Program Mission and Objectives |SOA Exams | Degree Plan | Requirements | Course Descriptions
AS 201 |
Financial Mathematics |
(3-0-3) |
Theory of compound interest and the mathematics of investment and credit. Measurement of interest, annuities certain (level, non-level, and continuous), amortization schedules, sinking funds, investment yield rates, and valuation of bonds and other securities. Methods of loan measurement and payments (Islamic and Conventional) are illustrated in amortization and sinking fund schedules. Islamic views on interest and investments.
Prerequisite: MATH 102
AS 251 |
Mathematics of Financial Derivatives (new) |
(2-2-3) |
Mathematical models of Forwards and Futures, Options and Related Strategies. Arbitrage opportunities. Mathematical pricing of derivative securities and exotic options (Asian, barrier, compound, gap, and exchange). Discrete time models. Lognormal distribution and continuous time pricing models. Option Greeks, Risk Management (with delta-hedging method). Actuarial applications of derivatives. Other SOA IFM exam topics. Spreadsheet programming software.
Prerequisites: AS 201 and STAT214
AS 289 |
Actuarial Science Problem Lab I |
(0-2-1) |
Preparation for the second Society of Actuaries and Casualty Actuarial Society professional examination, FM (Financial Mathematics). Society approved calculators. Review exam logistics and exam-taking strategies.
Prerequisite: AS 201
AS 380 |
Actuarial Contingencies I |
(2-2-3) |
Introduction to life insurance mathematics based on a stochastic approach. Life insurance, annuities, benefit premiums, and net reserves. Parallel treatment of topics based on Takaful system.
Prerequisite: AS 201, STAT 301
AS 389 |
Actuarial Science Problem Lab II |
(0-2-1) |
Preparation for the first Society of Actuaries (SOA) and Casualty Actuarial Society (CSA) professional examination, Exam P (Probability). Society approved calculators. Review exam logistics and exam-taking strategies.
Prerequisite: STAT 301
AS 398 |
Internship |
(0-0-6) |
A continuous period of 14 weeks of industrial employment for Actuarial Science and Financial Mathematics students to work in appropriate industries or firms. The student is evaluated on his job performance and is required to submit and present an extensive formal report on his work experience.
Prerequisite: AS 251, MATH 371, STAT 301, STAT 310, and ENGL 214.
AS 450 |
Risk Modeling |
(2-2-3) |
Types of Risks faced by an organization; Risk Modelling, its evaluation and Analysis; Techniques used in quantifying financial and non-financial risks. Covers value at risk (VaR), extreme value theory (EVT), scenario and stress testing, risk aggregation techniques including use of correlation, integrated risk distributions and copulas. Approaches for managing risk.
Prerequisite: AS 201, STAT 214
AS 460 |
Enterprise Risk Analysis |
(2-2-3) |
Enterprise risk management (ERM) framework and process. Importance of the of ERM function. Risk Management tools and techniques. Capital Management. Data Issues. Application of risk Analytics, from risk identification to treatment, on six actuarial fellowship fields: (1) Retirement Benefits, (2) Individual Life and Annuities, (3) Group and Health, (4) Investment, (5) General Insurance, and (6) General Corporate ERM.
Prerequisite: AS 450
AS 476 |
Survival Models for Actuaries |
(2-2-3) |
Introduction to survival models. Estimation and testing of models with various types of survival data; Non-parametric Estimation (Kaplan-Meier, Nelson-Aalen). Parametric survival models. Regression models for survival data; proportional hazards and Cox regression model. Techniques for estimating mortality rates. Graduation. Model Selection. A statistical/actuarial computing software will be used.
Prerequisite: STAT 302, STAT 310
AS 481 |
Actuarial Contingencies II |
(3-2-4) |
A continuation of Life Contingencies I. Development is based on a stochastic approach to life insurance models. Major topics include benefit premiums and reserves, and multi-life and multiple-decrement models. Parallel treatment of topics based on Takaful system. Application of such area in life insurance and property.
Prerequisite: AS 380
AS 484 |
Actuarial Risk Theory and Credibility |
(3-2-4) |
Claims Distributions (Severity, frequency, and aggregate). Risk Measures. Aggregate loss models (individual and collective Risk models). Parametric model Estimation. Introduction to credibility theory (limited fluctuation, greatest accuracy, Buhlmann, Buhlman-Straub, Empirical Bayes models). Introduction to Simulation. A statistical/actuarial computing software will be used.
Prerequisite: STAT 302
AS 490 |
Topics in Actuarial Science and Financial Mathematics I |
(3-0-3) |
Variable content. Presents a special topic in Actuarial Science or various insurance fields parallel to advancements as recognized by the Society of Actuaries.
Prerequisite: Junior Standing
AS 491 |
Topics in Actuarial Science and Financial Mathematics II |
(3-0-3) |
Variable content. Presents a special topic in Financial Mathematics, Financial Modeling, or Enterprise Risk Management fields parallel to advancements as recognized by the Society of Actuaries.
Prerequisite: Junior Standing