Course Requirements

Bachelor's degree in Actuarial Science, 59-60 credit hours.

MATH 165 - Calculus 1 (4)

MATH 166 - Calculus 2 (4)

MATH 215 - Discrete Systems (4)

MATH 217 - Linear Algebra (4)

MATH 251 - Introduction to Mathematics of Finance (2)

MATH 259 - Introduction to Mathematical Software (3)

MATH 267 - Calculus 3 (4)

MATH 320 - Probability (4)

MATH 321 - Mathematical Statistics (4)

MATH 351 - Mathematics of Finance (4)

MATH 452 -Mathematics of Life Contingencies 1 (4)

MATH 457 - Actuarial Models 1 (4)

MATH 458 - Actuarial Models 2 (3)

MATH 498 - Senior Seminar (2)

RMI 270 - Principles of Risk Management and Insurance (3)

6-7 hours from:

CS 120 - Computer Sciences 1 (4)

MATH 355 - Topics in Actuarial Science (1-6)

MATH 428 - Regression and Time Series Models (3)

MATH 453 - Mathematics of Life Contingencies 2 (4)

MATH 454 - Mathematics of Investments (3)

MATH 459 - Models in Financial Economics (3)

RMI 371 - Life & Health Insurance (3)

Students may earn up to 6 credits for MATH 355, but only 4 credits will apply toward the actuarial science major.  The following additional courses are strongly recommended, as they satisfy the "Validation by Educational Experience" requirements of the actuarial societies:  ACC 201, ECON 201, ECON 202, MATH 428 or ECON 424, FIN 300 and one from MATH 454; FIN 310.  Other electives from the graduate actuarial science, graduate statistics, business, and economics programs are encouraged.  Students are encouraged to take CS 120 and PHYC 120.  PHYC 120 satisfies the natural science requirements in the University Core Curriculum.  This program leads to a bachelor of science degree only.  All students will be required to complete a survey designated by the department in the semester in which they graduate.

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165 Calculus 1 (4)

Differential calculus of algebraic and transcendental functions and applications, antidifferentiation and the Riemann integral.  Includes the use of graphing calculators and computer software.

Prerequisite: C- or better in MATH 111 and MATH 112 or sufficient background in algebra and trigonometry as evidenced by the student's SAT/ACT scores and/or score on the mathematics placement test, or permission of the department chairperson.

166 Calculus 2 (4)

Standard techniques of integration, applications of the integral, sequences and series, indeterminate forms, and numerical methods.  Includes the use of graphing calculators and computer software.

Prerequisite: MATH 165

215 Discrete Systems (4)

Topics from discrete mathematics, including formal logic, methods of proof, set theory, relations, recursion, combinatorics, and graph theory.  A systematic development of number systems via equivalence classes is included as an application of these topics.

Prerequisite: MATH 162 or MATH 165 or permission of the department chairperson.

217 Linear Algebra (4)

Theory and application of systems of linear equations, vector equations, linear transformations, vector spaces, and inner product spaces.  Includes the use of computer software.

Prerequisite: MATH 162 or MATH 165 or permission of the department chairperson.

251 Introduction to Mathematics of Finance (2)

Mathematical topics in finance as expected to be useful in financial decision-making in the future.  Topics will include compound and simple interest, savings, mortgages, loans, equity, annuities, equations of value, yield rates, amortization, sinking funds, bonds, and current topics in finance as time permits.  Emphasis will be on fundamental principles, calculations, and practical applications.

Prerequisite: MATH 111 and MATH 112 or sufficient background in algebra and trigonometry as evidenced by the student's SAT/ACT scores and/or score on the mathematics placement test.

259 Introduction to Mathematical Software (3)

Basic introduction to mathematical software currently used for solving math-related problems on computers.  Includes a regularly scheduled computer laboratory.

Prerequisite: MATH 215 or permission of the department chairperson.

267 Calculus 3 (4)

Multidimensional calculus and its applications.  Topics include three-dimensional vector calculus.  Gauss's theorem, Green's theorem, and Stoke's theorem.  Includes the use of graphing calculators and computer software.

Prerequisite:  MATH 166 

320 Probability (4)

Probability theory for discrete and continuous sample spaces, random variables, density functions, distribution functions, marginal and conditional distributions, mathematical expectation, moment-generating functions, common distributions, sampling distribution theory, central limit theorem, t, chi-square, and F distributions.

Prerequisite:  MATH 166 or permission of the department chairperson.

Parallel:  MATH 215

321 Mathematical Statistics (4)

Point and interval estimation, maximum likelihood.  Neyman-Pearson Lemma, likelihood ratio tests, classical tests of significance, goodness-of-fit, contingency tables, correlation, regression, nonparametric methods, Bayesian methods.

Prerequisite:  MATH 320

351 Mathematics of  Finance (4)

Mathematical theory of compound interest, force of interest, annuities, equations of value, yield rates, amortization, sinking funds, bonds, market derivatives, depreciation, and current topics in finance.

Prerequisite:  MATH 165 and MATH 251 or permission of the department chairperson

Prerequisite or parallel:  MATH 166

355 Topics in Actuarial Science (1-6)

Selected topics in actuarial science with emphasis on individualized study for the actuarial exams given by the Society of Actuaries and the Casualty Actuarial Society.  A total of 4 hours of credit may be counted as electives for the major in actuarial science.

Prerequisite:  permission of the department chairperson. 

A total of 6 hours of credit may be earned.

428 Regression and Time Series Models (3)

Addresses regression topics that include simple and multiple linear regression, polynomial regression, regression diagnostics, and forecasting.  Introduces time series topics that include exponential smoothing, auto-regressive, integrated, moving average (ARIMA) models, and forecasting.

Prerequisite:  MATH 321 or equivalent.

452 Mathematics of Life Contingencies 1 (4)

Survival distributions, life tables; the mathematics of life insurance, life annuities, net premiums, and net premium reserves.

Prerequisite: MATH 321 and MATH 351, and a minimum grade-point average of 2.5 in all mathematics courses that are to be applied to the major.

453 Mathematics of Life Contingencies 2 (4)

Mathematics of multiple life functions, multiple decrement models, valuation theory for pension plans, insurance models including expenses, nonforfeiture benefits, and dividends.

Prerequisite:  MATH 452

454 Mathematics of Investments (3)

Mathematical analysis and actuarial principles of investments and asset management.

Prerequisite:  MATH 320 and MATH 351; or permission of the department chairperson.

457 Actuarial Models 1 (4)

Loss and frequency distributions, limited expected value, effects of inflation, parametric and non-parametric models, identification procedures for insurance company data, bootstrapping, Bayesian analysis, compound frequency, methods for censored and truncated data, classical and Bayesian credibility models, experience rating.

Prerequisite:  MATH 321

458 Actuarial Models 2 (3)

Basic functions related to actuarial models, common parametric models, maximum likelihood estimation for censored or truncated data, nonparametric estimation, hypothesis testing, models with co-variables, simulation, and other topics as time permits.

Prerequisite:  MATH 321

459 Models in Financial Economics (3)

Mathematical and economic analysis of financial instruments and the management of financial and investment risk.

Prerequisite: MATH 320 and MATH 351, or permission of the department chairperson.

498 Senior Seminar (2)

Development of a broad, connected, contemporary perspective of mathematics and its applications.  Includes a variety of readings, special lectures, and discussions.  Each student will participate in a substantial project, presented both in oral and written forms.

Prerequisite:  senior standing or permission of the department chairperson.

Open only to mathematical sciences majors.

Computer Science (CS)

120 Computer Science 1 (4)

Introduction to programming using a high-level language and an established programming paradigm.  Emphasis on developing problem-solving skills and programming techniques.  Topics include control structures, built-in data structures, simple sorting and searching, procedural abstraction, and paradigm-specific concepts and constructs.  Required open-lab and closed-lab assignments bring theory to practice.

Prerequisite:  No programming or computer science experience is required.  Students should have sufficient facility with high-school mathematics to solve simple linear equations and to appreciate the use of mathematical notation and formalism.

Risk Management & Insurance (RMI)

270 Principles of Risk Management and Insurance (3)

An analysis of the risk management process, individual and business property and liability loss exposures, social insurance programs, and effective use of financial planning products such as pension plans and life, health, and disability insurance.

371 Life and Health Insurance (3)

A study of important methods of handling loss of income risks affecting individuals.  Life and health insurance, disability income, and annuities will be examined.  Business uses of life and health insurance and disability income insurance will also be analyzed.

Prerequisite recommended: RMI 270

 

 

 

 

 

 

 

 

 

 

Mathematical Sciences
Robert Bell Building (RB), room 465
Ball State University
Muncie, IN 47306

Hours: 8:00 a.m. - 5:00 p.m. Eastern Time, Monday-Friday (Summer Hours 7:30 a.m. - 4:00 p.m. Eastern Time, Monday - Friday)
Phone: 765-285-8640
Fax: 765-285-1721
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