Math 438 Actuarial Probability
Instructor: Jinguo Lian
Office: LGRT(1028)
Phone: (413)-545-6016
E-mail: lian@math.umass.edu
Website: http://www.math.umass.edu/~lian
Actuarial Career
Fair
The resume event for the undergraduates is 6
pm on Tuesday, September 15 in LGRT1634.
The actuarial career fair is Monday 4:30-7:30 on Monday, October
5 in LGRT 1634.
Location and times
M ath438 (MWF 1:25 - 2:15pM) Location: LGRT219
Office hours: MWF: 2:30-3:30, Location:
LGRT1028.
Teaching
Assistants
N/A
Description
This 3 credit hours course serves as a preparation
for SOA's first actuarial exam in financial mathematics, known as Exam P or
Exam 1. Math 438 serves as a preparation for the first SOA/CAS
actuarial exam on the fundamental probability tools for quantitatively assessing
risk, known as Exam P (SOA) or Exam 1 (CAS). The course covers general
probability, random variables with univariate probability distributions
(including binomial, negative binomial, geometric, hypergeometric, Poisson,
uniform, exponential, gamma, and normal), random variables with multivariate
probability distributions (including the bivariate normal), basic knowledge of
insurance and risk management, and other topics specified by the SOA/CAS exam
syllabus.
Textbook
ASM Study
Manual for Exam P/ Exam 1, 17th edition new edition (price $99), see https://www.actuarialbookstore.com/product_summary.aspx
Recommended Texts: Probability for Risk
Management, (Second Edition), 2006, by Hassett, M. and Stewart, D., ACTEX, ISBN:
978-156698-2.
or A Probability Course for the Actuaries
by Marcel B. Finan at http://faculty.atu.edu/mfinan/actuarieshall/Pbook.pdf
Homework
For the details, please see the "Exam Practice " page
.
Quizzes and class
participation
There are randomly 5 in
class Quizzes and 5 in class participating works will be
given through the term. Questions in quizzes are based on weekly homework
assignments. There is no make-up for quizzes and class participating
works.
Required
Calculator: Any calculator accepted by the Society of Actuaries (SOA) See
here for a list. I will be working with the TI BA II Plus calculator.
(TI = Texas Instruments and BA =
Business Analyst.) Here is
a
short note on some of the calculator
functions for TI BA II Plus.
Grading
The grading of
the course will
be as follows. There will be a final exam worth 30%, Homework worth
10%, quizzes worth 30% and class participating works worth
30%. All scores will be scaled to a 0-100 scale before
averaging.
Bonus grading feature 1: If you take and pass the Actuarial (computer-based)
exam offered between March 18 and March 29, 2016, you will receive an
automatic 100% on all remaining quizzes and the final. You will NOT need to take
the final. The passing score is around 70% and the passing rate is about 40%.
The exam is 30 multiple choice questions in 3 hours. The registration deadline
is Feb 8. See
this link for
details. You will need to register early to ensure your exam P occurs
before your final exam. I believe the closest test site is West Springfield. You
will need to let me know and present printed proof of registration (in April)
before the exam, as well as printed proof of passing (in May), immediately after
the exam.
Final Exam
The final will be cumulative. The date and time of
the final exam will be scheduled by the university. The final will only be given
at that time, and not at any other time for any reason. In particular, adjust
your travel plans accordingly; planning to leave for vacation before the final
exam is a bad idea.
The dates of the exams during the semester are tentatively
scheduled to be the following:
- Mid-Term
: No Midterm
- Final Exam : 4/29, Friday,
1-3pm in LGRT 219
Exam
policies:
- Please arrive 10 minutes early. You
will not be admitted to the exam more than 30 minutes
late.
- Do not bring any cheat sheets,
formula sheet and class notes to the Midterm exams and final exam.
- Bring
your student ID to the exam.
- Makeup exam
policy:
- Calculator policy: Calculators
may be used during the exam.
The best way to get help is to visit my office
hours. If you can't make those, try visiting me in my office hours.
Drops, Withdrawals, and Incompletes
The last day to drop with no record, or
to submit a Pass/Fail option, is Monday, Feb 1. If you intend to
drop, please do so as soon as possible; others may be waiting to enroll in your
section. The last day to drop with a W is the mid-semester date,
Thursday, March 3.
An Incomplete is possible only if: (1)
you had a compelling personal reason, e.g., serious illness; (2) your work has
clearly been passing; and (3) there's a good chance you'll complete the course
with a passing grade within the allotted time. Thus, failing work is no
reason in itself for an Incomplete.
