Actuarial Science Graduate Courses

Click on any course title below to read its description. Courses offered in the upcoming semester include a schedule, and are indicated by a label to the right of the title.

General

A more in-depth seminar than AT 601, covering the same topics in greater detail. Ten sessions.  [ 3 cr. ]

Fall 2016
Section Type Instructor Location Days Times
F1 IND Patashnick FLR 266 S 9:30 am – 12:30 pm
F2 IND Patashnick FLR 266 S 1:30 pm – 4:30 pm
Spring 2017
Section Type Instructor Location Days Times
F1 IND Patashnick FLR 265 S 9:30 am – 12:30 pm

Mathematical Finance

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. ]

Fall 2016
Section Type Instructor Location Days Times
A1 IND Patashnick FLR 133 M 6:00 pm – 9:00 pm
B1 IND Horwitz FLR 121 TR 3:30 pm – 5:00 pm
Spring 2017
Section Type Instructor Location Days Times
B1 IND Silverman FLR 121 T 6:00 pm – 8:45 pm

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. ]

Fall 2016
Section Type Instructor Location Days Times
B1 IND Creegan FLR 133 T 6:00 pm – 9:00 pm
Spring 2017
Section Type Instructor Location Days Times
A1 IND Johns KCB 201 M 6:00 pm – 8:45 pm
B1 IND Horwitz FLR 133 TR 3:30 pm – 5:00 pm

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. ]

Section Type Instructor Location Days Times
A1 IND Tepfer CAS 322 M 6:00 pm – 8:45 pm
B1 IND Tepfer CAS 204B T 6:00 pm – 8:45 pm

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. ]

Section Type Instructor Location Days Times
A1 IND Tepfer HAR 228 M 6:00 pm – 9:00 pm

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. ]

Section Type Instructor Location Days Times
A1 IND Patashnick FLR 121 MW 3:30 pm – 5:00 pm
D1 IND Tepfer KCB 103 R 6:00 pm – 9:00 pm

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.  [ 4 cr. ]

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.  [ 4 cr. ]

Section Type Instructor Location Days Times
C1 IND Ginovyan MCS B23 W 6:00 pm – 8:45 pm
C2 IND Creegan FLR 133 W 2:30 pm – 5:15 pm

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. ]

Section Type Instructor Location Days Times
C1 IND Horwitz FLR 133 W 6:00 pm – 9:00 pm

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. ]

Section Type Instructor Location Days Times
B1 IND Silverman FLR 133 T 2:00 pm – 5:00 pm

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.   [ 4 cr. ]

Section Type Instructor Location Days Times
C1 IND Patashnick FLR 133 W 6:00 pm – 8:45 pm

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. ]

Section Type Instructor Location Days Times
B1 IND Urciuoli KCB 103 T 6:00 pm – 9:00 pm

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.   [ 4 cr. ]

Section Type Instructor Location Days Times
A1 IND Patashnick FLR 123 M 2:30 pm – 5:15 pm
B1 IND Wang CAS 318 T 6:00 pm – 8:45 pm

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. ]

Probability and Statistics

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.   [ 4 cr. ]

Section Type Instructor Location Days Times
D1 IND Weiner CAS 203 R 6:00 pm – 9:00 pm

Interval estimation. Point estimation including sufficiency, Rao-Blackwell theorem, completeness, uniqueness, Rao-Cramer inequality, and maximum likelihood estimation. Tests of hypothesis: uniformly most powerful tests, uniformly most powerful unbiased tests, likelihood ratio test, chi-squared test, comparison of means and variances, ANOVA, regression, and some nonparametric tests.   [ 4 cr. ]

Section Type Instructor Location Days Times
D1 IND Weiner CAS 229 R 6:00 pm – 8:45 pm

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. ]

Section Type Instructor Location Days Times
C1 IND Govonlu FLR 265 W 6:00 pm – 9:00 pm

Actuarial Internships

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.  [ Var cr. ]

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.  [ Var cr. ]

Seminars and Directed Studies

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.  [ 4 cr. ]

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.  [ Var cr. ]

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.  [ Var cr. ]

Preparation Courses for SOA/CAS Professional Actuarial Examinations

Although the Department of Actuarial Science is not currently offering any Preparation Courses for the SOA/CAS Professional Actuarial Exams, our regular academic courses cover all of the material included in the first four actuarial examinations. Please contact the department (actuary@bu.edu) for specific course numbers.

In addition, we offer courses that have been approved by the SOA/CAS to grant Validation by Educational Experience (VEE) credit in Applied Statistical Methods (MET AT 743) and in Corporate Finance (MET AT 722).