The UWI Actuarial Society

Programme Structure

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Course Outline & Description

Part I

 Code

Names

Credits

M10A

Basic Introductory Mathematics

6

M 10B

Functions of Real Variables

6

CS 11A

Introduction to Computer Science (I)       course site

6

CS 11B

Introduction to Computer Science (II)      course site

6

EC 10C

Introduction to Microeconomics               course site 

3

EC 10E

Introduction to Macroeconomics              course site

3

MS 15A

Introduction to Financial Accounting         course site

3

MS 15B

Introduction to Cost and Mg't Accounting  course site

3

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

 Code

Names

Credits

M 20A

Abstract Algebra (click here for M20A website)

4

M 20B

Linear Algebra

4

M 21A

Analysis and Mathematical Methods I

4

M 21B

Analysis and Mathematical Methods II

4

M 25A

Probability Theory

4

M 25B

Statistical Inference

4

M 27A

Mathematics of Finance

4

M 27B

Introduction to Actuarial Mathematics

4

MS28D

Financial Management I                         course site

3

MS38H

Financial Management II                        course site

3

M 31E

Applied Statistics

4

M 34Q

Life Contingencies

4

M 34R

Risk Theory

4

M35R

Principles of Asset/Liability Management

4

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 

M 20A     ABSTRACT ALGEBRA (click here for M20A website)

(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% 

                      U.W.I.A.S. * The University of the West Indies * Mona * St. Andrew