Actuarial and Statistical Analysis


The objective of the Master of Business and Science with a concentration in Actuarial and Statistical Analysis concentration is to educate students about the field of actuarial and statistical analysis and the financial impact of risk and uncertainty. This concentration will teach students how to provide assessments of financial security systems with a focus on their complexity, their mathematics, and their mechanisms. Students will learn how to evaluate the likelihood of events and quantify contingent outcomes to minimize losses, both emotional and financial, associated with undesirable events. Electives can be taken in risk management, financial computing, quantitative finance and financial mathematics. Those interested in statistics with a computing bend, please see the concentration in Analytics. 

Related ConcentrationsIndustrial MathematicsStatistics & Biostatistics

Employment Opportunities

Students with an MBS in Actuarial and Statistical Analysis can work as accountants, actuaries for insurance companies, risk managers, as well as financial analysts.

Admissions Requirements

Students interested in this program should have a background in calculus and linear algebra. Students must have completed 50:640:250 Linear Algebra (or equivalent) and 640:251 Multivariable Calculus (or equivalent). The TOEFL is required for admission (needed for international students whose native languages are not English).

Program Requirements

For the Master of Business & Science (MBS) degree, students take 8 courses (24 credits) in the sciences and 19 credits in business.  In addition, students must attend 12 colloquium events to qualify for graduation. The business requirements include courses in finance & accounting, marketing, communication & leadership, capstone, ethics and electives. The business curriculum is listed here. The science courses for the Actuarial and Statistical Analysis concentration are given below.

I.  Business Courses

A total of 19 credits are required in the business curriculum. Six courses are required - all but one of the courses are for 3 credits each. Descriptions of the required Business Courses can be found here:

Principles of Communication and Professional Development (16:137:502) (3cr)

Principles of Accounting and Finance for Science and Technology (16:137:530) (3cr)

Market Assessment and Analysis for Business and Science - Life Sciences (16:137:507) (3cr)

Ethics in Science and Technology Management (16:137:500) (1cr)

Science and Technology Management Capstone (16:137:600) (3cr)

and 2 business electives - 6 credits (e.g., project management, supply chain, Intellectual property, etc.)

II.  Science Courses

The Actuarial and Statistical Analysis concentration consists of 5 required courses and 3 electives. Students completing this core curriculum must pass the P and one other exam for graduation. Students will also be eligible to take the FM, the M and the C exams. Students who have passed one or more of these exams, or who have had some of these courses undergraduate can substitute electives.

There are five core courses, labeled I-V and listed below. NB courses are in New Brunswick, Camden courses are in Camden

I. Take one basic probability course from the following list:

01:640:478 Probability II (3) (NB) (Spring)
16:960:580 Basic Probability (3) (NB) (Spring)
16:960:582 Introduction to Methods and Theory of Probability (3) (NB) (Fall)
56:645:582 Probability and Actuarial Mathematics (3) (Camden) (Fall)

Note: After Completion of this course 'P' exam can be taken.
Important: Completion of the 'P' exam is a graduation requirement for the MBS degree. Students are strongly urged to take this exam as soon as they can.

(Students can take II or III independently and in any order.)

II. 16:137:601 Special Topics in FM (New Brunswick) (Offered every other year)

Note: After completion of the above course 'FM' exam can be taken.

III. 16:960:542 Life Data Analysis (3)(NB) (Spring)

     56:645:569 Actuarial Models (3) (Camden)

Note: After completion of the above course 'C' exam can be taken.

(Materials are not totally covered)

IV. 16:960:563 Regression Analysis (3) (NB) (Fall and Spring)

      56:645:567 Statistical Models (3) (Online / Camden)

V. 16:960:565 Applied Time Series Analysis (3) (NB) (Spring) or 16:540:530 Forecasting and Time Series Analysis (3) (NB)

     56:645:565 Time Series & Forecasting (3) (Camden)

Note: After completion of IV and V, VEE credit for Applied Statistics can be earned.

To obtain VEE credit for Applied Statistics, you must pass two SOA, CAS, or CIA actuarial exams before applying to have your VEE credit added to your record. 

To learn more about getting your VEE credit, follow this link:

Three(3) more courses are required which can be taken from a list of courses in Statistics, Economics and Finance.

Course Descriptions

Concentration Coordinators

New Brunswick
Dr. Dan Ocone

Dr. Debashis Kushary

All students apply through the main graduate admissions portal Select the program name as Business and Science and select the concentration as Actuarial and Statistical Analysis. Concentrations are available on different campuses, please check with the concentration to see which campus it is offered on. Some are offered on more than one campus, and some have courses that share different campuses.

The MBS (Master of Business & Science) is a Professional Science Master's Degree combining graduate science courses (MS level) in a particular concentration with courses in business. 

-- Unsure if you’re a good fit? Attend one of our online or in-person information sessions or set up an appointment with an advisor.