The Mathematics Department offers an Actuarial Mathematics Option for those students who want to enter the actuarial profession upon graduation. Graduates of this option have the foundation needed to prepare for three of the Society of Actuaries Exams (P, FM, and LTAM), and to earn certifications in statistical and economic subject areas once the student enters into the profession.
Generally, students who want to become actuaries will seek an internship with an insurance company or consulting firm between their junior and senior years. Many of these firms actively recruit at Rutgers through Rutgers Career Services.
Some students interested in the actuarial profession should consider a major in mathematics and a minor in economics, or a double major in mathematics and economics, rather than the Actuarial Mathematics option. This includes students who intend to pursue a broader mathematical education, possibly including graduate studies in mathematics, as well as those planning to continue on to graduate study in Mathematical Finance.
The major in actuarial mathematics requires 66 credits, primarily in mathematics and economics. See Brochure for Math Majors. What follows are the requirements for students matriculating in Fall 2021 or later, though this set of requirements is recommended for all students as the changes will better prepare students for the Society of Actuaries professional exams. Students who matriculated before Fall 2021 may complete the program using the previous set of requirements, which can be found here.
I. Core Math and Computer Science Courses (21 credits total)
Calculus I-IV; 01:640:151, 152, 251, 252
Linear Algebra; 01:640:250
Computer Science; 01:198:107 or 01:198:111
II. Core Economics and Accounting Courses (9 credits total)
Micro- and macroeconomics; 01:220:102, 01:220:103
III. Additional Mathematics Courses (21 credits total)
01:640:285 Introduction to Interest Theory for Actuarial Sciences (3) (covers material on the SOA FM exam; students who pass the FM exam may be excused from this requirement)
01:640:477 Mathematical Theory of Probability (3) (Covers Material on the SOA P exam)
01:640:481 Mathematical Theory of Statistics (3)
01:640:486 Mathematics of Life Contingent Risk Models I (3) (covers material on the SOA LTAM exam)
Elective courses: three additional mathematics courses at the level of 300 and above. The following are recommended:
01:640:485 Introduction to Mathematical Finance (3) (covers material on the SOA IFM exam)
01:640:478 Introduction to Stochastic Processes (3)
01:640:487 Mathematics of Life Contingent Risk Models II (3) (covers material on the SOA LTAM exam)
01:640:354 Linear Optimization (3)
01:640:373 Numerical Analysis (3)
IV. Additional Economics courses (15 credits)
01:220:320 Intermediate Microeconomic Analysis (3)
01:220:321 Intermediate Macroeconomic Analysis (3)
01:220:322 Econometrics (3)
Elective courses: Students must take two additional electives from the following list, at least one of which must be an economics course.
Other 300/400-level math courses
01:220:421 Economic Forecasting and Big Data (3)
01:220:413 Financial Economics (3)
01:220:423 Advanced Time Series and financial Econometrics (3)
01:220:481 Economics of Uncertainty (3)
Admission to the program
Students may be admitted to the program upon completion with grades of C or better of three terms of calculus, Math 285, Econ 102, and Econ 103.
Completion of the program requires grades of C or better in all core math courses and all but one of the required or elective upper level courses.