Actuarial Science (MASC)

Information about experimental courses, when offered, will be available at the Office of the Registrar late in the Spring Quarter preceding the academic year in which the courses are scheduled. Such courses are numbered 191, 291, 391 or 491.

MASC 300 FINANCIAL MATHEMATICS I - 5 hrs
This course develops a practical knowledge of the theory of interest in both finite and continuous time. The knowledge includes how these concepts are used in the various annuity functions, and applies the concepts of present and accumulated value for various streams of cash flows as a basis for future use in reserving, valuation, pricing, duration, asset/liability management, investment income, capital budgeting and contingencies. Prereq: MATH 180.

MASC 301 FINANCIAL MATHEMATICS II - 5 hrs*
The purpose of this course is to explore the properties of derivative security that are commonly encountered in practice and to provide a theoretical framework within which all derivatives can be valued and hedged. Prereq: MASC 300 and MATH 310.

MASC 400 ACTUARIAL MODELS I - 5 hrs (alt. yrs.)
This course begins the development of the student�s knowledge of the theoretical basis of actuarial models and the application of these models to insurance and other financial risks. Students will develop a basic understanding of the quantification of the financial impact of contingent payments, including survival distributions and life tables, life insurance, life annuities, and benefit premiums. Prereq: MASC 300 and MATH 310.

MASC 401 ACTUARIAL MODELS II - 5 hrs (alt. yrs.)
This course continues the development of the student�s knowledge of the theoretical basis of actuarial models and the application of these models to insurance and other financial risks. Further aspects regarding the quantification of the financial impact of contingent payments will be examined including benefit reserves, multiple life functions and multiple decrement models. Prereq: MASC 400 and MATH 311.

MASC 402 ACTUARIAL MODELS III - 5 hrs (alt. yrs.)
An introduction to frequency and severity models. This course further continues the development of the student�s knowledge of the theoretical basis of actuarial models and the application of these models to insurance and other financial risks. Students will develop a basic understanding of counting distributions (frequency distribution), loss distributions, compound distributions, and ruin theory. Prereq: MASC 401.

MASC 410 SURVIVAL ANALYSIS - 5 hrs*
The purpose of this course is to introduce the nature and properties of survival models, including both parametric and tabular models; methods of estimating tabular models from both complete and incomplete data samples, including the actuarial, moment, and maximum likelihood estimation techniques; methods of estimating parametric models from both complete and incomplete data samples, including parametric models with concomitant variables; and applications and extensions of survival models. Prereq: MASC 402.

MASC 411 CREDIBILITY AND LOSS DISTRIBUTIONS - 5 hrs*
Application of statistical theory to development and estimation of loss distributions; fitting distributions to truncated and grouped data; analysis of simulated data; classical, Bayesian, and Buhlmann credibility models for experience rating. Prereq: MATH 311.

MASC 430 PROBLEM SOLVING IN ACTUARIAL SCIENCE - 3 hrs
Through solving problems from previous years� Actuarial Exams, students will be well-prepared for taking Examinations I (Mathematical Foundations of Actuarial Science) and II (Interest Theory, Economics, and Finance) administrated by the Society of Actuaries of North America. This course may be repeated, however no more than six hours of this course may count toward an actuarial science major. Prereq: A B or better in MATH 200 and MATH 220, or permission of instructor.

MASC 490 INTERNSHIP - 5-15 hrs

MASC 498 ACTUARIAL SCIENCE ASSESSMENT - 0 hrs
Students will complete an Actuarial Examination administrated by the Society of Actuaries during their senior year. Each student will meet with her/his academic advisor to discuss results in relation to career goals. Prereq: Senior standing.

* Indicates course offered as enrollment warrants.