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%