Core Courses

All Core Courses are 3 pts.

Course Number Course Title Related SOA/ CAS Exam
STAT GU4203 Probability Theory P/1
STAT GU4204 Statistical Inference P/1
STAT GU4281 Theory of Interest FM/2
ACTU PS5821 Actuarial Methods — Part 1 MLC
ACTU PS5822 Actuarial Methods—Part 2 MLC
ACTU PS5823 Actuarial Models C/4
ACTU PS5830 Models for Finance & Economics MFE/3F
STAT GU4282 Linear Regression and Time Series Models  

Elective Courses

All Elective Courses are 3 pts. except ACTU PS5580 Financial Markets and Institutions and ACTU PS5590 Financial Management for Larger Insurers, both of which are 1.5 pts.

Course Number Course Title
ACTU PS5030 Intro to Life Insurance
ACTU PS5580 Financial Markets and Institutions
ACTU PS5590 Financial Management for Larger Insurers
ACTU PS5620 Pensions and ERISA
ACTU PS5621 Investment & ALM for Actuaries
ACTU PS5625 Health Insurance
ACTU PS5630 Property/Casualty
ACTU PS5691 Pensions (Online)
ACTU PS5840 Predictive Modeling in Finance & Insurance
ACTU PS5846 Quantitative Risk Management
ACTU PS5848 Risk Management in P&C Insurance
ACTU PS5850 Oral Communication for Actuaries
ACTU PS6100 Integrated Projects
STAT UN3106Applied Data Mining
STAT GU4001Introduction to Probability and Statistics
STAT GU4203Probability Theory
STAT GU4204Statistical Inference
STAT GU4205Linear Regression Models
STAT GU4206Stat Comp & Intro Data Sci
STAT GU4207Elementary Stochastic Process
STAT GU4221Time Series Analysis
STAT GU4224Bayesian Statistics
STAT GU4232Generalized Linear Models
STAT GU4241Statistical Machine Learning
STAT GU4243Applied Data Science
STAT GU4261Statistical Methods for F
STAT GU4261Statistical Methods in Finance
STAT GU4262Stochastic Processes for Finance
STAT GU4263Stat Inf/Time-Series Modeling
STAT GU4264Stochastic Processes-Applications
STAT GU4265Stochastics Methods in Finance
STAT GU4291Advanced Data Analysis
APAN PS5500Data Visualization & Design
ERMC PS5100Value-Based Enterprise Risk Mgmt
ERMC PS5380Insurance Risk Mgmt
ERMC PS5500Enterprise Risk Mgmt Modeling
BUSI PS5001Introduction to Finance
BUSI PS5003Corporate Finance
BUSI PS5008Options and Futures
BUSI PS5009Financial Accounting
BUSI PS5020Introduction to Marketing
BUSI PS5040Security Analysis
ECON GU4415Game Theory
ECON GU4860Behavioral Finance
COMS W3134Data Structures in JAVA
COMS W4111Introduction to Databases
MATH GR5010Intro to the Math of Finance
MATH GR5030Numerical Methods in Finance
MATH GR5220Quant Methods in Investment Mgmt
MATH GR5260Prog for Quant & Comp Finance
MATH GR5340Fixed Income Portfolio Mgmt
MATH GR5360Math Methods-Fin Price Analysis
MATH GR5380Multi-Asset Portfolio Mgmt
MATH GR5400Non-Linear Option Pricing
IEOR E4404Simulation
IEOR E4572Data Analytics & Python for OR

Professional Development Courses

Proseminar is 2 pts. and the Internship is 1 pt. Each semester, all full-time students are required to enroll in ACTU PS5900 Proseminar in Actuarial Science unless they secure an internship, in which case they instead will enroll in ACTU PS5995 Internship in Actuarial Science. These courses are optional for part-time students.

Course Number Course Title
PS5900 Proseminar in Actuarial Science
PS5995 Internship in Actuarial Science

Core Courses

STAT GU4203. Probability Theory. 3 pts.

Prerequisite

MATH V1101 and MATH V1102, or the equivalent.

Description

Fundamentals, random variables and distribution functions in one or more dimensions; moments, conditional probabilities, and densities; Laplace transforms and characteristic functions. Infinite sequences of random variables; weak and strong laws of large numbers; central limit theorem.

STAT GU4204. Statistical Inference. 3 pts.

Prerequisite

STAT GU4203, or the equivalent.

Description

Principles of statistical inference. Population parameters, sufficient statistics. Basic distribution theory. Point and interval estimation. Method of maximum likelihood. Method of least squares, regression. Introduction to the theory of hypothesis testing. Likelihood ratio tests. Nonparametric procedures. Statistical decision theory. Applications to engineering, medicine, and natural and social sciences.

ACTU PS5821. Actuarial Methods — Part I. 3 pts.

Prerequisite

STAT GU4203, STAT W4840

Description

The purpose this class is to develop the student’s knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability, and interest theory is assumed. Knowledge of risk management at the level of Exam P is also assumed.

This class covers the material of the third examination of the 5 preliminary examinations of the Society of Actuaries and Casualty Actuarial Society classes. This is a core class of the Actuarial Science program. Students who have already taken and passed the MLC exam for SOA are exempted from this class and can substitute an elective.

ACTU PS5822. Actuarial Methods — Part II. 3 pts.

Prerequisite

ACTU PS5821

Description

The purpose this class is to develop the student’s knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability, and interest theory is assumed. Knowledge of risk management at the level of Exam P is also assumed.

This class covers the material of the third examination of the 5 preliminary examinations of the Society of Actuaries and Casualty Actuarial Society classes. This is a core class of the Actuarial Science program. Students who have already taken and passed the MLC exam for SOA are exempted from this class and can substitute an elective.

ACTU PS5823. Actuarial Models. 3 pts.

Prerequisite

STAT W4840, STAT GU4204

Description

This course provides an introduction to modeling and covers important actuarial methods that are useful in modeling. The student will be introduced to useful frequency and severity models beyond those covered in MLC and MFE. The student will be required to understand the steps involved in the modeling process and how to carry out these steps in solving business problems. The student should be able to:

  1. Analyze data from an application in a business context;
  2. Determine a suitable model including parameter values; and
  3. Provide measures of confidence for decisions based upon the model.

The student will be introduced to a variety of tools for the calibration and evaluation of the models.

This class covers the material of the fifth examination of the 5 preliminary examinations of the Society of Actuaries and Casualty Actuarial Society classes. This is a core class of the Actuarial Science program. Students who have already taken and passed the C exam for SOA/CAS are exempted from this class and can substitute an elective.

ACTU PS5830. Models for Finance & Economics. 3 pts.

Description

We aim to learn basics of stochastic calculus and derivative pricing via the Black-Scholes formula and binomial tree models. The material of this course is applied by insurance and finance professionals such as actuaries, trader, and quants. Completing this course should provide a fundamental basis for candidates of the actuarial exam 3F/MFE.

STAT GU4282. Linear Regression and Time Series Models. 3 pts.

Prerequisite

STAT GU4203 or the equivalent and STAT GU4204 or the equivalent.

Description

Theory and practice of regression analysis. Simple and multiple regression including testing, estimation and confidence procedures, modeling, regression diagnostics and plots, polynomial regression, fixed effects ANOVA and ANCOVA models, nonlinear regression, multiple comparisons, co-linearity and confounding, model selection. Emphasis on geometric approach to the theory and computer use to analyze data. Least squares smoothing and prediction, linear systems, Fourier analysis, and spectral estimation. Impulse response and transfer function. Fourier series, the fast Fourier transform, autocorrelation function, and spectral density. Univariate Box-Jenkins modeling and forecasting. Emphasis on applications. Examples from the physical sciences, social sciences, and business. Computing is an integral part of the course. This class satisfies the applied statistics VEE requirement.

Elective Courses

ACTU PS5030. Introduction to Life Insurance. 3 pts.

Description

This course will provide an overview of insurance company investments and the regulations and liabilities that drive the insurance company investment decisions. All life insurance actuaries must master the concepts of financial mathematics and how to apply those concepts to calculate projected present values and accumulated cash flows. You will study these concepts and apply them to calculate Life Insurance and Annuity reserves, new business pricing, and profitability metrics. This will include exploring various types of product designs. Actuaries play an important part in development and interpretation of the various financial statements that insurance companies are required to provide to the public.

The course will illustrate the content of these statements, exhibits, and schedules and provide a description of their purpose. Insurance cash flows are unique in that there are many uncertainties and those cash flows stretch out into the future over a considerable amount of time.

This leads to another important aspect of actuarial science, which is risk analysis and risk management. This course will study how companies map risks and set aside capital to provide for the uncertainties above and beyond those provided for by standard reserves. With the recent economic events of 2008 and their continuing effects, Enterprise Risk Management (ERM) has become more focused and we will explore ERM and the role actuaries play as part of overall insurance company risk management.

ACTU PS5620. Pensions and ERISA. 3 pts.

Description

This course is a workshop in ERISA and Taxation Rules for Actuaries. Actuarial science can be applied and cover a number of welfare benefit arrangements (such as life insurance, medical, disability, severance etc.), qualified plans and nonqualified deferred compensation plans. The services and products that are developed in the actuarial field may be governed by certain federal laws. In the U.S. these arrangements are governed by the Employee Retirement Income Security Act ("ERISA"). In addition, certain federal taxation and reporting rules may apply. To be successful in the field will require an understanding of these rules, reporting requirements, taxation rules and the government agencies (Internal Revenue Service, Department of Labor and Pension Benefit Guarantee Corporation) responsible for oversight of such arrangements. Other topics covered will include SEPs, Simple Plans, 403(b) plans, 457 plans and Nonqualified Deferred Compensation Plans.

ACTU PS5621. Investment & ALM for Actuaries. 3 pts.

Description

This course develops an understanding of the fundamental concepts of Investment and Asset Liability Management (ALM) for actuaries. A basic knowledge of financial mathematics is assumed. This course provides students with the knowledge to apply in a practical sense the theoretical framework that they learned from the foundational actuarial examinations. The objective of this course is to provide students with an overview of the tools and techniques mostly used by insurance companies and to a lesser extent by other financial intermediaries (such as pension plans or foundations and endowments) for Asset Liability Management. The course will be aimed at providing a practical insight into the investment process within the insurance industry and other financial intermediaries.

ACTU PS5625. Health Insurance 3 pts.

Description

This course develops an understanding of the fundamental concepts of health care design and management in the United States as well as an overview of the environment of health care and health care plans, followed by health plan designs and cost-control techniques. In addition, this course provides an overview of rules and regulations as it relates to managed care. A basic knowledge of financial mathematics is assumed.

ACTU PS5630. Property and Casualty. 3 pts.

Description

This course introduces the general principles of ratemaking and reserving as they relate to P&C insurance products. Students will analyze data, select appropriate techniques, and develop solutions to problems. This course addresses the advantages and disadvantages of the various ratemaking and reserving techniques as they are applied to specific situations and different lines of business. Classification of insureds for the purpose of risk stratification and other important ratemaking topics are also examined.

ACTU PS5846. Quantitative Risk Management. 3 pts.

Description

Economic Capital modeling requires the ability to create and utilize dynamic models, most of which require use of matrix algebra using SAS, Mathematica, MATLAB, or R. This course will use the R language, frequently used when initially designing an ERM model. Students will learn:

  1. How to use matrix algebra to (a) create time series models on economic indicators and stock and commodity returns; (b) model continuous autoregressive stochastic differential equations to produce correlated risk scenarios; (c) use empirical principal component analysis to understand interaction within and between various risks; and (d) create efficient frontier models
  2. How to use statistical sampling to fit and use copulas in development of risk scenarios with extreme dependence
  3. How the above tools are used in constructing ERM models for P&C insurance, life insurance, and mining industry sectors
  4. How to create an ERM model that uses either statistical sampling combined with a copula or correlated risk scenarios to determine economic capital

ACTU PS5850. Oral Communication for Actuaries. 3 pts.

Description

This course is a workshop in communication techniques. Students make presentations individually and in teams. It covers communicating effectively, structuring presentations, delivery techniques and PowerPoint presentations.

ACTU PS6100. Integrated Projects in Actuarial Science. 3 pts.

Prerequisite

Students must have their transcripts and resumes approved by the program director in order to be eligible for this course.

Description

This course is particularly applicable to students who are looking to develop their skills in a particular area of application of actuarial science. The course is delivered in a project format that will integrate specific elements of the curriculum into an applied project, giving students hands-on actuarial science application experience. Students may team up and undertake a special actuarial project and present as consultants or in house actuaries to a panel of actuaries who will grade the overall effectiveness of their approach, solution and communication. This course will help students increase their understanding of the real-world constraints under which actuaries operate. The course also serves the purpose of sharpening the students analytical and communication skills, by allowing them to apply their previous experience and knowledge gained from the program to real-world problems.

Professional Development Courses

ACTU PS5900. Proseminar in Actuarial Science. 2 pts.

Description

Industry representatives conduct a series of noncredit seminar sessions designed to expose students to the actuarial profession as well as to address a range of topics in actuarial science.

ACTU PS5995. Internship in Actuarial Science. 1 pt.

Description

Students who have secured either an on-campus or off-campus actuarial internship may enroll in this course for credit. Students need to register for this course to receive credit and enrolled students will be expected to submit a paper relating their internship experience to coursework they have completed. Although the student is responsible for finding and confirming his or her own internship, the student may utilize the program’s resources, especially the actuarial recruiter, the résumé review and critique, and the Executive Career Coaching, to help identify and pursue an internship.

The University reserves the right to withdraw or modify the courses of instruction or to change the instructors as may become necessary.