Math 536 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

Math536 (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

Recommended book: ASM Study Manual for Exam P by Weishaus  , 3nd edition with StudyPlus+ - DIGITAL [6-Month License/ 1 User/ No Printing/ No Returns] - $91.00

ISBN: 978-1-63588-762-4, see  https://www.actuarialbookstore.com/product_summary.aspx

Homework

For the details, please see the "Exam Practice " page .

 Quizzes 

There are some quizzes occasionally given during the classes and there are no make-up quizzes. Be sure that you should attend the classes regularly to maintain a good course records. 

Calculator

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 Homework worth 30%, ocasionally quizzes worth 10%, a midterm worth 30% and a final exam worth 30%. All scores will be scaled to a 0-100 scale before averaging.

 

bullet A : 90
bullet A-: 87
bullet B+: 83
bullet B : 79
bullet B-: 75
bullet C+: 71
bullet C : 67
bullet C-: 63
bullet D+: 59
bullet D : 55
bullet F : <55

Bonus grading feature : If you take and pass the Actuarial (computer-based) exam offered in March, you will receive an automatic 100% on all of following quizzes and exams. 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. You will need to register early to ensure your exam P occurs before your final exam. Please let me know the printed proof of passing immediately after the exam. If a student passes exam P after the final periods, the bonus grading feature does not count anymore! A student can not change the grade even though one passes the exam after this semester. Taking exam P early is not an excuse for missing classes, you must attend classes regularly and finish all of course works to guarantee that you can pass the course!

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.

Exam policies: 

Makeup exam policy:  

Help

The best way to get help is to visit 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 3. 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, Tuesday, March 24.

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.