What you'll learn
- We will discuss what a model is and why actuaries make them. We will look at their components and discuss their limitations. We will also compare the stochastic model to the deterministic model and determine how to choose between them. We will also consider stress testing, scenario analysis and sensitivity testing before looking at Time Horizons and communication.
Requirements
- Yes: Introduction to the Actuarial Exams
Description
This is a theoretical course for the Actuarial Exams.
The course answers the following questions
What is a model and why do Actuaries make them?
What are the components of a model?
What are the limitations of models?
Deterministic vs Stochastic: Whats the difference?
What is the Time Horizon?
What is Stress Testing?
What is Scenario Analysis?
What is Sensitivity Testing?
How do we communicate a Model's results?
Actuarial Exams:
Almost all actuarial subjects involve models and so this subject is appropriate for them all.
Who this course is for:
- Actuarial Students who want to write the profession's exams.
Course content
- Preview04:04
- Preview06:28
- 09:17Components of an Actuarial Model
- 03:26Limitations of Models
- 03:52Deterministic vs Stochastic Models
- 03:14Time Horizons
- 09:25Model Analysis (Stress, Sensitivity, Scenario Analysis)
- 05:34Communicating Model Results
- 00:01Resources: Slides and Notes
Instructor
![Michael Jordan](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 64 64"%3E%3C/svg%3E){kind=avatar}
- 4.4 Instructor Rating
- 937 Reviews
- 10,701 Students
- 21 Courses
Hi I'm MJ the Fellow Actuary. I've been making educational videos since 2013 on YouTube. I've passed all the actuarial exams and am here to help you do the same. I've majored in Mathematical Statistics and have published research in the South African Journal of Science on Artificial Intelligence. I've also done a Ted Talk on advanced studying methods. As your instructor my purpose is to make sure you understand every concept in these courses. If you get stuck with anything, send me a message, I'm here to help.