Skip to main content

Actuarial Science, Risk Management, and Insurance

About the Program

The Wisconsin PhD Program in actuarial science, risk management, and insurance is offered by the Risk and Insurance Department at the Wisconsin School of Business.

We are a nationally recognized Center of Actuarial Excellence. We have received grants to support a variety of industry-related research projects and the introduction of our Technology-Enhanced Learning initiative.

Core Areas of Research

Student research is supported by faculty in four core areas:

Actuarial science

Risk management

Insurance

Decision-making under risk and uncertainty

Academic Requirements

All students must meet the general PhD requirements of both the UW–Madison Graduate School and the Wisconsin School of Business. Applicants to the program should have the following:

  • A strong mathematics and statistics background. We generally look for three semesters of calculus and linear algebra at a minimum for mathematics. For statistics training, we look for coursework covering applied regression models in statistics and/or econometrics.
  • A background in some combination of economics/finance, insurance, actuarial science, and statistics.

Program Coursework

The course sequence for PhD students in actuarial science, risk management, and insurance is customized to fit each student’s unique research interests and background.

You will work with a PhD faculty advisor to set an appropriate course sequence during your first two years of study. However, all students are expected to take the following minimum core course sequence:

Two semesters of PhD-level Microeconomic Theory

Two semesters of PhD-level Econometrics

Panel-data statistics/econometrics

Seminar in Actuarial Science, Risk Management, and Insurance I

Seminar in Actuarial Science, Risk Management, and Insurance II

Faculty Research Interests

Daniel Bauer

Daniel Bauer

Research interests:

  • Risk evaluation
  • Quantitative finance
  • Risk management
  • Insurance economics
View full profile
Ty Leverty

J. Tyler Leverty

Research interests:

  • Economics of insurance markets
  • Insurance company operations
  • Insurance regulation
  • Public policy issues in insurance
View full profile
Anita Mukherjee

Anita Mukherjee

Research interests:

  • Insurance markets
  • Development economics
  • Law and economics
  • Psychology and economics
View full profile
Margie Rosenberg

Marjorie Rosenberg

Research interests:

  • Applications of statistics and actuarial science
  • Bayesian methodology related to health insurance
View full profile
Joan Schmit

Joan Schmit

Research interests:

  • Development of insurance in emerging markets
  • Insurance regulation, especially focused on capitalization and solvency
  • Reputation risk
  • Economics of litigation strategies including cross-country comparisons of liability regimes
View full profile
Outline of person icon

Peng Shi

Research interests:

  • Predictive modeling
  • Multivariate regression models
  • Longitudinal/panel data
  • Asymmetric information in insurance
View full profile
Justin Sydnor

Justin Sydnor

Research interests:

  • Psychology and economics
  • Applied microeconomics
  • Behavioral industrial organization
  • Insurance markets
  • Decision-making under risk
View full profile
a line connecting two people

Connect With Current Students

We encourage you to contact our doctoral students in actuarial science, risk management, and insurance to hear their perspectives on the Wisconsin PhD Program.

View current student profiles

three people

See Our Placement Results

Graduates of our PhD specialization in actuarial science, risk management, and insurance have accepted tenure-track positions at top research universities.

View recent placements

Contact Us

Outline of person icon

Peng Shi

Associate Professor
pshi@bus.wisc.edu