Actuarial Science Course Descriptions

ACSC 041 - Actuarial Science Internship Term 1
First four month term of Actuarial Science Internship Program.

ACSC 042 - Actuarial Science Internship Term 2
Second Term of Actuarial Science Internship Program. *** Prerequisite: ACSC 041 ***

ACSC 043 - Actuarial Science Internship Term 3
Third term of Actuarial Science Internship Program. *** Prerequisite: ACSC 042 ***

ACSC 044 - Actuarial Science Internship Term 4
Fourth term of Actuarial Science Internship Program. *** Prerequisite: ACSC 043 ***

ACSC 116 - Mathematics of Finance I
This course provides a basis of financial mathematics. Topics include measurement of interest, basic and general annuities, yield rates, amortization schedules, and sinking funds. ***Prerequisite: MATH 103 or 110*** *Note: Students can receive credit for only one of MATH 116 and ACSC 116*

ACSC 216 - Mathematics of Finance II
This course is a continuation of Mathematics of Finance I and covers more advanced topics ranging from the theory of interest to principles of corporate finance. Specific topics include bonds, securities, analysis of risk and basic principles of pricing theory. ***Prerequisite: ACSC 116 or MATH 116*** *Note: Students can receive credit for only one of MATH 216 and ACSC 216*

ACSC 217 - Introduction to Actuarial Mathematics
Topics include: economics of insurance, applications of probability to problems of life insurance, life annuities, and life tables. ***Prerequisite: ACSC 116 or MATH 116, and STAT 251.*** *Note: Students may receive credit for only one of ACSC 217 or STAT 217.*

ACSC 300 - Statistical Learning and Predictive Modeling
Selected topics and techniques in statistical learning and predictive modeling, including linear models, logistic regression models, regression trees, classification models and statistical software. ***Prerequisite: MATH 122, STAT 252, and CS 110*** *Note: Students can receive credit for only one of ACSC 300 and STAT 300*

ACSC 316 - Mathematics of Finance III
This course covers the theory and pricing of financial derivatives such as Puts and Calls, with particular emphasis on the Black-Scholes model. ***Prerequisite: ACSC 216 or MATH 216, and STAT 251*** *Note: Students can receive credit for only one of MATH 316, STAT 316, and ACSC 316.*

ACSC 317 - Actuarial Models I
Probabilistic and deterministic contingency mathematics in life insurance and pensions. Topics include: benefit premiums, benefit reserves, multiple life functions, and multiple decrement models. ***Prerequisite: ACSC 217 or STAT 217*** *Note: Students may receive credit for only one of ACSC 317 or STAT 317*

ACSC 318 - Actuarial Models II
This course introduces collective risk models over an extended period. Stochastic processes are introduced, followed by definition and application of Markov chains. Introductory loss model material is also presented. ***Prerequisite: ACSC 317 or STAT 317*** *Note: Students may receive credit for only one of ACSC 318 or STAT 318*

ACSC 390AA - Canadian Pension Plan Review
A review of Canadian Pension Plans with an emphasis on actuarial mathematics.

ACSC 390AB - Intro. Stoch. Actuarial Models
An introduction to the use of Stochastic Models to solving actuarial problems. *** Prerequisite: ACSC 317 and STAT 351 ***

ACSC 390AC - Mathematics of Finance III - Derivative Pricing
Covers the pricing of European and American style options on investment vehicles including stocks, currencies, commodities and indices. Methods used include the Black-Scholes and binomial tree and other models. Interest rate models will also be covered. ***Prerequisite: ACSC 216 and STAT 251*** **Corequisite: ACSC 318**

ACSC 390AD - Topics in Property & Casualty Insurance
This class is intended to give students an introduction to Property and Casualty insurance and actuarial applications with respect to P&C insurers in Canada. Topics will be selected from the following: Products and Marketplace, Regulatory and Legal Environments, Underwriting, Actuarial Pricing models, Actuarial Valuation models, and Financial Reporting. ***Prerequisite: ACSC 217***

ACSC 416 - Introduction to Financial Enterprise Risk Management
This course aims to provide students with an introduction to financial enterprise risk management. Topics include risk classification, quantitative risk analysis, scenario generation, risk aggregation, risk measures and economic capital, and capital allocation. ***Prerequisite: ACSC 316.***

ACSC 417 - Introduction to Casualty Insurance and Credibility
An introduction to property/casualty loss reserving techniques. Topics include: reserves in casualty insurance, ratemaking process, credibility and ruin theory. ***Prerequisite: ACSC 317.***

ACSC 418 - Time Series Analysis and Forecasting
This course aims to introduce various statistical models for time series and cover the main methods for analysis and forecasting. Topics include: Deterministic time series: Trends and Seasonality; Random walk models; Stationary time series: White noise processes, Autoregressive (AR), Moving Average (MA), Autoregressive Moving Average (ARMA) models; Estimation, Diagnosis and Forecasting with various time series models; computer programming for Time Series Analysis. ***Prerequisite: STAT 354*** *Note: Students may receive credit for only one of ACSC 418 or STAT 418*

ACSC 419 - Estimation and Selection of Actuarial Models
This course continues topics relating to loss models covered in ACSC 318, and includes estimating the parameters for severity, frequency, and aggregate distributions using Maximum Likelihood Estimation as well as Bayesian estimation. The topic of model selection is also considered. ***Prerequisite: ACSC 318 and STAT 351***

ACSC 456 - Applied Stochastic Processes
An introduction to stochastic processes; Markov chains; Poisson processes; renewal processes; Brownian motion; simulation. ***Prerequisite: STAT 351.*** *Note: Credit can be earned for only one of ACSC 456, STAT 456, or STAT 856.*