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MET AR 803: Internship in Arts Administration
Two consecutive two-credit courses for planning (AR 802) and fieldwork (AR 803) phases of the internship. Students may not register for MET AR 803, or begin their actual internship until they have completed a minimum of six of the ten required courses. Arts Administration degree students only.
MET AR 804: Advanced Management and Consulting for Arts Organizations
The purpose of this course is to increase students' ability to analyze and solve problems that confront arts organizations. Students will apply financial, marketing, fundraising, and legal knowledge and techniques to (1) in-class discussion of key management issues of concern to senior leadership, and (2) a semester-long consulting project which partners and team of students with a local arts organization. Permission from instructor required/arts administration students only. Students may not register for MET AR 804 until they have completed a minimum of six required courses.
MET AS 101: The Solar System
One of the great achievements of modern science is to understand where we are in space and time. Since the 1920's, we have known our cosmic address in the Milky Way galaxy, and from the 1930's on we have been refining our understanding of where we are in the history of the universe. This perspective has been hard-won, through persistent questioning, observation and creative thinking, and its historical development parallels the development of the process of science. It has also led to our present efforts to understand the origin and evolution of life as well as the future of our planet and the very existence of humanity. Since the 1970's, we have been enjoying a remarkable period of solar system exploration. We have landed on and flown by worlds both nearby and far away allowing us to download maps of other solar system objects onto our hand-held devices. With new, larger telescopes, we have discovered new planetary systems, new classes of objects in our solar system and even revised the definition of the word planet. Most profoundly of all, we are actively searching for life elsewhere in our solar system. In this course we will examine how we came to our present understanding of our place in the universe and the recent discoveries that are making solar system science so exciting.
MET AS 102: The Astronomical Universe
The birth and death of stars. Red giants, white dwarfs, black holes. Our galaxy, the Milky Way, and other galaxies. The Big Bang and other cosmological theories of our expanding universe. Use of the observatory. Carries natural science divisional credit.
MET AS 109: Cosmology
The course focuses on the evolution of cosmological thought from prehistory to the present. Topics include: Greek astronomy, including Copernicus, Galileo, Newton, and Einstein; motion, gravity, and the nature of space-time; the expanding universe; the early universe and the Big Bang. This course carries a natural science divisional credit (without lab) in MET.
MET AT 602: Laboratory for Actuarial and Financial Data Analysis II
A more in-depth seminar than AT 601, covering the same topics in greater detail. Ten sessions.
MET AT 721: Mathematics of Compound Interest
Undergraduate Prerequisites: MET MA 225.
This course develops uses of interest as it relates to the theory of finance. It will develop an understanding of interest calculations as they relate to bonds, mortgages, annuities under continuous and discrete payment schemes, and for instruments with non-level payment schemes.
MET AT 722: Finance for Actuaries
Undergraduate Prerequisites: MET AT 721.
This course covers basic models and tools of corporate finance. Topics include net present value valuation, internal rate of return and profitability index models, capital budgeting models and efficient market hypotheses. These tools will be used to understand and apply basic principles of option pricing theory, including the Black-Scholes formula with application to binomial lattice valuation.
MET AT 731: Actuarial Mathematics I
Undergraduate Prerequisites: MET MA 225 ; MET MA 581 ; MET AT 721.
This course covers the fundamental principals of actuarial science. It begins with a discussion of survival models, including the functions that define them and special cases. A comparison is made between discrete and continuous models. Topics in the actuarial aspects of insurance will be covered, as will determination of annuities. Finally, the course will discuss the methodology of calculation of premiums. For all these topics, a basic framework will be presented, then more sophisticated models will be developed.
MET AT 732: Actuarial Mathematics II
Graduate Prerequisites: MET AT 731 or consent of instructor.
This course builds on the topics developed in MET AT 731. Insurance Reserves are introduced, and methods for determining reserves are studied. The course covers multiple life functions and multiple decrement functions. The latter part of the course focuses on ruin models.
MET AT 741: Actuarial Statistics I
Graduate Prerequisites: CAS MA 582.
This course covers distributions of the size and frequency of insurance claims. Topics include empirical estimation, parametric estimation, Bayesian estimation, models for incomplete data, and evaluation of estimation processes. It also includes modeling problems that arise from truncation and modification at zero, compound frequency, as well as the interaction of frequency with severity and exposure. The course emphasizes applications of statistical principles in actuarial models and modeling.
MET AT 742: Actuarial Statistics II
Undergraduate Prerequisites: MET MA 582 or CAS MA 582.
This course covers: compound model for aggregate claims; credibility theory, including the Buhlmann-Straub credibility model; and empirical Baysian methods. Also included are process models for insurance, discrete, and finite-time ruin probabilities. The course emphasizes applications of statistical principles in actuarial models and modeling.
MET AT 743: Regression and Time Series
Prereq: CAS MA 582 or MET MA 582 Mathematical Statistics consent of instructor. Part I of this course will cover simple and multiple regressions, serial correlation and heteroscedasticity, analysis of residuals, and stepwise analysis techniques. Part II will cover time series analysis including smoothing and extrapolation of time series, linear time series models, model building procedure, and forecasting, as well as case studies.
MET AT 751: Individual Insurance Applications of Actuarial Principles
This course covers the application of basic actuarial principles to individual life and annuity financial security systems. Material covered will include the purpose of these systems, the development of financial security products, risk classification, actuarial pricing assumptions, the calculation of product cash flows, the purpose of reserves and different reserve methods. Taxation, required capital, profit measurement, and reinsurance considerations will also be studied.
MET AT 754: Casualty Insurance Principles
MET AT 754 is a survey of the Property and Casualty Industry from an actuarial science perspective. Topics will include the theory of insurance, including what risks are insurable, how to calculate premiums on them, and pay losses on the inevitable claims; the history of the insurance industry, focusing on court cases that shaped the current regulatory structure; the basic policy structures of homeowners, auto, and liability insurance; and reinsurance.
MET AT 761: Mathematics for Investment and Portfolio Theory
Undergraduate Prerequisites: MET MA 225, CAS MA 581, and MET AT 721
This course covers the risk and return characteristics of primary financial products, fundamental principles of modern portfolio theory, term structures and yield curves, Markowitz Portfolio Selection Model, CAPM and its applications to portfolio management, derivative securities, duration, immunization, and interest rate risk management.
MET AT 762: Mathematical Finance for Actuarial Science
Graduate Prerequisites: MET MA225 Multivariate Calculus, MET MA581/CAS MA581 Probability, andMET AT 721 Mathematics of Compound Interest
This course covers the analysis of derivative products and their use in insurance and risk management strategies. It covers selected aspects of rational valuation of derivative products like put-call parity, binomial option, and Black Scholes option pricing model. 4cr.
MET AT 782: Pension Mathematics and Mortality Tables
Undergraduate Prerequisites: (MET MA581 or CAS MA581) and MET AT721
This course covers pension actuarial funding methods and the use of life contingencies. Included are analyses of the funding methods allowable under ERISA, their computation, and uses. We will also review the use of mortality tables, and discuss the various actuarial functions that are used in pension actuarial calculations. Finally, the course will review implications for pension funding under the IRS Code.
MET AT 981: Internship in Actuarial Science I
The course is offered to students who seek practical applications of actuarial principles in insurance companies, financial institutions, pension consulting firms, and other related fields.
MET AT 982: Internship in Actuarial Science II
Graduate Prerequisites: MET AT722 and AT731 and cumulative GPA of 3.3 or higher and consent of instructor
The course is offered to students who seek practical applications of actuarial principles in insurance companies, financial institutions, pension consulting firms, and other related fields. The course requires students to participate in an internship program within the industry. Students need to submit monthly progress reports and a final semester report to the Chairman, Department of Actuarial Science at Boston University.