Actuarial Science Course Descriptions


Mathematics and Statistics Courses:

MAT 1110. Calculus With Analytic Geometry I (4).F;S.

GEN ED: Quantitative Literacy
A study of limits, continuity, differentiation, applications of the derivative, the differential, the definite integral, the fundamental theorem, and applications of the definite integral. Prerequisite: MAT 1025 (with a grade of “C-” or higher) or equivalent. (NUMERICAL DATA) (CORE: MATHEMATICS) (ND Prerequisite: passing the math placement test or successful completion of MAT 0010.)
MAT 1120. Calculus With Analytic Geometry II (4).F;S.
A study of the logarithmic and exponential functions, circular functions and their inverses, techniques of integration, improper integrals, infinite series, Taylor polynomial and power series. Prerequisite: MAT 1110 (with a grade of “C-” or higher). (NUMERICAL DATA) (CORE: MATHEMATICS) (ND Prerequisite: passing the math placement test or successful completion of MAT 0010.)
MAT 2130. Calculus With Analytic Geometry III (4).F;S.
A study of parametric equations, vectors, vector-valued functions, function of several variables, double and triple integrals, and vector analysis. Prerequisite: MAT 1120 (with a grade of “C-” or higher). (NUMERICAL DATA) (ND Prerequisite: passing the math placement test or successful completion of MAT 0010.)
MAT 2240. Introduction to Linear Algebra (3).F;S.
A study of vectors, matrices and linear transformations, principally in two and three dimensions, including treatments of systems of linear equations, determinants, and eigenvalues. Prerequisite: MAT 1120 or permission of the instructor. (COMPUTER)
MAT 3330. Financial Mathematics (3).F.
The objective of this course is to help students learn about the theory of interest as covered on the Casualty Actuarial Society (CAS)/Society of Actuaries (SOA) Course 2 examination. Topics include mathematical theory of compound interest, force of interest, annuities, equations of value, yield rates, amortization, sinking funds, bonds, depreciation, and other topics in finance. The concepts and models that will be discussed are a key part of modern actuarial science. Prerequisite: MAT 1120 or permission of the instructor.
MAT 3340. Actuarial Models (3).S.
This course covers contingency models including life contingent models. Topics covered include but are not limited to survival distributions, life insurances, life annuities, premium and reserve calculations, multiple life and multiple decrement models. Prerequisites: MAT 3330 and STT 3850. 

MAT 3540 Mathematics of derivatives (1) S
MAT 4330. Senior Seminar in Actuarial Sciences (3).S.
GEN ED: Capstone Experience
A course designed to provide majors in Actuarial Sciences the opportunity to study actuarial problems from a variety of sources. The emphasis will be on the oral and written presentation of results. The course should prepare the student for making the transition from academic courses to actuarial practice. Students taking this course should have completed most of the Actuarial Sciences curriculum. Students are also encouraged to register for at least one Society of Actuaries professional exam during this course. Prerequisite: MAT 3330. Corequisite: STT 4865. (WRITING)

STT 3250. Fundamentals of Probability (4).F;S.
Topics include a study of sample spaces, counting rules, conditional probability and independence, random variables and their proper- ties, moment generating functions, named distributions, both discrete and continuous, transformations, the Central Limit Theorem, covariance and correlation coef cients, order statistics, and multivariate probability distributions. Prerequisite: MAT 2130. 

STT 3850. Statistical Data Analysis I (4).F;S.
This course provides an overview of modern statistical data analysis. Programming with data, including simulations and bootstrapping, will be an integral part of the course. Techniques for parsing univariate and multivariate data sets will be examined. Coverage of probability, random variables, standard probability distributions and statistical sampling distributions will be sufficient to prepare the student for statistical inference. Inferential topics will include parameter estimation, hypothesis testing for proportions, means and medians, goodness of fit tests, and tests for independence. Standard and computationally intensive regression techniques will also be covered. Prerequisite: MAT 1110. (NUMERICAL DATA; COMPUTER) (ND Prerequisite: passing the math placement test or
successful completion of MAT 0010.)
STT 3851. Statistical Data Analysis II (3).S.
GEN ED: Junior Writing in the Discipline (WID)
The goal of this course is to provide students with exposure to a variety of statistical procedures in order to develop their ability to understand statistically based research. As the course will focus on proper data analysis, sufficient practice with solving real problems using real data will be required. A variety of standard statistical methodologies will be covered including multiple regression, the analysis of variance, and the analysis of covariance. Additionally, several computationally intensive methods will be explored including, but not limited to, areas such as robust regression, bootstrapping, and permutation tests. Students will be required to complete
several data analysis projects that utilize professional editing tools and demonstrate reproducible statistical research. Prerequisites: STT 3850 and ENG 2001 or its equivalent. (WRITING)
STT 4840. Forecasting and Time Series (3).F.
Introduction to time series regression and forecasting methodologies applied to problems in business and the social sciences. Topics include forecasting with ARMA and other models, smoothing techniques, dealing with non-stationary data, time series regression, unit root tests, lags, ARCH and GARCH. Emphasis is placed upon the application of forecasting and time series regression to economic and business data using computer technology. Prerequisite: STT 3851 or permission of the instructor. (NUMERICAL DATA; COMPUTER) (ND Prerequisite: passing the math placement test or successful completion of MAT 0010.)
STT 4860. Probability Models and Statistical Inference I (3).F.
A development of the mathematical foundations of probability and statistical inference. Topics include data collection and organization, counting techniques, axiomatic probability, discrete probability distributions, continuous probability distributions, sampling distributions, point and interval estimation, and tests of hypotheses on a single parameter. Prerequisite: MAT 2130.
STT 4865. Statistical Inference II (3).S.
A continuation in the development of the mathematical foundations of statistical inference. Topics include estimation and tests of hypotheses based on two samples, analysis of variance, simple linear regression and correlation, the analysis of categorical data, and distribution free procedures. Prerequisite: STT 4860.

Finance and Banking Courses:

FIN 3100. Principles of Risk Management and Insurance. (3).F;S.
 An introductory study of the risk management process and the importance of insurance as a method of handling risk. This course is designed to generate an awareness of the nature of risk, its effects on individual and business decisions, and the methods available for treating risk. Course content includes property insurance, auto insurance, life and health insurance, workers compensation and employee benefits. Relationships between risk management and other functional areas of business are also considered. Prerequisite: admission to the College of Business 

 FIN 3680. Introduction to Finance. (3). F;S.
 An introduction to the field of finance in the private sector. The student is introduced to financial management in the business firm to the principles of investment and valuation, and to financial markets and prices. Prerequisite: ACC 1100 and admission to the College of Business.

 FIN 3690. Financial Management. (3).F;S.
 Study of financial functions of a business enterprise conducted from the standpoint of the financial manager. Emphasis on analysis, planning, and financing control; working capital management, capital budgeting, long-term financing; financial structure and valuation, and required return. Prerequisite: FIN 3680.
FIN 3890. Survey of Investment. (3).F;S
 A survey of investment instruments and investment goals. The course provides an overview of basic techniques used to analyze, evaluate, and manage investments. Investment instruments examined include money market instruments,common stocks, bonds, options, futures, and investment companies. Prerequisite: FIN 3680. (SPEAKING) Senior/Graduate Courses
 FIN 4770. Derivatives and Financial Risk Management . (3). F;S.
This course provides a theoretical and practical analysis of the following derivative instruments: forwards, futures, options, options on futures, and swaps. Topics include speculative and hedging strategies, with additional emphasis placed on arbitrage pricing and the mathematics of security valuation. Prerequisite: FIN 3890.
 LAW 2150. Legal Environment of Business. (3).F;S.
 An introduction to the legal process in order to demonstrate its effect on individuals and businesses. A philosophical and historical background of jurisprudence and of the American legal system is supplied as well as a larger in-depth study of the federal and state court systems. Emphasis is also placed on legislative, administrative and common law, stressing specific topics affecting businesses, such as contracts, business crimes and torts, government regulations, environmental protection, and the ethical problems confronting businesses in both the national and international trade settings.