Probability for Actuaries
Actuaries and quantitative professionals deal primarily in probabilities. This course will cover a wide range of topics and introduce you to core probability concepts needed for actuarial and quantitative work. You will be able to apply concepts of probability to real-world scenarios. This course will also fully cover nearly all content required by the Society of Actuaries Probability (P) Exam and its equivalents.
Syllabus
Course Topics
- Introduction to Statistics & Probability
- Numerical & Graphical Measurements of Data
- Probability and Inference
- Set Theory
- The Kolmogorov Axioms and Counting methods
- Computing Probabilities of Events
- Conditional Probability
- Event Independence
- Law of Total Probability
- Bayes’ Rule
- Discrete Random Variables (DRV)
- Discrete Probability Distribution Functions (PDFs)
- Expected Value & Variance
- Commonly Used PDFs
- Uniform
- Binomial
- Geometric
- Negative Binomial
- Hypergeometric
- Poisson
- Moments of DRVs
- Continuous Random Variables (CRV)
- Continuous PDFs
- Expected Value and Variance
- Commonly Used Continuous PDFs
- Uniform
- Normal
- Gamma
- Beta
- Moments of CRVs
- Discontinuous & Mixed PDFs
- Multivariate Probability Distributions
- Bivariate and Multivariate PDFs
- Marginal & Conditional PDFs
- Independent RVs
- Functions of RVs
- Covariance
- Multinomial PDFs
- Conditional Expectations
- Functions of Random Variables
- Order Statistics
- Sampling Distributions & the Central Limit theorem (CLT)
- Sampling Distributions related to the Normal Distribution
- The Central Limit Theorem
- Normal Approximation to the Binomial Distribution
Course Level
300
Disclosure
This course is delivered online through an institution of the Lower Cost Models Consortium (LCMC) that is different than your degree-granting institution that awards the academic credit for the course.
