M.B.A. in Business Administration
The Stevens MBA program offers various formats to cater to diverse student needs, inclu...
M.S. in Actuarial Mathematics and Quantitative Risk
Hoboken, New Jersey
INTAKE: Jan & Sept
Program Overview
The M.S. in Actuarial Mathematics and Quantitative Risk is a 30-credit-hour program (6 core courses, 4 electives) typically completed in 1.5 to 2 years. It introduces students to probabilistic and statistical models, methods of actuarial science, and innovative insurance strategies. The program's core objective is to equip students to successfully pass the professional examinations of the Society of Actuaries (SOA), a crucial step for career advancement in the actuarial profession. The curriculum is designed to model typical long-term and short-term insurance-related risks and losses, and to apply mathematical models to control these risks.
STEM-designated: Yes, the Stevens Institute of Technology M.S. in Actuarial Mathematics and Quantitative Risk program is STEM-designated. This is a significant advantage, particularly for international students. The STEM designation makes them eligible for a 24-month extension of their Optional Practical Training (OPT) in the United States, allowing for a total of up to three years of valuable post-graduation work experience. This designation highlights the program's rigorous quantitative, mathematical, and technological focus, which is highly valued by employers in the actuarial and financial sectors.
Curriculum: The 30-credit curriculum comprises six core courses and four elective courses. Core courses include: Introduction to Probability Theory (or Probability), Statistical Methods (or Mathematical Statistics), Actuarial Finance I, Actuarial Finance II, Short-Term Actuarial Mathematics, and Long-Term Actuarial Mathematics. Electives offer depth in areas such as Time Series Analysis, Stochastic Processes, Nonlinear Optimization, Dynamic Programming and Reinforcement Learning, Stochastic Programming, Statistical Inference, Mathematical Models of Risk, and Risk Management and Simulation. The curriculum provides a strong background in probability and statistics and trains students in industry-standard software programs like R, SAS, and MATLAB, which are essential for actuarial practice.
Research Focus: The M.S. in Actuarial Mathematics and Quantitative Risk program at Stevens has a strong applied research focus. It emphasizes mastering methods and techniques for actuarial risk evaluation, management, and control, as well as analyzing and constructing innovative insurance strategies. Students are taught to apply mathematical models and methods of Actuarial Science to control insurance losses and risks, design insurance strategies and instruments, provide decision support, and improve existing practices in the insurance industry. Faculty members in the Mathematical Sciences department are recognized experts in fields like stochastic optimization and cryptography, and they engage in research on challenging problems arising in mathematics, science, technology, and business, which informs the program's content.
Industry Engagement: Stevens Institute of Technology places a high priority on industry engagement for its Actuarial Mathematics and Quantitative Risk program. Its prime location, just a 15-minute ride from Manhattan, puts students in close proximity to the headquarters of many major insurance companies, large banks, and hospitals that actively seek actuarial talent. The program boasts a strong connection with the industry, and actuarial techniques are developed through kernel courses and seminars led by leading scholars from academia and senior practitioners from the insurance industry. This direct exposure to industry experts, coupled with networking opportunities, internships, and a high employment rate (98% within six months of graduation for the School of Engineering and Science), provides graduates with a significant competitive advantage.
Global Perspective: Stevens Institute of Technology fosters a global perspective within its Actuarial Mathematics and Quantitative Risk program through its diverse student population and the universal nature of financial risk management. The principles of actuarial science and quantitative risk are applicable across global markets, and the program prepares graduates to understand and navigate international financial instruments and insurance strategies. The vibrant campus community, with students from over 50 countries, enriches classroom discussions with diverse viewpoints, preparing graduates to excel in an increasingly interconnected global financial and insurance industry.
Location
Hoboken, New Jersey
Score
IELTS 6.5
Tuition Fee
USD 46048
Postgraduate Entry Requirements
Academic Qualifications: Applicants for postgraduate programs typically require a minimum academic achievement of 70% or above in their bachelor's degree.
English Language Proficiency:
- IELTS: Overall band score of 6.5 or 7.0 with a minimum of 6.0 in each component.
- TOEFL: Overall score of 74 or higher.
- DET (Duolingo English Test): Minimum score of 110.
Stevens Institute of Technology offers a variety of scholarships specifically designed to support international students, helping to make a world-class education more affordable and accessible. These scholarships recognize academic excellence, leadership potential, and contributions to the campus community.
Merit-Based Scholarships: Stevens provides competitive merit scholarships for international undergraduate and graduate students based on academic performance, standardized test scores, and other achievements. These awards can significantly reduce tuition costs and are automatically considered during the admissions process for many programs.
Need-Based Financial Aid: While limited, some need-based aid options are available to international students. Applicants are encouraged to provide detailed financial information to be considered for such assistance.
Graduate Fellowships and Assistantships: International graduate students may be eligible for fellowships, research assistantships, or teaching assistantships, which offer tuition waivers and stipends. These opportunities not only provide financial support but also valuable hands-on experience in research and academic work.
Special Scholarships: Stevens occasionally offers specialized scholarships targeting students from certain countries, underrepresented fields, or those pursuing specific disciplines like engineering, business, or cybersecurity. Prospective students should check the official Stevens website or contact the admissions office for current scholarship opportunities.
A Master of Science (M.S.) in Actuarial Mathematics and Quantitative Risk from Stevens Institute of Technology, located in Hoboken, New Jersey, is a highly specialized and STEM-designated program that prepares graduates for crucial roles in the insurance and financial industries.
Actuarial Analyst: This is the most common entry point for graduates. Actuarial Analysts work in insurance companies (life, health, property and casualty), consulting firms, or government agencies. They collect and analyze statistical data, develop and validate actuarial models, and prepare reports to assess financial risks related to insurance policies, pension plans, and other financial products.
Actuary: As graduates gain experience and pass more SOA exams (Associate of the Society of of Actuaries - ASA, and Fellow of the Society of Actuaries - FSA), they progress to the role of Actuary. Actuaries are responsible for pricing insurance products, evaluating investment strategies, managing risk, and certifying financial statements for various organizations.
Risk Analyst/Manager (Quantitative Risk): Leveraging their quantitative risk management skills, graduates assess, measure, and mitigate financial risks across an organization. They use complex mathematical models and statistical techniques to identify potential dangers from market fluctuations, credit defaults, or operational failures, often working in banks, investment firms, or large corporations.
Financial Modeler: Graduates utilize their strong mathematical and statistical background to build sophisticated financial models for valuation, forecasting, portfolio optimization, and risk management. This role is common in investment banking, asset management, and corporate finance.
Pricing Actuary: This specialized actuarial role focuses specifically on setting and optimizing insurance premiums. Pricing actuaries analyze data to determine appropriate rates for various insurance products, ensuring profitability and competitiveness while adhering to regulatory requirements.
Valuation Actuary: These actuaries are responsible for calculating a company's reserves and assessing its financial health. They prepare valuation reports, assist in financial projections, and ensure compliance with industry standards, particularly in life insurance and pension funds.
Actuarial Consultant: Graduates can work for consulting firms, providing expert actuarial advice to a diverse range of clients, including insurance companies, pension funds, and corporations. They help clients with risk assessment, product development, pricing strategies, and compliance.
Data Scientist (with Actuarial Focus): With their strong background in statistics, probability, and quantitative modeling, graduates are well-suited for data science roles. They apply advanced analytical techniques and machine learning to large datasets to derive insights, build predictive models, and optimize business decisions, particularly in areas like insurance fraud detection or personalized risk assessment.
Quantitative Analyst (Quant): Quants work in financial institutions, using advanced mathematical and computational methods to develop complex models for pricing financial derivatives, developing trading strategies, and managing risk in capital markets.
Pension Actuary: A specialized type of actuary who works with pension plans. They calculate pension liabilities, design retirement benefits, and advise on funding strategies to ensure the long-term solvency of pension funds for corporations or government entities.
