Undergraduate Courses

Overview

Welcome to the Undergraduate Statistics and Actuarial Science program! Our courses are designed to provide a strong foundation in statistical theory, data analysis, and risk management, preparing students for dynamic careers in fields like finance, insurance, and data science. Through a blend of rigorous coursework, hands-on experience, and real-world applications, our program equips students with the analytical skills and practical knowledge needed to tackle complex problems and make informed decisions in today's data-driven world. Whether you're interested in pursuing a career as an actuary, a statistician, or a data analyst, our program offers the tools and expertise to help you succeed.

 

Course Code Title
STAT 443 Theory of Sampling

Credit Hours - 3

Overview 

This course  is  a sequel  to STAT 335: Sample  Survey Methods. It is  aimed exposing  students  to  the theory  of  sampling. Topics to be covered include the  following: Analysis and  comparison of  various  sampling schemes; Sampling experiments, Estimation of population proportions and percentages. Proportion of simple sample estimation. Some  applications to  real-life  data from  the  fields of  Agriculture, Biology, Finance  etc. 

STAT 337 Introduction to Operations Research

Credit Hours - 3

Overview

The course will introduce students to the use of mathematical and statistical techniques to solve a wide variety of organizational problems. Topics include linear programming, network analysis, decision analysis. Transport problem, dynamic programming, scheduling problem, Markov chains, decision trees, Optimization and inventory control and Introduction to Supply Chain Management. 

STAT 336 Design of Experiments

Credit Hours - 3

Overview

This course introduces students to the concept of Analysis of  Experimental Design. Topics include: Basic Principles and concepts of experimental Statistics. Analysis of Variance for standard and experimental designs. The estimation of treatment Effects. Use of statistical computing   packages. Some  applications to  data  from the  field  of Agriculture,  Biology,  Pharmacy and  Medicine. 

STAT 335 Sample Survey Methods

Credit Hours - 3

Overview

This course is aimed at introducing students  to the  Theory of  Sampling. Topics to be covered include: Basic Sample Survey Procedures and Sample Designs. Estimation of population of parameters. Sampling and Non Sampling Errors. Estimates of population means, totals, proportions, and their variances, Multi-stage and Multi-phase Designs, Ratio and Regression Estimation.   

ACTU 359 RISK MANAGEMENT AND INSURANCE

Credit Hours - 3

Overview

This course focuses on the core principles of risk management and insurance in actuarial science. Topics covered include types of risk identification and analysis, risk modelling concepts, risk quantification, approaches for managing risks (how business entities makes decisions about risk management techniques). The further sections of the course will delve into the concept of economic capital, risk measures in capital assessment and techniques to allocate cost of risk within business units. Topics also cover life and health insurance, property and liability insurance, value-based enterprise risk management for corporations, pensions and employee benefits and risk aggregation techniques.

 
STAT 339 METHODS OF LINEAR ALGEBRA (NON-MATHEMATICS STUDENTS)

Credit Hours - 3

Overview

The emphasis is on the geometric and computational foundations of Linear Algebra with abstraction (and proof) kept to a minimum. We would examine matrices, linear  systems of equations and their solutions. Basic properties of determinants, vectors in  Image removed. and a simple introduction to the idea of an arbitrary vector space. The pinnacle of the course is to be able to find eigenvalues and their corresponding eigenvectors  for  a  given matrix and indeed for a linear map. We would carefully develop the diagonalization of symmetric matrices. For those who did the MATH 220 there would be applications using Python.

 
STAT 338 DECISION THEORY

Credit Hours - 3

Overview

The course introduces the main concepts and tools of game theory. The main  aim of  the course   is  to enable students to read original game-theory literature and to prepare them to do research in the field. They will learn how to represent an economic situation as a game and how to analyze it using different equilibrium concepts proposed in the literature, the prominent one being the Nash equilibrium. Concentration will be on strategic interaction under incomplete information and modify the Nash equilibrium concept to include the uncertainty of the players about some of the parameters of the game.

 
STAT 334 STATISTICAL INFERENCE II

Credit Hours - 3

Overview

This course is a follow up to STAT 333. It is aimed at building on  the concepts of    mathematical statistics  acquired in  STAT 333. Topics to be covered include: General principles and Procedures of Hypotheses Testing. Parametric and Non- Parametric Test. Simple Linear Regression and Correlation Analysis. The Analysis of Frequency Data. Introduction to Categorical Analysis. Statistical modelling with R. Some  applications  to real-life  data in  the fields of actuarial and finance.

 
STAT 333 STATISTICAL INFERENCE I

Credit Hours - 3

Overview   

The first part of the two-semester course provides a systematic development of the principles and methods of statistical inference, on a largely intuitive basis with a minimum of mathematical theory. This part deals with the general nature of Statistical Problems, Statistical Models and Problems of Estimation. Introduction to Bayesian Statistics. Introduction to statistical modelling with R. Some applications to data in the field of actuarial science.

 
STAT 332 MULTIVARIATE DISTRIBUTIONS

Credit Hours - 3

Overview 

This course is aimed at introducing students to multivariate distribution theory. Topics to be covered include:  Introduction to Vector Random Variables; vector of means, dispersion matrix, matrix of co-variances. Distribution Concepts for several random variables; exponential-type distribution, multivariate moment generating function. Transformation of Random Vectors; gamma distribution, beta distribution, chi-square distribution t-distribution, f-distribution. Order Statistics; joint distribution of order statistics. Multivariate Normal Distributions.

 
ACTU 334 MICROECONOMICS  FOR ACTUARIES II

Credit Hours - 3

Overview

Introduction to Economic model-building, comparative static and dynamic models. Consumer  Behaviour  and Demand  theory,  law of  diminishing  marginal utility,  ordinary  utility approach, Demand  function,  income elasticity  of demand, short-run cost; fixed, variable,  total ,  average  and  marginal cost,   production function, perfect  competition; the  firm, market,  product homogeneity,  perfect  knowledge, profit  maximization,  free entry,  short-run equilibrium of  firm and  industry, constant  and increasing  cost.

 
ACTU 333 MICROECONOMICS FOR ACTUARIES I

Credit Hours - 3

Overview

The course is designed to introduce actuarial science students to a thorough understanding of the fundamentals of economic analysis of individual, business and industry choices in market economies as it applies to actuarial practice. Topics to be covered include basic economic concepts, nature and function of product markets, price mechanism, supply and demand, optimizing economic behaviour, cost and revenue, market structures, factor markets, income distribution, market failure and government intervention. Introduction to Economic model-building, comparative static and dynamic models. 

 
STAT 331 PROBABILITY DISTRIBUTIONS

Credit Hours - 3

Overview 

This course is aimed at introducing students to Elementary Distribution Theory. Topics to be covered include Generating Functions and Applications; moment generating functions, probability generating function, factorial moment generating function and characteristic function, moments and limiting distributions. Sequences of random variables; modes of convergences, the Central Limit Theorem and its Applications. Concentration inequalities. Introduction to large deviation theory; large  deviation  probabilities,  method of  types.

 
ACTU 304 LIFE CONTINGENCY II

Credit Hours - 3

Overview  

This course builds on Life contingency I. It is designed to develop theoretical basis for pricing and supporting life-contingency products. Topics includes economics of insurance, general insurances, annuities, premiums (level and non-level benefits and premiums) and expense (incorporating expenses in insurance models) analysis, analysis of reserves, Hattendorf theorem, probability models: Poisson Processes. The course is designed to set the pace towards ensuring the student’s adequate preparation for the MLC/3L exam of the Society of Actuaries or  Canadian Institute of Actuaries respectively.

 
ACTU 302 INTRODUCTION TO ACTUARIAL COMPUTING

Credit Hours - 3

Overview

This course provides  basic foundation of knowledge concerning fundamental building blocks of actuarial practice. It is  meant to present  students with a transition from understanding the mathematical underpinnings of actuarial science to putting them into practice. The course focuses on two areas of actuarial practice: investment management and life insurance. All mathematical computations will be computer program assisted. Students will be able to construct and use life tables in simulation studies, portfolio management theory and design basic individual life. Concepts will apply the concepts within an actuarial problem statement. Recommended software include excel, R and MATLAB.

 
ACTU 301 LIFE CONTINGENCY I

Credit Hours - 3

Overview 

This course introduces students to mathematics of life contingencies. Being probabilistic in nature, the course seeks to develop theoretical basis for modelling future lifetime status with emphasis on insurance. Topics to be covered include brief review of probability theory, international actuarial notations, actuarial survival models, life table format, life statuses, survival distributions, concept of dependence (common shock models, copulas etc), multiple lives and multiple decrement theory and multiple-state models. The course is designed to set the pace towards ensuring the student’s adequate preparation for the MLC/3L exam of the Society of Actuaries or Canadian Institute of Actuaries respectively.