics and macroeconomics with some applications in actuarial science. Topics in microeconomics include interaction between supply and demand, consumer behavior, production choices, different types of competition, factor markets, and market failure. Topics in macroeconomics include business cycles, inflation, unemployment, monetary and fiscal policy, balance of payments, international economics, and economic growth.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

AS 5106. Corporate Finance for Actuarial Science. 3 Credit Hours.

This course introduces students to the fundamental principles of accounting and corporate finance, from an actuarial perspective. It covers basic accounting principles and regulations, financial statements, investment decision making, the risk-return trade-off, capital structure, long-term financing and investment risk. This provides students with an understanding of how (insurance) companies and financial markets function.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Co-requisites: AS 5101.

Repeatability: This course may not be repeated for additional credits.

AS 5107. Advanced Theory of Interest. 3 Credit Hours.

Students learn how to price financial derivatives, especially options, and their applications in insurance. Following an introduction to derivatives, the course provides an in-depth coverage of the put-call parity, binomial tree models, the Lognormal distribution, Black-Scholes option-pricing models, option Greeks, financial risk management (especially delta-hedging), and exotic options. In addition, students learn to conduct Monte Carlo simulations and apply this technique to value options as well as financial guarantees embedded in modern life insurance products.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.
College Restrictions: Must be enrolled in one of the following Colleges: Business & Mngmnt, Fox School.

Repeatability: This course may not be repeated for additional credits.

Pre-requisites:
AS 5101|Minimum Grade of B-|May not be taken concurrently.

AS 5108. Actuarial Analytics. 3 Credit Hours.

Predictive analytics is a key component of actuarial work. It helps improve solutions to traditional actuarial problems such as forecasting mortality, setting loss reserves, predicting policyholder behavior, and establishing classification ratemaking schemes. Actuaries also use these techniques for improving insurance operations through data-driven decision making. This course aims to prepare students for and beyond the data analytics needs of entry-level actuarial positions. It introduces students to linear regression models, generalized linear models, and decision tree analysis, and helps students understand the overarching goals of statistical learning. Using the statistical programming language R on real-world insurance and financial data sets, the course focuses on applying these tools to actuarial business decisions in an insurance or consulting environment.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

AS 5170. Special Topics. 3 Credit Hours.

Special Topics. Content varies.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may be repeated for additional credit.

AS 5180. Special Topics. 3 Credit Hours.

Special Topics. Content varies.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may be repeated for additional credit.

AS 5182. Independent Study. 1 to 6 Credit Hour.

Special study in a particular aspect of actuarial science under faculty supervision. Maximum of six hours may be counted toward degree requirements.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may be repeated for additional credit.

AS 5190. Special Topics in Actuarial Science. 3 Credit Hours.

Special Topics - Actuarial Science. Content varies.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may be repeated for additional credit.

AS 5196. Casualty Contingencies. 3 Credit Hours.

This highly participative course is designed to broaden perspectives on the business environment in which actuaries work. In addition to analyzing the issues behind daily events, several continuing issues will be analyzed including insurance pricing cycles, regulatory developments, the role of the actuary as an educator, advisor, objective information source and problem solver insurance company financial rating and solvency issues, accounting fraud and questionable financial transactions, insurance and the financial markets managing insurance operations, professional ethics, and the impact of current developments in underwriting, and reinsurance on the actuarial function.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may not be repeated for additional credits.

AS 5282. Independent Study. 1 to 3 Credit Hour.

Independent Study. Focus to be determined by instructor and student.

Level Registration Restrictions: Must be enrolled in one of the following Levels: Graduate.

Repeatability: This course may be repeated for additional credit.

Contacts

Program Web Address:

https://www.temple.edu/academics/degree-programs/actuarial-science-ms-bu-as-ms

Department Information:

Fox School of Business and Management

1801 Liacouras Walk

701 Alter Hall (006-22)

Philadelphia, PA 19122

foxinfo@temple.edu

215-204-5890

215-204-7678

Fax: 215-204-1632

Submission Address for Application Materials:

https://fox.secure.force.com/SiteLogin/

Department Contacts:

Academic Co-Directors:

Thorsten Moenig

moenig@temple.edu

215-204-2805

Tianxiang Shi

tianxiang.shi@temple.edu

215-204-6192

Specialized Master’s Programs Coordinator:

Rachel Carr

Associate Director for Specialized Master’s Programs

foxms@temple.edu

215-204-7678