Program Overview
The Actuarial Science program is designed to provide students with the knowledge, skills and tools they will need to obtain employment as an actuary. The program incorporates a blend of business and liberal arts courses in mathematics to provide a deep understanding of critical thinking, analysis, and communication skills as well as project management and teamwork.
Employment projections predict a high demand for actuarial science positions over the next several years. Students interested in actuarial science will find this program contains all the components that contribute to a successful actuarial career and an excellent track record of placement upon graduation.
Student Learning Outcomes
Students graduating from the Actuarial Science program will be:
- prepared to take the Society of Actuaries (SOA) exams required for employment in the actuarial science profession.
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able to demonstrate the proficiency in the three Validation by Educational Experience (VEE) requirements by SOA.
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able to write technical reports and make technical presentations containing statistical and actuarial results.
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able to apply statistical methods using relevant software to solve real-world problems.
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prepared to continue their study in finance, mathematics, statistics, and other related fields and take additional SOA exams to advance their career.
Degree Offered
- B.S. in Actuarial Science
Contact
Ahmad Mojiri, Ph.D.
Associate Professor
Department of Mathematics
School of Science, Technology and Mathematics
Hennessy Science and Technology Center 337D
609-896-5419
amojiri@rider.edu
Actuarial Science B.S. Major Requirements
( 60 credits)
| Code | Title | Credits |
|---|---|---|
| Required Mathematics Courses | ||
| MTH 210 | Calculus I 1 | 4 |
| MTH 211 | Calculus II 1 | 4 |
| MTH 212 | Calculus III | 4 |
| MTH 240 | Linear Algebra | 3 |
| MTH 250 | Differential Equations | 3 |
| MTH 308 | Advanced Calculus | 3 |
| MTH 340 | Probability & Statistical Analysis I | 3 |
| MTH 341 | Probability & Statistical Analysis II | 3 |
| Math Elective (at 300 level or above) | 3 | |
| Required Accounting Courses | ||
| ACC 210 | Introduction to Accounting | 3 |
| ACC 220 | Managerial Uses of Accounting | 3 |
| Required Finance Courses | ||
| FIN 220 | Introduction to Finance | 3 |
| FIN 309 | Intermediate Corporate Finance | 3 |
| Required Economics Courses | ||
| ECO 200 | Principles of Macroeconomics | 3 |
| ECO 201 | Principles of Microeconomics | 3 |
| Required Management Science Courses | ||
| MSD 320 | Statistics for Risk Modeling I | 3 |
| MSD 325 | Statistics for Risk Modeling II | 3 |
| MSD 350 | Financial Mathematics | 3 |
| Required Computer Science Course | 3 | |
| Select one of the following courses: | ||
| Fundamentals of Computer Science | ||
| Computer Science I | ||
| Total Credits | 60 | |
| Code | Title | Credits |
|---|---|---|
| Recommended Free Electives 2 | ||
| Financial Markets & Institutions | ||
| International Finance | ||
| Investments | ||
| Risk Management | ||
| Fixed Income and Derivatives | ||
| Economics of Health Care System | ||
Academic Plan of Study
The following educational plan is provided as a sample only. Rider students who do not declare a major during their freshman year; who are in a Continuing Education Program; who change their major; or those who transfer to Rider may follow a different plan to ensure a timely graduation. Each student, with guidance from his or her academic advisor, will develop a personalized educational plan.
| Year 1 | ||
|---|---|---|
| Fall Semester | Credits | |
| MTH 210 | Calculus I 1,3 | 4 |
| ECO 200 | Principles of Macroeconomics | 3 |
| CMP 120 | Seminar in Writing and Rhetoric | 3 |
| HIS 150 | World History to 1500 | 3 |
| Foreign Language 1 | 3 | |
| Semester Credit Hours | 16 | |
| Spring Semester | ||
| MTH 211 | Calculus II | 4 |
| ECO 201 | Principles of Microeconomics | 3 |
| HIS 151 | World History Since 1500 | 3 |
| CMP 125 | Seminar in Writing and Research | 3 |
| Foreign Language | 3 | |
| Semester Credit Hours | 16 | |
| Year 2 | ||
| Fall Semester | ||
| MTH 240 | Linear Algebra | 3 |
| ACC 210 | Introduction to Accounting | 3 |
| CSC 105 or CSC 110 |
Fundamentals of Computer Science or Computer Science I |
3 |
| COM 104 | Speech Communication | 3 |
| Social Perspectives | 3 | |
| Semester Credit Hours | 15 | |
| Spring Semester | ||
| MTH 212 | Calculus III | 4 |
| FIN 220 | Introduction to Finance | 3 |
| ACC 220 | Managerial Uses of Accounting | 3 |
| Social Perspectives | 3 | |
| Scientific Perspectives | 3 | |
| Semester Credit Hours | 16 | |
| Year 3 | ||
| Fall Semester | ||
| MTH 308 | Advanced Calculus 4 | 3 |
| MTH 340 | Probability & Statistical Analysis I | 3 |
| FIN 309 | Intermediate Corporate Finance | 3 |
| Philosophical Perspectives | 3 | |
| Free Elective 2 | 3 | |
| Semester Credit Hours | 15 | |
| Spring Semester | ||
| MTH 341 | Probability & Statistical Analysis II | 3 |
| Scientific Perspectives | 3 | |
| Free Electives 2 | 9 | |
| Semester Credit Hours | 15 | |
| Year 4 | ||
| Fall Semester | ||
| MTH Elective | 3 | |
| MSD 320 | Statistics for Risk Modeling I | 3 |
| MSD 350 | Financial Mathematics | 3 |
| Aesthetic Perspectives: Literature | 3 | |
| Free Electives 2 | 3 | |
| Semester Credit Hours | 15 | |
| Spring Semester | ||
| MTH 250 | Differential Equations 4 | 3 |
| MSD 325 | Statistics for Risk Modeling II | 3 |
| Aesthetic Perspectives: Fine Arts | 3 | |
| Free Electives 2 | 3 | |
| Semester Credit Hours | 12 | |
| Total Credit Hours for Graduation | 120 | |
- 1
For course placement information see https://www.rider.edu/student-life/first-year-experience/orientation/placement-testing
- 2
Please note that elective credits may be used to complete requirements in a second major or minor.
- 3
Mathematics General Education Curriculum requirements are included in the major.
- 4
MTH 308 and MTH 250 will be offered once every three semesters as of Fall 2023. MTH 308 - Advanced Calculus will be offered in the fall of odd years. MTH 250 - Differential Equations will be offered in the spring of even years.
Courses and Descriptions
ACC 210 Introduction to Accounting 3 Credits
This course provides an introduction to basic principles and methods of accounting essential to preparation, understanding and interpretation of financial statements. Topics include accounting for merchandising concerns, current assets, long-term assets, liabilities and equity accounts. A brief overview of internal control is also covered.
ECO 200 Principles of Macroeconomics 3 Credits
A collective view of income receiving and spending sectors of the national economy, including households, businesses, and governments. Issues discussed: What determines the level of output, income, and employment achieved by the economy? What determines the growth of national output and employment? National income accounting, income and employment theory, monetary system, general price level, business cycle, government policies designed to provide for full employment, price stability, and economic growth are also covered.
Prerequisite(s): Place into MSD 105 based on SAT or ACT Score, OR place into MSD 105/MTH 102 by passing College Placement, OR passing MSD 104, OR having transferred in any college level MSD or MTH class.
ECO 201 Principles of Microeconomics 3 Credits
Market price systems are analyzed. The nature and characteristics of consumer and producer behavior, the theory of pricing in competitive and noncompetitive markets, and determination of the distribution of output a re evaluated. Welfare, social control, monopoly, and income inequality a re explored in the light of price theory. The role of the United States in the world economy is explored.
Prerequisite(s): Place into MSD 105 based on SAT or ACT Score, OR place into MSD 105/MTH 102 by passing College Placement, OR passing MSD 104, OR having transferred in any college level MSD or MTH class.
FIN 220 Introduction to Finance 3 Credits
An introduction to the environment, concepts, and techniques of financial management. Topics include forms of business organization, taxes, analysis of financial performance, financial planning, financial markets and interest rates, time value of money, bond and stock valuation, risk and return, capital budgeting, cost of capital, and international financial management.
FIN 307 Financial Markets & Institutions 3 Credits
This course provides an introduction to the organization and behavior of financial markets and institutions in the economy. The factors determining security prices and interest rates in the money and capital markets are analyzed. An overview of all major financial institutions is presented. In addition, market returns, the regulatory environment, and monetary policy are examined.
Prerequisite(s): FIN 220.
FIN 308 International Finance 3 Credits
Financial management in the international environment. Topics include balance of payments, foreign exchange markets, arbitrage, hedging of currency risk, country risk management, and the evaluation of foreign investment opportunities.
Prerequisite(s): FIN 220.
FIN 309 Intermediate Corporate Finance 3 Credits
This course builds on and extends the concepts of financial management learned in FIN 220. The course examines long-term corporate financing and investment decisions and how those decisions interface with each other. Topics covered include: cost of capital, financial planning and analysis, capital budgeting, capital structure and dividend policy.
Prerequisite(s): FIN 220.
FIN 312 Investments 3 Credits
The fundamentals of investing in stocks, bonds, and other negotiable instruments are covered. Major topics include trading on securities markets, mutual funds, international investing, margin accounts, short sales, determinants of securities prices, and investment risks. Stock options, financial futures, convertible securities, and implications of taxes on investment decisions are also discussed.
Prerequisite(s): FIN 220.
FIN 340 Risk Management 3 Credits
This course examines the risk management process as applied to the firm as a whole. It integrates the management of all risks facing the firm: strategic, financial, hazard, and operational. Techniques for identifying risk, measuring and analyzing it, and selecting an appropriate treatment will be explored.
Prerequisite(s): FIN 220.
FIN 360 Fixed Income and Derivatives 3 Credits
This course centers on the quantitative portion of the Chartered Financial Analyst (CFA) level 1 curriculum, which includes materials on fixed-income risk and return, fundamentals of risk analysis, derivative instruments and risk management applications of option strategies. The goal is to help students prepare for the exam, as well as introduce them to a variety topocs in finance.
Prerequisite(s): FIN 312.
HTH 336 Economics of Health Care System 3 Credits
This course presents ways in which economic analysis can be used to explain issues in the health care industry. Microeconomics tools will be used to describe the behavior of consumers, producers, and third parties of the health care sector. The course also investigates the role of government in regulating the health care sector, and in providing services to the poor and elderly. Finally, we will use this foundation to examine some recent changes in this industry, and to analyze the most recent proposals for further changes.
MSD 320 Statistics for Risk Modeling I 3 Credits
This is the first course in a two course sequence to prepare actuarial science students for the Society of Actuaries' (SOA) new exam "Statistics for Risk Modeling." This course (SRM I), together with the second course of the sequence SRM II, cover all the topics in the SOA's proposed syllabus for the exam. The course covers two major topics: (i) Generalized Linear Models, and (ii) Regression-based time series models and forecasting.
MSD 325 Statistics for Risk Modeling II 3 Credits
This is the second course in the two course sequence to prepare actuarial science students for the Society of Actuaries (SOA) new exam "Statistics for Risk Modeling." This course, together with MSD 320, will cover all the topics in the SOA's proposed syllabus for the exam. This course examines the use of statistical learning methods to adequately model and understand complex datasets in business and economics. The use of the statistics software R to analyze realistic data sets is an important component of the course. Topics include: (i) Basics of Statistical Learning; (ii) Principal Components Analysis; (iii) Decision Trees; and (iv) Cluster Analysis.
MSD 350 Financial Mathematics 3 Credits
A thorough treatment of the theory and applications of compound interest. Topics include the measurement of interest, elementary and general annuities, amortization schedules and sinking funds, and bonds and other securities.
Prerequisite(s): MSD 205 or equivalent. Fall.
MTH 210 Calculus I 4 Credits
Introduces analytic geometry, functions, limits, and derivatives; differentiation of algebraic and trigonometric functions, curve sketching, maxima and minima, and higher derivatives.
Prerequisite(s): Math SAT 650 or higher or Math ACT score of 28 or higher or MTH 105 or MTH 106 with a grade of C or higher.
MTH 211 Calculus II 4 Credits
The definite integral, differentiation of transcendental functions, methods of integration and approximate integration, determination of area, volume, and surface area.
Prerequisite(s): MTH 210 with a grade of C or higher.
MTH 212 Calculus III 4 Credits
Infinite series; functions of two and three variables, vectors and tangent planes, partial derivatives, multiple integrals, determination of volume and density.
Prerequisite(s): MTH 211 with a grade of C or higher.
MTH 240 Linear Algebra 3 Credits
Systems of linear equations; vector spaces; linear independence; determinants; orthogonality; linear maps; eigenvectors.
Prerequisite(s): MTH 210 or as corequisite; sophomore standing; or permission of instructor.
MTH 340 Probability & Statistical Analysis I 3 Credits
Theory of sets and probability; discrete and continuous random variables and probability distributions. Emphasizes foundations and utilizes the techniques of the calculus.
MTH 341 Probability & Statistical Analysis II 3 Credits
Continuation of MTH 340. Foundations of mathematical statistics: normal distributions, estimation, confidence intervals and hypothesis testing; topics chosen from student’s t- test, chi-square tests, analysis of variance and regression analysis. Emphasizes foundations and utilizes the techniques of the calculus.
Prerequisite: MTH 340. Spring.