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edX Introduction to Actuarial Science

Australian National University via edX

  • Overview
  1. edX
    Platform:
    EdX
    Provider:
    Australian National University
    Length:
    8 weeks
    Effort:
    2-4 hours/week
    Language:
    English
    Credentials:
    Paid Certificate Available
    Overview
    Actuary is rated the best job of 2015 by CareerCast.com because it pays well and offers abundant opportunities for advancement.

    You may have heard of actuarial science, or you might even know an actuary, but do you know what an actuary does? During the course you’ll hear from a wide variety of actuaries about their careers.

    And don’t be scared that the course will be “just a whole lot of mathematics”. Together, we will go beyond the math to learn how actuaries approach problems relating to risk, using examples from:
    • Finance
    • Investments
    • Banking
    • Insurance
    You will learn how actuarial science applies mathematical and statistical methods to assess risk in these industries and other professions.

    You’ll experience “hands-on” learning using Excel (or an equivalent spreadsheet tool) to project and investigate the financial condition of a company choosing appropriate strategies for the company through the use of simulations.

    The course has been carefully designed for students from a wide variety of backgrounds, with secondary/high school level being the only assumption of mathematical background. Even if you don’t have any background in, for example, calculus, the course has been designed so you can skip over these sections without affecting your understanding of the rest of the course. You also do not need to have any Excel or other spreadsheet background to take the course.

    For those with stronger mathematical backgrounds, extension questions are provided to test you further. You’ll learn a huge amount about actuarial science no matter what your background is!

    Join us today. To connect with the course community before and during the course, join our Facebook group, and tweet us with #actuarialedX.

    "Great introduction to this specialized field; every day there are new challenges where as a student you are put in a situation to learn and apply the lessons with practical exercises. Great structure of the course, with main concepts to review at the end of a lesson. I would recommend to anyone who would like to learn more about actuarial science." - Previous student

    Syllabus
    Lesson 1: Valuing Cash Flows
    • Time Value of Money
    • Present Value
    • Accumulated Value
    • Valuing Multiple Regular Payments
    Lesson 2: Applications of Valuing Cash Flows
    • Equations of Value
    • Example – Annuity Certain
    • Application in Spreadsheets
    Lesson 3: Analysis of State Transitions
    • Introduction to State Transitions
    • Two State Model (Active/Dead)
    • Calculating Probabilities using the Two State Model
    Lesson 4: The Life Table
    • Introduction to the Life Table
    • Calculating Probabilities using the Life Table
    Lesson 5: Valuing Uncertain Cash Flows
    • Expected Present Value
    • Accumulated Value and Uncertainty
    Lesson 6: Modelling a Life Insurance Company 1
    • The Life Insurance Company Scenario
    • A Single Projection
    • Simulations
    • Analysing the Simulation Output
    Lesson 7: Modelling a Life Insurance Company 2
    • Reserves
    • Adjustments to Reserves
    • Additional Scenarios

    Taught by
    Adam Butt

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