Curriculum

Coursework covers a variety of disciplines including probability and statistics, business and economics, and actuarial models and methods. Students are prepared to take Society of Actuaries Exams P, FM, MLC, MFE, and C, and Casualty Actuary Society Exams 1–4, and also earn Validation by Educational Experience (VEE) credit in economics, corporate finance, and applied statistical methods.

In order to receive the M.S. degree, students must complete all requirements of the degree within three years (six consecutive terms, excluding summer) with an overall grade point average of 3.0 (B) or better. The degree requires completion of 36 points in addition to the professional development requirements. Students are required to register each semester for either Proseminar in Actuarial Science (ACTU K4900) or Internship in Actuarial Sciences (ACTU K4995).

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.

“What I like about the leadership is the focus on the business-savvy skills, the communication skills—to my knowledge—more than any other university with an Actuarial Science program. If you talk to business executives, this is what they are looking for. They say that they like Actuaries and they can use them in more executive positions if they have that business-savvy advantage. Columbia provides it.”Sim Segal, President, SimErgy Consulting
Adjunct Professor, Columbia Business School
author of “Corporate Value of Enterprise Risk Management”

Course Options

Students may be exempted from STAT W4606 if they've taken an equivalent course prior to enrollment in the program.

Students may substitute Stochastic Processes for Finance (STAT W4635) for STAT W4606.

STAT W4109 is equivalent to STAT W4105 and STAT W4107 and is the preferred option.

Time Series Analysis (STAT W4437) and Linear Regression Models (STAT W4315) may be substituted for STAT W4440.

Students may be exempted from STAT W4440, and BUSI W4003, ECON W3211, and ECON W3213 if they’ve taken equivalent courses that satisfy the SOA requirements for VEE prior to enrollment in the program.

Students may be exempted from ACTU 4840 if they have passed exam FM/2. The academic advisor grants exemptions based on a transcript review and results on placement examinations administered when necessary.

Students may be exempted from required courses related to examinations of actuarial organizations if they have met the requirements of these examinations. Such students will substitute these courses with approved electives. Students not exempted from required courses may also add electives to their program of study with the approval of the academic adviser.

Note that if the following courses from the core courses section below are not completed with a B- or higher, they must be repeated by the student: STAT W4105, STAT W4107, STAT W4109, and STAT W4840.