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Society of Actuaries Center for Actuarial Excellence
Casualty Actuarial Society


Core Courses

Please refer to university catalog for course requirements.

MATH 210   Theory of Interest   credit: 3 Hours.
Study of compound interest and annuities; applications to problems in finance. Prerequisite: MATH 231 or equivalent.

MATH 370   Actuarial Problem Solving   credit: 1 Hour.
Methods and techniques of solving problems in actuarial mathematics for advanced students intending to enter the actuarial profession. Approved for S/U grading only. May be repeated in the same or separate terms to a maximum of 4 hours. Prerequisite: Consent of instructor.

MATH 390   Individual Study   credit: 0 to 3 Hours.
Guided individual study of advanced topics not covered in other courses. May be repeated to a maximum of 8 hours. Approved for both letter and S/U grading. Prerequisite: Consent of instructor.

MATH 399   Math/Actuarial Internship   credit: 0 Hours.
Full-time or part-time practice of math or actuarial science in an off-campus government, industrial, or research laboratory environment. Summary report required. Approved for S/U grading only. May be repeated in separate terms. Prerequisite: After obtaining an internship, Mathematics majors must request entry from the Mathematics Director of Undergraduate Studies; Actuarial Science majors must request entry from the Director of the Actuarial Science Program.

MATH 408   Actuarial Statistics I   credit: 4 Hours.
Same as STAT 408. See STAT 408.
Examines elementary theory of probability, including independence, conditional probability, and Bayes' theorem; combinations and permutations; random variables, expectations, and probability distributions; joint and conditional distributions; functions of random variables; sampling; central limit theorem. Same as MATH 408. 4 undergraduate hours. 4 graduate hours. Credit is not given for both STAT 408 and either MATH 461 or STAT 400. Prerequisite: MATH 241 or equivalent.

MATH 409Actuarial Statistics II
Continuation of MATH 408. Examines parametric point and interval estimation, including maximum likelihood estimation, sufficiency, completeness, and Bayesian estimation; hypothesis testing; linear models; regression and correlation.

MATH 410   Lin Algebra & Financial Apps   credit: 3 or 4 Hours.
Emphasizes techniques of linear algebra and introductory and advanced applications to actuarial science, finance and economics. Topics include linear equations, matrix theory, vector spaces, linear transformations, eigenvalues and eigenvectors and inner product spaces. In addition, current research topics such as modeling, data mining, and generalized linear models are explored. 3 or 4 undergraduate hours. 3 or 4 graduate hours. Credit is not given for both MATH 410 and any of MATH 125, MATH 225, MATH 415 or MATH 416. 4 hours of credit requires approval of the instructor and department with completion of additional work of substance. Prerequisite: MATH 241; MATH 210 or FIN 221; or consent of instructor.

MATH 469   Methods of Applied Statistics   credit: 3 or 4 Hours.
Same as STAT 420. See STAT 420.
Systematic, calculus-based coverage of the more widely used methods of applied statistics, including simple and multiple regression, correlation, analysis of variance and covariance, multiple comparisons, goodness of fit tests, contingency tables, nonparametric procedures, and power of tests; emphasizes when and why various tests are appropriate and how they are used. Same as MATH 469. 3 undergraduate hours. 4 graduate hours. Prerequisite: STAT 408 or STAT 400; MATH 231 or equivalent; knowledge of basic matrix manipulations; or consent of instructor.

MATH 471   Actuarial Theory I   credit: 4 Hours.
Distribution of the time-to-death random variable for a single life, and its implications for evaluations of insurance and annuity functions, net premiums, and reserves. 4 undergraduate hours. 4 graduate hours. Prerequisite: MATH 408 and MATH 210.

MATH 472   Actuarial Theory II   credit: 3 Hours.
Continuation of MATH 471. Emphasis is on multiple-life functions. 3 undergraduate hours. Prerequisite: MATH 471.

MATH 476   Actuarial Risk Theory   credit: 3 Hours.
Mathematical analysis of the risk to an insurer due to variations in expected claim numbers and amounts; optimal insurance systems; the probability of ruin in the long run; reinsurance; dividend formulas. 3 undergraduate hours. Prerequisite: Credit or concurrent registration in STAT 409 or STAT 410.

MATH 478   Actuarial Modeling   credit: 3 Hours.
Considers the specification and evaluation of various types of actuarial models. Examines severity, frequency, and compound distributions useful in modeling the insurance loss process. Credibility theory is also discussed. 3 undergraduate hours. Prerequisite: MATH 408, MATH 461 or MATH 463; credit or concurrent registration in MATH 409 or MATH 464.

MATH 479   Casualty Actuarial Mathematics   credit: 3 or 4 Hours.
An introduction to property/casualty actuarial science, exploring its mathematical financial, and risk-theoretical foundations. Specific topics include risk theory, loss reserving, ratemaking, risk classification, credibility theory, reinsurance, financial pricing of insurance, and other special issues and applications. 3 or 4 undergraduate hours. Prerequisite: MATH 210; credit or concurrent registration in MATH 409; or consent of instructor.

MATH 563   Risk Modeling and Analysis   credit: 4 Hours.
Quantitative tools for measuring risks and modeling dependencies. Topics include risk measures, stochastic orders, copulas, dependence measures, and their statistical inferences. Prerequisites: MATH 408 or 461

MATH 565   Actuarial Models for Life Contingencies   credit: 4 Hours. Tabular or parametric survival models with single or multiple-life states; life insurance and annuity premium calculations; reserving and profit measures; introductions to universal life insurances, participating insurances, pension plans and retirement benefits. Prerequisites: MATH 471.

MATH 567   Actuarial Models for Financial Economics   credit: 4 Hours.
Theoretical basis of financial models and their applications to insurance and other financial risks. Topics include derivative markets, no-arbitrage pricing of financial derivatives, interest rate models, dynamic hedging and other risk management techniques. Prerequisite: MATH 409 or 464

MATH 568   Actuarial Loss Models   credit: 4 Hours.
Introduction to the actuarial modeling process: construction, selection and validation of empirical and parametric models. Survival, severity, frequency and aggregate loss models; statistical methods to estimate model parameters. Prerequisite: MATH 408, MATH 461 or MATH 463

MATH 569   Casualty Actuarial Sciencecredit: 4 Hours.
Principles and fundamental techniques of ratemaking for casualty and property insurances; risk classification; coinsurance; estimation of claim liabilities; financial reporting; catastrophe modeling. Prerequisite: MATH 408.

Finance, Economics and Computer Science Courses for Actuarial Science Majors

Please refer to the university catalog for course requirements.

FIN 221   Corporate Finance   credit: 3 Hours.
Introductory study of corporate financial management, in particular how the financial manager's choices add value to shareholder wealth through investment financing and operating decisions. Prerequisite: Completion of ECON 102 or ECON 103.

FIN 300   Financial Markets   credit: 3 Hours.
Theory and applications associated with the functioning of financial markets to include the conceptual foundations of portfolio theory, risk management, and asset valuation. The stock, money, bond, mortgage, and futures and options markets are examined. Prerequisite: FIN 221.

FIN 321   Advanced Corporate Finance   credit: 3 Hours.
Theories of firms' investment and financing decisions are covered. Topics include dividend policy, capital budgeting, capital structure, bankruptcy, long- term debt and leasing decisions. Prerequisite: FIN 300.

FIN 431   Property-Liability Insurance   credit: 3 or 4 Hours.
Examines in detail the functions of property-liability insurers, including marketing, underwriting, claims, ratemaking and administration, and the major current issues facing this industry. 3 undergraduate hours. 3 or 4 graduate hours. Prerequisite: FIN 230.

FIN 432   Managing Fin Risk for Insurers   credit: 3 or 4 Hours.
Introduces basic concepts in financial economics used in the analysis and management of financial risks, with an emphasis on the applications by insurers and pension plans; topics include decision making under uncertainty, economic statistics, deterministic and stochastic interest rate models, derivative securities, valuation, binomial models and option pricing models. 3 undergraduate hours. 3 or 4 graduate hours. Prerequisite: FIN 300; either FIN 230 or FIN 232; MATH 409; MATH 415; electronic spreadsheet proficiency.

FIN 434   Employee Benefit Plans   credit: 3 Hours.
Studies the purpose, structure, and financial aspects of employee benefit plans, including pensions, health insurance, life insurance, and disability plans. 3 undergraduate hours. No graduate credit. Prerequisite: FIN 300 or consent of instructor.

ECON 302   Inter Microeconomic Theory   credit: 3 Hours.
Microeconomic analysis including value and distribution theory; analysis of the pricing of the factors of production integrated in a micro-general equilibrium context which builds towards explaining the resource allocation process. Prerequisite: ECON 102 or equivalent. MATH 220, MATH 221, MATH 234 or equivalent.

ECON 303   Inter Macroeconomic Theory   credit: 3 Hours.
The modern theory of the determination of the level and rate of growth of income, employment, output, and the price level; discusses alternate fiscal and monetary policies to facilitate full employment and economic growth. Prerequisite: ECON 102, ECON 103. Recommended: MATH 125; one of MATH 220, MATH 221, MATH 234.

CS 101   Intro Computing: Engrg & Sci   credit: 3 Hours.
Fundamental principles, concepts, and methods of computing, with emphasis on applications in the physical sciences and engineering. Basic problem solving and programming techniques; fundamental algorithms and data structures; use of computers in solving engineering and scientific problems. Intended for engineering and science majors. Prerequisite: MATH 220 or MATH 221.

CS 105   Intro Computing: Non-Tech   credit: 3 Hours.
Computing as an essential tool of academic and professional activities. Functions and interrelationships of computer system components: hardware, systems and applications software, and networks. Widely used application packages such as spreadsheets and databases. Concepts and practice of programming for the solution of simple problems in different application areas. Intended for non-science and non-engineering majors. Prerequisite: MATH 112.

CS 125   Intro to Computer Science   credit: 4 Hours.
Basic concepts in computing and fundamental techniques for solving computational problems. Intended as a first course for computer science majors and others with a deep interest in computing. Prerequisite: Three years of high school mathematics or MATH 112.