actuary:courses

Check the University Bulletin for listed courses in the Department of Mathematical Sciences.

Check the Course Schedules in the Department of Mathematical Sciences.

Here is a summary of all related courses and their status. When you plan your schedule, pay attention to those courses that are not offered every semester.

Course No. | Course name | Semester | VEE? | Required/ recommended | Prerequisites |
---|---|---|---|---|---|

Math 211 | Calculus I | every | BA and BS | none | |

Math 222 | Calculus II | every | BA and BS | Math 211 | |

Math 304 | Linear Algebra | every | BA and BS | Math 221 | |

Math 323 | Calculus III | every | BA and BS | Math 222 | |

Math 330 | Number Systems | every | BA and BS | Math 222 | |

Math 346 | Intro to Financial Mathematics | every | BA and BS | Math 222 | |

Math 371 | Ordinary Differential Equation | every | BA and BS (alternative to 372) | Math 222 | |

Math 372 | Dynamical Systems | every | BA and BS (alternative to 371) | Math 222 and Math 304 | |

Math 447 | Probability Theory | every | BA and BS | Math 323 | |

Math 448 | Mathematical Statistics | every | Yes | BA and BS | Math 447 |

Math 449 | Actuarial Exam P Preparation | Spring only | No required | Math 447 | |

Math 450 | Life Contingency Models I | Fall only | BS | Math 330, 346 and 447 | |

Math 452 | Life Contingency Models II | Every other spring | BS | Math 304 and 450 | |

Math 454 | Financial Mathematics | Every other spring | BS | Math 346 and 447 | |

Math 458 | Time Series | Offered as needed | Yes | Not required but recommended | Math 448 |

Math 478 | Real Analysis I | Fall only | BS | Math 304, 323 and 330 | |

Math 479 | Real Analysis II | Spring only | BS | Math 478 | |

Econ 160 | Principles of Microeconomics | every | Yes | BA and BS | none |

Econ 162 | Principles of Macroeconomics | every | Yes | BA and BS | none |

Econ 360 | Microeconomic Theory | every | Yes | BS | Econ 160, Math 220 or 221 |

Econ 362 | Macroeconomic Theory | every | Yes | BS | Econ 162 |

Econ 466 | Introduction To Econometrics | every | Yes | Not required but recommended | Econ 366, Math 220 or 221. Recommended: Econ 360 or 362 |

Fin 311 | Financial Management | every | Yes | Not required but recommended | Junior Standing and Acct 211, Econ 160 and 162, Math 220 or 221 |

Fin 322 | Investments | every | Yes | Not required but recommended | |

Fin 324 | Corporate Finance | every | Yes | Not required but recommended |

Calculus is a branch of mathematics that studies continuously changing quantities. A key notion is the passage to the limit: quantities which tend to ultimate values. The basic tools from calculus are differentiation and integration. The methods of calculus are essential to any modern science. Department of Mathematical Sciences offers the following courses in calculus:

- Math 221. Calculus I.
- Math 222. Calculus II.
- Math 323. Calculus III.

Many problems which an actuary has to deal with are contingent / uncertain events. Probability theory is the branch of mathematics which studies the assignment of probabilities to random events. Department of Mathematical Sciences offers the following courses in Probability:

- Math 447. Probability Theory: Counting techniques, independence and conditional probability, discrete and continuous random variables, special distributions, expected values and moments, multivariate distributions, conditional distributions, transformations of random variables, limit theorems. 4 credits. Offered both in Fall and Spring.
- Math 449. Actuarial Exam P Preparation: Review of Math 447; a course specially designed in the preparation for Exam P/1. 4 credits. Offered each Spring.

Another part of mathematics studying randomness is Statistics. Statistics studies the collection and analyzing of data. The VEE requirements include Applied Statistics methods. Department of Mathematical Sciences offers the following courses in Statistics:

- Math 448. Mathematical Statistics: Random sampling, point estimation, t, chi-squared and F distributions, sufficient statistics, minimum variance unbiased estimators, confidence intervals, tests of hypothesis, uniformly most powerful tests, Bayesian methods, linear models. 4 credits. Offered both in Fall and Spring.
- Math 458. Time Series: The statistical analysis of time series data. Autocorrelation; stationarity, basic time series models; AR, MA, ARMA; trend removal and seasonal adjustment; invertibility; spectral analysis; estimation; forecasting; introduction to financial time series and the ARCH model.

These courses fulfill the *Applied Statistics methods* subject of the VEE requirements. Please see the VEE requirements for more information.

Department of Mathematical Sciences offers the following courses in Financial Mathematics:

- Math 346. Introduction to Financial Mathematics: Accumulation function, simple and compounded interest, effective and nominal rates of interest and discount, force of interest, level and nonlevel annuities and pepetuities, amortization, reinvestment, sinking funds, bonds, depreciation methods, short sales of stock, term structure of the interest rates, duration, convexity, derivative markets. The material will focus on the requirements for the Exam FM/2. 4 credits. Offered both in Fall and Spring.
- Math 454. Financial Mathematics: Interest rate models, principle of no arbitrage, fundamental theorem of asset pricing, evaluation of derivatives, put-call parity, European put and call options, binomial models, Black-Scholes option-pricing model, American options, option Greeks, exotic options, lognormal distribution, diffusion process, Ito's lemma, simulation and delta-hedging. The material will focus on the requirements for the Exam MFE. 4 credits. Math 346 and Math 447 are prerequisites of this course.

Actuaries use sophisticated probability models. Department of Mathematical Sciences offers the following courses in actuarial stochastic models:

- Math 450. Life Contingency Models I: Survival models, life tables, life insurance, life annuities, benefit premiums. 4 credits. Offered each Fall.
- Math 452. Life Contingency Models II: Benefit reserves, multiple life functions, multiple decrement models, Markov chains, Poisson processes. 4 credits. Offered in Spring. Availability depends on enrollment.

An actuary studies contingent / uncertain events which have financial consequences. Hence he/she must have a good knowledge of Economics and Finance. In addition, VEE requirements include microeconomics, macroeconomics and corporate finance.
The following courses deal with microeconomics and macroeconomics. They fulfill the VEE requirements on the *Economics* subject:

- ECON 160. Principles of Microeconomics.
- ECON 162. Principles of Macroeconomics.
- ECON 360. Microeconomic Theory.
- ECON 362. Macroeconomic Theory.

So far, to fulfill the VEE requirements on the *Finance* subject, students must take courses from the school of management (SOM):

- FIN 311, Financial Management.
- FIN 322, Investments.
- FIN 324, Corporate Finance.

FIN 311 is open for registration for Harpur students in the Financial Economics major and the Actuarial major. FIN 322 or FIN 324 is not yet open for registration for students out of SOM. Please seek help from your advisor should you want to register for FIN 322 or FIN 324.

Other related courses are ECON 466. Introduction to Econometrics; ECON 467. Economic Forecasting; CQS 112. Statistics for Management; ECON 442, Financial Economics.

For computing skills, students can take CS 105, which provides some help on spreadsheet such as Excel, and CS 110, which introduces students to programming using python as the language.

actuary/courses.txt · Last modified: 2017/01/05 18:20 (external edit)

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