Master of Science in Actuarial Science

Introduction

The University of Nebraska - Lincoln (UNL) offers a complete program in Actuarial Science. The graduate program in (UNL) Actuarial Science at UNL is open to students with undergraduate degrees in a variety of disciplines. No previous course work in Actuarial Science is required.

Application Procedures

1. Apply online at the Office of Graduate Studies and submit the $50 application fee. The next day you will receive instructions for the UNL GAMES application system (Graduate Admission Management and Evaluation System). Please note: All application materials (except transcripts and finance resource certification) must be submitted electronically. Do not send paper recommendation forms or resume. Applicants are expected to have a cumulative grade point average (GPA) of at least 3.0 on the 4-point scale (with A = 4 points).

   Application deadline: February 1 for fall admission and September 1 for spring admission. Applications may be accepted after these dates, but to be considered for any financial assistance in the fall semester, you must meet the February 1 deadline.

2. Recommendation for Graduate Admission. Three letters of reference are required and should be submitted through GAMES.

3. Society of Actuaries Examinations. Submit proof of any Society of Actuaries examinations passed through GAMES.

4. Professional Résumé. Your résumé should be submitted through GAMES.

5. Statement of Purpose. Statement of Purpose should be submitted through GAMES.

6. Graduate Management Admissions Test (GMAT). You should register to take the GMAT and have the results forwarded to UNL. You should also submit your scores through GAMES.

7. International Students should also include:

   • TOEFL score (minimum score of 550 written, 213 computer based or 80 iBT)

   Guidelines for international students can be found at http://www.unl.edu/gradstudies/prospective/international.

8. Transcripts. Electronic copies of transcripts should be uploaded into MyRed as part of the application. See UNL's Graduate Studies Application Requirements page for additional details.

Current Information on Tuition and Costs.

Provisional or Conditional Standing

To be admitted with provisional standing, a student's undergraduate preparation must have included at least 12 hours in principles of economics and courses in mathematics which, in the judgment of the Committee, constitute reasonable preparation. Normally, the minimum mathematical preparation will include three semesters of calculus; one semester of linear algebra; one semester of computer programming and an introductory probability and statistics course.

Full Graduate Standing

To be admitted with full graduate standing for work in Actuarial Science, a student must satisfy the requirements for provisional standing. A student must pass Exams P and FM of the Society of Actuaries.

Graduate Program Requirements

The Masters Degree program must be completed without a thesis (Option II) and all requirements under this option must be met. Option I (with a thesis) is not generally open for this degree. The non-thesis route (Option II) is required because students will find the additional course work more valuable to them than the thesis, especially with regards to the Society of Actuaries exams. A total of 36 hours is required. The MS degree program is expected to take two years (24 months) for students admitted with deficiencies. For those admitted without deficiencies it normally takes 21 months, including the summer.

Major Requirements

In place of the usual major and minor requirements, the master program must include Actuarial Science 840, 870, 871 and 873, and Finance 812 or 813, and at least 6 additional hours from Actuarial Science. The program must include at least 12 hours earned in courses open exclusively to graduate students (900 level courses or 800 level courses without 400 or lower level counterparts).

Minor Requirements

Minors are available in Insurance, Economics (non-Insurance), Statistics, or Finance. However, the recommended minor is Finance. These minors are subject to the approval of the Actuarial Science Graduate Committee. Minors require at least 9 hours in the minor area in addition to the major requirements cited above.

Actuarial Science as a Minor

Students enrolled in other departments may choose to use Actuarial Science as their minor area under Option II. A minor in Actuarial Science must include Actuarial Science 840, 870, 871 and 873. Students wishing to do this should contact the Chairperson or Advisor of their major area, and the graduate advisor of the Actuarial Science Program.

Grades

It should be noted that within the Actuarial Science program the normal graduate school scholarship requirement, "B" or better applies to all 800 level major & minor courses. The normal graduate school scholarship requirement, "C" or better, for 900 level courses remains the same for the Actuarial degree program. However, a student who receives a "C" grade or lower in his/her minor area may be required to take a Comprehensive Exam in the minor area.

Memorandum of Courses

The Memorandum of Courses, which contains the proposed list of courses for the student's graduate program, must be filed with the Graduate Studies Office (1100 Seaton Hall) before the end of their second semester has been completed. Students should check with the Graduate Office for further clarification.

The following courses cannot be included as a part of your memorandum of courses: Economics 815, 816, 819, 837 and 854; Math 800, 813, 814, 820, 821 and 822; Statistics 880, 881; Computer Science 840

Comprehensive Examinations

Masters degree students will be expected to pass a written comprehensive examination on Actuarial Science. The Actuarial Science Comprehensive Exam for students graduating in May or August is held on the first Tuesday of April and for students graduating in December on the Tuesday before Thanksgiving. Students may be expected to pass another written comprehensive examination on their minor area. Check with your Minor Department. In addition, an oral examination may be required.

Scheduling of Classes

The scheduling of the courses for an actuarial science graduate student depends on the student's background. Appropriate adjustments are needed for students who do not have the prerequisites for the various classes. The core courses and other necessary courses should be worked into the schedule according to the individual student's preferences and area of concentration.

EACH STUDENT SHOULD CONSULT WITH HIS/HER ACADEMIC ADVISOR REGARDING THE DETAILS OF THE STUDENT'S INDIVIDUAL PROGRAM.

*CAS/SOA VEE denotes courses approved for credit from the professional actuarial organization if the student achieves a grade of B- or better.

Additional Information

For detailed program requirements, visit http://bulletin.unl.edu/graduate/Actuarial_Science

For course descriptions, visit http://bulletin.unl.edu/graduate/Actuarial_Science#courses

For more information on majors in the College of Business Administration at the University of Nebraska, go to http://www.cba.unl.edu/programs/

Additional information about an actuarial career and the actuarial profession is available at: www.BeAnActuary.org