Science courses in Universities
Traditional Risk and ERM Practices
Strategic Risk Management
Financial Risk Management
Quantitative Risk Management
Elective courses in Enterprise Risk Management (ERM), all of which are offered only on campus, prepare students to design and implement ERM programs. These courses provide additional skills for traditional actuarial practice, such as building practical actuarial models, designing more effective capital models, enhancing product development and pricing techniques, and increasing the sophistication of financial management of insurance products.
The courses are ideal for individuals who seek employment in corporate enterprise risk management or capital management, or who plan to advance their careers by performing traditional actuarial functions at a higher level through the latest ERM tools and techniques.
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.
MATH V1101 and MATH V1102, or the equivalent.
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 GU5203, or the equivalent.
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.
STAT GU5203, STAT W4840
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.
STAT W4840, STAT GU5204
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:
- Analyze data from an application in a business context;
- Determine a suitable model including parameter values; and
- 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.
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.