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metropolitan college
academic courses
graduate courses
actuarial science
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AT 601 Laboratory for Actuarial and Financial Data Analysis I |
| Prereq:
consent of instructor.
The seminar provides students with knowledge and skills to develop
actuarial and financial databases, and implement statistical modeling
techniques as an integral part of automated data analysis. Real
data will be used so that students may have the opportunity to
gain
hands-on experience in assisting decision making related to the
actuarial field and financial market. Microsoft Access, especially
Access Basic and DLL (Dynamic Link Library), as well as SAS will
be used as major computer tools. Seven sessions. (2
cr.)
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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.
(3 cr.)
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AT 721 Mathematics of Compound Interest |
Prereq: MET MA 225
Multivariate Calculus.
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. (4 cr.)
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AT 722 Finance for Actuaries |
Prereq: 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. (4 cr.)
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AT 731 Actuarial Mathematics I |
| Prereq: MET MA 225 Multivariate
Calculus, MET MA 581 Probability, and MET AT 721 Mathematics of
Compound Interest.
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. (4 cr.)
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AT 732 Actuarial Mathematics II |
| Prereq: 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. (4 cr.)
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AT 741 Actuarial Statistics I |
| Prereq: MET MA 582
or CAS MA 582 Mathematical Statistics.
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. (4 cr.)
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AT 742 Actuarial Statistics II |
| Prereq: MET MA 582
or CAS MA 582 Mathematical Statistics.
This course covers: compound model for aggregate claims; credibility
theory, including the Buhlmann-Straub credibility model; and empirical
Bayesian 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.
(4 cr.)
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AT 743 Regression and Time Series |
| Prereq: MET MA 582 or
CAS MA 582 Mathematical Statistics or 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. (4 cr.)
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AT 751 Individual Insurance Applications of Actuarial Principles
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| 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. (4 cr.)
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AT 752 Group Insurance Applications of Actuarial Principles |
| This course covers
the application of basic actuarial principles to group life and
group health financial security systems. Material
covered will include the purpose of these systems, financial security
product design and development, underwriting and risk management,
premium determination, and the funding and valuation of group life
and group health financial security systems. Group systems in the
United States will be emphasized, but the course will also review
the Canadian health system. (4 cr.)
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MET AT 753 Actuarial Valuation and Financial
Statements |
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Prereq: MET AT 731 or consent of instructor. This course will
cover actuarial reserving and financial reporting under the US
Statutory, US GAAP, and Canadian GAAP accounting systems. The course
will review in detail the valuation and financial presentation
of the major life and annuity products: traditional life, universal
life, variable life, deferred annuities, and payout annuities.
Cash flow testing of reserves and the valuation actuary concept
will also be covered. (4 cr.)
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AT 761 Mathematics for Investment and Portfolio Theory |
| Prereq: MET MA 225
Multivariate Calculus, MET MA 581 or CAS MA 581 Probability, and
MET AT 721 Mathematics of Compound Interest.
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.
(4 cr.)
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AT 762 Mathematical Finance for Actuarial Science |
| MET MA 225 Multivariate Calculus, MET MA 581/CAS MA 581 Probability, and MET 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 the rational valuation of derivative products like put-call parity, binomial option pricing, and the Black-Scholes option pricing model. (4 cr.)
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AT 782 Pension Mathematics and Mortality Tables |
| Prereq: MET MA 581
or CAS MA 581 Probability, and MET AT 721 Mathematics of Compound
Interest.
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. (4 cr.)
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MET MA 581 Probability |
| Prereq: MET MA 225, or CAS MA 225 or MA 230 or consent of instructor.
Basic probability, conditional probability, independence. Discrete and continuous random variables, mean and variance, functions of random variables, moment generating function. Jointly distributed random variables, conditional distributions, independent random variables. Methods of transformations, law of large numbers, central limit theorem. Cannot be taken for credit in addition to CAS MA 590. (4 cr.)
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MET MA 582 Mathematical Statistics |
| Prereq: MET MA 581 or CAS MA 581.
Point estimation including unbiasedness, efficiency, consistency, sufficiency, minimum variance unbiased estimator, Rao-Blackwell Theorem, and Rao-Cramer inequality. Also includes maximum likelihood and method of moment estimations; interval estimation; tests of hypothesis, uniformly most powerful tests, uniformly most powerful unbiased tests, likelihood ratio test, and chi-square test.
(4 cr.)
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MA 603 SAS with Statistical Applications |
| Prereq: CAS CS 111,
MET CS 201 or equivalent, and MET MA 214 Applied Statistics.
The course offers a unified and in-depth coverage of the statistical
computer package SAS, and its statistical applications. Topics include
the language of SAS, data formatting, creating and storing SAS data
sets, file manipulations, macro procedure, and graphics. Also included
are procedures for statistical techniques selected from analysis
of variance, regression, factor analysis, scoring, and categorical
data analysis. Several large data sets will be used as case studies
emphasizing hands-on experience with SAS for Windows. Laboratory
course. (4 cr.)
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MET
AT 981 Internship in Actuarial Science I |
| Prereq:
successful completion of MET AT 722 and MET AT 731,
and an overall cumulative GPA of 3.3 or higher.
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. (Variable cr.)
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AT 982 Internship in Actuarial Science II |
| Prereq: successful
completion of MET AT 722 and MET AT 731,
and an overall cumulative GPA of 3.3 or higher.
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. (Variable cr.)
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AT 990 Seminar in Actuarial Science |
| Seminars are offered
for special topics related to actuarial science, life insurance,
casualty insurance, insurance medicine, mortality and mobility,
health outcomes, economics, policy, pension, social insurance,
mathematical finance, statistics, and other related fields. (Variable
cr.)
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AT 991 Directed Studies I |
| Prereq: consent of
instructor.
The course is offered to students who plan to engage in special
research topics under the supervision of a faculty advisor. Application
is made through the Department of Actuarial Science. (Variable cr.)
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AT 992 Directed Studies II |
| Prereq: consent of instructor.
The course is offered to students who plan to engage in special
research topics under the supervision of a faculty advisor. Application
is made through the Department of Actuarial Science. (Variable cr.)
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| (These
courses are offered occasionally. See department for more information.)
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| The following preparation
courses are offered for students and working actuarial professionals
who plan for the SOA/CAS examinations. These are short-term intensive
courses that cover topics related to the professional examinations
in the most recent catalogs of SOA and CAS.
MET AT 651 Mathematical Foundations of Actuarial Science. 2 cr
MET AT 652 Interest Theory, Economics, and Finance. 2 cr
MET AT 653 Actuarial Models. 2 cr
MET AT 654 Actuarial Modeling. 2 cr
MET AT 655 Applications of Basic Actuarial Principles.2 cr
MET AT 656 Finance and Investments. 2 cr
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