Program Courses
A student majoring in mathematics can choose the probability and statistics concentration with actuarial science cognate. In addition to the core courses required for the major, the following course should be taken:
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Math 338 Statistics Applied to Natural Sciences (4)
- Introduction to the theory and application of statistics. Elementary probability, estimation, hypothesis testing, regression, analysis of variance, non-parametric tests. Computer-aided analysis of real data. Graphical techniques, generating and interpreting statistical output, presentation of analysis (3 hours lecture, 2 hours activity).
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Math 340 Numerical Analysis (3)
- Approximate numerical solutions of systems of linear and nonlinear equations, interpolation theory, numerical differentiation and integration, numerical solution of ordinary differential equations. Computer coding of numerical methods.
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Math 390 Introduction to Actuarial Science (3)
- Fundamentals of actuarial science, including risk theory, interest theory, rate making, loss reserve and actuarial modeling. Selective corporate finance, investment and insurance topics, such as amortization, bonds, sinking funds, securities, annuities and pensions.
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Math 435 Mathematical Statistics (3)
- Statistical theory and its applications, based on the use of calculus.
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Math 438 Introduction to Stochastic Processes (3)
- Stochastic processes, including Markov chains, Poisson Process, Wiener Process. Applications to birth and death processes and queuing theory.
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Math 439 Intermediate Data Analysis (3)
- Simple and multiple linear regression, testing hypotheses, dummy variables, ANOVA, ANCOVA, confounding and interaction, diagnostics, influence and outliers, transformation and weighting and model selection. Introductory nonlinear and logistic regression. SAS statistical software will be used.
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Economics 201 Principles of Microeconomics (3)
- Principles of individual consumer and producer decisionmaking in various market structures, the price system, market performance and government policy.
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Economics 202 Principles of Macroeconomics (3)
- Principles of macroeconomic analysis and policy, unemployment and inflation, financial institutions, international trade, economic growth, comparative systems. One or more sections offered online.
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Finance 320 Financial Management I (3)
- Financial statement analysis. Interest rates and valuing cash flows (TVM; valuing stocks and bonds) Investment decision rules and capital budgeting. Risk and return (CAPM) and cost of capital.
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Finance 340 Introduction to Investments (3)
- Institutional characteristics of securities markets, security valuation and trading methods, fundamental and technical analysis, selection and management of securities, role of the capital asset pricing model in investing, options and futures markets, portfolio analysis and mutual funds.
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Finance 360 Principles of Insurance (3)
- Analysis of the risk management process, introduction to property and liability insurance, employee benefits and financial planning. Overview of the insurance industry and insurance problems.
And one of the following:
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ISDS 361B Quantitative Business Analysis: Statistics and Decision Sciences (3)
- Quantitative methods and their application to business and economic problems. Forecasting, ANOVA, quality control, decision analysis, mathematical modeling, optimization, PERT/CPM, inventory.
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ISDS 440 Integrative Decision Tools for Business Operations (3)
- Intermediate management science modeling and solution techniques, including topics in linear and non-linear programming, integer programming, dynamic programming, Markov processes, queuing theory and inventory models.
Or
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Finance 461 Business Property and Liability Risk Management (3)
- Duties and functions of a corporate risk manager, the major commercial property liability lines, including business income, general liability, commercial auto workers compensation, business owner insurance and operation of property liability insurers.
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Finance 462 Life and Health Insurance (3)
- Analysis of various types of life annuity and health insurance contracts, major employee benefit plans adopted by corporations and the organization and management of life and health insurance companies.
A student majoring in business administration with a finance concentration can pursue a mathematics minor in order to strengthen his/her mathematics background. Suggested courses include:
- Finance 320, 340, 360, 461, 462 (See courses' descriptions above)
- Economics 201, 202 (See courses' descriptions above)
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Math 150A Calculus I (4)
- Properties of functions. The limit, derivative and definite integral concepts; applications of the derivative, and applications of integration. Six units of credit are given for both MATH 150A and MATH 130 or for both MATH 150A and MATH 135.
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Math 150B Calculus II (4)
- Techniques of integration, improper integrals and applications of integration. Introduction to differential equations. Parametric equations; sequences and series.
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Math 250A Calculus III (4)
- Calculus of functions of several variables. Partial derivatives and multiple integrals with applications. Parametric curves, vector-valued functions, vector fields, line integrals, Green’s Theorem, Stokes’ Theorem, Divergence Theorem, geometry of 3-space and vectors.
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Math 250B Introduction to Linear Algebra and Differential Equations (4)
- Introduction to the solutions of ordinary differential equations and their relationship to linear algebra. Topics include matrix algebra, systems of linear equations, vector spaces, linear independence, linear transformations andeigenvalues.
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Math 335 Mathematical Probability (3)
- Probability theory; discrete, continuous and multivariate probability distributions, independence, conditional probability distribution, expectation, moment generating functions, functions of random variables and the central limit theorem.
- Math 340, 390 (See courses' descriptions above)