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New graduate degree in actuarial science approved

Aug 25, 2023

A new degree that will be offered by four Indiana University campuses will prepare students for career success in the insurance and financial industries.

The Indiana University Board of Trustees approved an online Master of Science in actuarial science degree during its August meeting. The collaborative degree program will be offered at IU East, IUPUI, IU Northwest and IU South Bend.

The university previously had no graduate degrees in actuarial science. IU’s collaborative online Bachelor of Science in actuarial science degree, approved in 2022, will tie into the new degree. Students pursuing a combined degree can count 15 credits of coursework toward completion of both.

According to the U.S. Bureau of Labor Statistics, employment demand and job openings remain strong for graduates pursuing STEM occupations in computer science, engineering and mathematics. Graduates with advanced mathematical and technological knowledge, and critical-thinking and problem-solving skills, are in demand by industries involved in risk analysis and statistical modeling. In the insurance industry, an actuarial degree would qualify one as a specialist in quantifying risk and pricing risk.

IU’s collaborative online Master of Science in actuarial science will provide instruction and opportunities for practice in a variety of essential competencies and skills identified by the National Association of Colleges and Employers. This 30-credit degree includes a five-course, 15-credit core of specialized actuarial coursework in mathematics and statistics.

Another degree component includes mathematics coursework tailored to investment and financial markets, long-term actuarial mathematics and statistics for risk modeling. All students will also complete an actuarial science capstone that will vary in structure according to the student’s academic interests and career goals.

After completing the degree program, students will have the skills needed to pass the advanced professional actuarial examinations and be prepared for careers in insurance and finance.

The degree approved by trustees must receive final approval from the Indiana Commission for Higher Education.

Author

IU Newsroom

Kirk Johannesen

Communications Consultant, Strategic Communications

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