Students interested in combining mathematics and business coursework for an Actuarial Science degree can pursue a newly emerging career with well-paying jobs in high demand. This special discipline trains students to apply mathematical skills and statistical techniques to manage risks and solve problems in insurance and pension programs. MTSU is the only university in Tennessee that offers actuarial science coursework for both undergraduate and graduate degrees. The program, founded at MTSU in 1987, now has been elevated from an undergraduate concentration to a major. Actuarial Science majors take courses in mathematics, statistics, economics, and insurance designed to help prepare for preliminary examinations from the actuarial professional societies and to succeed in the field. MTSU students also have opportunities to interact with industry professionals and to earn scholarships and internships.
Rachael Padgett, a 2013 graduate of MTSU’s Actuarial Science program, is a consulting actuary at BPS&M, a Wells Fargo Company, in Brentwood. She began working as an actuarial analyst in June 2013 and in only two years earned designation as an Associate of the Society of Actuaries (ASA) member in June 2015. The Kentucky native came to MTSU with an ACT score of 34. She also played clarinet all four years at the University. “MTSU was the perfect fit for me,” she says. “I got exposure to a variety of topics—mathematics, statistics, finance, economics, accounting, computer programing, insurance—the list goes on. I passed two actuarial exams in college and passed my third shortly after graduating. I was ahead when studying for my fourth exam because I had taken a course on the material.” Undergraduate course credits also covered her required VEEs (Validation by Educational Experience).
MTSU alumnus Jeremy Richardson is now a consulting actuary and assistant vice president in the Willis Towers Watson Casualty Actuarial Practice in Nashville. He achieved his designation as Associate of the Casualty Actuarial Society (ACAS) in 2013 and is working toward his Fellowship (FCAS). Richardson has provided consulting actuarial services since 2010 at Willis Towers Watson. “I find the actuarial profession quite rewarding. I enjoy communicating with my clients and sharing the results from the actuarial analyses I perform for them,” he says. He serves as a university liaison between the Casualty Actuarial Society and MTSU, plus is on the advisory board for the master’s degree program. “The actuarial science program is growing by leaps and bounds since I graduated in 2007. This is due to the outstanding job that Dr. Hong and other professors are doing in preparing the students for actuarial exams and connecting them with the industry,”
A career as an actuary is better described as a “business" career with a mathematical basis rather than as a “technical" mathematical career. The occupation of actuary has been ranked for many years as one of the best jobs based on a variety of factors. Actuaries may work for insurance companies, consulting firms, government, employee benefit departments of large corporations, hospitals, banks and investment firms, or more generally, in businesses that need to manage financial risk. Examples of potential positions include
MTSU now offers the Bachelor of Science (B.S.) in Actuarial Science. Students may select courses to emphasize property and casualty, life and health, or risk management. Undergraduate minors to complement the major are available in Insurance, Statistics, Computer Science, Economics, Finance or Management.
For complete curriculum details, click on the REQUIREMENTS tab above.
For graduate studies, there are two options for students to achieve advanced degrees associated with actuarial science at MTSU: One is from the Master of Science (M.S.) in Professional Science degree program with a concentration in Actuarial Science. The other one is graduate study for an M.S. in Mathematics, with actuarial and financial mathematics listed under the General Mathematics concentration.
The Department of Mathematical Sciences also confers the B.S. in Mathematics, with concentrations available in Mathematics Education and in Professional Mathematics.
Other students may pursue a minor in Mathematics; Statistics; or Mathematics for Managerial, Social, and Life Sciences.
Additional graduate degree programs in the department include a Biostatistics concentration for the M.S. in Professional Science; two other concentrations for the M.S. in Mathematics (Industrial Mathematics and Research Preparation); and a Master of Science in Teaching (M.S.T.) with a major in Mathematics (Middle Grade Mathematics and Secondary Mathematics concentrations).
Department of Mathematical Sciences
615-898-2669
Don Hong, program coordinator
Don.Hong@mtsu.edu
The Actuarial Science major is designed for students who have a strong mathematical ability with an interest in applying their mathematical knowledge to insurance, finance, risk management, investments, and other areas of business. The program is classified by the Society of Actuaries (SOA) as an Advanced Undergraduate Actuarial Science program and is in complete compliance with the requirements set forth by the Society of Actuaries and the Casualty Actuarial Society (CAS) in the Year 2000 Syllabus and beyond. Therefore, the student can choose coursework necessary to prepare for the SOA/CAS Course/Exams 1 through 4 and SOA Course 6.
Actuarial Science majors preparing for the actuarial examination series and an actuarial science career should complete this professional program in Actuarial Science.
All courses in the Actuarial Science major or minor (including supporting coursework) must be completed with a grade of C (2.00) or better. All courses transferred from other institutions for credit in the Actuarial Science major or minor must carry a grade of C (2.00) or better and be approved by the department chair.
The following specialized courses do not count toward an Actuarial Science major or minor: MATH 1010, MATH 1410, MATH 1420, MATH 1530, MATH 1630, MATH 1710, MATH 1720, MATH 1730, MATH 1810, and MATH 4010. However, MATH 1630, MATH 1730, and MATH 1810 may count toward a minor in Mathematics for Managerial, Social, and Life Sciences.
Following is a printable, suggested four-year schedule of courses:
Mathematics, Actuarial Science, B.S., Academic Map
General Education requirements (shown in curricular listings below) include courses in Communication, History, Humanities and/or Fine Arts, Mathematics, Natural Sciences, and Social/Behavioral Sciences.
The following General Education courses are required for this major:
4 credit hours
Prerequisite: MATH 1730 with a grade of C or better or Math ACT of 26 or better or Calculus placement test score of 73 or better. An introduction to calculus with an emphasis on analysis of functions, multidisciplinary applications of calculus, and theoretical understanding of differentiation and integration. Topics include the definition of the derivative, differentiation techniques, and applications of the derivative. Calculus topics related to trigonometric, exponential, and logarithmic functions also included. Course concludes with the fundamental theorem of calculus; the definition of antidifferentiation and the definite integral; basic applications of integrations; and introductory techniques of integration. Graphing calculator required.
4 credit hours
Prerequisite: MATH 1910 with C (2.00) or better. A topics course providing a wide view of different techniques and applications of calculus in the plane. Techniques of integration and applications of integration fully developed. Power series and Taylor series included. Emphasis on multidisciplinary applications includes Taylor series approximation; applications of integration to physics, biology, and business; and geometric and power series applications. Graphing calculator required.
4 credit hours
Prerequisite: MATH 1920. Adjusts calculus techniques developed in the plane (Calculus I and II) to make them applicable in three-dimensional space. Introductory study of the nature of three-dimensional space and definition of the algebraic calculations in three-dimensional space. Differential and integral calculus definitions and techniques revised to appropriately transfer into this new space. Topics include multivariate functions, partial differentiation, partial integration, multiple integration, and multidisciplinary applications.
3 credit hours
Prerequisite: Two semesters of calculus. Probability theory including basic probability laws, properties of distributions, mathematical expectation, special discrete and continuous distributions, functions of random variables, and selected applications.
3 credit hours
Prerequisites: MATH 3020 (or MATH 3110) and STAT 3150; or consent of instructor. Integrates calculus, probability, and risk management topics into fundamental tools for assessing risk in an actuarial environment. Calculus and probability topics include derivatives, integrals, partials, random variables, distributions, and conditional probability. Risk topics include frequency and severity. Insurance concepts such as retention, deductible, coinsurance, and risk premiums. For students in Actuarial Science, a preparatory course for the Society of Actuaries/Casualty Actuarial Society Course/Exam 1.
3 credit hours
(Same as MATH 4200.) Prerequisite: MATH 1920 or consent of instructor. Calculus and probability/statistics used to model and analyze investments in bonds, treasury bills, stocks, and other derivatives. Topics include obtaining the price of a bond as a function of interest rate, developing formulas for duration and convexity to study the sensitivity of price to interest rate, and mathematical modeling of investor preference and attitude toward risk.
3 credit hours
Prerequisites: ACSI 4200/MATH 4200 and ECON 2410, ECON 2420; or consent of instructor. Applies calculus and theory of interest tools to intermediate topics in microeconomics. Topics include mathematics of supply, demand, and equilibrium; prices, costs, and the gains from trade; consumer behavior; elasticities; competition; monopoly; market power, collusion, and oligopoly; the mathematics of risk and uncertainty; and surplus economics. For students in Actuarial Science, a preparatory course for the Society of Actuaries/Casualty Actuarial Society Course/Exam 2.
3 credit hours
Prerequisite: ACSI 4200/MATH 4200 or consent of instructor. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Exam 2. Topics include measurement of interest (including accumulated and present value factors), annuities certain, yield rates, amortization schedules, sinking funds, and bonds and related securities.
3 credit hours
Prerequisites: ACSI 4230 and STAT 4190; or consent of instructor. First of a two-semester sequence; offers preparation for the Society of Actuaries/Casualty Actuarial Society Course/Exam 3. Topics include survival distributions and life tables, life insurance, life annuities, and net premiums.
Select two courses from the following:
3 credit hours
Prerequisite: ACSI 4230 or consent of instructor. Applies calculus and theory of interest tools to intermediate topics in microeconomics and macroeconomics and topics in finance. Topics include pricing activities, the simplified Keynesian model, interest and discount rates, valuation of payment streams, yield rates, amortization, cash flows and internal rate of return, stock and bond valuation, portfolio risks, the Capital Asset Pricing Model (CAPM), efficient markets, capital structure, leverage, financial performance measurement, and basic option pricing and the Black-Scholes model. For students in Actuarial Science, a preparatory course for the Society of Actuaries/Casualty Actuarial Society Course/Exam 2.
3 credit hours
Prerequisite: ACSI 4330. Second of a two-semester sequence; offers preparation for the Society of Actuaries/Casualty Actuarial Society Course/Exam 3. Topics chosen from net premium reserves, multiple life functions, multiple decrement models, valuation theory and pension plans, and insurance models (including expenses and nonforfeiture benefits and dividends).
3 credit hours
(Same as MATH 4630.) Prerequisite: ACSI 4200/MATH 4200. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Course 6. Topics include mathematical modeling of volatility; pricing of bonds, stocks, and other derivatives with uncertainty; benchmark portfolios; asset/liability management for property/casualty insurers; liability associated with a financially distressed company. Heath-Jarrow-Morton and Cox-Ingersoll-Ross models.
3 credit hours
(Same as MATH 4640.) Prerequisites: ACSI 4630/MATH 4630 and ACSI 4200/MATH 4200. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Course 6. Topics include risk management using options, interest rate swaps, interest rate caps, Black-Scholes analysis, Taylor series expansion to obtain hedge parameters, portfolio insurance, numerical procedures, interest rate derivatives, and use of Black's model.
3 credit hours
Prerequisite: STAT 4190. Topics include application of regression models in forecasting and exponential smoothing methods to forecast nonseasonal time-series, seasonal series, and globally constant seasonal models; stochastic time series models; and forecast evaluation.
3 credit hours
Prerequisites: A college-level math course; ENGL 1010; sophomore standing. Accounting cycle given minor emphasis; financial statement analysis and managerial uses of accounting given major emphasis. May be used for general business minors or M.B.A. candidates who have had no previous accounting courses. (Not open to Accounting majors and students with credit in ACTG 2110 and ACTG 2120.)
4 credit hours
Prerequisite: MATH 1730 with a grade of C or better or Math ACT of 26 or better or Calculus placement test score of 73 or better. The first of a two-semester sequence using a high-level language; language constructs and simple data structures such as arrays and strings. Emphasis on problem solving using the language and principles of structured software development. Three lecture hours and two laboratory hour.
3 credit hours
As an aid to understanding modern economic society: economic concepts of consumer and firm behavior; the pricing of goods, services, and productive factors; international topics; and an overview of the American economy.
3 credit hours
Prerequisites: Junior standing and admission into the College of Business. The principles of risk and risk bearing; insurance carriers; survey of principles of life, health and accident, fire, marine, and automobile insurance policies; government regulation of insurance.
3 credit hours
Open only to Mathematics majors; normally taken during last regular semester of coursework. Required of all Mathematics majors. Offers graduating Mathematics majors a broad perspective of mathematics, mathematical activity, and problem solving in various areas of application; offers preparation for professional examinations; acquaints students with job possibilities and aids in career decisions; acquaints students with the nature of graduate study in mathematics. Pass/Fail.
3 credit hours
Prerequisite: STAT 3150 or equivalent. Theory of statistical inference. Topics include sampling distributions, decision theory, estimation, test of hypothesis, regression analysis, analysis of variance, and selected applications.
3 credit hours
Prerequisites: Two semesters of calculus and STAT 3150 (or MATH 2050) or consent of instructor. Theoretical basis for stochastic processes and their use as models of real-world phenomena. Topics include Markov chains, Poisson processes, Brownian motion and stationary processes. Applications include Gambler's Ruin, birth and death models, hitting times, stock option pricing, and the Black-Scholes model.
Students with a major in Actuarial Science may substitute STAT 3150 for MATH 2010 and MATH 2050; and ACSI 4200 for MATH 3460.
Curricular listings include General Education requirements in Communication, History, Humanities and/or Fine Arts, Mathematics, Natural Sciences, and Social/Behavioral Sciences categories.
Students should consult their advisors each semester to plan their schedules.
3 credit hours
The first General Education English course. Emphasis on learning to adapt composing processes to a variety of expository and analytic writing assignments. Minimum grade of C- required for credit.
3 credit hours
Prerequisite: ENGL 1010. The second General Education English course. Emphasis on analytic and argumentative writing and on locating, organizing, and using library resource materials in the writing. Minimum grade of C- required for credit.
4 credit hours
Prerequisite: MATH 1730 with a grade of C or better or Math ACT of 26 or better or Calculus placement test score of 73 or better. An introduction to calculus with an emphasis on analysis of functions, multidisciplinary applications of calculus, and theoretical understanding of differentiation and integration. Topics include the definition of the derivative, differentiation techniques, and applications of the derivative. Calculus topics related to trigonometric, exponential, and logarithmic functions also included. Course concludes with the fundamental theorem of calculus; the definition of antidifferentiation and the definite integral; basic applications of integrations; and introductory techniques of integration. Graphing calculator required.
4 credit hours
Prerequisite: MATH 1910 with C (2.00) or better. A topics course providing a wide view of different techniques and applications of calculus in the plane. Techniques of integration and applications of integration fully developed. Power series and Taylor series included. Emphasis on multidisciplinary applications includes Taylor series approximation; applications of integration to physics, biology, and business; and geometric and power series applications. Graphing calculator required.
4 credit hours
Prerequisite: MATH 1730 with a grade of C or better or Math ACT of 26 or better or Calculus placement test score of 73 or better. The first of a two-semester sequence using a high-level language; language constructs and simple data structures such as arrays and strings. Emphasis on problem solving using the language and principles of structured software development. Three lecture hours and two laboratory hour.
3 credit hours
Principles and processes of effective public oral communication including researching, critical thinking, organizing, presenting, listening, and using appropriate language. Emphasis on informative, persuasive, special occasion, and extemporaneous (impromptu) speaking. Counts as part of the General Education Communication requirement.
4 credit hours
Prerequisite: MATH 1920. Adjusts calculus techniques developed in the plane (Calculus I and II) to make them applicable in three-dimensional space. Introductory study of the nature of three-dimensional space and definition of the algebraic calculations in three-dimensional space. Differential and integral calculus definitions and techniques revised to appropriately transfer into this new space. Topics include multivariate functions, partial differentiation, partial integration, multiple integration, and multidisciplinary applications.
3 credit hours
Prerequisites: ENGL 1010 and ENGL 1020. Traces a specific theme or idea through a number of literary texts that reflect different historical and cultural contexts. Subject will vary.
3 credit hours
Prerequisites: ENGL 1010 and ENGL 1020. The reading of a variety of literary types which illuminate themes and experiences common to human existence.
3 credit hours
Prerequisites: ENGL 1010 and ENGL 1020. Representative works of French, German, and Hispanic authors in English translation. No foreign-language proficiency required. Carries General Education credit.
3 credit hours
As an aid to understanding modern economic society: economic concepts of national income and its fluctuations, inflation, unemployment, role of the banking system, monetary and fiscal policies, and international topics.
3 credit hours
As an aid to understanding modern economic society: economic concepts of consumer and firm behavior; the pricing of goods, services, and productive factors; international topics; and an overview of the American economy.
3 credit hours
(Same as MATH 4200.) Prerequisite: MATH 1920 or consent of instructor. Calculus and probability/statistics used to model and analyze investments in bonds, treasury bills, stocks, and other derivatives. Topics include obtaining the price of a bond as a function of interest rate, developing formulas for duration and convexity to study the sensitivity of price to interest rate, and mathematical modeling of investor preference and attitude toward risk.
3 credit hours
Prerequisites: ACSI 4200/MATH 4200 and ECON 2410, ECON 2420; or consent of instructor. Applies calculus and theory of interest tools to intermediate topics in microeconomics. Topics include mathematics of supply, demand, and equilibrium; prices, costs, and the gains from trade; consumer behavior; elasticities; competition; monopoly; market power, collusion, and oligopoly; the mathematics of risk and uncertainty; and surplus economics. For students in Actuarial Science, a preparatory course for the Society of Actuaries/Casualty Actuarial Society Course/Exam 2.
Choose 6 hours from:
3 credit hours
Survey of the political, economic, social, cultural, and diplomatic phases of American life in its regional, national, and international aspects. HIST 2010 discusses the era from the beginning to 1877. HIST 2020 discusses the era from 1877 to the present. These courses are prerequisite for all advanced courses in American history and satisfy the General Education History requirement. HIST 2010 is NOT a prerequisite for HIST 2020.
3 credit hours
Survey of the political, economic, social, cultural, and diplomatic phases of American life in its regional, national, and international aspects. HIST 2010 discusses the era from the beginning to 1877. HIST 2020 discusses the era from 1877 to the present. These courses are prerequisite for all advanced courses in American history and satisfy the General Education History requirement. HIST 2010 is NOT a prerequisite for HIST 2020.
3 credit hours
The role of the state in the development of the nation. May be used to satisfy one part of the General Education History requirement.
3 credit hours
Prerequisite: Two semesters of calculus. Probability theory including basic probability laws, properties of distributions, mathematical expectation, special discrete and continuous distributions, functions of random variables, and selected applications.
3 credit hours
Prerequisite: STAT 3150 or equivalent. Theory of statistical inference. Topics include sampling distributions, decision theory, estimation, test of hypothesis, regression analysis, analysis of variance, and selected applications.
3 credit hours
Prerequisites: MATH 3020 (or MATH 3110) and STAT 3150; or consent of instructor. Integrates calculus, probability, and risk management topics into fundamental tools for assessing risk in an actuarial environment. Calculus and probability topics include derivatives, integrals, partials, random variables, distributions, and conditional probability. Risk topics include frequency and severity. Insurance concepts such as retention, deductible, coinsurance, and risk premiums. For students in Actuarial Science, a preparatory course for the Society of Actuaries/Casualty Actuarial Society Course/Exam 1.
3 credit hours
Prerequisite: ACSI 4200/MATH 4200 or consent of instructor. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Exam 2. Topics include measurement of interest (including accumulated and present value factors), annuities certain, yield rates, amortization schedules, sinking funds, and bonds and related securities.
3 credit hours
Prerequisites: ACSI 4230 and STAT 4190; or consent of instructor. First of a two-semester sequence; offers preparation for the Society of Actuaries/Casualty Actuarial Society Course/Exam 3. Topics include survival distributions and life tables, life insurance, life annuities, and net premiums.
3 credit hours
Prerequisites: A college-level math course; ENGL 1010; sophomore standing. Accounting cycle given minor emphasis; financial statement analysis and managerial uses of accounting given major emphasis. May be used for general business minors or M.B.A. candidates who have had no previous accounting courses. (Not open to Accounting majors and students with credit in ACTG 2110 and ACTG 2120.)
3 credit hours
Prerequisites: Junior standing and admission into the College of Business. The principles of risk and risk bearing; insurance carriers; survey of principles of life, health and accident, fire, marine, and automobile insurance policies; government regulation of insurance.
3 credit hours
Prerequisites: Two semesters of calculus and STAT 3150 (or MATH 2050) or consent of instructor. Theoretical basis for stochastic processes and their use as models of real-world phenomena. Topics include Markov chains, Poisson processes, Brownian motion and stationary processes. Applications include Gambler's Ruin, birth and death models, hitting times, stock option pricing, and the Black-Scholes model.
3 credit hours
Open only to Mathematics majors; normally taken during last regular semester of coursework. Required of all Mathematics majors. Offers graduating Mathematics majors a broad perspective of mathematics, mathematical activity, and problem solving in various areas of application; offers preparation for professional examinations; acquaints students with job possibilities and aids in career decisions; acquaints students with the nature of graduate study in mathematics. Pass/Fail.
Dr. Don Hong, Professor of the Department of Mathematical Science, earned his Ph.D. in Applied Mathematics from Texas A&M University and finished his postdoctoral training at the University of Texas-Austin in Computational Mathematics. Before taking a faculty position at MTSU, he received internship at Texas Department of Insurance and also served on the faculty at East Tennessee State University as the director of actuarial mathematics program. He also has held Visiting Professor positions at the Departments of Mathematics and Biostatistics of Vanderbilt University.
Dr. Hong is a Recipient of 2009 Distinguished Faculty Research Award from MTSU Foundation. His research areas include Approximation Theory, Medical Data Analysis, and Computational Statistics. Dr. Hong has published two books and more than 40 research articles in leading journals. His research results were cited by over hundred scientists all over the world. He has been invited to speak at national and international conferences, as well as in colloquia at several top ranked schools. In addition to having been a guest editor of three mathematical journals, he is serving on the editorial boards of the Journal of Applied Functional Analysis, International Journal of Mathematics and Computer Science, The Current Development in Theory and Applications of Wavelets , and Open Proteomics Journal. He is also serving as an International Editorial Member of the Chinese Association for Artificial Intelligence (CAAI) Transactions on Intelligent Systems, and has served as a referee for more than 20 journals, a reviewer/panel reviewer of research proposals for National Science Foundation (NSF) and National Institute of Health (NIH). He has received research support from NSF, NSA, CASE, and other agencies/organizations.
Dr. Hong serves as the faculty advisor of the Actuarial Math Student Association (AMSA), faculty member of the Ph.D. program in Computational Science (COMS), and the convener of the Actuarial Science (ACSI) program.
Numerical Analysis
Scientific Computing
Prerequisites: MATH 3020 (or MATH 3110) and STAT 3150; or consent of instructor. Integrates calculus, probability, and risk management topics into fundamental tools for assessing risk in an actuarial environment. Calculus and probability topics include derivatives, integrals, partials, random variables, distributions, and conditional probability. Risk topics include frequency and severity. Insurance concepts such as retention, deductible, coinsurance, and risk premiums. For students in Actuarial Science, a preparatory course for the Society of Actuaries/Casualty Actuarial Society Course/Exam 1.
(Same as MATH 4200.) Prerequisite: MATH 1920 or consent of instructor. Calculus and probability/statistics used to model and analyze investments in bonds, treasury bills, stocks, and other derivatives. Topics include obtaining the price of a bond as a function of interest rate, developing formulas for duration and convexity to study the sensitivity of price to interest rate, and mathematical modeling of investor preference and attitude toward risk.
Prerequisites: ACSI 4200/MATH 4200 and ECON 2410, ECON 2420; or consent of instructor. Applies calculus and theory of interest tools to intermediate topics in microeconomics. Topics include mathematics of supply, demand, and equilibrium; prices, costs, and the gains from trade; consumer behavior; elasticities; competition; monopoly; market power, collusion, and oligopoly; the mathematics of risk and uncertainty; and surplus economics. For students in Actuarial Science, a preparatory course for the Society of Actuaries/Casualty Actuarial Society Course/Exam 2.
Prerequisite: ACSI 4200/MATH 4200 or consent of instructor. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Exam 2. Topics include measurement of interest (including accumulated and present value factors), annuities certain, yield rates, amortization schedules, sinking funds, and bonds and related securities.
Prerequisite: ACSI 4230 or consent of instructor. Applies calculus and theory of interest tools to intermediate topics in microeconomics and macroeconomics and topics in finance. Topics include pricing activities, the simplified Keynesian model, interest and discount rates, valuation of payment streams, yield rates, amortization, cash flows and internal rate of return, stock and bond valuation, portfolio risks, the Capital Asset Pricing Model (CAPM), efficient markets, capital structure, leverage, financial performance measurement, and basic option pricing and the Black-Scholes model. For students in Actuarial Science, a preparatory course for the Society of Actuaries/Casualty Actuarial Society Course/Exam 2.
Prerequisite: Permission of department. Independent investigation of a selected research problem under the guidance of a faculty member resulting in an oral and written report of results. May be repeated for a maximum of four credits.
Prerequisites: ACSI 4230 and STAT 4190; or consent of instructor. First of a two-semester sequence; offers preparation for the Society of Actuaries/Casualty Actuarial Society Course/Exam 3. Topics include survival distributions and life tables, life insurance, life annuities, and net premiums.
Prerequisite: ACSI 4330. Second of a two-semester sequence; offers preparation for the Society of Actuaries/Casualty Actuarial Society Course/Exam 3. Topics chosen from net premium reserves, multiple life functions, multiple decrement models, valuation theory and pension plans, and insurance models (including expenses and nonforfeiture benefits and dividends).
Prerequisites: Senior standing and consent of instructor. Students wishing to enroll must submit a written course/topic proposal to the department prior to the semester in which ACSI 4600 is taken. Proposal must be approved prior to taking the course. At the conclusion, each enrollee must submit a written report to the department.
(Same as MATH 4630.) Prerequisite: ACSI 4200/MATH 4200. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Course 6. Topics include mathematical modeling of volatility; pricing of bonds, stocks, and other derivatives with uncertainty; benchmark portfolios; asset/liability management for property/casualty insurers; liability associated with a financially distressed company. Heath-Jarrow-Morton and Cox-Ingersoll-Ross models.
(Same as MATH 4640.) Prerequisites: ACSI 4630/MATH 4630 and ACSI 4200/MATH 4200. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Course 6. Topics include risk management using options, interest rate swaps, interest rate caps, Black-Scholes analysis, Taylor series expansion to obtain hedge parameters, portfolio insurance, numerical procedures, interest rate derivatives, and use of Black's model.
Plane and solid geometry including measurement formulas, properties of plane figures, proof techniques, symmetry, congruency, and construction. Open only to those lacking required high school geometry course for unconditional admission to University.
The practices of learning mathematics. Required for students whose ACT Mathematics score is 15-16 or whose mathematics assessment indicates placement. Emphasis on problem solving, critical thinking, math study skills, and solving and graphing linear equations and inequalities. Course will meet for three hours in the classroom and will have a required two-hour lab component, which will include structured online activities. Does not fulfill General Education Mathematics requirement.
Prerequisites: Two years of high school algebra and a Math Enhanced ACT of at least 19 or DSPM 0850 or COMPASS placement. Course satisfies the General Education Mathematics requirement and is also part of the mathematics sequence for students preparing to become elementary school teachers. Topics include logic, sets, algebraic reasoning, probability, statistics, and consumer mathematics.
Introduces new mathematical sciences students to the mathematics major. Topics include degree requirements, faculty resources, technological resources, research opportunities, and career options. About half of the meetings will involve one hour in-class lectures and activities, and half will involve attending talks, some of which may occur outside the scheduled class meeting time.
Prerequisites: Two years of high school algebra and a Math Enhanced ACT of at least 19 or DSPM 0850 or COMPASS placement. Algebra-based study of school mathematics in keeping with the recommendations of the National Council of Teachers of Mathematics. Tools for problem solving, set theory, functions, number theory, and examinations of number systems from counting numbers to irrational numbers.
Prerequisite: A grade of C or better in MATH 1410. Geometry-based study of school mathematics in keeping with the recommendations of the National Council of Teachers of Mathematics. Studies of plane, solid, coordinate, and motion geometry as well as constructions, congruence, similarity, and concepts of measurement. A variety of instructional technology tools investigated.
Prerequisites: Two years of high school algebra and a Math Enhanced ACT 19 or greater or equivalent. Descriptive statistics, probability, and statistical inference. The inference unit covers means, proportions, and variances for one and two samples, and topics from one-way ANOVA, regression and correlation analysis, chi-square analysis, and nonparametrics.
Prerequisites: Two years of high school algebra and a Math Enhanced ACT greater than 25 or MATH 1710. Topics include solving systems of linear equations, Leontief models, linear programming, mathematics of finance, set theory, and probability theory.
Prerequisite: DSPM 0850 or two years of high school algebra; a Math Enhanced ACT 19 or greater or COMPASS placement. Course satisfies the General Education Mathematics requirement. Topics include functions--linear, quadratic, exponential, and logarithmic; analysis of graphs; linear systems; inequalities; counting principles; and probability. Graphing calculator required. Course may be taken by correspondence. Not open to those who have had MATH 1730.
Prerequisite: Strong background in algebra recommended. Trigonometric functions of the acute and general angle, circular functions, graphs of trigonometric and inverse functions, identities, solutions of right and general triangles, equations, complex numbers, and vectors. Not open to those who have had MATH 1730. Graphing calculator required.
Prerequisite: MATH 1710 or successful completion of high school precalculus course. An integrated and rigorous study of the algebra and trigonometry needed to successfully attempt calculus. Emphasis on functions, their analysis and their applications. Level of algebraic sophistication developed above that found in MATH 1710. Topics include exponentials and logarithms, analysis of graphs, and word problems. Graphing calculator required.
Prerequisite: MATH Enhanced ACT 19 or greater or MATH 1710. First of a four-course sequence. Introduces mathematical modeling applied to real-world problems. Sets, functions, inverse models, limits, continuity, first and second order model building, single variable differentiation, implicit differentiation, inverse problems (exponential and log models). First and second derivatives used to study the behavior of real-world applications.
Prerequisite: MATH 1730 with a grade of C or better or Math ACT of 26 or better or Calculus placement test score of 73 or better. An introduction to calculus with an emphasis on analysis of functions, multidisciplinary applications of calculus, and theoretical understanding of differentiation and integration. Topics include the definition of the derivative, differentiation techniques, and applications of the derivative. Calculus topics related to trigonometric, exponential, and logarithmic functions also included. Course concludes with the fundamental theorem of calculus; the definition of antidifferentiation and the definite integral; basic applications of integrations; and introductory techniques of integration. Graphing calculator required.
Prerequisite: MATH 1910 with C (2.00) or better. A topics course providing a wide view of different techniques and applications of calculus in the plane. Techniques of integration and applications of integration fully developed. Power series and Taylor series included. Emphasis on multidisciplinary applications includes Taylor series approximation; applications of integration to physics, biology, and business; and geometric and power series applications. Graphing calculator required.
Prerequisite: MATH 1910. Vectors and vector spaces, matrices and systems of linear equations, geometry of vector spaces and linear transformations in a vector space.
Prerequisite: Calculus I. Data analysis, probability, and statistical inference. The inference material covers means, proportions, and variances for one and two samples, one-way ANOVA, regression and correlation, and chi-square analysis.
Prerequisite or corequisite: MATH 1530 or MATH 2050 or equivalent. Using computer software for graphing and analysis of scientific and statistical data.
Prerequisite: MATH 1530 or MATH 2050 or equivalent. Explores the application of the following statistical methods: analysis of variance, simple and multiple regression models, categorical data analysis, and nonparametric methods. Three hours lecture per week.
Experiential learning that occurs in real employment situations. Must be taken in sequence or approved by the director of Cooperative Education. Graded on a pass/fail basis.
Experiential learning that occurs in real employment situations. Must be taken in sequence or approved by the director of Cooperative Education. Graded on a pass/fail basis.
Prerequisite: MATH 3460. Advanced treatment of standard topics in Euclidean geometry using informal and axiomatic approaches. Includes proofmaking techniques, traditional and transformational geometry, finite geometries, and a brief introduction to other geometries.
(Same as CSCI 3080.) Prerequisites: CSCI 1160 or CSCI 1170 and MATH 1910 or consent of instructor. Topics include formal logic, proof techniques, matrices, graphs, formal grammars, finite state machines, Turing machines, and binary coding schemes.
Prerequisite: MATH 1920. Adjusts calculus techniques developed in the plane (Calculus I and II) to make them applicable in three-dimensional space. Introductory study of the nature of three-dimensional space and definition of the algebraic calculations in three-dimensional space. Differential and integral calculus definitions and techniques revised to appropriately transfer into this new space. Topics include multivariate functions, partial differentiation, partial integration, multiple integration, and multidisciplinary applications.
Prerequisite: MATH 1920. The solution and application of ordinary differential equations with emphasis on first order equations, second order linear equations, Laplace Transform method, systems of differential equations, and numerical methods.
(Same as CSCI 3180.) Prerequisites: MATH 1920 and CSCI 1160 or CSCI 1170. Topics include series approximation, finite differences, interpolation, summation, numerical differentiation and integration, iteration, curve fitting, systems of equations and matrices, and error analysis.
Prerequisite: MATH 3120. A continuation of MATH 3120 with emphasis on series solutions, method of Frobenius, orthogonal functions, equations of Bessel, Legendre, Gauss, Chebyshev; introduction to partial differential equations.
Prerequisites: MATH 1410, MATH 1420, and MATH 1710. Supports the development of prospective middle grades teachers' knowledge of discrete mathematics. Topics include set theoretic topics, logic, counting, probability, graph theoretic topics. Focuses on students' learning discrete mathematics topics as well as the teaching of related mathematical topics to middle grades students. Field experience in a nearby middle school incorporated.
Prerequisites: MATH 1410, MATH 1420, and MATH 1710. Supports the development of prospective middle grades teachers' knowledge of functions and connections between algebra and geometry. Focuses on students connecting mathematics topics as well as the teaching of mathematical topics to middle grades students to support learning about the connected nature of mathematics. Field experience in a nearby middle school incorporated.
Prerequisite: Admission to the teacher education program. Required of all Mathematics majors seeking a license to teach mathematics in grades 7-12. Strongly encouraged for elementary education majors with a 5-8 emphasis. Topics from number relationships, mental computation and estimation strategies, patterns and functions, algebra, statistics, probability, geometry, and measurement. Must be taken prior to student teaching.
Prerequisites: Admission to teacher education, completion of the mathematics core, and MATH 3320. Required of all Mathematics majors seeking a license to teach mathematics in grades 7-12. In-depth study of mathematics learning and teaching strategies in secondary school mathematics. Selected topics from junior and senior high school curricula provide a foundation for student investigations into the conceptual nature of mathematics and applications in the secondary school curriculum. Must be taken prior to student teaching.
Prerequisite: MATH 1920. The language of mathematics, set theory and proof, relations and functions, number systems, mathematical structures. Focuses on the transition from lower-division study to upper-division study by actively engaging the student in problem solving, mathematical reasoning, and both informal and technical writing.
Experiential learning that occurs in real employment situations. Must be taken in sequence or approved by the director of Cooperative Education. Graded on a pass/fail basis.
Experiential learning that occurs in real employment situations. Must be taken in sequence or approved by the director of Cooperative Education. Graded on a pass/fail basis.
Prerequisites: MATH 1410, MATH 1420, and MATH 1010. Required of students who are preparing to teach grades 5-8. Examines in greater depth topics to which the student has prior exposure; emphasizes the relevance and implications of these topics to the middle school classroom.
(Same as ACSI 4200.) Prerequisite: MATH 1920 or consent of instructor. Calculus and probability/statistics used to model and analyze investments in bonds, treasury bills, stocks, and other derivatives. Topics include obtaining the price of a bond as a function of interest rate, developing formulas for duration and convexity to study the sensitivity of price to interest rate, and mathematical modeling of investor preference and attitude toward risk.
Prerequisite: MATH 3110. A review of vector algebra and vector differentiation with emphasis on aspects of these topics not covered in previous calculus courses. Stress on line and surface integrals; Divergence Theorem and Stokes' theorem with generalizations and related topics.
Prerequisites: MATH 3110 and MATH 3460. Theoretical development of limits, continuity, differentiation, and integration in one dimension.
Prerequisites: MATH 3110 and MATH 3460. Fundamental concepts of topology including continuity, compactness, connectedness, separation axioms, and metric spaces.
Prerequisite: Permission of department. Independent investigation of a selected research problem under the guidance of a faculty member resulting in an oral and written report of results. May be repeated for a maximum of four credits.
Prerequisites: CSCI 1170 and MATH 2010 or consent of instructor. Application of computer-oriented numerical algorithms to algebraic equations, differential and integral equations, and linear algebra. Rigorous mathematical treatment of error included.
Prerequisite: MATH 4310. A continuation of MATH 4310.
Prerequisite: MATH 3460. Divisibility, congruences, quadratic residues, Diophantine equations, quadratic forms, and continued fractions.
Prerequisite: MATH 3460. A treatment of sets, relations, operations, and the construction of number systems in algebra.
Prerequisite: MATH 3460. An introduction to groups, with a brief introduction to rings, integral domains, and fields.
Prerequisite: MATH 4510. The theory of rings, fields, integral domains, and vector spaces.
Prerequisites: Admission to teacher education, completion of the mathematics core. Required of all Mathematics majors seeking a license to teach mathematics in grades 7-12. Examines in greater depth topics to which the student has prior exposure; emphasizes the relevance and applications of these topics to the pre-college level classroom.
Pass/Fail grading in specified sections.
Prerequisite: MATH 3460. Fundamental principles and applications of complex variables.
Prerequisite: Consent of instructor. Problem-oriented course providing opportunities for mathematical study in areas of need.
Prerequisite: MATH 3460. Background in geometry and number theory helpful. The character of mathematical thought by way of mathematical problems that have occupied the outstanding mathematicians of Babylon, Egypt, Greece, China, the Renaissance, and modern times paralleled with a study of three schools of mathematical philosophy: intuitionism, logicism, and formalism.
(Same as ACSI 4630.) Prerequisite: ACSI 4200 or MATH 4200. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Course 6. Topics include mathematical modeling of volatility; pricing of bonds, stocks, and other derivatives with uncertainty; benchmark portfolios; asset/liability management for property/casualty insurers; liability associated with a financially distressed company. Heath-Jarrow-Morton and Cox-Ingersoll-Ross models.
Prerequisites: ACSI 4630 or MATH 4630 or ACSI 4200 or MATH 4200. For students in Actuarial Science, offers preparation for the Society of Actuaries/Casualty Actuarial Society Course 6. Topics include risk management using options, interest rate swaps, interest rate caps, Black-Scholes analysis, Taylor series expansion to obtain hedge parameters, portfolio insurance, numerical procedures, interest rate derivatives, and use of Black's model.
Prerequisites: MATH 2010 and MATH 3460. Selected topics in combinatorics and graph theory emphasizing combinatorial problem solving and algorithmic proof.
(Same as BIOL/CHEM/PHYS 4740.) Prerequisite: YOED 3520. Provides secondary science and mathematics teacher candidates with the tools that scientists use to solve scientific problems. Students will use these tools in a laboratory setting, communicate findings, and understand how scientists develop new knowledge.
Prerequisite: 18 semester hours in mathematics including calculus or consent of instructor. Examine and utilize the technological tools available for doing mathematics. Emphasis on non-numerical tools such as theorem provers and algebraic manipulation systems.
Open only to Mathematics majors; normally taken during last regular semester of coursework. Required of all Mathematics majors. Offers graduating Mathematics majors a broad perspective of mathematics, mathematical activity, and problem solving in various areas of application; offers preparation for professional examinations; acquaints students with job possibilities and aids in career decisions; acquaints students with the nature of graduate study in mathematics. Pass/Fail.
Prerequisite: Two semesters of calculus. Probability theory including basic probability laws, properties of distributions, mathematical expectation, special discrete and continuous distributions, functions of random variables, and selected applications.
Prerequisite: STAT 3150 or equivalent. Theory of statistical inference. Topics include sampling distributions, decision theory, estimation, test of hypothesis, regression analysis, analysis of variance, and selected applications.
Prerequisite: STAT 4190. Topics include application of regression models in forecasting and exponential smoothing methods to forecast nonseasonal time-series, seasonal series, and globally constant seasonal models; stochastic time series models; and forecast evaluation.
Prerequisite: Permission of department. Independent investigation of a selected research problem under the guidance of a faculty member resulting in an oral and written report of results. May be repeated for a maximum of four credits.
Prerequisites: Two semesters of calculus and STAT 3150 (or MATH 2050) or consent of instructor. Theoretical basis for stochastic processes and their use as models of real-world phenomena. Topics include Markov chains, Poisson processes, Brownian motion and stationary processes. Applications include Gambler's Ruin, birth and death models, hitting times, stock option pricing, and the Black-Scholes model.
Prerequisite: MATH 2050 or BIA 3620. Theory and application of regression models. Approaches to model building and data analysis. Computation and interpretation of results facilitated through the use of statistical software packages.
Prerequisite: MATH 2050 or equivalent. Statistical tests that require no assertions about parameters or about the form of the population from which the samples are drawn. A wide range of practical problems studied.
Prerequisite: MATH 2050 or BIA 3620. Topics include one-way analysis of variances, multiple comparison, multifactor analysis of variance, and various practical issues in experimental design. Computation and interpretation of results facilitated through the use of statistical software packages.
Prerequisites: Senior standing and consent of instructor. Students wishing to enroll must submit a written course/topic proposal to the department prior to the semester in which STAT 4600 is taken. Proposal must be approved prior to taking the course. At the conclusion, each enrollee must submit a written report to the department.
For individuals preparing for the Society of Actuaries (SOA)/ Casualty Actuarial Society (CAS) actuarial examinations.
SOA/CAS Course/Exam 1-Mathematical Foundations of Actuarial Science
SOA/CAS Course/Exam 2-Interest Theory, Economics, and Finance
SOA/CAS Course/Exam 3-Actuarial Models for Life Contingencies
SOA/CAS Exam MFE/3F Models for Financial Economics
SOA/CAS Exam C/4: Construction and Evaluation of Actuarial Models
SOA/CAS VEE Course—Economics
SOA/CAS VEE Course—Corporate Finance
SOA/CAS VEE Course—Applied Statistics
Don Hong, Ph.D., ACAD
Coordinator of Actuarial Science Program
dhong@mtsu.edu
615-904-8339
Don Hong, Ph.D., ACAD
dhong@mtsu.edu
615-904-8339
Actuarial Science Program
Middle Tennessee State University
1301 East Main Street
MTSU Box 34
Murfreesboro, TN 37132
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