Information on some courses
Calculus courses.
Calculus is a branch of mathematics that studies
continuously changing quantities. A key notion is that of the
passage to the limit: quantities which tend to an ultimate value.
The basic tools from calculus are differentiation and
integration. The methods of calculus are
essential to any modern science. Binghamton University offers the following courses in
calculus:
- Math 221. Calculus I.
- Math 222. Calculus II.
- Math 323. Calculus III.
Probability and Statistics courses.
Many problems which an actuary has to deal with involve
(contingent) uncertain events. Probability Theory is the branch of
mathematics which studies the asignment of probabilities to
random events. Binghamton University offers the following course in Probability Theory using calculus:
Math-447.
Introduction to Probability and Statistics I
:
Counting techniques, independence and conditional probability,
discrete and continuous random variables, special distributions,
expected values and moments, multivariate distributions,
conditional distributions,
transformations of random variables, limit theorems.
4 credits. Offered both in Fall and Spring.
Binghamton University offers a course in the preparation
for the first actuarial exam:
Math 449. Problem Solving in Actuarial Sciences
: Review of Math-447 for the first actuarial exam. 4 credits. Offered each
Spring.
Another part of mathematics studying randomness is
Statistics. Statistics studies the collection and analyzing
of data. Binghamton University offers the following course in Statistics using calculus:
Math 448. Introduction to Probability and Statistics II
:
Random sampling, point estimation, t, chi-squared and F
distributions,
sufficient statistics, minimum variance unbiased estimators,
confidence
intervals, tests of hypothesis, uniformly most powerful tests,
Bayesian
methods, linear models. 4 credits. Offered both in Fall and Spring.
Financial Mathematics course.
The department of mathematics offers the following course in Financial Mathematics:
Math 346. Interest Theory
: Accumulation function, simple and compounded interest,
effective and nominal rates of interest and discount, force of interest,
level and nonlevel annuities and pepetuities,
amortization, reinvestment, sinking funds, bonds, depretiation methods,
short sales of stock, term structure of the interest rates,
duration, convexity, derivative markets. 4 credits. Offered both in Fall and Spring.
Actuarial courses.
Actuaries in their use sophisticated probability models.
Binghamton University offers the following course in
actuarial stochastic models:
Math 450. Actuarial Mathematics I
:
Survival models, life tables, life insurance, life annuities, benefit premiums.
4 credits. Offered each Fall.
Math 452. Actuarial Mathematics I
: Benefit reserves, multiple life functions, multiple decrement models, Markov chains,
Poisson processes. 4 credits. Offered each Spring.
Basic courses in Economics
An actuary studies (contingent)
uncertain events which have financial consequences. An actuary
must have a good knowledge of economics/finance.
The second actuarial exam covers microeconomics,
macroeconomics, corporate finance and theory of interest.
The following courses deal with microeconomics and macroeconomics:
- ECON 160. Principles of Microeconomics.
- ECON 162. Principles of Macroeconomics.
- ECON 360. Microeconomic Theory.
- ECON 362. Macroeconomic Theory.
Courses in Finance
To prepare for the finance part of the second actuarial exam,
SOM students can take different courses from Harpur students.
Anyhow, these courses offer only a partial preparation for the
second actuarial exam.
Harpur students can take Econ 442, Financial Economics.
SOM students can take: Fin 311, Financial Management;
Fin 322, Investments; Fin 324, Corporate Finance.
Meeting of the Actuarial Association