Actuarial science minor course description

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Actuarial Science Minor Description

Natalia A. Humphreys

University of Texas at Dallas ? School of Natural Sciences and Mathematics

Minor in Actuarial Science

The Minor in Actuarial Science program at UT Dallas is created to satisfy the students' demand from various schools at UTD. In particular, students from the School of Management (Accounting, Business Administration, Finance), School of Natural Sciences and Mathematics (Mathematics, Statistics, Biology), and School of Engineering and Computer Science (Electrical Engineering, Mechanical Engineering, Computer Engineering), expressed the most interest.

The Minor in Actuarial Science program at UT Dallas is administered through the Department of Mathematical Sciences. It is ideal for students who are interested in broadening their experience and knowledge base in the study and analysis of principles of Actuarial Science. The minor core courses prepare students for a number of actuarial exams required for a designation of Associate of the Society of Actuaries, Casualty Actuarial Society, or Canadian Institute of Actuaries. Specifically, the minor provides students with an intense background in principles of actuarial models. The minor opens a broad path to an actuarial professional world. There are a large number of actuarial consulting firms and insurance companies in the Dallas-Fort Worth area providing the graduates excellent employment opportunities locally, as well as nationwide.

Students not majoring in Actuarial Science may obtain a minor in Actuarial Science by satisfying the following requirements: 6 credit hours of actuarial science and 3 credit hours of statistics chosen from the following courses:

Minor Core Courses (9 hours)1

1. STAT 4351 (F) ? Probability 2. ACTS 4301 (Sp) Principles of Actuarial Models: Life Contingencies I 3. ACTS 4308 (F) Actuarial Financial Mathematics

Following are the prerequisite requirements for these classes:

Minor Preparatory Courses* (15 hours)

1. MATH 2417 Calculus I (Differential Calculus) 2. MATH 2419 Calculus II (Integral Calculus) 3. MATH 2451 Multivariable Calculus with Applications 4. MIS 3300 Introduction to Management Information Systems

* Students whose major does not require MATH 2417 and MATH 2419 as part of their Mathematics and Quantitative Reasoning Core Curriculum Requirements, should take this sequence as their core curriculum courses to ensure efficiency toward the minor.

1 These classes prepare for the three preliminary actuarial examinations jointly administered by the Society of Actuaries (SOA), Casualty Actuarial Society (CAS) and the Canadian Institute of Actuaries (CIA).

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Actuarial Science Minor Description

Natalia A. Humphreys

What is an actuary?

"Through their knowledge of statistics, finance, and business, actuaries assess the risk of events occurring and help create policies that minimize risk and its financial impact on companies and clients. One of the main functions of actuaries is to help businesses assess the risk of certain events occurring and formulate policies that minimize the cost of that risk." - Bureau of Labor Statistics

Who can earn the minor?

The minor is open to students in all majors who fulfill the preparatory requirements.

What are the benefits of completing the minor?

All of the courses in the minor serve as starting points for learning the concepts covered on the preliminary actuarial exams (P/1, FM/2, MLC/3L). Most companies hiring actuaries want to see that the students have attempted at least two of the first five exams before graduation. Companies that actively recruit at UTD include Blue Cross Blue Shield, Towers Watson and Swiss Re.

Where can I go on the web to find out more about actuaries and what they do?

Information on actuaries and the exam process: U.S. Department of Labor Occupational Outlook handbook: bls.goc/oco/ocos041.htm American Academy of Actuaries: aboutus.asp

Minor in Actuarial Science Course Descriptions

STAT 4351 Probability (3 semester hours) Probability models, random variables, expectation, special distributions, and the central limit theorem. The theory is illustrated by numerous examples. This class covers parts of CAS Exam 1 and SOA Exam P.

Prerequisite: MATH 2451. (3-0) T

ACTS 4301 Principles of Actuarial Models: Life Contingencies I (3 semester hours) The purpose of this class is to develop the student's knowledge of the theoretical basis of life contingent actuarial models and the application of those models to insurance and other financial risks. Life contingencies, survival models, life insurances, annuities and premiums will be studied. This class covers parts of CAS Exam 3L and SOA Exam MLC.

Prerequisite: STAT 4351, or instructor consent required. (3-0) T

ACTS 4308 Actuarial Financial Mathematics (3 semester hours) The purpose of this 3 semester hour course is to provide an understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in:

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Actuarial Science Minor Description

Natalia A. Humphreys

reserving, valuation, pricing, asset/liability management, investment income, capital budgeting, and valuing contingent cash flows. The students will also be given an introduction to financial instruments, including derivatives, and the concept of noarbitrage as it relates to financial mathematics. This class covers topics of Exam 2/FM.

Prerequisites: MATH 2451 and MIS 3300, or instructor consent required. (3-0) R

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