Actuarial Science
Temple University offers one of the most distinguished Actuarial Science programs in North America. Located in the Department of Risk, Insurance, and Healthcare Management at Temple's Fox School of Business and Management, the Actuarial Science program affords the opportunity to earn a Master of Science (M.S.) degree while taking electives in other business disciplines. Students in the graduate program often find actuarial internships during the academic year and summers. The program enjoys an exceptional record of placing graduating students in interesting and well-compensated full-time positions.
The Actuarial Profession
Actuaries are highly educated business executives who specialize in the evaluation of insurance and financial risk. As an actuary, you will have the opportunity to apply your mathematical skills in a dynamic business setting.
Actuaries hold positions of responsibility with insurance companies, consulting firms, investment banks, self-insurers, government regulators, and government insurance programs. Because of their talent and valuable expertise, actuaries are well compensated, and often rise to the highest levels of management.
To earn professional designations, actuaries in North America take a series of examinations given by either the Society of Actuaries (for life and health insurance, and employee benefits) or the Casualty Actuarial Society (for property-liability insurance). The actuarial profession has been rated the "best profession" in the nation by the Jobs Rated Almanac.
M.S. Program Description
At Temple University, you earn a master's degree while preparing for the actuarial profession. The ten-course (30-credit) M.S. 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 Statistical Methods.
Graduate students in Actuarial Science take the following nine basic 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. 5182)
- Financial Analysis and Strategy (Fin. 5001)
- Derivatives (Fin. 5108)
- Probability Models (Math. 8033)
- Regression, Time Series (Stat. 8109)
The remaining course requirement must be satisfied with an elective from the Risk Management and Insurance program.
Students able to demonstrate proficiency in one or more of the basic (i.e., non-elective) courses--either by previous study or by the passage of professional actuarial examinations--may substitute relevant electives for these courses. Furthermore, one previously taken graduate level course, up to two previously taken graduate level courses with a grade of "B" or above may be transferred for credit toward either the basic or elective 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".
Department Faculty
At Temple, you will study under a faculty of highly regarded teachers and scholars. Temple faculty are nationally and internationally recognized authorities in the fields of actuarial science and risk management/insurance. They have authored numerous texts and study manuals, published extensively in prestigious academic and professional journals, and been recognized by awards for teaching and research excellence.
Faculty of the Department of Risk, Insurance, and Healthcare Management:
- William E. Aaronson, Ph.D. (Temple University), Associate Professor
- Bonnie R. Averbach, ASA, M.A.A.A, M.A.(Temple University), Associate Professor
- Norman A. Baglini, CLU, CPCU, Ph.D. (Temple University), Professor
- Hua Chen, Ph.D. (Georgia State) Assistant Professor
- J. David Cummins, Ph.D. (University of Pennsylvania), Joseph E. Boettner Professor of Risk, Insurance, and Financial Institutions and Director of the Advanta Center for Financial Services Studies.
- R. B. Drennan, Jr., Ph.D. (University of Pennsylvania), Associate Professor and Department Chair
- Patrick Gallagher, Ph.D. (Temple University), Assistant Professor
- Thomas E. Getzen, Ph.D. (University of Washington), Professor
- Barbara B. Manaka, Ph.D. (Temple University), Assistant Professor
- Michael McCloskey, Instructor
- Gary Miller, Ph.D. Instructor
- M. Moshe Porat, CPCU, Ph.D. (Temple University), Boettner Professor of Risk and Insurance and Dean of the FoxSchool
- Michael R. Powers, Ph.D. (Harvard University),Professor and Editor of the Journal of Risk Finance
- Laureen Regan, Ph.D. (University of Pennsylvania), Associate Professor and Joseph E. Boettner Research Fellow
- Krupa S. Viswanathan, ASA, Ph.D. (University of Pennsylvania), Assistant Professor and Deaver Research Fellow
- Jack L. VanDerhei, CEBS, Ph.D. (University of Pennsylvania), Associate Professor and Deaver Research Fellow
- Mary A. Weiss, Ph.D. (University of Pennsylvania), Deaver Professor of Risk and Insurance
- Jacqueline S. Zinn, Ph.D. (University of Pennsylvania), Associate Professor and Deaver Research Fellow
- Gerald R. Hartman, CLU, CPCU, FCAS, Ph.D. (University of Pennsylvania), Professor Emeritus
- Robert J. Myers, FSA, Professor Emeritus and Former Chief Actuary, Social Security Administration
- David B. Smith, Ph.D. (University of Michigan), Professor Emeritus
- Kailin Tuan, Ph.D. (New School for Social Research), Professor Emeritus
M.S. 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.
Admission to the M.S. Program
Admission requirements to the M.S. program in Actuarial Science follow the general requirements established by the Graduate School at Temple University. (Please see the Graduate School Bulletin.)
Applicants to the Actuarial Science M.S. program must take either the GRE or the GMAT aptitude test, and successful candidates generally have scores in the following percentile ranges:
- quantitative, 80 - 99
- verbal, 50 - 99.
International students who have not received a bachelor's or master's degree from an accredited American university must also take the TOEFL exam, and successful candidates generally have scores at or above 575 (written) or 230 (computer).
Applicants are expected to have earned grades of at least a "B" in each of their college-level calculus (differential, integral, and multivariate) courses. Passage of the first professional examination sponsored by the Society of Actuaries and the Casualty Actuarial Society may be considered a substitute for the college mathematics requirements, subject to department approval.
Prior course work in mathematical probability and statistics is strongly recommended, although students may be admitted without this background with the understanding that they must include these courses in their first two semesters of graduate work.
You may apply on-line at the following web site: http://webserv.adminsvc.temple.edu/gradapp/.
Financial aid information is available at: http://www.temple.edu/grad/finances/index.htm.
Tuition and fee information is also available at: http://www.temple.edu/grad/admissions/tuition_fees.htm.
International students should consult the Office of International Services for more detailed information at: http://www.temple.edu/ois/.
Please be aware that the Actuarial Science program does not offer scholarships or graduate/teaching assistantships to students at the Master's level.
Once you have made an application to Temple, you may contact the Fox School's Graduate Admissions Office at foxgrad.info@temple.edu to inquire into the status of your application.
For More Information For additional information and an application for the M.S. program in Actuarial Science, please go to http://www.fox.temple.edu/ms/ and follow the "Request Information" link in the left-hand column. For specific inquiries regarding the status of your program application, please contact the Fox School's Graduate Admissions Office at foxgrad.info@temple.edu.