University of Ghana - UG Course Outlines

Courses Under ACTUARIAL SCIENCE University of Ghana -UG

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Course Descriptions

 

ACTUARIAL SCIENCE

ACTU 101:          Introduction to Statistics and Probability for Actuaries

To introduce students to basic concepts in Statistical Methods and Probability. Topics include introduction to Statistics:  The interpretation of data. Types of data. Methods of data transformation: Graphical display of data, numerical characterization of data. Univariate and bivariate exploratory data analysis. Introduction to basic concepts of Probability.  Random events, and Random Variables.  The Probability Calculus and some univariate probability distributions. Some applications to Actuarial Science.

 

LEVEL 200, 300 and 400 COURSES

ACTU  202:         Data Analysis and Statistical Computing

To acquaint students with elementary modern computing methods appropriate to the work of an actuary. This course is largely practical and involves analyzing large data sets. Students will be introduced to modeling and statistical simulations using modern statistical software such as R. Exploratory Data Analysis and Confirmatory Data Analysis of both univariate and bivariate cases will be explored. Applications will be tailored to meet requirements of the Actuarial profession with hands should be presented but interesting data can be analyzed using known methods on the chosen package. Topics should include graphics, descriptive statistics, representations of multivariate data, simple hypothesis tests, analysis of variance, and linear regression.

 

ACTU 320:           Internship in Actuarial Science

Aim: The core aim of this course is to introduce students to the Actuarial practices in jobs that they find themselves in. This in turn will bridge the gap between theory and practice. The course is offered in both semesters to students to seek practical applications of actuarial principles in insurance companies, financial institutions, pension consulting firms, and other related fields. The course requires students to participate in an internship program within the industry. Students need to submit monthly progress reports and a final semester report to the Head, Department of Statistics, University of Ghana, Legon.

ACTU  303:         Introduction to Financial Mathematics

To  provide  grounding  in  Financial Mathematics  and its simple applications. Topics to be introduced include: Time value of money.  Simple and Compound Interest accumulation and discount functions.  Theoretical continuous cases of forces of interest and discount, effective rates of interest and discount and present values, as applied to annuities and other financial products, and applications including the determination of loan repayment once interest rate assumptions have been made.

 

ACTU  304:          Life Contingencies

To help students to know the fundamental techniques relevant to the valuation of cash flows which are a function of death, survival and other uncertain risks. Models that depict time until death, analysis of probability distributions and present values associated with multiple decrement and multiple life models.  Application of probability to problems of life and death.  The determination of premiums for insurances and annuities in discrete and continuous cases.  Single life annuity and life insurance loss random variables and their probability distributions with application to analysis of benefits, premiums, net premiums and net premium reserves.  Mortality table, measures of mortality, force of mortality graduation. The identity of the forces.

 

ACTU  403:          Elements of Life Insurance

To instill the ability, in simple situations, to use judgment and apply the principles of actuarial planning and control needed for the operation on sound financial lines of providers of life insurance. Principal terms; The main contract types; The principles of life insurance markets; Data requirements and verification; Product pricing; Reserving; Surrender values; Policy alterations; Derivation of actuarial assumptions; Measurement and analysis of surplus; Methods of distributing surplus to policyholders; Principles of investment and asset-liability modeling; Principles of regulation and accounting; Risk and uncertainty in life insurance business; Principles of risk management including reinsurance; Life insurance regulations, including: Taxation, Accounting, Supervisory regulation; Experience rating; Future financial requirements including dynamic financial analysis; Value of a life company; Evaluation of the capital requirements of a life insurer for the purpose of determining the strategy for growth in business.

 

ACTU  404:         Pensions and Social Security

To make students aware of the environment of effective social security system and pension and employee benefit schemes. The theory and practice of social security and state, occupational and personal pension plan funding.  Features of the main employee benefit schemes, principles of financing, including asset and liability relationships.  Legislative framework on retirement and various benefit schemes.  Tax management, economic and demographic factors, accounting for pension cots, valuation data collection, analysing experience, valuing liabilities and assets, calculating contribution rates; choice and management of assets.

 

ACTU  407:         Survival Analysis and Modelling

To provide understanding of survival analyses and how to model concepts in practice in order to fix a trail for information. Topics that students will be exposed to include: Survival models, estimation of survival function and hazard function, estimation and fitting of survival model, parametric survival model, determining the optional parameters. Models for loss severity: parametric models, models for loss frequency, mixed Poisson models, compound Poisson models.  Aggregate claims models, Classical ruin theory.

 

ACTU 409:           Introduction to Actuarial Mathematics

To  provide  introductory  preparation  in  Actuarial  mathematics  and  their  applications.

Deterministic theory of interest (i.e. traditional compound interest, cash-flow modelling; annuities certain, bond market theory), Introduction to contingent claims analysis (i.e. definition of derivative securities, no arbitrage principle); Stochastic calculus for finance (conditional expectation, introduction to martingales, stochastic integrals and differential equations, pricing and hedging of derivatives); Stochastic theory of interest; interest rate models (discrete and continuous time); derivatives on interest rates and bonds; Dynamic portfolio management (asset-liability modeling; introduction to stochastic optimal control); Introductory applications to insurance liabilities (embedded options in life insurance; valuation techniques for embedded options)

PROGRAMME STRUCTURE FOR ACTUARIAL SCIENCE

 

LEVEL  100

First Semester

Course Code Course Title Credits
Core
UGRC 150 Critical Thinking and Practical Reasoning 3
ACTU 101 Introduction to Statistics and Probability for Actuaries 3
CSCD 101 Introduction to Computer Science I 3
MATH 121 Algebra and Trigonometry 3
ECON 101 Introduction to Economics I 3
Total 15

 

Second Semester

CourseCode Course Title Credits
Core
UGRC110 Academic Writing  I 3
UGRC130 Understanding Human Societies 3
MATH 122 Calculus  I 3
CSCD 102 Introduction to Computer Science II 3
ECON 102 Introduction to Economics II 3
Total 15

 

SINGLE MAJOR IN ACTUARIAL SCIENCE

 

LEVEL  200

First Semester

Course Code Course Title Credits
Core    
UGRC 210 Academic Writing  II 3
STAT  221 Introductory Probability I 3
UGBS 205 Fundamentals of Accounting Methods 3
MATH 221 Algebra 3
MATH 223 Calculus II 3
           Electives (Select   0 ± 3  Credits)
ECON 201 Elements of Economics I 3
STAT 223 Elementary Statistical Methods 3
Minimum Credits Required 15

 

Second Semester

Course Code Course Title Credits
Core    
UGRC 220-238 Introduction to African Studies 3
ACTU  202 Data Analysis and Statistical Computing 3
STAT 224 Introductory Probability II 3
UGBS 208 Introduction to Financial Accounting 3
MATH 224 Introductory Abstract Algebra 3
 Electives (Select   0 ± 3  Credits)
ECON 202 Elements of Economics II 3
CSCD 204 Databases 3
Minimum Credits Required 15

 

LEVEL  300

First Semester

Course Code Course Title Credits
Core
STAT 331 Probability Distributions 3
FINC 301 Introduction to Business Finance 3
ACTU 303 Introduction to Financial Mathematics 3
ACTU 320 Internship in Actuarial Science 3
MATH 331 Linear Algebra 3
          Total   15
Electives  (Select   3  Credits)
MATH  333 Analysis  I 3
MATH  353 Calculus of Several Variables 3
MATH  355 Discrete Mathematics 3
STAT   333 Statistical Methods I 3
STAT   335 Sample Survey Methods 3

 

 

Second Semester

Course Code Course Title Credits
Core    
STAT  332 Multivariate Distributions 3
FINC   302 Business Finance 3
ACTU  304 Life Contingencies 3
ACTU 320 Internship in Actuarial Science 3
MATH  350 Differential Equations I 3
  Total   15
Electives (Select   3  Credits)
MATH  334 Analysis  II 3
FINC  352 Principles and Practice of Insurance 3
CSCD  314 Operations Research 3
STAT  334 Statistical Methods  II 3

 

LEVEL  400

First Semester

Course Code Course Title Credits
Core    
ACTU  403 Elements of Life Insurance 3
FINC   401 Investment Fundamentals 3
ACTU  410 Project 3
          Total   9
Electives  (Select   6 ± 9  Credits)
ACTU 407 Survival Analysis and Modelling 3
ACTU 409 Introduction to Actuarial Mathematics 3
STAT  445 Regression Analysis 3
STAT  451 Introduction to Stochastic Processes 3
STAT  453 Population Statistics 3
STAT  457 Economic and Social Statistics  I 3
MATH  421 Advanced Calculus 3
MATH  435 Introductory Functional Analysis 3

 

Second Semester

Course Code Course Title Credits
Core    
ACTU 410 Project 3
ACTU 404 Pensions and Social Security 3
FINC   454 Assurance of the Person 3
  Total   9
Electives (Select   6  Credits)
STAT  458 Economic and Social Statistics II 3
MATH442 Differential Equation II 3
FINC   452 Property and Pecuniary Insurance 3
FINC   458 Health Insurance 3

 

MAJOR –  MINOR IN ACTUARIAL SCIENCE

LEVEL 200

First Semester

Course Code Course Title Credits
Core    
UGRC 210 Academic Writing  II 3
STAT  221 Introductory Probability I 3
UGBS 205 Fundamentals of Accounting 3
Electives (Select   0 ± 3  Credits)
ECON 201 Elements of Economics I 3
STAT 223 Elementary Statistical Methods 3
Minimum Credits Required 9

 

Second Semester

CourseCode Course Title Credits
Core    
UGRC 220- 238 Introduction to African Studies 3
ACTU  202 Data Analysis and Statistical Computing 3
UGBS 208 Introduction to Financial Accounting 3
             (Select   0 ± 3  Credits)
ECON 202 Elements of Economics II 3
STAT  224 Introductory Probability II 3
Minimum Credits Required 9

LEVEL 300

First Semester

Course Code Course Title Credits
Core    
FINC   301 Introduction to Business Finance 3
ACTU  303 Introduction to Financial Mathematics 3
Choose ONE of the following Courses
MATH  355 Discrete Mathematics 3
STAT  335 Sample Survey Methods 3
          Total   9

 

Second Semester

Course Code Course Title Credits
Core    
FINC   302 Business Finance 3
ACTU  304 Life Contingencies 3
ACTU 320 Internship in Actuarial Practice 1
Choose ONE of the following Courses
CSCD  314 Operations Research 3
FINC   352 Principles and Practice of Insurance 3
  Total   10

 

LEVEL 400

First Semester

Course Code Course Title Credits
Core    
ACTU  403 Elements of Life Insurance 3
FINC   401 Investment Fundamentals 3
ACTU  410 Project Work 3
Total   9
Electives  (Select   6 ± 9  Credits)
ACTU 407 Survival Analysis and Modelling 3
ACTU 409 Introduction to Actuarial Mathematics 3
STAT  445 Regression Analysis 3
STAT  453 Population Statistics 3
STAT  457 Economic and Social Statistics  I 3

  

  

  

SECOND SEMESTER

Course Code Course Title Credits
Core    
ACTU  410 Project Work         3
ACTU  404 Pensions and Social Security         3
  Total           6
            Electives (Select   9  Credits)
FINC  454 Assurance of the Person         3
STAT  458 Economic and Social Statistics II         3
FINC   452 Property and Pecuniary Insurance         3
FINC   458 Health Insurance         3

 

 

PROGRAMME STRUCTURE FOR STATISTICS

 LEVEL 100                

FIRST SEMESTER

Code Title Credits
UGRC 150 Critical Thinking and Practical Reasoning 3
STAT 101 Introduction to Statistics 3
MATH 121 Algebra and Trigonometry 3
MATH 123 Vectors and Geometry 3
Select 3 credits
CSCD 101 Introduction to Computer Science I 3
PSYC 101 Elements of Psychology 3
Total 15

 

SECOND SEMESTER

Code Title Credits
URGC 110 Academic Writing I 3
UGRC 130 Understanding Human Society 3
MATH 122 Calculus I 3
MATH 124 Mechanics 3
STAT 102 Elementary Probability 3
Select 3 credits
CSCD 102 Introduction to Computer Science II 3
PSYC 102 Psychology for Everyday Living 3
Total 15

 

 

Peter

Peter N. Djangmah is a multifaceted individual with a passion for education, entrepreneurship, and blogging. With a firm belief in the power of digital education and science, I am affectionately known as the Private Minister of Information. Connect with me
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