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FALL 2012
STUDENT HANDBOOK for
Actuarial Science Majors, Actuarial Science Majors with a Concentration in
Pure Mathematics and Actuarial Science Minors
Key Hall Rm 165 443-885-4374
FALL 2012
Table of Contents
1. List of School and Program Administrators ……………………………………………1 2. Program Overview and Mission …………………………………………………………2 3. Information on Actuarial Science Discipline and Career …………………………...…3 4. Requirements for SCMNS, the Interdisciplinary Actuarial Science Major and Actuarial Science Major with a Concentration in Pure Mathematics for Students ………………….……………………………………4 5. Additional requirements for MSU Honors Students, Actuarial Science Program and Travelers EDGE Scholars……………………………………6 6. Registration and Advisement Policies and Procedures……………………………….7 7. Requirement to Become a Credentialed Actuary …………………………………...…8 8. Required courses for Society of Actuaries/Casualty Actuarial 9. Society Exam Preparation at MSU……………………………………………………9 10. Courses Approved for Validation by Educational Experience by the Society of Actuaries…………………………………………………………….10 11. Requirements for the Actuarial Science Major (sample plan of study)………...11 12. Requirements for the Actuarial Science Major with a concentration in Pure Mathematics (sample plan of study)……………..13 13. Overview and Requirements of the Minor in Actuarial Science……………………..16 14. Financial Resources…………………………………………………………………….18 15. Actuarial Science Program Awards Description and Criteria………………………..19 16. Appendices (Program forms)…………………………………….………………….20
PLEASE READ CAREFULLY!
1 FALL 2012
The Actuarial Science Program at Morgan State University
(under the auspices of the Department of Mathematics)
School of Computer, Mathematical and Natural Sciences
Dr. Joseph Whittaker, Dean
Dixon Science Research Center, Room 200
(443) 885-4515
Department of Mathematics
Dr. Earl Barnes, Chairperson
Carnegie Hall Room 251
(443) 885-3964
Actuarial Science Program
Mrs. Nicassia Belton, Director
Key Hall Room 165
(443) 885-4374
2 FALL 2012
Introduction
The Actuarial Science Program at Morgan State University is the only formalized Actuarial Science Program in the state of Maryland approved by Maryland Higher Education Commission (MHEC). It is also the only Historically Black Institution in the nation that offers a Bachelor of Science in Actuarial Science in addition to a Bachelor of Science in Actuarial Science with a concentration in Pure Mathematics, as well as a minor in Actuarial Science.
The Program uniquely incorporates the disciplines of Mathematics, Finance, Accounting and Economics to create a synergistic program that fully equips our graduates for the workforce. The program offers a Bachelor of Science in Actuarial Science, a Bachelor of Science in Actuarial Science with a concentration in Pure Mathematics as well as a minor in Actuarial Science. The curricula for these programs include: courses approved by the Society of Actuaries (SOA) to fulfill the Validation by Educational Experience credits; courses covering the learning objectives described in the SOA Basic Education Catalogue for Preliminary Actuarial Examination Probability (P), Financial Mathematics (FM), Financial Economics (MFE), Life Contingencies (MLC), and Construction and Evaluation of Actuarial Models (C). The program encompasses extensive exam preparation for actuarial exams as well as valid internship experiences. Full and partial tuition scholarships are made available to all students that qualify.
The mission of the Morgan State University Actuarial Science Program is:
to increase the number of highly qualified students, especially among underrepresented populations, entering careers in actuarial and actuarial-related fields, who can significantly contribute to the financial security of all entities through their ability to identify, assess, manage and quantify uncertainty and risk in various situations
to promote the development and use of statistics, probability, decision-making and risk management
to support collaboration with, and integration of other disciplines to produce theoretically sound and innovative practical applications in the advancement of the actuarial science discipline
to prepare students for SOA/CAS professional examinations.
3 FALL 2012
The Actuarial Science Discipline
Actuarial Science is the discipline that applies mathematical and statistical methods to assess the risk of events occurring and help formulate policies that minimize risk and its financial impact on companies and clients. Actuaries find employment with insurance companies, government agencies, human resources departments of large corporations, hospitals, accounting and consulting firms, as well as with banks and investment firms.
Who Should Be An Actuary, and How Important Is Mathematical Aptitude?
Most individuals are first attracted to the actuarial science profession because it provides them with an alternative option to graduate school in which they can explore and apply their various mathematical skills. Even though mathematics is the foundation of a strong actuarial science education, actuaries are foremost business professionals who need broad-based business and project management and communication skills.
To find out whether your aptitudes and interests make you a good candidate for an actuarial career, take this short quiz*:
Are you an above-average student who enjoys learning?
Do you excel in your mathematics courses?
Are you an inquisitive and curious person?
Do you like to strategy games?
Do you enjoy explaining things to people?
Do you like writing? Do you like talking with people?
Are you interested in historical, social, legislative and political issues?
Would you describe yourself as a self-motivated achiever?
Do you enjoy working with computers?
Do you have an interest in business and financial issues?
If your answers are yes, consider becoming an actuary.
*This quiz was adapted from the Skills Quiz presented on www.beanactuary.com. Additional career information can be found at: www.beanactuary.com www.soa.org www.casact.org
4 FALL 2012
Requirements for Students Enrolled as an Actuarial Science/ Actuarial Science with Pure Mathematics Concentration Majors
While the Actuarial Science Program Director is more than happy to help both with
course selections and interpreting the regulations, it is your responsibility to see to it that you fulfill all requirements.
In order to qualify for graduation, in addition to meeting the requirements of the University, in General Education and in the major,
Students must also complete six (6) credits in the Complementary Studies Program required of all majors in the School of Computer, Mathematical and Natural Sciences (SCMNS). All students enrolled in the Actuarial Science Program are required to select the following pair of courses to satisfy this requirement:
o BUAD 202/212 BUSINESS LEADERSHIP SEMINAR/ BUSINESS LEADERSHIP SEMINAR (FOR HONOR STUDENTS); 3 credits
o BUAD 381 THE LEGAL AND ETHICAL ENVIRONMENT OF BUSINESS; 3 credits
No other substitutions will be allowed unless first approved by the Director.
Students must pass the Senior Mathematics Departmental Comprehensive
Students must register and pass the Speech Proficiency Exam/ or enroll in SPCH101 and pass with a grade of C or higher
Students must register and pass the Writing Proficiency Examination
Students must have taken all of their junior- and senior-level actuarial science requirements in the Major at Morgan State University (unless granted prior written permission by the Dean of SCMNS to take courses elsewhere)
Enroll in the sequence of Actuarial Science Program Professional Development Seminar courses, beginning with the first semester they join the Actuarial Science Program. For example, first-time freshmen would typically take ACSC 105 during the fall semester, ACSC 106 during the spring semester, and so forth, ending with ACSC 406 during the spring semester of their graduation year. Students entering the Actuarial Science Program during the spring semester should begin with ACSC106, followed by ACSC 105 during the fall semester, ACSC 206 during the next spring semester, and so forth. Students entering the program with accumulated credit hours (Ex. Transfer students) should take the courses in sequence, beginning with the course assigned to their academic level (Ex. ACSC 206 Spring semester for a 2nd year student), until their final semester, during which they take ACSC 405 (if graduating in December) or 406 (if graduating in May) unless assigned/instructed/approved by the Program Director to register for a seminar class in a different academic level.
5 FALL 2012
ACSC 105.001: Honors Seminar – Actuarial Science Introductory Professional Development, Communication & Ethics Seminar I (1st Year Students)
ACSC 106.001: Honors Seminar – Actuarial Science Introductory Professional Development, Communication & Ethics Seminar II (1st Year Students)
ACSC 205.001: Actuarial Science Intermediate Professional Development, Communication & Ethics Seminar I (2nd Year Students)
ACSC 206.001: Actuarial Science Intermediate Professional Development, Communication & Ethics Seminar II (2nd Year Students)
ACSC 305.001: Actuarial Science Advanced Professional Development, Communication & Ethics Seminar I (3rd Year Students)
ACSC 306.001: Actuarial Science Advanced Professional Development, Communication & Ethics Seminar II (3rd Year Students)
ACSC 405.001: Actuarial Science Senior Professional Development, Communication & Ethics Seminar I (4th Year Students)
ACSC 406.001: Actuarial Science Senior Professional Development, Communication & Ethics Seminar II (4th Year Students)
Students must have earned a cumulative average of 2.0 or better and a major average of 2.5 or better, with no outstanding grades below “C” in the major (which includes all courses required for the major and required supporting courses)
Students must have completed all Validation by Educational Experience (VEE) requirements for Applied Statistical Methods, Corporate Finance and Economics
Students must sit in on at least one of the Society of Actuaries’ examinations before graduation; student passing any SOA/CAS Exam is waived from the Senior Mathematics Departmental Comprehensive Exam
Students must prepare and present a senior thesis on an insurance/actuarial science-related topic that will be conducted under the supervision of a qualified faculty member and/or professional actuary. Students will give an oral presentation of their research to the Mathematics Department and School of Computer, Mathematical and Natural Sciences. Students can also choose as an alternative to provide a full technical report and presentation on an internship experience where they were immersed in the capacity of an actuarial science analyst or job-specific trainee.
Upon successful completion of this four-year program, the student is awarded the B.S. Degree in Actuarial Science/ Actuarial Science (with concentration in pure mathematics) by Morgan State University.
6 FALL 2012
Additional Requirements for MSU Honors Students, Actuarial Science Program Scholars and Travelers EDGE Scholars Enrolled as an
Actuarial Science/ Actuarial Science with Pure Mathematics Concentration Majors
1. Attend and participate in all activities sponsored by the Actuarial Science
Program. This includes but not limited to the Actuarial Science Colloquia, Actuarial Science mentoring assignments and sessions, Gamma Iota Sigma general meetings and sponsored events, High School Shadow Days and Actuarial Science Program sponsored high school activities.
2. Attend at least one (1) national conference in the actuarial science or
mathematics-related field.
3. Complete an off-campus internship with a firm or research internship related to your discipline.
4. Participate in a visit to a major graduate school program or job shadowing event.
The objective of these additional requirements is put students on the “fast track” to success. We expect these students will not only complete program requirements but also have job offers and/or graduate school acceptances when they graduate.
7 FALL 2012
Registration and Advisement Policies and Procedures
Registration Procedures
1. Make appointment with Director of Actuarial Science Program (call 443-885-4374 or email [email protected]) 2. See Director and get approved advisement form (See Appendices for
Student Advisement Forms or pick up in Key Hall 165). 3. Go to computer lab (Key 160) and complete internet registration*. 4. Confirm major is listed correctly on WebSIS. If it is not listed correctly,
please collect a Change of Major Form from Key 165 5. Print and submit – advisement form, class schedule and bill. 6. Keep personal copy of advisement form, class schedule and bill (put in a
folder) (*) Follow registration instructions using WebSIS on the MSU homepage Advisement Procedures All students enrolled in the Actuarial Science Program are required to meet with their Advisor at least (4) four times for the semester (during 1st week of classes, 3 weeks prior to midterm exams, the week after midterm exams, 3 weeks prior to final exams) and submit a completed Progress Report Form (Progress Report Forms can be picked up in Key Hall 165). Mentoring Policies All freshmen and sophomore students as well as new transfer students will be assigned to a junior- or senior-level peer mentor. The objective of the peer mentoring program is to foster a network of support for first- and second-year students while provide guidance as they become familiar with the social and academic community at MSU and the Actuarial Science Program. All peer mentoring assignments require students to turn in a Peer Mentor-Mentee Accountability Form at mid-semester and complete a Peer Mentor and Peer Mentee survey at the end of the semester. (See Appendices. Peer Mentor-Mentee Accountability Forms, Peer Mentor Surveys and Peer Mentee Surveys can also be picked up in Key Hall 165). All junior-level and senior-level students will be assigned to a professional mentor working in industry.
8 FALL 2012
Requirements to Become a Credentialed Actuary
SOA A Candidate must complete ALL the requirements below to obtain designation: Exam 1/P VEE-Economics Exam 2/FM VEE-Corp Fin Exam MFE Exam ERM Exam C ERM e-module Fund of Act Prac Course
Assoc Prof Course
CAS A Candidate must complete ALL the requirements below to obtain designation: Meet all requirements for ACAS Exam 7 Exam 9 ERM & Modeling Seminar Exam ST9
Pathways to becoming a credentialed
Actuary (SOA)
An Associate of the Society of Actuaries (ASA)/ Casualty Actuarial Society (ACAS) has demonstrated knowledge of the fundamental concepts and techniques for modeling and managing risk. The ASA/ACAS has also learned the basic methods of applying those concepts & techniques to common problems involving uncertain future events, especially those with financial implications. The ASA/ACAS has also completed a professionalism course covering the professional code of conduct & the importance of adherence to recognized standards of practice.
(www.SOA.org)
A Chartered Enterprise Risk Analyst (CERA) of the Society of Actuaries/Casualty Actuarial Society is an Associate member who has demonstrated knowledge in the identification, measurements and management of risk within risk–bearing enterprises. The CERA has also completed a professionalism course covering the professional code of conduct and the importance of adherence to recognized standards of practice (www.SOA.org).
A Fellow of the Society of Actuaries (FSA)/ Casualty Actuarial Society (FCAS) has demonstrated knowledge of the business environments within which financial decisions concerning retirement benefits, life insurance, annuities, health insurance, investments, finance, and enterprise risk management are made, including the application of advanced concepts and techniques for modeling & managing risk. The FSA/FCAS has further demonstrated an in-depth knowledge of the application of appropriate concepts and techniques to a specific area of
actuarial practice (www.SOA.org).
SOA A Candidate must complete ALL the requirements below to obtain designation: Exam 1/P VEE-Economics Exam 2/FM VEE-Appl Stats Exam MFE VEE-Corp Fin Exam MLC Fund of Act Prac Exam C
Assoc Prof Course
CAS A Candidate must complete ALL the requirements below to obtain designation: Exam 1/P VEE-Economics Exam 2/FM VEE-Appl Stats Exam 3F/MFE VEE-Corp Fin Exam 3L Online course 1 Exam 4/C Online course 2 Exam 5 Exam 6 CAS Prof Course
SOA A Candidate must complete ALL the requirements below to obtain designation: Exam P VEE-Economics Exam FM VEE-Appl Stats Exam MFE VEE-Corp Fin Exam MLC Exam C Fund of Act Prac Course Assoc Prof Course 2 Spec Exams 2 Spec Modules DMAC Fellow Admin Course
CAS A Candidate must complete ALL the requirements below to obtain designation: Meet all requirements for ACAS Exam 7 Exam 8 Exam 9
9 FALL 2012
Even though most individuals working within and managing actuarial teams may not be credentialed actuaries, to be competitive in the job market, it is almost essential to pass both the P and FM exams before interviewing in the fall of the senior year. It is also crucially important to achieve at least a B in all you actuarial science- related courses; many employers have a grade cutoff of 3.0 or higher. The P exam is a computer based exam currently administered nationally four times a year by Thompson Prometric. Check www.soa.org/ www.beanactuary.com for the test schedule and application deadlines.
The other exams are given in November and May with respective application deadlines of around mid September and April 1. Current registration deadline and application information for the exams are available on the Actuarial Society's web page (www.soa.org), the Actuarial Science Bulletin Board (located in Key Hall outside Rm 165) or from the Program Director.
Required Courses for Society of Actuaries (SOA)/Casualty Actuarial
Society (CAS) Exam Preparation at Morgan State University
Exam P/1: Probability (3 hours)
Math331, Math431/Econ311, Math432/Econ312, Math433
Exam FM/2: Financial Mathematics (2.5 hours)
Math346 (You should take this class in the spring followed by the exam in May/August)
Exam M FE Financial Economics (2 hours)
Principle of Risk Management and Insurance
Financial Management
Financial Analysis
Exam MLC: Life Contingencies (3 hours)
Math363, Math364, BUAD362
Exam C: Construction and Evaluation of Actuarial Models (4hours)
Math333, Math363, Math364
Besides exams, the SOA also requires "Validated by Educational Experience" (VEE) of three topics. Individuals may apply for this credit after completion of the required course work with at
least a B and after passing two SOA/CAS actuarial exams.
Note: The CAS has its
own third exam. They
will accept the SOA
Exams MFE+MLC, but
NOT vice versa.
10 FALL 2012
Courses Approved for Validation by Educational Experience (VEE) Credit by the SOA
VEE- Corporate Finance:
FIN 343 Managerial Finance FIN 344 Security Analysis
Or
FIN 343 Managerial Finance FIN 422 Portfolio Management
VEE-Applied Statistical Methods- Time Series:
MATH 333 Applied Regression, Correlation and Time Series Analysis
Or
ECON 414 Econometrics
VEE- Economics:
ECON 211 Principles of Economics (Micro) ECON 212 Principles of Economics (Macro)
Or
ECON 317 Intermediate Economics (Micro) ECON 318 Intermediate Economics (Macro)
(The Society of Actuaries strongly recommends students complete as many VEE courses as they can before graduation. Students must then pass Exam 1/P and Exam 2/FM in order to receive credit for their completed VEE courses with at least a B grade.)
It is crucial that students engage in at least one summer internship within the
industry before graduation. The Actuarial Science Program is committed to
making as many internship opportunities as possible available to its students.
For further details on these internship opportunities contact the Director. Fully
utilize all professional development opportunities and every opportunity to
network with professionals from industry offered through the Program.
11 FALL 2012
Requirements for the ACTUARIAL SCIENCE MAJOR
Course Description Credits FOR GENERAL EDUCATION * MATH 241 Calculus I 4 INSS141 Intro to Comp Sys 3 ECON 211 Principles of Economics I (Intro to Macroeconomics)** 3 FOR THE MAJOR ACSC 130 Introduction to Actuarial Science 3 ACSC 346 Financial Mathematics 4 MATH 242 Calculus II 4 MATH 243 Calculus III 4 MATH 312 Linear Algebra I 3 MATH 331 Applied Probability and Statistics 3 MATH 333 Applied Regression, Correlation & Time Series Analysis** 3 MATH 337 Nonparametric Statistical Methods 3 MATH 340 Intro to Differential Equations 3 MATH 363 Actuarial and Stochastic Modeling I 3 MATH 364 Actuarial and Stochastic Modeling II 3 MATH 431 Mathematical Theory of Statistics I 3 MATH 432 Mathematical Theory of Statistics II 3 MATH 433 Problem Solving Techniques and Applications 2 MATH 45X(CHOOSE ONE COURSE) 3 ACSC 490 Actuarial Science Research MATH 450 Senior Seminar MATH 451 Honors Conference Course MATH 452 Conference Seminar ACCT 201 Principles of Accounting I 3 ACCT 202 Principles of Accounting II 3 ECON 212 Principles of Economics II (Intro to Microeconomics)** 3 FIN 343 Managerial Finance** 3 FIN 344 Security Analysis** 3 BUAD 361 Fundamentals of Risk Management 3 BUAD 362 Life and Health Insurance 3 ACSC/MATH/FIN/ECON/BUAD ELECTIVE 3 (300 Level course and above approved by the Director) TOTAL: 80 * Actuarial Science majors must select this course to fulfill the Mathematics requirements under General Education. ** Validation by Educational Experience (VEE) course.
OTHER COURSES HIGHLY RECOMMENDED BUT NOT REQUIRED FOR GRADUATION ARE: FIN 422 Portfolio Management (Prerequisite FIN343) ECON 317 Intermediate Microeconomics (Prerequisite: ECON 211, ECON 212) ECON 318 Intermediate Macroeconomics
12 FALL 2012
SAMPLE PLAN OF STUDY
ACTUARIAL SCIENCE MAJOR
CURRICULUM SEQUENCE
FRESHMAN YEAR (FIRST SEMESTER) FRESHMAN YEAR (SECOND SEMESTER)
ENGL 101 ENGLISH COMP I 3 ENGL 102 ENGLISH COMP II 3
ACSC 130 INTRO TO ACTUARIAL SCI 3 HIST 102/106 WORLD CIV.II OR U.S. HIST 3
HIST 101/105 WORLD CIV.I or U.S. HIST I 3 ACCT 201 PRIN OF ACCT I 3
INSS 141 INTRO TO COMP SYS 3 MATH 242 CALCULUS II 4
ACSC 105 ACSC PROF DEV INTRO I 0 ACSC 106 ACSC PROF DEV INTRO II 0
MATH 241 CALCULUS I 4 HEED 100 HEALTHFUL LIVING 2
16 15
SOPHOMORE YEAR (FIRST SEMESTER) SOPHOMORE YEAR (SECOND SEMESTER)
MATH 243 CALCULUS III 4 MATH 331 APP. PROBABILITY & STAT. 3
MATH 312 LINEAR ALGEBRA.I 3 BUAD 381 LEGAL AND BUS ETHICS 3
ACCT 202 PRIN OF ACCT II 3 ECON 212 ECON (MICRO) 3
HUMA 201 INTRO TO HUMANITIES I 3 ACSC 346 FINANCIAL MATHEMATICS 4
ACSC 205 ACSC PROF DEV INTEM I 0 ACSC 206 ACSC PROF DEV INTEM II 0
BUAD 202/212BUS LEADERSHIP SEM. 3 HUMA 202 INTRO.TO HUMANITIES II 3
16 16
JUNIOR YEAR (FIRST SEMESTER) JUNIOR YEAR (SECOND SEMESTER)
SOCIXXX: ECON 211ECON (MACRO) 3 PHYS 205 UNIV.PHYSICS I /Lab 5
PHIL 109 INTRO TO LOGIC 3 MATH 433 PROB SOLV TECH & APPS 2
BIOL 101/102 INTRO.BIOLOGY I OR II 4 HUMA XXX HUMANITIES ELECTIVE 3
MATH 431 MATH. THEORY STATIS. I 3 MATH 432 MATH. THEORY STATS. II 3
ACSC 305 ACSC PROF DEV ADVAN I 0 ACSC 306 ACSC PROF DEV ADVAN II 0
MATH 337 NONPARA. STAT.METHOD 3 FIN 343 MANAGERIAL FINANCE 3
16 16
SENIOR YEAR (FIRST SEMESTER) SENIOR YEAR (SECOND SEMESTER)
MATH 333 APP. REG, COR & TIME ANA 3 BUAD 362 LIFE & HEALTH INSURANCE 3
BUAD 361 FUND OF RISK MGMT 3 MATH 450/ACSC 490 SENIOR SEM/ ACT SCI RES 3
FIN 344 SECURITY ANALYSIS 3 MATH 340 INTRO.TO DIFF EQ 3
MATH 363 ACT & STOCH MODEL I 3 MATH 364 ACT & STOCH MODEL II 3
HIST 350 INTRO. TO AFRICAN DIASP. 3 ACSC/MATH/FIN/ECON BUAD ELEC 3
ACSC 405 ACSC PROF DEV SENIOR I 1 ACSC 406 ACSC PROF DEV SENIOR II 1
PHEC XXX PHYSICAL ED. ELECTIVE 1 _______________________________________________
17 16
TOTAL CREDIT HOURS 128
13 FALL 2012
Requirements for the
ACTUARIAL SCIENCE MAJOR WITH A CONCENTRATION IN PURE MATHEMATICS
Students majoring in Actuarial Science (with a concentration in Pure Mathematics) must meet the following requirements: CURRICULUM SEQUENCE Course Description Credits FOR GENERAL EDUCATION * MATH 215 Foundations for Advanced Mathematics I 3 INSS 141 Intro to Comp Sys 3 ECON 211 Principles of Economics I (Intro to Macroeconomics)** 3 FOR THE MAJOR ACSC 130 Introduction to Actuarial Science 3 ACSC 346 Financial Mathematics 4 MATH 216 Foundations for Advanced Mathematics II 3 MATH 241 Calculus I 4 MATH 242 Calculus II 4 MATH 243 Calculus III 4 MATH 312 Linear Algebra I 3 MATH 331 Applied Probability and Statistics 3 MATH 333 Applied Regression, Correlation & Time Series Analysis** 3 MATH 337 Nonparametric Statistical Methods 3 MATH 340 Intro to Differential Equations 3 MATH 341 Advanced Calculus I 3 MATH 431 Mathematical Theory of Statistics I 3 MATH 432 Mathematical Theory of Statistics II 3 MATH 433 Problem Solving Techniques and Applications 2 MATH XXX (CHOOSE ONE COURSE) 3 MATH 334 Applied Analysis of Var MATH 352 Numerical Analysis MATH 440 Intro to Partial Diff Eq MATH 363 Act & Stoch Modeling I MATH 364 Act & Stoch Modeling II MATH 45X (CHOOSE ONE COURSE) 3 ACSC 490 Actuarial Science Research MATH 450 Senior Seminar MATH 451 Honors Conference Course MATH 452 Conference Seminar ACCT 201 Principles of Accounting I 3 ACCT 202 Principles of Accounting II 3 ECON 212 Principles of Economics II (Intro to Microeconomics)** 3 FIN 343 Managerial Finance** 3
14 FALL 2012
ACSC/MATH/FIN/ECON/BUAD ELECTIVE 3 (300 Level course and above approved by the Director) TOTAL: 78 * Actuarial Science majors (with a concentration in Pure Mathematics) must select this course to fulfill the Mathematics requirements under General Education. ** Validation by Educational Experience (VEE) course.
MATH XXX See director for substitution of any of the above courses. Other courses highly recommended for SOA exam preparation but not required for graduation are: MATH 433 Problem Solving Techniques and Applications in Probability VEE courses: ECON 317 Intermediate Microeconomics (Prerequisite: ECON 211, ECON 212) ECON 318 Intermediate Macroeconomics FIN 344 Security Analysis (Prerequisite FIN343)
15 FALL 2012
SAMPLE PLAN OF STUDY
ACTUARIAL SCIENCE MAJOR (WITH PURE MATHEMATICS CONCENTRATION)
CURRICULUM SEQUENCE
FRESHMAN YEAR (FIRST SEMESTER) FRESHMAN YEAR (SECOND SEMESTER)
ENGL 101 ENGLISH COMP I 3 ENGL 102 ENGLISH COMP II 3
ACSC 130 INTRO TO ACTUARIAL SCI 3 HIST102/106 WRLD CIV.II OR U.S.HISTII 3
HIST 101/105 WORLD CIV.I or U.S. HIST I 3 INSS 141 INTRO TO COMP SYS 3
MATH 215 FOUND.ADVANCED MATH I 3 MATH 242 CALCULUS II 4
ACSC 105 ACSC PROF DEV INTRO I 0 ACSC 106 ACSC PROF DEV INTRO II 0
MATH 241 CALCULUS I 4 MATH 216 FOUND.ADV MATH I 3
16 16
SOPHOMORE YEAR (FIRST SEMESTER) SOPHOMORE YEAR (SECOND SEMESTER)
BIOL 101/102 INTRO.BIOLOGY I OR II 4 MATH 331 APP. PROBABILITY & STAT. 3
MATH 243 CALCULUS III 4 ACSC 346 FINANCIAL MATHEMATICS 4
PHIL 109 INTRO.TO LOGIC 3 ECON 212 MICRO ECON 3
BUAD 202/212BUS LEADERSHIP SEM. 3 MATH 312 LINEAR ALGEBRA.I 3
ACSC 205 ACSC PROF DEV INTEM I 0 ACSC 206 ACSC PROF DEV INTEM II 0
HEED 100 HEALTHFUL LIVING 2 ACCT 201 PRIN OF ACCT I 3
16 16
JUNIOR YEAR (FIRST SEMESTER) JUNIOR YEAR (SECOND SEMESTER)
SOCI XXX: ECON 211 ECON (MACRO) 3 BUAD 381 LEGAL AND BUS ETHICS 3
HUMA 201 INTRO TO HUMANITIES I 3 MATH 432 MATH. THEORY STATIS. II3 ACCT
202 PRIN OF ACCT II 3 MATH341 ADV CALCULUS I 3
MATH 333 APP. REG,COR & TIME ANA 3 HUMA 202 INTRO.TO HUMANITIES II 3
ACSC 305 ACSC PROF DEV ADVAN I 0 ACSC 306 ACSC PROF DEV ADVAN II 0
MATH 431 MATH. THEORY STATIS. I 3 MATH 433 PROB SOLV TECH & APPS 2
15 14
SENIOR YEAR (FIRST SEMESTER) SENIOR YEAR (SECOND SEMESTER)
MATH 337 NONPARA. STAT.METHOD 3 PHYS 205 UNIV.PHYSICS I /Lab 5
HUMA XXX HUMANITIES ELECTIVE 3 PHEC XXX PHYSICAL ED. ELECTIVE 1
MATH 450/ACSC490 SEN SEM/ACT SCI RES 3 ACSC/MATH/FIN/ECON BUAD ELEC 3
FIN 343 MANAGERIAL FINANCE 3 MATH 340 INTRO.TO DIFF EQ 3
ACSC 405 ACSC PROF DEV SENIOR I 1 ACSC 406 ACSC PROF DEV SENIOR II 1
MATH XXX MATH ELECTIVE 3 HIST 350 INTRO. TO AFR DIASP. 3
16 16
TOTAL CREDIT HOURS 125
16 FALL 2012
The Minor in Actuarial Science
WHO CAN EARN THE MINOR? The minor in Actuarial Science is open to all students in all majors. It is most commonly selected by Mathematics, Economics, Accounting, Finance, Business Administration, Biology and Computer Science students who desire to apply financial theory, decision-making, risk management and Insurance concepts to their disciplines to help them fully tailor their skills and prepare for their future careers. The minor in actuarial science consists of 18 credits.
WHAT ARE THE BENEFITS OF COMPLETING THE MINOR? The Actuarial Science minor will give students the opportunity to explore the actuarial science field and the flexibility to apply these risk assessment and management concepts within their discipline. Additionally, the courses within the minor will help students understand many of the concepts covered in the first two actuarial exams (P/1 and FM/2). Most companies hiring actuaries want to see that the students have attempted at least one of the first two exams before graduation. Additionally, the other courses in the minor meet the Validation by Educational Experience (VEE) requirements for Applied Statistical Methods, Corporate Finance and Economics. Taking these courses while at Morgan State University means that students will not have to take them somewhere else after they graduate.
REQUIREMENTS FOR MINOR IN ACTUARIAL SCIENCE
For non-SCMNS, non-engineering and non-SBM and
non-economics students
For SCMNS (except Biology) and engineering students
For SBM, economic and biology students
ACSC 130 (3) ACSC 130 (3) ACSC 130 (3)
MATH 201 (3) MATH 333/ECON 414 (3) MATH 331/ECON 311 (3)
MATH 346 (4) MATH 346 (4) MATH 346 (4)
MATH 331 (3) MATH 431/432 (3) ELECTIVE XXX (3)
ELECTIVE XXX (3) ECON 211/212 (3) ELECTIVE XXX (3)
ELECTIVE XXX (3) ELECTIVE XXX (3) ELECTIVE XXX (3)
TOTAL CREDITS 19 TOTAL CREDITS 19 TOTAL CREDITS 19
See Director of Actuarial Science Program for substitutions to any of the above courses
17 FALL 2012
Electives can only be selected from the following list of courses. Substitutions may be allowed. All elective selections MUST be approved by the Director of the Actuarial Science Program:
ACCT 201 Principles of Accounting I (3) ECON 211 Economics (Micro) (3)
ACCT 202 Principles of Accounting II (3) ECON 212 Economics (Macro) (3)
BUAD 361 Fundamentals of Risk Management (3) ECON 311 Principles and Methods of Statistics I (3)
BUAD 362 Life and Health Insurance (3) ECON 317 Intermediate Economics (3)
ECON 312 Principles and Methods of Statistics II (3) ECON 318 Intermediate Economics (3)
MATH 333 Applied Regression, Correlation and Time Series Analysis (3)
ECON 422 Economics and Health (3)
MATH 337 Nonparametric Statistical Methods (3) FIN 343 Managerial Finance (3)
MATH 363 Actuarial and Stochastic Modeling I (3) FIN 344 Security Analysis (3)
MATH 364 Actuarial and Stochastic Modeling II (3) FIN 422 Portfolio Management (3)
MATH 431 Mathematical Theory of Statistics I (3) MATH 312 Linear Algebra (3)
MATH 432 Mathematical Theory of Statistics II (3)
ALL STUDENTS MUST MEET WITH THE DIRECTOR OF THE ACTUARIAL SCIENCE PROGRAM FOR ADVISEMENT TO ENROLL IN THE ACTUARIAL SCIENCE MINOR
ADDITIONAL REQUIREMENTS:
STUDENTS IN THE SCHOOL OF BUSINESS AND MANAGEMENT & THE ECONOMICS AND BIOLOGY DEPARTMENT
These students choosing to obtain a minor in Actuarial Science may use MATH 201 to satisfy the prerequisite for MATH346.
COURSE DUPLICATIONS
No credit will be given for courses taken in fulfillment of students’ majors, these include students’ general education requirements. To avoid taking courses for which credit is not allowed, students should consult with their advisor or the Director of the Actuarial Science Program.
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Financial Resources and Support
Full and Partial Scholarships are available to all students enrolled in the Actuarial Science Program through the following Opportunities
Actuarial Science Program Scholarship
Travelers EDGE Program Scholarship
International Association of Black Actuaries (IABA Scholarships
CollegeBound Scholarships
Southeastern Actuaries Conference (SEAC) Scholarship
MSU Honors Program
Additional information, eligibility criteria and applications can be obtained from the Actuarial Science Program office (Key Hall Rm 165) and on the following website:
http://www.morgan.edu/School_of_Computer_Mathematical_and_Natural_Sciences/Departments_and_Professional_Programs/Actuarial_Science_Program/Prospective_Students/Scholarships.html
Book Stipends are available on a first come first serve basis and are only awarded to students in good academic standing (cum G.P.A. 2.0; major G.P.A. 2.5) as well as general good standing in the Actuarial Science Program. All book stipend awards can only be used in the University Bookstore and range from $100-$600 depending on financial need and availability of funds. The form can be picked up in Key Hall Rm 165.
The Actuarial Science Program funds a Book Loan Program that allows students to borrow textbooks at no charge for any of their prescribed courses as well as study manuals and computer software to aid in the preparation of their actuarial exams. Availability is subject to demand and as such students are advised to make requests as early as possible each semester. To obtain/request a listing of textbooks available along with the Book Loan application form, please visit the Actuarial Science Program office Key Hall Rm 165). Students are not eligible for Book Loans or Book Stipends if they have a record of outstanding books not returned in a timely manner.
Actuarial Science Exam Advancement Program Scholarship: Students can apply for the Actuarial Science Program to cover the cost for their 1st attempt at all SOA/CAS exams. Students must have filled all requirements for the Exam Advancement Program and must be in good standing with the Actuarial Science program. All students enrolled in any of the degree options available through the Actuarial Science Program are eligible for these scholarships. Applications for scholarships are reviewed on the 1st of each month. To request/obtain an application, please see the Program Director (Key Hall Rm 165) or call (443) 885-4374. Scholarship awards are based on funds availability.
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ACTUARIAL SCIENCE PROGRAM AWARDS
Every year the Actuarial Science program honors students’ achievements with the following awards presented at SCMNS Honors and Senior awards banquet held on the 2nd Tuesday in May:
Travelers Undergraduate Achievement Award
This award is presented to students within their first year of being admitted into one of the majors/minors in the Actuarial Sciences Program (ASP) who demonstrate excellence in academic performance and exhibit potential for success in the actuarial science field. Preference is given to students who have demonstrated leadership and/or service to community organizations while enrolled in the ASP at Morgan State University.
Actuarial Science Performance Award
The Actuarial Science Performance Award is presented to undergraduate students pursuing a major/minor in the Actuarial Science Program who have passed one or more of the Society of Actuaries/ Casualty Actuarial Society exams. Based on recommendations from faculty, the students’ academic performance, and the number of actuarial exams passed, scholarships are awarded to top students in each class.
Statistics and Actuarial Science Award for Outstanding Achievement in the Major and Concentration Programs
This award is presented to an undergraduate student with a declared major/concentration in Statistics and/or Actuarial Science. The criteria for selection include demonstrated academic excellence and a commitment related to the mission of the Actuarial Science Program to encourage the development and use of statistics, probability, decision-making and risk management.
International Association of Black Actuaries (IABA) Senior Award This award is presented to the senior who has achieved the most growth and demonstrated the greatest initiative and innovation in the pursuit of his or her professional studies. The criteria for selection include demonstrated advancement and enterprise in academic development, professional development and civic growth since enrolling in the Actuarial Science program, exemplifying both the ideals of the IABA and the Morgan State University Actuarial Science Program. A $1,000 prize is awarded annually to the outstanding graduating senior graduating with a major/concentration/minor in Actuarial Science.
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Appendices
Student Advisement Form
Semester:___________ Year:_______
Please Print Clearly: Student Name_____________________________ SID#:_________________________ Major: Actuarial Science Actuarial Science with Pure Math Concentration Minor: Actuarial Science Are you working this semester (Check one)? Yes No
If yes, indicate name of employer:________________________________________
No. of hours working per week:__________________________________________
Will you be working next semester? Yes No
If yes, indicate name of employer:________________________________________
No. of hors working per week:___________________________________________
Advisement Courses
Course Code (for example MATH 130)
Course Code Credits
______________________ __________
______________________ _________
______________________ __________
______________________ _________
______________________ __________
______________________ _________
______________________ __________
Total number of credits _________
Student’s Signature: ____________________________ Date:______________ Faculty Advisor’s Signature: ______________________ Date:______________
Morgan State University Actuarial Science Program
Peer Mentoring Needs Assessment Form
Name of Mentor: _________________________________ Semester: ____________________
Name of Mentee: _________________________________ Date: ________________________
To the Mentee: As part of the needs assessment process, you are being asked to identify areas of
concern on this form. You and your mentor will use this information to facilitate discussions and
develop a personal plan of action.
I. STUDYING AND LEARNING:
YES NO
a. Time management
b. Registering for classes
c. Understanding coursework
d. Note-taking strategies
f. Completing assignments
g. Locating tutoring resources
h. Studying strategies
i. Test-taking strategies
j. Actuarial exam preparation
Other: ____________________________________________________________
PLAN: _______________________________________________________________________ _____________________________________________________________________________
_____________________________________________________________________________
II. COMMUNICATION SKILLS:
YES NO
a. Oral and written communication skills
b. Communication with peers
c. Communication with faculty
d. Communication with employers
Other: ____________________________________________________________
PLAN: _______________________________________________________________________ _____________________________________________________________________________
_____________________________________________________________________________
III. PROFESSIONAL DEVELOPMENT:
YES NO
a. Resume and cover letter
b. Interviewing skills
c. Internship opportunities
d. Business networking/etiquette skills
Other: ____________________________________________________________
PLAN: _______________________________________________________________________ _____________________________________________________________________________
_____________________________________________________________________________
IV. MISCELLANEOUS
YES NO
a. Finding social clubs on campus
b. Finding social activities on campus
c. Finding academic clubs on campus
d. Finding academic activities on campus
e. Finding out about MSU, SCMNS and Actuarial Science Program activities
f. Finding financial resources to fund tuition, room & board, books, etc
g. Problems with roommate or roommate assignments
h. Problems with friends or family members
i. Problems with a faculty member
j. Understanding Actuarial Science Program requirements
k. Understanding your mentor’s role
l. Understanding your responsibilities as a mentee
Other: ____________________________________________________________
PLAN: _______________________________________________________________________ _____________________________________________________________________________
_____________________________________________________________________________
Additional Notes and Comments:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Morgan State University Actuarial Science Program Peer Mentor-Mentee Mid-Semester
Accountability Checklist This checklist must be completed at mid-semester of the mentor-mentee assignment as documentation that all required activities listed below were completed as scheduled. A copy of the completed form will be maintained in the student mentor and mentee file. The mentor and mentee should also maintain a copy for their records. _____ 1. The mentor and mentee completed the Mentor/Mentee Agreement. _____ 2. The mentee completed the Peer Mentoring Needs Assessment Form. _____ 3. The mentor has contacted the mentee to discuss the needs identified in the mentee’s Needs Assessment Form. _____ 4. The mentor and mentee have scheduled a follow-up meeting. We communicate mostly:
Via Phone Via E-mail In-person Mentor: ________________________________________________________________ (Name) (Signature) (Date) Mentee: _______________________________________________________________ (Name) (Signature) (Date)
Morgan State University Actuarial Science Program Peer Mentor Survey
All responses will be kept confidential!
Name of Mentor: __________________ Name of Mentee:__________________
Semester: _______________ Year: ____________
1. How many times were you contacted by your mentee? ______________ 2. How did you communicate with your mentee?
We communicate mostly: Via Phone Via E-mail In-person
3. What kinds of questions were you asked?
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
4. Did you feel adequately prepared to answer their questions? Yes No
5. If no, how did you deal with the situation? ____________________________________________________________________________________________________________________________________________________________________________________________________________
6. Would you like to continue as a peer mentor? Yes No
7. Would you like to receive coaching to continue as a peer mentor?
Yes No
8. What is your overall evaluation of the peer mentor-mentee program? Never Again Neutral Sign me up Needs Improvement Has Potential
Questions, comments or suggestions?
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Morgan State University Actuarial Science Program Peer Mentee Survey
All responses will be kept confidential!
Name of Mentor: __________________ Name of Mentee:__________________
Semester: _______________ Year: ____________
Listed below are questions about your peer mentor. Using the check boxes, please indicate your level of agreement for each question.
(SA-Strongly Agree; A-Agree; N-Neutral; D-Disagree; SD Strongly Disagree; N/A-Not Applicable)
In what ways has having a peer mentor been beneficial to you? ___________________________________________________________________________________________________________________________________________________________________________________________________________________________ How could your peer mentor have better assisted you? ___________________________________________________________________________________________________________________________________________________________________________________________________________________________ Use the remaining space to share any comments you have about your peer mentor. __________________________________________________________________________________________________________________________________________________________________________________________________________________________
SA A N D SD N/A
1. My peer mentor responds in a reasonable time when I express a concern
2. My peer mentor provides me with useful information
3. My peer mentor facilitates interactions among other students and faculty at MSU and the Actuarial Science Program
4. I have regular interactions with my peer mentor
5. My peer mentor has made an effort to get to know me
6. I have sought out my peer mentor for assistance
7. I have made an effort to get to know my peer mentor
8. My peer mentor encourages group study with other students
9. My peer mentor demonstrates concern about my academic success
10. My peer mentor is knowledgeable about university resources
11. My peer mentor is skilled at facilitating discussions
12. My peer mentor is knowledgeable about the issues discussed in my learning community
13. My peer mentor has kept me informed about upcoming MSU and Actuarial Science Program activities
14. Overall my peer mentor has been helpful
