Master's of Actuarial and Quantitative Risk Management (MAQRM)

Program Description


The Master's of Actuarial and Quantitative Risk Management (MAQRM) is a new graduate degree program inaugurated in 2016. It is based on a tremendously successful undergraduate degree program in actuarial sciences 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. As opposed to the PhD and MMS programs, however, students in the MAQRM program will not be supported by graduate associateships. Please refer to the university Tuition and Fee Tables

Admissions Criteria


Requirements for the MAQRM program are:

  • 4-year BS or BA degree, which should include courses taken in advanced calculus, calculus-based probability, statistics, and elementary economics
  • Working knowledge of a computer programming language is recommended
  • Background in Interest Theory (coursework or exams) is preferred
  • Undergraduate GPA of 3.0 or higher*
  • Students from non-English speaking countries need to have excellent English skills. TOEFL or IELTS scores must be submitted (not required for domestic students).
  • GRE General Test or GMAT is required
  • GRE Subject Test is strongly encouraged but not required
  • Three reference letters from writers qualified to judge the applicant's academic and professional abilities
  • 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

on a 4.0 scale, otherwise 75th percentile or better

 

MAQRM Prerequisites:


​New MAQRM students are expected to have completed courses equivalent to the following at OSU:

  • MULTIVARIABLE CALCULUS
  • THEORY OF INTEREST
  • PROBABILITY
  • MICRO- & MACROECONOMICS
  • INTRO TO COMPUTER PROGRAMMING

See Current Students section for additional details.

 

Sample Program


Exact degree requirements can be found under the Current Students section of the website. An example of the typical courses a student in this program would take is included here.

Sample Schedule for MAQRM program (Non-Thesis)

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 2MATH 5631 (3 cr. hrs.) AQRM Sequence
    • Course 3: STAT 6540 (3 cr. hrs.) Sample Elective
  • Summer Semester Total Hours: 0
    • Course: Optional

YEAR 2

  • Autumn Semester Total Hours: 9
    • Course 1: MATH 5632 (3 cr. hrs.) Core
    • Course 2MATH 5633 (3 cr. hrs.) AQRM Sequence
    • Course 3STAT 6560 (3 cr. hrs.) Sample Elective
  • Spring Semester Total Hours: 9
    • Course 1: MATH 5634 (3 cr. hrs.) AQRM Sequence
    • Course 2MATH 6550 (3 cr. hrs.) Sample Elective
    • Course 3MATH 5588 (3 cr. hrs.) Practicum in AQRM (Core) 

Total Class Hours: 30          Practicum Hours: 3           

 

Sample Schedule for MAQRM program (Thesis)

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

If you have further questions about the curriculum or content of courses, please contact Professor Chunsheng Ban

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