We will start reviewing applications on a rolling basis on January 1. Final deadline to apply for the Autumn MAQRM cohort is April 1st.
Program Description
The Master of Actuarial and Quantitative Risk Management (MAQRM) is our newest graduate degree program inaugurated in 2016. It is based on a tremendously successful undergraduate degree program in actuarial science that our department has been offering for over 35 years.
MAQRM provides a curriculum that combines training in modern mathematical finance and actuarial risk management - two areas that have become increasingly intertwined, creating a demand for graduates that have acquired expertise in both. The curriculum includes newly developed courses in risk management and financial stochastic calculus. In addition, students will be exposed to courses in actuarial science, financial economics, statistics, and numerical analysis.
The program utilizes well-established connections to the statewide insurance industry and other businesses involved in risk management in order to create practical experiences and provide additional mentoring during the two years of study in the program. These connections will also be instrumental in job placements of graduates. Past students in the program have found employment with industry leaders like Westfield Insurance, Motorists Insurance Group, Encova Insurance, Humana, and DHL.
Requirements
- Working knowledge of a computer programming language is recommended
- Background in Interest Theory (coursework or exams) is preferred
- Background in actuarial science is ideal; however, we consider students with undergraduate majors in math, statistics, engineering, computer science, economics, business finance, or other related fields
- 4-year BS or BA degree, which should include courses taken in advanced calculus, calculus-based probability, statistics, and elementary economics
- GPA of 3.0 or higher for the last undergraduate (or graduate) degree earned*
- List of Math Coursework created using our web application. Generate and download a course list PDF, and then upload it to your admission application.
- Three reference letters from writers qualified to judge the applicant's academic and professional abilities
- CV and Statement of Purpose describing your background and professional goals
- Excellent English skills for students from non-English speaking countries. TOEFL or IELTS scores must be submitted (not required for domestic students).**
- GRE Scores will generally not be considered. If you have already taken the test, please do not self-report the scores to us. In exceptional circumstances
* on a 4.0 scale, otherwise 75th percentile or better
**TOEFL scores are waived for applicants who complete a Bachelor's or Master's degree from a U.S.-based college prior to matriculation
- Multivariable Calculus on par with MATH 2153 Calculus III
- Calculus-Based Probability on par with MATH 4530 Probability or STAT 4201 Intro to Mathematical Statistics I
- Interest Theory on par with MATH 3618 Theory of Interest
- Micro & Macroeconomics on par with ECON 2001.01 or .03H Principles of Microeconomics and ECON 2002.02 or .03H Principles of Macroeconomics
- Intro to Computer Programming of one of the following CSE 1222 Intro to Computer Programming in C++, CSE 1223 Intro to Computer Programming in Java, or CSE 1224 Intro to Computer Programming in Python
Sample Program
Exact degree requirements can be found under the MAQRM Current Students section of the website. An example of the typical courses a student in this program would take is included here.
YEAR 1
- Autumn Semester Total Hours: 6 for degree, 9 overall
- Course 1: STAT 6301 (3 cr. hrs.) Core
- Course 2: MATH 5630 (3 cr. hrs.) AQRM Sequence
- Course 3: MATH 3618 (UG 3 cr. hrs.) No Graduate Credit - Remedial
- Spring Semester Total Hours: 9
- Course 1: STAT 6302 (3 cr. hrs.) Core
- Course 2: MATH 5631 (3 cr. hrs.) AQRM Sequence
- Course 3: STAT 6540 (3 cr. hrs.) Sample Elective
- Summer Semester Total Hours: 0
- Course 1: Optional
YEAR 2
- Autumn Semester Total Hours: 9
- Course 1: MATH 5632 (3 cr. hrs.) Core
- Course 2: MATH 5633 (3 cr. hrs.) AQRM Sequence
- Course 3: STAT 6560 (3 cr. hrs.) Sample Elective
- Spring Semester Total Hours: 9
- Course 1: MATH 5634 (3 cr. hrs.) AQRM Sequence
- Course 2: MATH 6550 (3 cr. hrs.) Sample Elective
- Course 3: MATH 5588 (3 cr. hrs.) Practicum in AQRM (Core)
Total Class Hours: 30 Practicum Hours: 3
YEAR 1
- Autumn Semester Total Hours: 9
- Course 1: STAT 6301 (3 cr. hrs.) Core
- Course 2: MATH 5632 (3 cr. hrs.) Core
- Course 3: MATH 5633 (3 cr. hrs.) AQRM Sequence
- Spring Semester Total Hours: 8
- Course 1: STAT 6302 (3 cr. hrs.) Core
- Course 2: MATH 5634 (3 cr. hrs.) AQRM Sequence
- Course 3: STAT 5740 (2 cr. hrs.) Sample Elective
- Summer Semester Total Hours: 0
- Course 1: Optional
YEAR 2
- Autumn Semester Total Hours: 8
- Course 1: MATH 5635 (3 cr. hrs.) AQRM Sequence
- Course 2: STAT 6550 (2 cr. hrs.) Sample Elective
- Course 3: STAT 6560 (3 cr. hrs.) Sample Elective
- Spring Semester Total Hours: 9
- Course 1: MATH 5636 (3 cr. hrs.) AQRM Sequence
- Course 2: MATH 5588 (3 cr. hrs.) Practicum in AQRM (Core)
- Course 3: MATH 6999 (3 cr. hrs.) Thesis Writing
Total Class Hours: 27 Practicum Hours: 3 Thesis Hours: 3
Funding
Our department does not provide funding for MAQRM students. Students accepted to the program will need to provide or obtain their own financial support. For costs, please refer to the university's graduate Tuition and Fee Tables. For housing information and costs, see our Graduate Student Living Guide.
Funding options for domestic students. U.S. citizens and permanent residents are eligible to apply for government-sponsored loans. Applicants should complete the Free Application for Federal Student Aid (FAFSA) by February 1 each year to be considered for federal loan programs, which typically have low, fixed interest rates and good repayment options. Private loans are also an option for students. Financial aid inquiries can be directed to OSU's Office of Student Financial Aid. Student employment opportunities are listed on the Student Job Board and Handshake.
Funding options for international students. Most international students may work up to 20 hours per week on campus. Learn more about employment for international students. The Ohio State Office of International Affairs provides some scholarships and grants for eligible graduate students. They also have information about external funding.
If you have further questions about the curriculum or content of courses, please contact Professors John Holmes or Daniel Poole. For questions about applying, contact grad-info@math.osu.edu.