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# Courses

 ACTS 120 - THEORY OF INTEREST Measurement of interest; solution of interest problems; basic and general annuities; yield rates; amortization schedules and sinking funds; bonds; yield curves; duration + immunization; stochasic approaches. Prereq.: MATH 070 ACTS 121 - INRODUCTION TO DERIVATIVES Derivatives and their use in managing risk; forwards, futures, options, swaps; hedging and speculative strategies based on options; Black-Scholes formula + Option Greeks. Prereq.: STAT 071 or (ACTS 131 concurrent allowed), MATH 028 or higher, FIN 101 or ACTS 120 ACTS 131 - INTRODUCTION TO PROBABILTY I An introduction to probability concepts; including definition of probability; independence; conditional probability; random variables; specific discrete and continuous probability distributions; multivariate random variables; moments and moment generating functions; functions of random variables; sampling distributions and central limit theorem. PREREQ.: MATH 100 ACTS 132 - INTRODUCTION TO PROBABILITY II Continuation of ACTS 131. The POISSON process and its relation to the exponential distributions; frequency and severity with coverage modifications; aggregate loss models and ruin theory. Prereq.: ACTS 131 ACTS 141 - STAT MODELING/DATA ANALYSIS I Statistical techniques of estimation, both point and confidence intervals; theory of hypothesis tests; goodness-of-fit tests and model selection. Prereq.: ACTS 132 ACTS 145 - DERIVATIVES MATHEMATICS Delta hedgingl exotic options; the lognormal model for stock prices; Monte Carlo simulation; Brownian motion and Ito's Lemma; Black-Scholes Equation; implied and historical volatility; interest rate models. Prereqs.: ACTS 121 or FIN 121, and ACTS 131 ACTS 150 - LIFE INS MATH I Present value determination for life insurances and annuities; benefit premiums and reserves. Prereq.: ACTS 120, ACTS 131 and MATH 080 ACTS 151 - LIFE INS MATH II Multiple life functions, multiple decrement models; applications to pension plans, insurance models including expenses. Prereq.: ACTS 150 ACTS 160 - CREDIBILITY AND SIMULATION Limited fluctuation and greatest accuracy credibility; empirical Bayes estimation of credibility factors. Methods of simulation and their application to evaluating probabilities, the bootstrap, and financial economics. Prereq.: STAT 141 ACTS 170 - STAT MODELING/DATA ANYLSIS II Regression and time analysis. Specific topics include simple and multiple regressionl multicollinearity; heteroscedasticity; diagnostics; forecasting with the regression model; binary and multiple-choice models; autocorrelation; random walks; ARIMA models; minimum mean-square-error forecasts and confidence intervals. Prereq.: ACTS 141 and MATH 080