Actuarial Science Major Learning Goals

LEARNING GOALS OF PROGRAM:

Upon completion of the major, students will be able to:

1. Solve problems requiring elements of calculus: differentiation, infinite processes, and integration for the study of actuarial science.
2. Model real situations that involve questions of probability in mathematical form and to identify and apply such techniques as are adapted to solving the resulting mathematical problems.
3. Solve problems in mathematical statistics involving quantitative approaches to inference: to structure tests of hypotheses, to determine confidence levels for the results, and to assess distributions of values.
4. Compute interest for bonds, various kinds of annuities, and installment buying.
5. Solve problems involving elements of the mathematics of finance: finite difference methods, simulation, pricing of different kinds of options, and arbitrage pricing theory.
6. Solve problems requiring a knowledge of one or more elective areas, such as computer programming; stochastic processes; the application of principles of probability to fire, automobile, disability, and other kinds of insurance; the application of probability theory and the theory of interest to the pricing of insurance; and approaches to multiple life functions, multiple decrement modes, valuation of pension plans, non-forfeiture benefits, and dividends.
7. Make decisions when confronted by uncertainty and incomplete knowledge by analyzing individual and collective risk in various time frames.