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Actuarial Science

PROGRAM INFORMATION

Temple University’s Program in Actuarial Science designated as a Center of Actuarial Excellence by the Society of Actuaries.

Actuaries are highly educated business executives who specialize in the evaluation of insurance and financial risks. They hold positions of responsibility with insurance companies, consulting firms, investment banks, self-insurers, government regulators, and government insurance programs. Because of their valuable talents and expertise, actuaries are generally well compensated, and often rise to the highest levels of management.

Temple University offers one of the most distinguished Actuarial Science programs in North America. Located in the Department of Risk, Insurance, and Healthcare Management, the Actuarial Science program gives students the opportunity to develop a strong background in mathematics and statistics while being exposed to a wide range of business disciplines.

Advisor

Hua Chen

Title: Assistant Professor
Department: Risk, Insurance, and Healthcare Management
Office: Alter Hall 625
Phone: 215.204.5905
E-mail: hchen@temple.edu

PROGRAM DESCRIPTION

At Temple University, you earn a master’s degree while preparing for the actuarial profession. The ten-course (30-credit) MS degree is specifically tailored to your background and topics covered by the examinations of the professional actuarial societies. In addition, courses in our curriculum are approved by the Society of Actuaries and Casualty Actuarial Society as satisfying their Validation by Educational Experience (VEE) requirements for Corporate Finance, Economics and Applied Statistics.

CURRICULUM

Graduate students in Actuarial Science take the following ten courses:

• The Theory of Interest (Act. Sci. 5101)
• Actuarial Modeling I (Act. Sci. 5102)
• Actuarial Modeling II (Act. Sci. 5103)
• Actuarial Modeling III (Act. Sci. 5104)
• Actuarial Economics (Act. Sci. 5105)
• Actuarial Corporate Finance (Act. Sci. 5106)
• Advanced Theory of Interest (Act. Sci. 5107)
• Health Insurance and Employee Benefits (RMI 5101)
• Property and Liability Insurance (RMI 5104)
• Regression, Time Series (Stat. 8109)

Students able to demonstrate proficiency in one or more of the basic courses–either by previous study or by the passage of professional actuarial examinations–may substitute relevant electives for these courses. However, students need to fulfill 30 graduate credits before graduation. Furthermore, up to two previously taken graduate level courses with a grade of “B” or above may be transferred for credit toward the basic course requirements. No course credit is given for the results of professional actuarial examinations.

It is expected that students will complete their graduate study at Temple with distinction. To remain in good standing, a student may not receive more than two grades below “B-” or more than one grade of “F”.

Program Opportunities

The Philadelphia and New York metropolitan areas form a major center for insurance, reinsurance, and related consulting activities in the United States. At Temple University, with its main campus close to center city Philadelphia, you will be well-positioned to take full advantage of the professional opportunities of the region.

The Actuarial Science program maintains a close, ongoing, and dynamic relationship with the actuarial and insurance communities. As a Temple graduate student, you will:

• meet professional actuaries who regularly visit campus,
• receive timely information on internships and full-time employment, and
• have the opportunity to be featured in the department’s resume book.

In addition to its influence at the regional level, the Actuarial Science program enjoys a strong reputation both nationally and internationally. Past and present students have come from the United States, Taiwan, the People’s Republic of China, South Korea, Malaysia, Thailand, India, the Ivory Coast, France, Brazil, Jamaica, and the Ukraine. Temple’s program is thus helping to prepare the next generation of actuaries not only in the United States, but in many other countries, especially those of the Pacific Rim.

Total credits for MS in Actuarial Science is 30 advanced.

LEARNING GOALS

The four main learning goals for students in the MS in Actuarial Science program will be to:

1. Understand how various actuarial tools are used to quantify risk.
2. Apply statistical formulas to price insurance and pension products.
3. Demonstrate the strong analytical skills necessary for passing the professional actuarial exams.
4. Understand the ethical and legal responsibilities of actuaries.

Specific learning objectives include:

• Understand how various actuarial tools are used to quantify risk.
  • Identify the risks faced by an individual/organization.
  • Recognize and analyze which underwriting factors are needed to quantify the frequency and severity of such risks.
• Apply statistical formulas to price insurance and pension products.
  • Recognize how the raw data in a mortality table can be translated into key measures used for forecasting and estimation.
  • Recognize the distinction between and importance of discrete and continuous random variables in measuring risk exposure, including future lifetimes.
  • Develop and apply the ability to determine which actuarial formulas are used in various pricing situations.
  • Assess the results of calculations to determine their economic significance.
• Demonstrate the strong analytical skills necessary for passing the professional actuarial exams.
  • Utilize the numerous study material resources given to develop efficient problem-solving skills.
  • Quickly recognize the pertinent information given in a problem to determine the proper order of calculations.
• Understand the ethical and legal responsibilities of actuaries.
  • Recognize why the pricing in various insurance lines of business may or may not be equitable and the social/legal reasons behind that.
  • Recognize the implications of potential behavior, however self-serving they may be, through case studies of dilemmas faced by actuaries.