|Master of Actuarial Science (M.Act.Sc) |
Bachelor degree in a calculus-based quantitative discipline (e.g. Engineering, physics, chemistry, business) with at least a 70% average (or equivalent) overall, and good mathematics grades. Knowledge of calculus and matrix algebra is essential. Admission is limited and competitive. Up to two courses may be accepted for credit based on previous background (although the total fee remains the same.) Students from programs with a three year university degree would be admitted if their university course background in mathematics is strong.
Total Courses: 12
Year 1 Term 1:
69-501 Probability for Risk and Actuarial Science
69-502 Financial Mathematics, Theory of Interest
76-503 Introduction to Financial Management*
Year 1 Term 2:
69-503 Derivatives Markets I
76-512 Financial Management
69-520 Regression and Time Series
Year 1 Term 3:
69-504 Derivatives markets II
69-505 Life Contingencies I
Year 2 Term 4
69-506 Life Contingencies II
69-507 Special Topics in Actuarial Science
69-501. Probability for Risk and Actuarial Science
Topics include discrete and continuous probability univariate and multivariate distributions, conditional and marginal distributions. Moments. Generating functions. Transformation of random variables. Order Statistics. Central Limit Theorem. Course is restricted to students in Master of Actuarial Science. (Prerequisite: Integral Calculus.)
69-502. Financial Mathematics, Theory of Interest
Topics include interest rates, force of interest, equations of value, annuities, amortization, bonds, cash flows, yield, rate of return, term structure, forward interest rates, spot rates, duration, convexity, immunization,. Course is restricted to students in the Master of Actuarial Science program
69-503. Derivatives Markets I
Topics include financial derivatives, short selling, European and American options, hedging, arbitrage, forwards, futures, swaps, bond price models, binomial model, binomial model. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-501, 69-502.
69-504. Derivatives Markets II
Topics include Black Scholes option pricing, exotic options, Brownian motion, Ito integrals. Stochastic models. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-503.
69-505. Life Contingencies I
Topics include life contingencies, survival distributions and life tables, life annuities, net premiums, premium reserves. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-502.
69-506. Life Contingencies II
This course builds on the foundational life contingencies knowledge developed in 69-505 and extends into advanced topics in the field. Topics include advanced life contingencies, risk theory, survival models, construction of mortality tables. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-505.
69-507. Special Topics in Actuarial Science
This course allows students to select and explore in depth relevant topics of interest. Topics selected may include areas such as: loss models (severity models, frequency models, aggregate models, losses, risk measures, empirical models, parametric models, failure time, loss distributions), Bayesian analysis, simulation, etc. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-501.
This course provides an introduction to microeconomics , including the tools necessary to begin to understand and evaluate how resources are allocated in a market economy. Specific topics include how markets function, theories of the business firm, of consumer behaviour and of income distribution, supply and demand, the economic roles of labour unions and government. This course is restricted to students in the Master of Actuarial Science program.
This course provides an introduction to macroeconomics with an emphasis on measuring and explaining economic aggregates such as the GDP and the level of prices and employment. Topics include the role of money and financial institutions, the impact of international trade, the policy options available to governments for coping with inflation and unemployment. This course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-510.
69-520. Regression and Time Series
This course introduces regression and time series analyses. Topics include multiple linear regression, least squares, model fitting, estimation, testing, matrix formulation, indicator variables, logistic regression, residual analysis, prediction intervals, times series, autoregressive models, moving average models, ARIMA models, fitting models, estimation and forecasting. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-501.