New Course Proposals

November 22, 2013

The following new course proposals have been submitted to the Faculty Senate Office for review and approval and are listed here for faculty review and comment. Comments on any new course proposal should be submitted to Ernest May, secretary of the Faculty Senate, at senate@senate.umass.edu.

MATH 437 “Actuarial Math Finance” 3 credits; Instructor: Michael Sullivan; Foundational material in mathematical finance. Course covers interest rates, annuities, bonds, forwards, futures, options and other derivative securities. (Basis of actuarial exam in financial math exam fm/2). Prerequisites: MATH 131 and 132

MATH 438 “Actuarial Probability” 3 credits; Instructors: Luke Mohr, Tim Cook, Joanna Jeneralczuk, Michael Sullivan, various statistics faculty; This course is based on the first examination of the Society of Actuaries. Its content is largely dependent on that examination. Presently, it covers: calculus of a single variable (integration, differentiation, infinite series, Taylor's series etc.); calculus of several variables (Jacobians, Lagrange multipliers, double and triple integrals, etc.); probability Theory (discrete and continuous distributions, conditional probability and expectations, Bayes' rule, joint distributions, moment generating functions, the central limit theorem, etc.) The problems are drawn from old SOA examinations and most will have an insurance industry emphasis. Much of the material is a review of several courses, but this review is extensive and probably exceeds most interested students' backgrounds. Prerequisites: MATH 131, 132 and 233. Knowledge of probability with calculus.