Courses in Actuarial Science
By passing the below mentioned SOA exams, students also satisfy the corresponding preliminary exam requirements of the Casualty Actuary Society.
ASC 281. Probability for Risk Management. This class provides an introduction to probability with a focus on applications to risk management in property/casualty and life insurance. We study fundamental concepts in general probability, counting problems, and probability distributions, both discrete and continuous, single-variable and multivariate. ASC 281 covers the material on SOA exam P - Probability.
Prerequisite: MAS 112.
ASC 385. Mathematics of Finance I. This course is an introduction to interest theory (including applications) and fundamental financial instruments. Interest theory topics covered include time value of money, annuities, loans, bonds, project appraisal, portfolios, duration, immunization, and the term structure of interest rates. The financial instruments section of the class focuses on the properties and uses of derivative products including calls, puts, forwards, futures, and swaps. ASC 385 covers the material on SOA exam FM - Financial Mathematics.
Prerequisite: MAS 112 or MAS 162.
ASC 386. Mathematics of Finance II. In this class we study financial models and the applications of these models to risk management. Topics we address include parity, binomial pricing, the Black-Scholes model, hedging, exotic options, simulation, and interest rate models. ASC 386 combined with MAS 371 covers the material on SOA exam MFE - Models of Financial Economics.
Prerequisite: ASC 385. Corequisite: MAS 371.
ASC 472. Loss Distributions and Credibility Theory. In this course we study various loss models as well as the process of selecting, constructing, and evaluating a model when solving an actuarial problem. We cover frequency, severity, aggregate, empirical, and parametric models as well as credibility and simulation. ASC 472 combined with MAS 371 and MAS 372 covers the material on SOA exam C - Construction and Evaluation of Actuarial Models.
Prerequisite: MAS 371.
ASC 481. Actuarial Mathematics I. This is the first part of a two semester study of contingent payment models from both theoretical and applied perspectives. We look at survival distributions, present value random variables, benefits, premiums, reserves, and profit testing. ASC 481 and 482 combined cover the material on SOA exam MLC - Models for Life Contingencies.
Prerequisite: ASC 385; Corequisite: MAS 371.
ASC 482. Actuarial Mathematics II. This is the second part of a two semester study of contingent payment models from both theoretical and applied perspectives. We revisit many of the ideas from ASC 481 in a more general context, including multiple-state models, emerging costs, pensions, and universal life. ASC 481 and 482 combined cover the material on SOA exam MLC - Models for Life Contingencies.
Prerequisites: ASC 385 and ASC 481.