Baruch College Department of Mathematics | Actuarial Science Major

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Actuarial Science Major

The field of actuarial science applies mathematical principles and techniques to problems in the insurance industry. Progress in the field is generally based upon completion of examinations given by the Society of Actuaries (SOA). The Baruch College major is designed to prepare students to pass the first five examinations. Students interested in this highly structured program are urged to contact the Department of Mathematics as early as possible so that the department may assign an advisor to aid in formulating an appropriate course of study.

Math Program Prerequisites:
As a preliminary requirement, students must complete the calculus prerequisite, which may be achieved by any one of the six options.
Option 1 Calculus AP Exam (BC) with a score of 4 or 5 (transfers to Baruch as MTH 3010 Calculus II)

 

And one of the following

MTH 3020 Intermediate Calculus or

MTH 3050 Multi-Variable and Vector Calculus *

8 credits
or
Option 2 Calculus AP Exam (AB) with a score of 4 or 5 (transfers to Baruch as MTH 2610 Calculus I)

 

And

MTH 3010 Calculus I

And one of the following

MTH 3020 Intermediate Calculus or

MTH 3050 Multi-Variable and Vector Calculus *

12 credits
or
Option 3 MTH 2610 Calculus I

 

And

MTH 3010 Calculus II

And one of the following

MTH 3020 Intermediate Calculus or

MTH 3050 Multi-Variable and Vector Calculus *

12 credits
or
Option 4 MTH 2205 or MTH 2206 Applied Calculus

 

or

MTH 2207 Applied Calculus and Matrix Applications

And the following two courses:

MTH 3006 Integral Calculus

MTH 3030 Analytic Geometry and Calculus II

12 – 13 credits
or    
Option 5 MTH 2205 or MTH 2206 Applied Calculus

 

or

MTH 2207 Applied Calculus and Matrix Applications

And

MTH 3006 Integral Calculus

And

MTH 3007 Infinite Series

And one of the following

MTH 3020 Intermediate Calculus or

MTH 3050 Multi-Variable and Vector Calculus *

12 – 13 credits
or
Option 6 MTH 2630 Analytic Geometry and Calculus I

 

And

MTH 3030 Analytic Geometry and Calculus II

10 credits
* MTH 3050 is not open to students who completed MTH 3020, MTH 3030, MTH 3035, or their equivalent.
     
Business Program Prerequisites **
ACC 2101 Principles of Accounting 3 credits
ECO 1001 Micro-Economics 3 credits
ECO 1002 Macro-Economics 3 credits
FIN 3000 Principles of Finance 3 credits
FIN 3610 Corporate Finance 3 credits
**Students who have completed MTH 4120 or both MTH 3120 and MTH 4119 may waive the following FIN 3000 prerequisites: BUS 1000/1011; CIS 2200; and STA 2000. Please consult the Weissman Office of the Associate Dean (WSAS.AssocDean@baruch.cuny.edu; 646-312-3890; NVC 8-265) to request registration permission.
     
Required Courses
Students must complete the following three courses:
MTH 3300 Algorithms, Computers, and Programming I 3 credits
MTH 4120 Introduction to Probability *** 4 credits
MTH 4410 Theory of Interest 4 credits
Student also must complete three of the following five courses:
MTH 4420 Actuarial Mathematics 4 credits
MTH 4421 Actuarial Mathematics II 4 credits
MTH 4451 Short-Term Insurance Mathematics 4 credits
MTH 4452 Short-Term Insurance Mathematics II 4 credits
MTH 4500 Mathematical Finance 4 credits
*** Students who have completed MTH 3120 cannot enroll in MTH 4120. They must satisfy the probability requirement by registering for MTH 4119 as an independent study (please consult the Department of Mathematics).
     
Electives

 

 

One additional course must be chosen from the following list of electives:

MTH 4115 Numerical Methods for Differential Equations in Finance 4 credits
MTH 4125 Introduction to Stochastic Processes 4 credits
MTH 4130 Mathematics of Statistics 4 credits
MTH 4135 Computational Methods in Probability 3 credits
MTH 4420 Actuarial Mathematics 4 credits
MTH 4421 Actuarial Mathematics II 4 credits
MTH 4430 Mathematics of Inferential Statistics 4 credits
MTH 4451 Short-Term Insurance Mathematics 4 credits
MTH 4452 Short-Term Insurance Mathematics II 4 credits
MTH 4500 Mathematical Finance 4 credits
MTH 4600 Data Analysis and Simulation for Financial Engineers 4 credits
MTH 5500 Stochastic Calculus for Finance 4 credits
The following courses are recommended, but not required. They are not applicable toward the major.

 

 

ECO 3100 Intermediate Micro-Economics

ECO 3200 Intermediate Macro-Economics

The correspondence between Baruch courses and the SOA Examinations are as follows:

Baruch Courses                    SOA Examination

MTH 4120                                                    P – Probability

MTH 4410                                                   FM – Financial Mathematics

MTH 4500                                                   IFM – Models for Financial Economics

MTH 4420 and MTH 4421                       LTAM – Models for Life Contingencies

MTH 4451 and MTH 4452                       STAM – Construction and Evaluation of    Actuarial Models

Validation by Educational Experience (VEE)

The VEE topics are not prerequisites for the SOA exams, and may be fulfilled independently of the examination process. You must pass two SOA actuarial exams before applying to have your VEE credit added to your record. Students must receive a B- or better in a class to obtain the VEE approval for that class. The VEE Candidate Credit application process is online. Three subjects, Economics, Accounting and Finance, and Mathematical Statistics, require VEE Validation in addition to the SOA examinations. The SOA has implemented VEE requirements for these subjects which can be fulfilled with the corresponding Baruch courses:

Micro Economics – ECO 1001 or ECO 3100,

Macro Economics – ECO 1002 or ECO 3200 or ECO 4200

Accounting  – ACC 2101​

Finance – FIN 3000 and FIN 3610

Mathematical Statistics – MTH 4430​