UNIVERSITY FACULTY SENATE FORMS
UGS0251 3-4-13
Academic Program Approval
This form is a routing document for the approval of new
and revised academic programs. Proposing department should
complete this form. For more
information, call the Faculty Senate Office at 831-2921.
Submitted by: __Louis Rossi___________phone number_______ x1880 ___
Department: ___Mathematical
Sciences_email ___ rossi@math.udel.edu
Date: _____
October 10, 2012 ________________
Action: ________ Add Major ____________________________________________________
(Example: add major/minor/concentration, delete
major/minor/concentration,
revise major/minor/concentration,
academic unit name change, request for permanent status, policy change,
etc.)
Effective term______________ 13F __________________________________________________________
(use format 04F, 05W)
Current degree__________ n/a _________________________________
(Example: BA, BACH, BACJ, HBA, EDD, MA, MBA, etc.)
Proposed change leads to the
degree of: _________
BS ______________
(Example: BA,
BACH, BACJ, HBA, EDD, MA, MBA, etc.)
Proposed name:___________ Actuarial Sciences (MASC)___________________
Proposed new name for revised
or new major / minor / concentration / academic unit
(if applicable)
Revising or Deleting:
Undergraduate major / Concentration:______________________________________
(Example: Applied Music – Instrumental degree BMAS)
Undergraduate minor:____________________________________________________
(Example: African
Studies, Business
Administration, English, Leadership,
etc.)
Graduate Program Policy statement change:_________________________________
(Must attach your
Graduate Program Policy Statement)
Graduate Program of Study:______________________________________________
(Example: Animal Science: MS Animal Science: PHD
Economics: MA Economics: PHD)
Graduate minor / concentration:___________________________________________
Note: all graduate studies
proposals must include an electronic copy of the Graduate Program Policy
Document, highlighting the changes made to the original policy document.
List new courses required for
the new or revised curriculum. How do they support the overall program objectives
of the major/minor/concentrations)?
(Be aware that approval
of the curriculum is dependent upon these courses successfully passing through
the Course Challenge list. If there are no new courses enter “None”)
None
Explain, when appropriate,
how this new/revised curriculum supports the 10 goals of undergraduate
education: http://www.ugs.udel.edu/gened/
Goal 1: Students in the major will attain effective skills in
quantitative reasoning and information technology skills through their normal
coursework in MATH, STAT, CISC, and MISY.
Goal 3: Students will work and learn both independently and
collaboratively as they complete the curriculum.
Goal 6: The actuarial profession requires lifelong learning through
a series of examinations and research needed to progress professionally. By starting them on this process, this major
will develop the necessary intellectual curiosity, confidence, and engagement.
Goal 7: Through internships in the GET program or with employers,
students will develop the ability to integrate academic knowledge with
experiences that extend the boundaries of the classroom, in particular the
businesses that will soon employ them.
Identify other units affected
by the proposed changes:
(Attach permission from the affected units. If no other unit is affected, enter “None”)
ECON, FREC, FINC, MISY
Describe the rationale for
the proposed program change(s):
(Explain your reasons for creating, revising, or deleting the
curriculum or program.)
During recruiting events, students regularly approach the math
table to ask about preparation for actuarial careers. And no wonder: according to a 2010 Georgetown
University study, the unemployment rate for actuaries was 0%!
Currently, students who are interested in actuarial sciences
normally complete a BS in Mathematics and Economics (MAEC). However, this is suboptimal for several
reasons:
Therefore, the Department is proposing a new Bachelor of Science in
Actuarial Sciences (MASC). This program
is recommended for students whose goals are to enter into the actuarial
profession, risk management, or the financial sector in general. This program provides a strong foundation in
mathematics, statistics and finance, and will prepare students to pass their
initial professional actuarial exams and to compete in the marketplace.
To be an Actuarial Associate, candidates must pass a battery of
preliminary exams and receive Validation by Educational Experiences (VEE) in
three areas:
Our new program will prepare students to pass the first two
preliminary exams: P (probability) and FM (financial mathematics) and meet the
requirements for all three VEE areas.
Ideally, these students will be connected to an internship in the
summer of their sophomore or junior year through the GET program. The internship would meet the DLE
requirement.
Currently we have about 15 MAEC majors per class who are interested
in actuarial sciences. We would expect
those students to shift to the MASC degree.
In addition, we would expect having a program specifically designated as
“actuarial sciences” would help recruitment of additional majors.
Program Requirements:
(Show the new or revised curriculum as it should appear in the
Course Catalog. If this is a revision,
be sure to indicate the changes being made to the current curriculum and include a side-by-side comparison of
the credit distribution before and after the proposed change.)
DEGREE: BACHELOR OF
SCIENCE
MAJOR: ACTUARIAL SCIENCES
|
CURRICULUM |
CREDITS |
UNIVERSITY REQUIREMENTS
|
Critical Reading and Writing |
3 |
|
|
(minimum grade C-) |
|
|
|
First Year Experience (FYE) |
0-4 |
|
|
|
|
University Breadth Requirement (minimum grade C-) |
12 |
|
|
|
|
3 |
|
3 |
COLLEGE REQUIREMENTS
|
Writing: (minimum grade C-) |
3 |
A second writing course
involving significant writing experience including two papers with a combined
minimum of 3,000 words to be submitted for extended faculty critique of both
composition and content. This course must be taken after completion of 60
credit hours.
College
of Arts and Sciences Breadth Requirements: (minimum grade C-)
The College Breadth Requirements are in addition to the University Breadth
Requirement. Up to 3 credits from each of the University Breadth Requirement
categories may be used to simultaneously satisfy these College of Arts and
Sciences Breadth Requirements.
|
A total of eighteen credits from Groups A, B and C is required with six credits from each group. The six credits from each group could be from the same area. |
18 |
|
Group A: Creative Arts and Humanities |
6 |
|
Group B: History and Cultural Change |
6 |
|
Group C: Social and Behavioral Sciences |
6 |
MAJOR REQUIREMENTS
A grade of C- or better is required for major courses and related work. Students
lacking adequate preparation for MATH
242 should begin with MATH
241.
Mathematics/Statistics Cluster
|
Discrete Mathematics I |
3 |
|
|
Analytic Geometry and Calculus B |
4 |
|
|
Analytic Geometry and Calculus C |
4 |
|
|
Ordinary Differential Equations |
3 |
|
|
Elementary Linear Algebra |
3 |
|
|
Numerical Analysis and Algorithmic Computations |
3 |
|
|
Fundamentals of Optimization |
|
|
|
Applications of Mathematics in Economics (capstone) |
3 |
|
|
Survival Analysis |
3 |
|
|
Applied Data Base Management |
3 |
|
One of the following: |
1 |
|
|
Perspectives on Mathematics |
|
|
or
|
First Year Experience I |
|
|
One of the following sequences: |
6 |
Option A
|
Probability Theory and Simulation Methods |
|
|
|
Mathematical Statistics |
|
Option B
|
Introduction to Statistical Analysis I |
|
|
|
Introduction to Statistical Analysis II |
|
Economics Cluster
|
Introduction to Microeconomics: Prices and Markets |
3 |
|
|
Introduction to Macroeconomics: The National Economy |
3 |
|
|
Quantitative Microeconomic Theory |
3 |
|
|
Intermediate Macroeconomic Theory |
3 |
|
|
Econometric Methods and Models I |
3 |
|
|
Econometric Methods and Models II |
3 |
Accounting/Finance Cluster
|
Accounting I |
3 |
|
|
Principles of Finance |
3 |
|
|
Intermediate Financial Management |
3 |
|
|
|
|
|
Computational Cluster |
|
|
|
General Computer Science for Engineers |
3 |
|
|
Introduction to Computer Science II |
3 |
|
|
Database Design and Implementation |
3 |
|
Any substitutions must be approved by the department Undergraduate Studies
Committee.
ELECTIVES
After required courses are completed, sufficient
elective credits must be taken to meet the minimum credit requirement for the
degree. See the department Web page for suggestions on
particular electives useful for actuaries.
|
CREDITS TO TOTAL A MINIMUM OF |
124 |
ROUTING AND AUTHORIZATION: (Please do not remove supporting
documentation.)
Department Chairperson Date
Dean of College Date
Chairperson, College Curriculum
Committee___________________________________Date_____________________
Chairperson, Senate Com. on UG or GR
Studies Date
Chairperson,
Senate Coordinating Com. Date
Secretary, Faculty Senate Date
Date of Senate Resolution Date
to be Effective
Registrar Program
Code Date
Vice Provost for Academic Affairs &
International Programs Date
Provost Date
Board of Trustee Notification Date
Revised 02/09/2009 /khs