Actuarial Science

• MET AT 505: Actuarial and Financial Data Analysis
  What happens when you need to model a complex actuarial project and your calculator isn't enough? Step into the modern actuarial environment by mastering R Studio, Microsoft Excel, and Microsoft Access. You’ll roll up your sleeves to calculate premiums and analyze loss metrics over the term. It’s not just about crunching numbers; it’s about doing it accurately and on a tight deadline. Mastering these database and programming tools will give you the edge you need to perform high-level analysis and make an immediate impact in your career.
• MET AT 511: Economics and Management Decisions
  Why do some firms thrive in uncertain markets while others fail? The difference lies in strategic economic analysis. Step into the shoes of a corporate leader and learn how to navigate complex choices around pricing, production, and investment. You’ll use microeconomic tools to build probabilistic forecasts, cutting through the noise of an unpredictable economy. You’ll also examine how macroeconomic trends, market structures, and public policy shape the corporate landscape. Get ready to build the economic intuition you need to drive bold management decisions.
• MET AT 521: Financial Mathematics
  It has been said that “compound interest is the eighth wonder of the world.” Have you ever wondered how the passage of time changes the value of a bank account, a 401(k), or a loan payment? Interest rates are the invisible engine driving the entire financial world. Build your theoretical foundation by exploring how interest calculations dictate the terms of bonds, mortgages, annuities, and complex payment structures. You’ll strip away the jargon and learn exactly how financial instruments function at a mathematical level. Mastering this material helps you prepare for the SoA Exam FM / CAS Exam 2.
• MET AT 531: Fundamentals of Actuarial Mathematics
  Prerequisites: MET MA 581 or CAS MA 581; MET AT 521; or consent of instructor. How do actuaries predict the financial future of an insurance policy? You’ll unpack the core mechanics of both long- and short-term insurance. Discover how to build severity and frequency models, and learn the foundational principles of credibility. You’ll also get to see how life insurance companies calculate what its policyholders pay for insurance and annuities (on a theoretical basis). And, you’ll learn and be astounded by how actuaries calculate how long someone is expected to live! Mastering this material helps you prepare for SoA Exam FAM.
• MET AT 541: Introduction to Individual Insurance
  What does it actually take to guarantee someone’s financial security for a lifetime? Individual life insurance and annuities are more than just contracts; they are complex financial ecosystems. You’ll trace the entire lifespan of these products, from initial design and risk classification to pricing and cash flow calculations. We’ll also tackle the big-picture challenges companies face, like navigating taxation, managing required capital, and securing reinsurance. Understand the architecture of individual insurance so you can help build smarter, more resilient financial products.
• MET AT 542: Introduction to Group Insurance
  How do organizations provide reliable health and life benefits to thousands of employees at once? You’ll explore the unique actuarial principles that keep these massive systems afloat. Dive into product design, underwriting, and the complex risk management required to determine premiums and fund collective benefits. While we heavily focus on the US market, we’ll also analyze the Canadian health system to broaden your perspective.
• MET AT 543: Introduction to Property and Casualty Insurance
  When a disaster strikes, who foots the bill? Welcome to the high-stakes world of property and casualty insurance. You’ll learn how actuaries define insurable risks, calculate premiums, and ensure there’s enough money to pay out claims, even after catastrophic losses due to the climate crisis. We’ll break down the structure of homeowners, auto, and liability policies and explore how reinsurance protects insurers. By analyzing the historical court cases that shaped today’s regulations, you’ll gain the deep context you need to navigate the modern industry.
• MET AT 544: Introduction to Pension Mathematics
  Prerequisites: MET MA 581 or CAS MA 581; MET AT 521; or consent of instructor. How do we mathematically guarantee a secure retirement for millions of people? It takes brilliant design and bulletproof funding strategies. You’ll explore the complex world of pension plans, learning how actuaries use life contingencies to calculate decades of future liabilities. We’ll break down various actuarial funding methods and alternative payment structures used in retirement systems worldwide. Equip yourself with the specialized mathematical tools organizations need to build and maintain pensions in a changing economic climate.
• MET AT 545: Introduction to Risk Management
  What if you could see a financial disaster coming before it hits? Risk management is the art and science of anticipating the unexpected. You’ll learn how to build resilient frameworks that protect assets across life, pension, health, and property and casualty insurance. Step into the risk management process to identify, assess, and mitigate threats using industry-standard tools. We’ll also navigate the ethical and regulatory challenges that modern actuaries face. Become the strategic thinker who keeps financial institutions safe in a volatile world.
• MET AT 722: Finance for Actuaries
  Prerequisites: MET AT 521. How do corporate giants value investments and navigate financial markets? Take your knowledge of financial mathematics to the corporate level. You’ll master the tools of the trade, including net present value, internal rate of return, and capital budgeting. Then, you’ll push further into the mechanics of option pricing theory, breaking down binomial lattice valuation and the renowned Black-Scholes formula. Gain the high-level financial acumen needed to drive corporate strategy. This course has been approved for the “Finance” portion of the SoA/CAS VEE credit in Finance and Accounting.
• MET AT 743: Regression and Time Series
  Prerequisites: MET MA 582, CAS MA 582 or consent of instructor. Can yesterday’s data really predict tomorrow’s market? Yes, if you have the right statistical models. You’ll unlock the predictive power of regression and time series analysis. Learn to build multiple regression models, analyze residuals, and tame messy data by addressing heteroscedasticity. Then, shift your focus to the future using time-series smoothing and linear models to forecast trends. Mastering this material helps you prepare for SoA Exam SRM.
• MET AT 761: Mathematics for Investment and Portfolio Theory
  Prerequisites: MET MA 581 or CAS MA581 and AT 521. How do the world’s best financial managers maximize returns without risking it all? They rely on modern portfolio theory. You’ll dissect the risk and return characteristics of primary financial products and master the mathematical principles behind term structures and yield curves. Explore powerful tools like the Markowitz Portfolio Selection Model and the CAPM. By diving into derivative securities and immunization techniques, you’ll develop the sophisticated expertise required for elite interest rate risk management.
• MET AT 762: Mathematical Finance for Actuarial Science
  Prerequisites: MET MA 581 and MET AT 521 or consent of instructor. How do financial institutions protect themselves against massive market swings? They use complex derivatives, which you’ll learn about in this course. You’ll uncover the mathematical mechanics of options and analyze their critical role in insurance and risk management. We’ll break down the rational valuation of these products, mastering put-call parity, binomial options, and the famous Black-Scholes pricing model. Equip yourself with the cutting-edge financial mathematics necessary to manage uncertainty in modern markets.
• MET AT 771: Advanced Long-Term Actuarial Mathematics
  Prerequisites: MET AT 531 or consent of instructor. What happens when your pristine mathematical assumptions collide with a messy reality? It’s time to upgrade your long-term financial models. You’ll explore the critical concept of insurance reserves, learning how they are calculated and how they react when real-world results miss the mark. Expand your expertise by mastering multiple life and decrement models and Multiple State/Markov Chains. By learning to model complex, long-term realities, you’ll elevate your professional practice. Mastering this material helps you prepare for SoA Exam ALTAM.
• MET AT 781: Advanced Short-Term Actuarial Mathematics
  Prerequisites: MET AT 531 or consent of instructor. How do you accurately price an insurance policy when you don’t have all the data? In short-term insurance, like medical or auto, uncertainty is the only constant. You’ll push your modeling skills to the limit by tackling advanced severity, frequency, and aggregate models. You’ll learn to evaluate both complete and incomplete data sets to build accurate pricing structures. Finally, you’ll master crucial credibility models, including Classical, Bühlmann-Straub, and Bayesian methods, to continuously refine your accuracy. Mastering this material helps you prepare for SoA Exam ASTAM.
• MET AT 799: Capstone in Actuarial Science
  Restrictions: only for students in the final semester of the MS in Actuarial Science degree program. Are you ready to prove you have what it takes to solve real industry problems? This is where everything you’ve learned comes together. You’ll collaborate with your peers on a massive, integrated research project, tackling the exact challenges facing today’s top insurance and financial firms. You won’t just run numbers; you’ll develop comprehensive, innovative solutions. In addition, the course emphasizes the “soft skills” of actuarial work, including ethics, the Emotional and Adaptability Quotients (EQ and AQ), Actuarial Standards of Practice, and the history of insurance.
• MET AT 981: Internship in Actuarial Science 1
  Prerequisites: MET AT 521, MET AT 531, cumulative GPA of 3.3 or higher, and consent of instructor. The course is offered to students who seek practical applications of actuarial principles in insurance companies, financial institutions, pension consulting firms, and other related fields. Participation in an internship program within the industry is required.
• MET AT 982: Internship in Actuarial Science 2
  Prerequisites: MET AT 521, MET AT 531, cumulative GPA of 3.3 or higher, and consent of instructor. The course is offered to students who seek practical applications of actuarial principles in insurance companies, financial institutions, pension consulting firms, and other related fields. Participation in an internship program within the industry is required.
• MET AT 990: Seminar in Actuarial Science
  Seminars are offered for special topics related to actuarial science, life insurance, casualty insurance, insurance medicine, mortality and mobility, health outcomes, economics, policy, pension, social insurance, mathematical finance, statistics, and other related fields. Variable credits.
• MET AT 991: Directed Studies 1
  Prerequisite: consent of instructor. What if you could design your own course to solve a problem you’re truly passionate about? Directed Studies give you the freedom to build a custom academic journey. Working under the direct mentorship of a faculty advisor, you’ll conduct deep, specialized research on a topic of your choosing. Whether you want to explore an obscure actuarial theory or solve a novel industry challenge, this is your chance to break new ground. Apply through the department and start innovating.