Course Outline & Description
Part I
Note: To progress to Part II of The Actuarial
Science program Students must
obtain passes in the four P.A.S courses. CS11A, CS11B, M10A, M10B
Part II Compulsory
Furthermore,
a minimum of eleven (11) additional credits should be selected from:
Code
|
Names
|
Credits
|
M30Q
|
Matrix Theory
|
4
|
M32A
|
Numerical Analysis
|
4
|
M32B
|
Optimization Theory
|
4
|
M32C
|
Topics in Operation
Research
|
4
|
M33R
|
Complex Analysis
|
4
|
M34T
|
Survival
Models/Construction of Tables
|
4
|
M36Q
|
Metric Spaces and
Topology
|
4
|
CS22Q
|
Software
Engineering
course
site
|
4
|
CS35Q
|
Information Systems
course
site
|
4
|
SY35B
|
Demography I
|
3
|
UNIVERSITY
COURSES
FD10A
ENGLISH FOR ACADEMIC PURPOSES
(3 Credits)
FD11A
CARIBBEAN CIVILIZATIONS
(3 Credits)
Semester
II
This
course includes: Cultural matrices/Foundations, the Emergence of Caribbean Diaspora
(African and Asian) Civilizations, Caribbean Civilizations and the Quest for
Human Dignity, Ideas, Ideologies and Theologies and Aspects of Caribbean
Entertainment.
FD13A
LAW, GOVERNANCE, ECONOMY AND SOCIETY
(3 credits)
This
course includes: Sources of law, administration of justice, constitutional and
subsidiary fundamentals, nature and functions of law, theories of the state and
issues of governance, comparative government, Caribbean economy, the evolution
of Caribbean society, society and culture in the Caribbean and Caribbean social
problems.
CS11A INTRODUCTION TO COMPUTER SCIENCE
I
(6
Credits) Semester 1 Level I
Pre-requisite:
O'Level Math
It
is highly recommended that students who have not done Computer Science at
A'level should do some reading to become familiar with this course. A useful resource
is the course sites for computer
science.
Selection
is on the basis of 'A' level or M08B and M08C grades in Mathematics and previous
Computer Science education.
Syllabus:
A
historical overview of computing systems. Applications of Computers. Input,
output and secondary storage devices.
Data
Types and data representation: Number systems. Coding information using bit
patterns. Representation of integers, reals and characters in a computer.
Problem
solving and Programming: Algorithm development using pseudo code. Character
sets, constants, variables, arithmetic expressions, logical expressions.
Input/output operations. Assignment, sequence selection and repetitive
statements. Arrays. Sequential and binary search. Merging of ordered lists.
Simple sorting methods (selection, insertion, exchange). Modular programming
with subprograms (functions and procedures). Principles of good programming
style. Documentation. Debugging and testing techniques.
Assessment;
Final Exam – 60%
In course work – 40%
CS11B
INTRODUCTION TO COMPUTER SCIENCE II
(6
Credits) Semester 2 Level I
Selection
as for CS11A
It
is highly recommended that students who have not done Computer Science at
A'level should do some reading to become familiar with this course. A useful resource
is the course sites for computer
science.
Syllabus:
Recursion. Data
Structures: Stacks, queues, linked lists.
Estimating
using random numbers: Simulation of real-life problems. Machine and Assembly
languages.
Numerical
methods: Solution
of non-linear equations. Numerical integration.
String Processing: Sub strings, pattern matching, concatenation. Sequential and
direct access files. External sorting.
Assessment:
Final Exam – 60%
In course work – 40%
M 10A BASIC
INTRODUCTORY MATHEMATICS
(6
Credits) Semester 1 and II Level I
Pre-requisites:
GCE 'A' level Mathematics or M08B and M08C or equivalent.
Syllabus:
Elementary logic, sets and elementary set operations, maps from sets to sets and
binary operations; an axiomatic presentation of R, the field of real numbers;
matrices and vectors, systems of linear equations; the field of complex numbers
and factorization of polynomials; functions from R to R, continuity and its
consequences.
Evaluation:
One 3-hour paper 85%
One
in-course test 15%
M 10B
FUNCTIONS OF REAL VARIABLES
(6
Credits) Semester 1 and 2 Level I
Pre-requisite:
M10A
Syllabus:
Sequences and series: criteria for convergence; integration: methods and the
Fundamental Theorem of Calculus; properties of differentiable functions of one
real variable, Taylor series; ordinary differential equations; functions of two
real variables; parametric representation of curves.
Evaluation:
One 3-hour paper 85%
One
in-course test 15%
PART
II
(4
Credits) Semester 1 Level II
Pre-requisites:
M10A, M10B.
Syllabus:
Elements of set theory: relations and functions; groups, including fine
permutation groups; rings and the Euclidean algorithm; homomorphism; fields.
Evaluation:
One 2-hour written paper 80%
One
in-course test 20%
M
20B
LINEAR ALGEBRA
(4
Credits) Semester 2 Level II
Pre-requisites:
M10A, M10B
Syllabus:
Matrices: rank and nullity; vector spaces and bases; linear transformations;
determinants; inner product spaces; eigenvalues and eigenvectors.
Evaluation:
One 2-hour written paper 80%
One
in-course test 20%
M
21A ANALYSIS AND
MATHEMATICAL METHODS I
(4
Credits) Semester 1 Level II
Pre-requisites:
M10A, M10B
Syllabus:
Limits of real sequences; convergence of real series; absolute convergence;
comparison, quotient, ratio, root, integral and alternating series tests; power
series: radius and interval of convergence; functions of a single real variable:
continuity, differentiability, Rolle's Theorem, Mean Value Theorem and Taylor's
Theorem; theory of the integral of one real variable. Functions of two or more
real variables: continuity, differentiability; partial derivates, Jacobians,
critical points, repeated integrals, double integral, Fubini's Theorem, change
of variables.
Evaluation:
One 2-hour written paper 80%
One
in-course test 20%
M 21B ANALYSIS AND MATHEMATICAL METHODS
II
(4
Credits) Semester 2 Level II
Pre-requisite:
M10A, M10B
Syllabus:
Ordinary linear differential equations, existence and uniqueness theorems (no
proofs), Wronskians; solution in series for first and second order non-singular
and regular singular equations; methods of Frobenius. Fourier series, two
dimensional separable linear partial differential equations; solution by
separation of variables and Fourier series. Functions of a single complex
variable, continuity, differentiability, Cauchy-Riemann equations; analyticity,
power series; Cauchy's Theorem and applications to evaluation of integrals.
Evaluation:
One 2-hour written paper 80%
One
in-course test 20%
M 25A
PROBABILITY THEORY
(4
Credits) Semester 1 Level II
Pre-requisite:
M10A, M10B
Syllabus:
Basic probability theory. Laws of probability, conditional probability,
independence, Bayes formula, random variables, discrete and continuous
distributions, expectations, moments, moment generating functions, functions of
random variables.
Special
distributions; binomial, geometric, negative binomial, Poisson, hyper geometric,
uniform, exponential, gamma normal, Laws of large numbers, the Central Limit
Theorem.
Evaluation:
One 2-hour written paper 80%
One
in-course test 20%
M 25B
STATISTICAL INFERENCE
(4
Credits) Semester 2 Level II
Pre-requisite:
M25A or permission from the Head of Department
Syllabus:
Sampling distributions including X2, t, F; order statistics; estimation of
parameters, likelihood, sufficiency, significance test, simple linear regression
and correlation; analysis of variance; non-parametric procedures, elementary
principles of experimental design.
Evaluation:
One 2-hour written paper 80%
One
in-course text 20%
M 27A MATHEMATICS OF FINANCE
(4
Credits) Semester 1 Level II
Pre-requisites:
M10A and M10B
This
course is available only to final year students and to students in the Actuarial
Science Option.
Syllabus:
Introduction to actuarial science; measurement of interest; solutions of
problems in interest, basic annuities; more general annuities, yield rates,
amortization schedules and sinking funds, bonds and other securities, practical
applications.
Evaluation:
One 2-hour written paper 80%
Course
work (or in-course test) 20%
M 27B INTRODUCTION TO ACTUARIAL
MATHEMATICS
(4
Credits) Semester 2 Level II
Pre-requisites:
M21A, M25A and M27A
Syllabus:
Survival distributions and life tables, utility theory. life insurance, life
annuities, commutation functions, net premiums and premium reserves,
introduction to multiple life functions.
Evaluation:
One 2-hour written paper 80%
Course
work (or in-course test) 20%
M 30Q MATRIX THEORY
(4
Credits) Semester 1 Level III
Pre-requisites:
M20A, M20B
Syllabus:
Projections in Rn and Cn; the ad joint of a matrix; special classes of matrices
(Hermitian, positive definite, normal and unitary); polynomials of matrices; the
Jordan canonical form; the singular value decomposition, the Moore-Penrose
(pseudo)-inverse.
Evaluation:
One 2-hour paper 80%
One
in-course test 20%
M
31E APPLIED STATISTICS
(4
Credits) Semester 1 Level III
Pre-requisites:
M20B, M25A and M25B
Syllabus:
Study is continued on the applied aspects of M25B such as analysis of variance,
regression analysis, design of experiments and categorical data analysis time
series analysis, stochastic processes and decision theory.
Evaluation:
One 2-hour written paper 80%
Course
work (or in-course test) 20%
M 32A NUMERICAL ANALYSIS
(4
Credits) Semester 2 Level III
Pre-requisites:
M21A
Syllabus:
Types of error, finite differences and interpolation, numerical evaluation and
integrals, numerical solution of differential equations; roots of equations;
linear systems and matrices; construction of algorithms for computation.
Evaluation:
One 2-hour written paper 70%
One
in-course test 30%
M
32B OPTIMIZATION THEORY
(4
Credits) Semester 1 Level III
Pre-requisites:
M20B and M21B
Syllabus:
Linear programming and duality; A mathematical modeling mathematical structure
of the primal; equivalent linear programmes, simplex and revised simplex
techniques, dual linear programmes; complimentary slackness, matrix theoretic,
the duality theorem; networks; computations involving computers and software;
sensitivity analysis.
Evaluation:
One 2-hour written paper 70%
Two
in-course tests 30%
M 32C TOPICS IN OPERATIONS RESEARCH
(4
Credits) Semester 1 Level III
Pre-requisite:
M21A
Syllabus:
Theory of inventory, replacement, sequencing, queuing theory, decision theory
and theory of games, simulation, discussion and use of computer software.
Evaluation:
One 2-hour written paper
M 33R COMPLEX ANALYSIS
(4
Credits) Semester 1Level III
Pre-requisites:
M21A
Syllabus:
Differentiability, analyticity; contour integrals, Cauchy's Theorem and its
consequences; Taylor series, Laurent series; residue calculus.
Evaluation:
One 2-hour paper 80%
One
in-course test 20%
M 34Q LIFE CONTINGENCIES
(4
Credits) Semester 1 Level III
Pre-requisites:
M25A, M25B, M27B
Syllabus:
Multiple life functions, multiple decrement model; insurance models including
expenses; non-forfeiture, benefits and dividends; valuation theory for pension
plans.
Evaluation:
One 2-hour paper 80%
One
in-course test 20%
M 34R RISK THEORY
(4
Credits) Semester 2 Level III
Pre-requisites:
M21A, M21B, M25A, M25B
Syllabus:
Review of earlier statistical work; individual risk theory; other frequency
distributors; mixed distributions; stop-loss insurance; ruin theory.
Evaluation:
One 2-hour paper 80%
One
in-course test 20%
M 34T SURVIVAL MODELS/CONSTRUCTION OF
TABLES
(4
Credits) Semester 2 Level III
Pre-requisites:
M21A, M21B, M25A, M25B, M27B
Syllabus:
Tabular survival models; parametric models; maximum likelihood estimators;
product life estimators.
Evaluation:
One 2-hour paper 80%
One in-course test 20%
M 35R PRINCIPLES OF ASSET/LIABILITY
MANAGEMENT FOR ACTUARIAL SCIENCE
(4
Credits) Semester 2 Level III
Pre-requisites:
M 27A, MS28D, MS38H
Syllabus:
Review of Macroeconomics; characteristics of the various types of investments
used to fund financial security programmes; traditional techniques of financial
analysis used in selecting and managing investment portfolios.
The
course builds on the material in courses MS28D and MS38H, introducing further
tools and techniques of asset/liability management, general product design, as
well as issues of pricing and valuation and asset management.
Evaluation:
One 2-hour written paper 80%
Course
work (or in-course test) 20%
M
36Q METRIC SPACES AND TOPOLOGY
(4
Credits) Semester 2 Level III
Pre-requisites:
M21A, M20B
Syllabus:
Metric spaces, examples; continuity; completeness; topological spaces;
compactness; Hausdorffness; connectedness.
Evaluation:
One 2-hour paper 72%
One
in-course test 28%
SY 35B DEMOGRAPHY I
(3
Credits) Semester 2.
The
objective of this course is to empower the students with facts, theories and
controversies in the field , and participate in discussions relating to the
interface between population and development in his/her nation, region or the
world.
The
nature of demography; Relationship between demography and other disciplines.
Sources of demographic data. Types of errors in demographic statistics. Basic
rates and ratios in the study of fertility, nuptiality, mortality and migration.
Theories
of population trends, problems and prospects. Demographic history of the
Caribbean population policies. Case study implementation of population policies
in selected Caribbean and Third World Countries. Population and Development.
MS
28 D FINANCIAL MANAGEMENT
I
(3Credits)
Semester 1
Prerequisite:
MS15A, MS23C
Syllabus:
Overview
of Financial Management- Financial
Markets and Institutions; The role of the Financial Manager; Financial
Management Functions; Corporate
Objectives. Introduction to Financial
Statement Analysis - Financial Ratios; Applications to Investment Decision
making. Risk and Return Concepts- Concepts
and definitions: Risk & Return; Risk/Return Computations; Types of Risk. Time
value of Money- The importance of time with respect to money; Future Value;
Present Value; Application of Present and Future values
. Introduction to Capital Budgeting - Concepts and definitions;
NPV, IRR, PI, Payback; Cash Flow Estimation.
Securities Valuation- Valuation models for Bonds and Stocks. Cost
of Capital - Sources of Capital : Debt, Preferred Stock and Common Stock;
Marginal Cost of Capital
Evaluation:
2 in-course tests 35%
1 final paper
65%
MS
38H FINANCIAL MANAGEMENT II
(3
Credits) Semester 2
Syllabus:
The Capital Asset
Pricing Model - Measuring
portfolio risk and return; The Efficient Frontier and the derivation of the CAPM.
Long-Term Financing
(Raising Capital). - Common Stock (Equity) financing; Long-Term Debt (Bond)
financing; Lease Financing. Some
Complications in Capital Budgeting Analysis - Measuring and adjusting for
risk in capital budgeting decisions; Choosing among mutually exclusive projects
with unequal lives; Real Options in Capital Budgeting; Capital Rationing
constraints; Capital Structure and
Leverage - Capital Structure Theory; Business Risk and Financial Risk;
Determining the optimal capital structure (EBIT/EPS analysis); Degree of
leverage (financial, operating, and combined). Dividend Policy -
Dividend policy theories; Dividend payment procedures;
Stock dividends, stock splits, and stock repurchases.
Working Capital Management - Working
capital policy; Short-term financing; Management of cash and marketable
securities; accounts receivables and inventory management
Evaluation:
One final paper 72%
One in-course test 28%
CS22Q
SOFTWARE ENGINEERING
(4
Credits) Semester 2 Level II
Pre-requisite:
CS 11A and CS 11B
Syllabus:
The idea of life-cycle.
Approaches
to software development: Object-orientated approach, formal methods approach,
prototyping.
The
elements of the software life-cycle: Requirements analysis, system design,
detailed design, programming, testing. Software tools for development.
Project
management: Cost estimation, risk analysis, project monitoring.
Short
project.
Evaluation:
One 2-hour written paper 60%
In-course
tests (2) 10%
Group
Laboratory/Project reports 20%
In-course
individual presentations (2) 10%
CS35Q INFORMATION
SYSTEMS IN ORGANIZATIONS
(4
credits) Semester 1 Level III
Pre-requisites:
CS22Q
Syllabus:
The nature of information in an organization. Strategic role of information and
information systems.
Different
applications of information technology: Automating current procedures, offering
new services,
Business
Process Re-engineering . Differing methods of introducing new information
systems. Dangers of the introduction of information technology. Data warehousing
and data mining. Description of the information systems used by a large
organisation.
Evaluation:
Final:
two hour final exam 60%
Course
work : 2
class tests, 10%
1 Small individual project 10%
1 Larger project, which may involve group work
20%.
EC 10C INTRODUCTION TO MICROECONOMICS
(3
Credits) Semester 1
Syllabus:Introduction
to Economics -The
Scope and Methods of Economics ,the Use of Graphs ,The Economic Problem:
Scarcity and Choice . Price Theory -The
Theory of Demand ; Supply Theory ; Market Equilibrium ; Comparative Static: the
effect of changes in demand and supply on Markets; Price Controls and their
effects on the Market; Elasticity . The
Theory of Consumer Choice -The assumptions of consumer theory ; Utility
concepts ; Indifference Curve Analysis. The
Theory of the Firm -Production Theory ; Cost Theory ; Profit Maximization ;
Market Structures. The Theory of Income
Distribution -The Demand for Factors of Production; The Supply of Factors of
Production ; The Determination of Factor Prices; The Marginal Productivity
Theory of Income Determination . International
Trade- The Gains from Trade; Protectionism in International Markets;
Absolute and Comparative Advantage; Comparative Advantage and Specialization
Evaluation:
1 in-course test 40%
1 final paper 60%
EC 10E INTRODUCTION
TO MACROECONOMICS
(3
Credits) Semester 2
Syllabus:
Introduction
to Macroeconomics -The
Scope and Methodology of Economics. Macroeconomics versus microeconomics; The
Use of Graphs; The Economic Problem: Scarcity and Choice; Macro-economic issues
facing developing countries; The Caribbean Economy: Macroeconomic Overview . Measuring
Economic Aggregates - Measurement and definition of various economic
aggregates; National Income and Welfare; UNDP’s Human Development Index and
other Welfare Measures (UNDP, HDR 2000); National
Income Identities. Macroeconomic Models
and their Policies - Macroeconomic Policy challenges: Unemployment,
Inflation and Growth; The Classical Model and its Policy Implications; The
Keynesian Model and its Policy Implications; The role of Government in the Economy- Fiscal Policy; The Functions
of Money. The Banking System, Money Supply and Money Multiplier; Central Banking
and Monetary Policy. International
Economic Issues - The International Monetary System The Exchange Rate; The
Foreign Exchange Market and the Balance of Payments; External Indebtedness.
Evaluation:
2 in-course tests 40%
1 final paper 60%
MS
15A INTRODUCTION
TO FINANCIAL ACCOUNTING
(3
Credits ) Semester 1
Prerequisite: none
Syllabus:
Accounting
Systems. Accounting concepts and conventions. The need for Book-keeping,
accounting equation and the double entry system, trading profit and loss
accounts and balance sheets, ledgers, journal, and trial balance. Accounting for
depreciation, bad debt and provisional accounts, Disposal of fixed assets. The
banking system, cashbook, and bank reconciliation statements. Errors not
affecting trial balance agreement, suspense accounts and errors. Control
Accounts and Incomplete records. Accounting for partnerships, limited companies
and non-profit organizations.
Evaluation:
1 in course test
30%
1 final paper
70%
MS
15B INTRODUCTION
TO COST AND MANAGEMENT
ACCOUNTING
(3
Credits ) Semester 2
Prerequisite: none
Syllabus:
Definitions
of cost and management accounting, cost accounting Vs financial accounting. Cost
classification, separation of cost. Stock control and valuation. Process
costing, equivalence units, batch costing, job costing, contract costing.
Absorption costing, Marginal costing, reconciliation of cost statements. CVP
analysis, decision making. Budgeting-
cash budgets, production, sales and purchases budgets.
Evaluation:
1 in course test
25%
1 final paper
75%
|