# Actuarial Course Descriptions

The University of Texas at Austin offers many actuarial classes to help students prepare for the rigorous actuarial exams. Most are offered every semester, but several are only offered in the spring or fall. This is not an exhaustive list and students should check the course schedule to see which courses will be offered for the upcoming semester.

M 362K - Probability I - Covers SOA Exam P and CAS Exam 1

An introduction to the mathematical theory of probability, fundamental to further work in probability and statistics, includes basic probability properties, conditional probability and independence, various discrete and continuous random variables, expectation and variance, central limit theorem, and joint probability distributions.

Prerequisite: Mathematics 408D, 408L, or 408S with a grade of at least C-.

M 329F - Theory of Interest -  Covers SOA Exam FM and CAS Exam 2

Measurement of interest, present and accumulated value, amortization, sinking funds, bonds, duration, and immunization. Covers the interest-theory portion of Exam FM of the Society of Actuaries and Exam 2 of the Casualty Actuarial Society.

Prerequisite: Mathematics 408D, 408L, or 408S with a grade of at least C-.

M 339J - Probability Models with Actuarial Applications -
First course of a two semester sequence to cover Short-Term Insurance.  Covers many of the Short-Term Learning Outcomes on SOA Exam FAM, topics in Section A and B on CAS Exam MAS-I, and Section A on CAS Exam MAS-II

An introduction to modeling and important actuarial methods useful in modeling.  Students will be introduced to a variety of frequency, severity, and aggregate models that are useful for short-term actuarial applications.

Prerequisite: Mathematics 358K or 378K with a grade of at least C-.

M 349P - Actuarial Statistical Estimates -
Second course of a two semester sequence to cover Short-Term Insurance.  Covers material on SOA Exam ASTAM, topics in Section A and B on CAS Exam MAS-I, and Section A on CAS Exam MAS-II

Students will learn how to analyze data in a business context, determine a suitable model including parameter values, provide measure of confidence, and estimate losses using credibility procedures.  Students will also be introduced to the fundamental principles of pricing and reserving and some common short-term insurance and reinsurance coverages.

Prerequisite: Mathematics 339J, and 341 or 340L, with a grade of at least C- in each.

M 339U - Actuarial Contingent Payments I -
First course of a two semester sequence to cover Long-Term Insurance.  Covers the Long-Term Learning Outcomes on SOA Exam FAM

Intermediate actuarial models for life insurance, survival models, life tables, insurance, annuities, premium calculation and policy values.

Prerequisite: Mathematics 362K with a grade of at least C-; credit with a grade of at least C- or registration for Mathematics 329F; and credit with a grade of at least C- or registrationfor Mathematics 340L or 341.

M 339V - Actuarial Contingent Payments II -
Second course of a two semester sequence to cover Long-Term Insurance.  Covers material on SOA Exam ALTAM

Advanced actuarial models for life insurance, property insurance, and annuities. Topics include policy values, multiple state models, joint-life and last survivor models, pensions, non-diversifiable risks, universal life, and emerging costs for life insurers.

Prerequisite: Mathematics 329F, and M 339U with a grade of at least C- in each.

M 339D - Introduction to Financial Math for Actuaries -
Covers Option Pricing Fundamentals on Exam FAM, along with other financial topics that students may find helpful in their professional and personal lives.

The material exhibited includes: basic risk management, forward contracts, European call/put options, the binomial asset pricing model and its application to option pricing, the Black-Scholes pricing formula, delta-hedging, and Monte-Carlo Simulations.  This course is aimed at building the vocabulary and the techniques indispensable in the workplace at current financial and insurance institutions.  This is not an exam-prep seminar.  This course carries a writing flag.

Prerequisite: Mathematics 329F and 362K with grades of at least C-.

M 349R - Applied Regression and Time Series

Introduction to simple and multiple linear regression and to elementary time-series models, including auto-regressive and moving-average models. Emphasizes fitting models to data, evaluating models, and interpreting results.

Prerequisite: Mathematics 339J or 339U, and 358K or 378K, with a grade of at least C- in each.

M 339C - Actuarial Case Studies

Introduces aspects of basic ratemaking, reserving, catastrophe modeling,and rate classification in a property & casualty actuarial context. Explores loss & premium trending, loss triangles, loss development, loss ratios, on-level premium, and accident year vs. calendar year vs. policy year data.

Prerequisite: Mathematics 329F with a grade of at least C-; and Mathematics 339J or 339U with a grade of at least C-.

M 339G - Predictive Analytics

Designed for students in mathematics and actuarial science. Explore an introduction to predictive modeling that starts with least squares as a foundation and takes a modern approach applicable to classification and prediction in the presence of large datasets.

Prerequisite: Mathematics 341 or 340L with a grade of at least C-; and Mathematics 378K with a grade of at least C-.