Programme Summary

Part	Semester	Module Code	Module Name	Credits
I	I	CAC1107 CIN1109 SMA1101 CBA1104 CBU1108 CBU1102 SCS1101	Accounting IA     Commercial Law  Calculus Principles of Microeconomics         Principles of Management Business Communication              Introduction to Computer Science and Programming	12 12 12 12 12 12 12
Total Credits Part I Semester II				84
I	II	CAC1208 CBA1205 CMK1209 CIN1213 SMA1201	Accounting IB     Principles of Macroeconomics Principles of Marketing Actuarial Statistics I                                  Calculus of Several Variables	12 12 12 12 12
Total Credits Part I Semester II				60
Total Credits Part I				144
II	I	CIN 2123 CIN 2211 CIN 2224 CFI 2101 CIN 2122 CIN 2215	Life, Health and Care Insurance                              Actuarial Statistics II         Pension and Benefits                    Corporate Finance I                                             Actuarial Financial Mathematics Topics in Applied Mathematics	12 12 12 12 12 12
Total Credits Part II Semester I				72
II	II	CFI 2201 SCI 2206 CIN2222 SCI 1204 CIN 1202 SCI1202	Corporate Finance II         Data Analytics                                         Life Contingencies                                   Programming Concepts and Development using Python Risk and Insurance Data Mining and Warehousing	12 12 12 12 12 12
Total Credits Part II Semester II				72
Total Credits Part II				144
III	I & II	CIN 3001	Industrial Attachment	120
Total Credits Part III				120
IV	I	CIN 4121 CIN 4120 CIN 4115 CIN 4116 CIN 4119	General Insurance Mathematics I Stochastic Modelling        Financial Economics        Investment and Asset Management Survival Modelling	12 12 12 12 12
Total Credits Part IV Semester I				60
IV	II	CIN 4222 CIN 4219 CIN 4221 CIN 4220 CIN 4001	Life Contingencies II                     General Insurance Mathematics II Theory and Valuation of Derivatives General Insurance                                   Research Project	12 12 12 12 24
Total Credits Part IV Semester II				72
Total Credits Part IV				132
Total Credits for the Programme				540

 

COURSE SYNOPSIS

SCS1101 Introduction to Computer Science and Programming                                           12 credits

Information and Knowledge Societies, Evolution of Computers, Computer Organisation and Architecture: CPU; Memory; I/O, Number Systems and Conversions ( Bin; Dec; Hex; Oct), Concepts of Computer Languages: high\low level languages; compiler; interpreter, Programming Techniques: grammar; recursion; Variables; Data types; Initialization; Comments; Keywords; Constants; Assignment, Programming constructs: branching; looping; recursion; Programming using data structures: arrays; lists; trees; hash tables; queues; stacks; files, Programming Algorithms for Problem Solving: Sorting; compression; numerical and encryption, Fundamentals Operating System, Fundamentals Data Bases, Fundamentals of Networks

 

CIN 1109 Commercial Law                                                                                               12 credits

The aim of this module is to introduce students to the basic legal principles governing the business environment. Focus will be placed on definition of contracts, requirements of a contract, breach of a contract, remedies for breach of contracts, law of agency, contract of sale, law of business organisations and insurance contract.

 

SMA 1101 Calculus                                                                                                         12 credits

The aspects covered are: Limit of functions, One-sided and infinite limits, Continuity, Differentiation, Rolle's Theorem, mean value theorem, Cauchy's mean value theorem, Leibniz' rule, Taylor series, Integration, Definite integrals, Anti-derivatives, Fundamental theorem of calculus, Improper integrals, Gamma and Beta functions, Natural Logarithms, revolution, Parametric equations, Polar coordinates, Graph sketching, Complex numbers, De Moivre's theorem, and the exponential form.

 

CBA 1104 Principles of Micro-Economics                                                                           12 credits

The module provides a basic foundation for the subject matter of Economics to enable students to prepare themselves to use the concept of rationality to analysing behaviour at a micro level. The module includes:  Definitions of Economics, Evaluation and Development of Socio-Economic systems, Factor Prices, Pricing and Production Certainty and Uncertainty in Economic theory, Markets and Economic Decision-making.

 

CAC 1107 Accounting IA                                                                                                 12 credits

The module is designed for students without “A” level Accounting. It introduces students to basic principles, concepts and techniques of Accounting in general. The module focuses on the use of Accounting information by managers. The module covers the following areas: Accounting cycle, Accounting as an Information system, trial balance, preparation of financial statements for individual companies, non-profit making organisations as well as Accounting ratios.

 

CBU 1108 Principles of Management                                                                                12 credits

History and development of management thought, functions of management, organisational structures, decision making, communication, centralisation and decentralisation, delegation, leadership and motivation, controlling budgeting and non-budgetary controls.

 

CIN 1108 Introduction to Risk Management (Elective)                                                         12 credits

The aim of this module is to introduce students to an early appreciation of basic concepts of risk and risk management. It deals with the concepts of risk and uncertainty, risk definitions and classifications, and the application of principles of management to risk management. Emphasis is placed in the generic risk management model with special focus on risk identification/ awareness, risk measurement and techniques for dealing with risk. This module provides a foundation for the rest of the modules to be taken later in the study programme.

 

CBU 1102 Business Communication                                                                                12 credits

General comprehension and expression, report writing, comprehension of ideas, development of different styles and the use of English in a business setting, communicating skills, letter-writing, committee documents, use of questionnaires, note taking, summarising.

 

CIN1202 Risk and Insurance                                                                                            12 credits

The aim of this module is to familiarize students with risk financing with special emphasis placed on insurance and self-insurance. It deals with guidelines for insurable risks, risk assessment and measurement of insurable risks, principles and practice of insurance and self-insurance, the insurance industry, including the role of the government. It introduces the students to international insurance markets and provides an overview of short term and long term insurance policies, claims management and the marketing of insurance services.

 

CAC 1208 Accounting IB                                                                                                 12 credits

The module aims at equipping students with basic Management Accounting techniques in planning, control and decision making. It is intended for non-accounting professionals and covers the following areas: relationship of Cost and Management Accounting to other branches of Accounting, cost classification, stock valuation, material and labour costing, cash budgets etc.

 

CBA 1205 Principles of Macro-Economics                                                                         12 credits

Having done Principles of Micro Economics, it is a well-known fact that what is true with regard to individual parts of the whole may not be true with the whole. Principles of Macro-economics builds on Principles of Micro Economics. It seeks to introduce students on how economic aggregates such as national income, investment, savings, taxation, imports, exports, government expenditure, fiscal and monetary policies, employment/unemployment and inflation are related to micro economic behaviour. Emphasis is put on the definition, measurement and inter-linkages of these so that students can be prepared for more advanced policy formulation and implementation.

 

CBU 1209 Principles of Marketing                                                                                    12 credits

Marketing functions; the environment of marketing; marketing information systems and marketing research; the marketing mix; consumer behaviour; the social responsibility of marketing; public policy with respect to marketing practices.  Principles of marketing management and marketing instruments, customer centricity, the process of marketing management, market segmentation, positioning and marketing information systems, environmental analysis, identification of target markets, value creation, positioning strategies, consumer behaviour, relationship marketing, relationship intention, application of product, price, marketing communication and distribution strategies.

 

SMA 1201 Calculus of Several Variables                                                                              12 credits

The aspects covered are: Cartesian coordinates in 3 dimensions, Functions of several variables, Quadric surfaces, Curves, Partial derivatives, Tangent planes, Derivatives and differentials, Directional derivatives, Chain rules, Div, grad and curl, Maxima and minima, Lagrange multipliers, Double and triple integrals, Change of order, Change of variable, Polar and spherical coordinates, Line and surface integrals, Green's theorem in the plane, Divergence theorem and Stokes theorem.

 

CIN 2123 Life, Health and Care Insurance                                                                            12 credits

The module seeks to equip students with knowledge and understanding of actuarial techniques in life insurance. It covers the operation of the following types of group and individual products: whole life assurance, term assurance, pure endowment, endowment assurance, life annuity products, critical illness insurance, long-term care insurance and income protection insurance as well as Private Medical Insurance and related products. It also covers product design, stakeholder needs, state healthcare provision methods and approaches to funding, modelling, data considerations, assumptions used, pricing considerations, reserving, risk management, underwriting and policy data checks.

 

CIN 2116 Research Methods in Insurance                                                                           12 credits

The objective of the module is to provide students with the skills investment necessary to carry out research work. The module will enable students to carry out applied research in insurance and actuarial science. This module covers following:  principles of conducting research, types of approaches to research; qualitative and quantitative, selecting research topics, research proposal, literature search, methods of data collection, analysing research data, writing and presentation of a research project. The module will be assessed by coursework and a written examination.

 

CFI 2101 Corporate Finance I                                                                                             12 credits

The aim of the module is to identify the objective that Corporate Finance managers pursue or ought to pursue in order to satisfy the needs of corporate stakeholders and to develop, in students, concepts and corporate analytical tools that will enable them to meet this objective. To this end, the module will cover the following critical areas: Goals of a firm and the agency theory; Time value concepts and valuation of bonds and shares; Capital Budgeting under certainty; Operating and financial leverage; Introduction to portfolio theory and capital asset pricing; the stock market and other sources of long-term capital; innovations in Corporate Finance. 

 

SCI 1202 Data Mining and Warehousing                                                                             12 credits

Fundamentals of data mining, Data Mining Functionalities, Classification of Data Mining systems, Data Mining Task Primitives, Integration of a Data Mining System with a Database or a Data Warehouse System, Information retrieval, machine learning, optimization, microeconomics, algorithms, mathematical formulas, computer programs, analytic tools and online portals, Data Cleaning, Data Integration and Transformation, Data Reduction, Discretization and Concept Hierarchy Generation, Data Warehouse and OLAP Technology for Data Mining: Data Warehouse, Multidimensional Data Model, Data Warehouse Architecture, Data Warehouse Implementation, Further Development of Data Cube Technology, From Data Warehousing to Data Mining Data Cube Computation and Data Generalization:           

 

SCI1204 Programming Concepts and Development using Python                                              12 credits

Elementary principles of programming using python including iteration, recursion, and binary representation of data. Object oriented approach to programming using python.

 

SCI2206 Data Analytics                                                                                                    12 credits

Introduction to qualitative and quantitative analysis. Basic simulation and modelling methodology: sampling, data collection analysis and visual output. Modelling complexities and decision-making simulation. Data formatting and presentation. Random numbers, statistical functions, and experimentation. Applied statistical functions, and experimentation. Applied statistical methods for analysis and modelling. Approaches to structuring simulations.       

CIN 2122 Actuarial Financial Mathematics                                                                          12 credits

The module aims to provide a solid grounding in Financial Mathematics and its applications, covering: cash flow models, time value of money, equations of value, loan schedules, investment project appraisal, bond valuation, forward contracts and term structure of interest rates and stochastic interest rates.

 

CIN 2111 Actuarial Statistics I                                                                                           12 credits

The module aims to equip students with skills of analysing data and applying probability theory to practical problems. The main aspects covered are introduction to probability, random variables, probability distributions, generating functions, joint distributions, conditional expectation, the central limit theorem, sampling and statistical inference.

 

CIN 2114 Visual Basic for Applications                                                                              12 credits

The objective of this module is to provide students with computer skills which are essential in this ever changing business environment. This module introduces students to the world of computer programming using Microsoft Excel Visual Basic for Applications (VBA).  This module covers introduction to VBA, how VBA works with Excel, programming concepts, developing custom dialog boxes, creating custom toolbar and menus. The module will be assessed by coursework only.

 

CFI2201 Corporate Finance II                                                                                            12 credits

The aim of the module is to develop, further, in students, concepts and corporate financial analytical tools. The areas covered will include the following: Introduction to capital structure theory and practice; Cost of capital and valuation; Introduction to capital budgeting under uncertainty; Dividend policy theory and practice; corporate working capital management; and innovations in corporate finance.

 

CIN 2211 Actuarial Statistics II                                                                                         12 credits

The module aims to equip students with skills of analysing data and applying probability theory to practical problems. The main aspects covered are methods of estimation, confidence intervals, hypothesis testing, correlation, regression analysis and analysis of variance (ANOVA).

                       

CIN 2215 Topics in Applied Mathematics                                                                           12 credits

 A highly mathematical module which aims to equip the trainee actuary with both mathematical and computer methods used in actuarial problem solving. The main objective of the module is to give students a deeper understanding of the fundamental mathematical techniques used actuarial science. The module builds ground for higher modules which require requisite knowledge and application of matrices, differential equations, difference equations, differential-difference equations, demographic projections, linear algebra, discrete maths, real analysis and topology.

 

CIN 2222 Life Contingencies I                                                                                           12 credits

By the end of the module, students should be able to use standard actuarial techniques to calculate premiums, contributions and reserves for the full range of life assurance, health care and retirement benefits. The following aspects are covered: annuities and assurance, select mortality, long term care contracts, life insurance contracts, gross premium and reserve, discounted emerging costs techniques and pricing of life insurance options and guarantees.

 

CIN 2216 Computer Packages and Applications in Insurance                                               12 credits

Computer Packages and Applications in Insurance (CIN 2216) will provide students with an opportunity to write programs for statistical models used in statistics, insurance and actuarial modelling. It also covers statistical reporting using software packages for statistical calculations; numerical and graphical summaries; contingency tables; hypothesis testing; confidence intervals; regression methods; analysis of data from comparative studies as well as data mining concepts such as predictive modelling and causal inference. Students will gain skills from the use of statistical packages such as SAS, SPSS, R, Excel and MATLAB. The module will be assessed by coursework only.   

 

CIN 2224 Pension and Benefits                                                                                        12 credits

The aim of the module is to equip students with the technical knowledge required in managing benefit schemes such as Defined Benefit and Defined Contribution schemes. It focuses on benefit providers, stakeholder needs, disclosure requirements, scheme design, risks and uncertainties, financing methods, use of models, the need for valuation, valuation data, sources of surplus and discontinuance.  

 

CIN 3001 Industrial Attachment/ Work Related Learning                                                     120 credits

During their third year, students are expected to be on Work Related Learning at an organization where they engage on the practical aspects of the programme under supervision. Work Related Learning helps students to apply concepts they studied during the first two years of their programme, in a real-world context. Students are expected to add value to their academic and professional profiles whilst on attachment, while contributing maximum stakeholder value to the organisations to which they are attached.

 

CIN 4117 General Insurance Mathematics I                                                                        12 credits

The module aims to cover the following aspects under risk theory: Decision theory, Bayesian statistics, Loss Distributions, Reinsurance, Credibility Theory, and Empirical Bayes Credibility Theory. Software packages such as R shall be utilised for exercises such as fitting loss distributions and reserving.

 

CIN 4118 Stochastic Modelling                                                                                         12 credits

The module aims to cover principles of stochastic modelling including the following aspects: principles of actuarial modelling, stochastic processes, markov chains, the two-state Markov model, the general Markov model, Markov jump processes, stochastic integrals, Ito processes, martingales, and the Brownian motion.

 

CIN 4115 Financial Economics                                                                                         12 credits

This module equips students with the skills required in modelling security prices and returns by covering the following topics: utility theory, Absolute and Stochastic Dominance, behavioural finance, investment risk measures, portfolio theory, models of asset returns, asset pricing models, and the Efficient Markets Hypothesis.

 

CIN 4116 Investment and Asset Management                                                                    12 credits

The aim of this module is to introduce students to investment management principles which encompass: investment markets and their economic influences (money markets, bond markets, equity markets, property markets, derivative markets, Collective investment schemes and overseas markets), asset classes and their characteristics, relationships between returns on asset classes, valuation of individual investments and asset classes, as well as investment strategy.

 

CIN 4119 Survival Models                                                                                                12 credits

The module aims to define and estimate the future lifetime distribution of an individual. The main aspects covered are the future lifetime distribution, Kaplan-Meier and Nelson-Aalen estimators, the Cox Regression model, Markov Models, Binomial model, Poisson Model, exposed to risk and graduation techniques.

 

CIN 4222 Life Contingencies II                                                                                         12 credits

By the end of the module, students should be able to use standard actuarial techniques to calculate premiums, contributions and reserves for a range of life assurance, health care and retirement benefits. The following aspects are covered: pricing of joint life annuities and assurances, contingent and reversionary benefits, pension fund benefits, Multiple Decrement Tables, profit testing, reserving, selection and standardisation.

 

CIN 4220 General Insurance                                                                                            12 credits

The module aims to cover the main types of general insurance products, rating methods, rating and underwriting considerations, how to price different types of reinsurance, application of the Individual and Collective Risk Models as well as the Aggregate Claim Distribution, the major actuarial investigations and analyses of experience with regard to reserving and capital modelling, analytic and simulation-based methods of reserving, the key considerations in deriving and applying capital modelling techniques, the approaches to the assessment of capital requirements for different risk types, selection of reinsurance programmes and accounting for general insurance business and regulation of general insurance business.

 

CIN 4219 General Insurance Mathematics II                                                                       12 credits

The module aims to cover the following aspects under risk theory: Risk Models, Ruin theory, Reserving, Generalized Linear Models, Time Series Analysis and Monte Carlo Simulation. Software packages such as SAS, R, Eviews and Excel shall be utilised particularly in Reserving, Time Series Analysis and Monte Carlo Simulation.

 

CIN 4221 Theory and Valuation of Derivatives                                                                    12 credits

This module covers the stochastic modelling of financial assets under the following aspects: pricing of equity and related derivatives such as futures, forwards and options, stochastic models of security prices, the Binomial (one step and multi-period) Models, Black – Scholes Model, the Greeks, the 5-step method (discrete and continuous time), term structure of interest rates and credit risk.

 

CIN 4001 Research Project                                                                                              24 credits

Students will be expected to complete a research project on a topic of their choice but limited to the taught modules. The project is a consolidation of the theoretical knowledge gained in the taught modules and the practical experience gained from Industrial Attachment.