Actuarial Science

ACTS 6301 Principles of Long Term Actuarial Mathematics I (3 semester credit hours) The purpose of this class is to develop the students' knowledge of the theoretical basis of life contingent actuarial models and the application of those models to life insurance and other financial risks. Life contingencies, survival models, life insurances, life annuities, and their corresponding premiums will be studied. Reserves for life insurance and life annuities will be introduced. This class covers parts of SOA Exams FAM and ALTAM. Prerequisites: (STAT 5351 and ACTS 6308) and instructor consent required. (3-0) Y

ACTS 6302 Investment and Financial Markets (3 semester credit hours) This 3 semester credit hour course develops the students' knowledge of the theoretical basis of Corporate Finance, certain actuarial models and the application of those models to insurance and other financial risks. The topics discussed include mean-variance portfolio theory, asset pricing models, market efficiency and behavioral finance, investment risk and project analysis, capital structure, forwards and futures, and introduction to options. This class covers parts of CAS exam 3F and provides coverage of SOA VEE credits on Corporate finance. Prerequisites: STAT 5351 with a grade of C- or higher and (ACTS 6308 with a grade of C- or higher or passing SOA exam FM to waive ACTS 6308). (3-0) Y

ACTS 6303 Principles of Long Term Actuarial Mathematics II (3 semester credit hours) The purpose of this class is to further develop the students' knowledge of the theoretical basis of life contingent actuarial models and the application of those models to insurance and other financial risks. Reserves for life insurances and life annuities, multiple-life models, multiple-decrement models, multi-state models, long-term insurance coverages, pension plans and retirement benefits, Markov chains, profit tests, and estimation of mortality rates will be studied. This class covers parts of SOA Exams FAM and ALTAM. Prerequisite: ACTS 6301 and instructor consent required. (3-0) Y

ACTS 6304 Principles of Short Term Actuarial Mathematics I (3 semester credit hours) The purpose of this class is to develop the students' knowledge of the severity, frequency and aggregate risk models and the application of those models to property and casualty insurance and other financial risks. Coverage modifications, risk measures and construction and selection of parametric models using the maximum likelihood estimator (MLE) technique will be discussed. This class covers parts of SOA Exams FAM and ASTAM; CAS Exams MAS I, MAS II and 5. Prerequisites: STAT 5352 and instructor consent required. (3-0) Y

ACTS 6305 Principles of Short Term Actuarial Mathematics II (3 semester credit hours) The purpose of this class is to further develop the students' knowledge of construction and selection of parametric models using the Maximum Likelihood Estimator (MLE) method, using the Bayesian estimation technique as well as model selection using hypothesis testing and score-based approaches. In addition, loss estimation using credibility theory, insurance and reinsurance coverages, as well as rate making and loss reserving of property and casualty insurance will be discussed. This class covers parts of SOA Exams FAM and ASTAM; CAS Exams MAS I, MAS II, and 5. Prerequisites: STAT 5352 and ACTS 6304 and instructor consent required. (3-0) Y

ACTS 6306 Theory of Credibility (3 semester credit hours) The purpose of this 3-hour course is to develop the student's knowledge of probabilistic and statistical concepts of credibility theory, focusing on the Bayesian and Bhlmann approaches to credibility. Methods of limited fluctuation credibility and empirical Bayes credibility will be discussed. This class covers parts of SOA Exams FAM and ASTAM; CAS Exam 5. Instructor consent required. (3-0) R

ACTS 6307 Advanced Statistics for Risk Modeling (3 semester credit hours) This 3 semester credit hour course provides a solid introduction to several major statistical risk methods such as linear models, time series models, principal components and cluster analysis, and decision trees. This class covers parts of the SOA Exam SRM which serves as a formal SOA prerequisite for the SOA Exam PA - Predictive Analytics. Prerequisite: STAT 5352. (3-0) Y

ACTS 6308 Actuarial Financial Mathematics (3 semester credit hours) The purpose of this course is to provide an understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset liability management, investment income, capital budgeting, and valuing contingent cash flows. The topics discussed include loans, bonds, and annuities, as well as determinants of interest rates and interest rates swaps. This class covers parts of the CAS Exam 2 and the SOA Exam FM. Instructor consent required. This course can be replaced by other electives only if the student successfully has passed SOA Exam FM before-hand and the student formally obtained approval from the Graduate Advisor. Instructor consent required. (3-0) Y

ACTS 6310 Advanced Predictive Analytics (3 semester credit hours) This 3 semester credit hour course provides a solid introduction to the implementation of various predictive analytic methods in two major software R and Python. This class covers parts of the SOA Predictive Analytics Exam PA. Each student must complete a final project using insurance data. Prerequisites: ACTS 6307 and instructor consent required. (3-0) Y