A C T U A R I A L S C I E N C E Note More detailed course descriptions and course outlines are available in the Actuarial Science Undergraduate Handbook. ACTSC 200s ACTSC 221 LEC 0.50 Course ID: 003290 Mathematics of Investment The theory of rates of interest and discount; annuities and sinking funds with practical applications to mortgage and bond questions. Yield rates. [Offered: F,W,S] Prereq: Level at least 2A; Not open to Actuarial Science students. Antireq: ACTSC 231; (For Mathematics students only - CIVE 292/392) ACTSC 231 LEC,TUT 0.50 Course ID: 003293 Mathematics of Finance The theory of rates of interest and discount including the theoretical continuous case of forces of interest and discount. Annuities and sinking funds, including the continuous case. Practical and theoretical applications primarily to mortgages and bonds. Yield rates. [Offered: F,W,S] Prereq: MATH 137 or 147 and (STAT 220 with a grade of at least 70% or a corequisite of STAT 230 or 240); Level at least 2A; Not open to General Mathematics students. Antireq: ACTSC 221 ACTSC 232 LEC,TUT 0.50 Course ID: 003294 Introduction to Actuarial Mathematics The economics of insurance, utility theory. Application of probability to problems of life and death. The determination of premiums for insurances and annuities in both the discrete and continuous case. [Offered: F,W,S] Prereq: ACTSC 231, STAT 230 or 240; ELPE passed with "Good" or "Excellent" or (Math Faculty Writing skills requirement and ENGL 119). Not open to General Mathematics students. Students who have met the ELPE requirements must contact their ACTSC advisor. ACTSC 291 LEC,TST,TUT 0.50 Course ID: 011750 Corporate Finance 1 This is the first in a two-course sequence that deals with corporate financial decision-making. Topics may include time value of money, capital budgeting, cost of capital, security issuance, capital structure, payout policy and dividends, short term finance, and risk management. Where suitable, topics are treated from a mathematical and quantitative perspective. Prereq: MATH 136 or 146, 138 or 148; Accounting & Financial Management, Computing & Financial Management, Mathematics/Accounting or Science Biotechnology/Chartered Accountancy students. Coreq: STAT 231 or 241. Antireq: AFM 271/273, ACTSC 371, ECON 371 (Cross-listed with AFM 272) ACTSC 300s ACTSC 331 LEC,TUT 0.50 Course ID: 003295 Life Contingencies 1 Policy values and reserves. Multiple life functions and multiple state models. [Note: Some of the material covered in STAT 333 reinforces some of the concepts covered in this course. Therefore students might find it beneficial to take STAT 333 and ACTSC 331 at the same time. Offered: F,W,S] Prereq: ACTSC 232 with a grade of at least 60%; Actuarial Science, Mathematics/Accounting Actuarial Science Option, Business/Math double degree students only ACTSC 371 LEC,TUT 0.50 Course ID: 011438 Introduction to Investments Introduction to capital markets. Analysis of equity and fixed income investments. Introduction to derivative securities including futures, forwards, swaps and options. [Offered: F,S] Prereq: Not open to General Mathematics students. Coreq: STAT 231 or 241 ACTSC 372 LEC,TUT 0.50 Course ID: 012044 Corporate Finance Capital budgeting. Real Options. Investment decision using Markowitz and utility theory. Capital Asset Pricing Model. Arbitrage Pricing Theory. Market efficiency. Capital structure and dividend policy. Advanced topics. [Offered: F,W,S] Prereq: ACTSC 371 and MATH 207 or 237 or 247; Not open to General Mathematics students. Antireq: AFM 271/273, AFM 272/ACTSC 291, AFM 274/371, AFM 372/ACTSC 391, BUS 393W, ECON 371 ACTSC 391 LEC,TST,TUT 0.50 Course ID: 011751 Corporate Finance 2 This course is a continuation of AFM 272/ACTSC 291. Topics to be explored are covered under the listing for AFM 272/ACTSC 291. Prereq: AFM 272/ACTSC 291; Computing and Financial Management, Mathematics/Chartered Professional Accountancy students only. Antireq: AFM 274/371, ACTSC 372, ECON 371 (Cross-listed with AFM 372) ACTSC 400s ACTSC 431 LEC,TUT 0.50 Course ID: 003300 Loss Models 1 Models for loss severity: parametric models, effect of policy modifications, tail behaviour. Models for loss frequency: (a, b, 0), (a, b, 1), mixed Poisson models; compound Poisson models, Aggregate claims models: moments and moment generating function: recursion. Classical ruin theory. [Offered: F,S] Prereq: STAT 330, 333; Actuarial Science, Business/Math double degree, Mathematical Finance, Mathematics/Accounting Actuarial Science Option students only ACTSC 432 LEC,TUT 0.50 Course ID: 003301 Loss Models 2 Credibility theory: limited fluctuation; Bayesian; Buhlmann; Buhlmann-Straub; empirical Bayes parameter estimation; statistical inference for loss models; maximum likelihood estimation; effect of policy modifications; model selection. [Offered: F,S] Prereq: STAT 330, 333; Actuarial Science majors, Business/Math double degree, Mathematical Finance, Mathematics/Accounting Actuarial Science Option students only. Coreq: ACTSC 431 ACTSC 433 LEC 0.50 Course ID: 003302 Analysis of Survival Data The Mathematics of Survival Models, some examples of parametric survival models. Tabular survival models, estimates from complete and incomplete data samples. Parametric survival models, determining the optimal parameters. Maximum likelihood estimators, derivation and properties. Product limit estimators, Kaplan-Meier and Nelson-Aalen. Practical aspects. [Offered: W] Prereq: ACTSC 331, STAT 330; Actuarial Science majors, Business/Math double degree, Mathematical Finance, Mathematics/Accounting Actuarial Science Option students only ACTSC 445 LEC,TUT 0.50 Course ID: 009492 Quantitative Risk Management Introduction to financial risk management. Risk measures. Modelling for multivariate distributions and copulas. Market, credit and operational risk. Advanced topics. [Offered: F,S] Prereq: (AFM 372/ACTSC 391or(ACTSC 231, 371)or(ACTSC 231, BUS 393W)),((STAT 330,333) or STAT 334); Actsc Majors, Bus/Math Dbl Deg, Math/Bus Fin Opt, Math/FARM, Math Fin, Math/Acc Actsc or Fin Opt students. Antireq: AFM 422, MATBUS 472, BUS 433W, BUS 439W ACTSC 446 LEC,TUT 0.50 Course ID: 003305 Mathematical Models in Finance Mathematical techniques used to price and hedge derivative securities in modern finance. Modelling, analysis and computations for financial derivative products, including exotic options and swaps in all asset classes. Applications of derivatives in practice. [Offered: F,W] Prereq: (AFM 372/ACTSC 391 or(ACTSC 231&371)or(ACTSC 231&BUS 393W)), (STAT 333 or 334); ACTSC majors, Bus/Math dbl deg, Math/Bus Fin Opt, Math/FARM, Math Fin, Math/Acct(Actsc or Fin Opt), Stat stdts. Antireq: AFM 322/474, BUS 423W, ECON 372, MATBUS 470 ACTSC 453 LEC 0.50 Course ID: 003308 Basic Pension Mathematics Theory and practice of pension plan funding. Assumptions, basic actuarial functions and population theory applied to private pensions. Concepts of normal costs, supplemental liability, unfunded liability arising from individual accrued benefit and projected benefit cost methods. Prereq: ACTSC 331; Actuarial Science majors, Business/Math double degree, Mathematical Finance, Mathematics/Accounting Actuarial Science Option students only ACTSC 455 LEC 0.50 Course ID: 013318 Advanced Life Insurance Practice Cash flow projection methods for pricing, reserving and profit testing; deterministic, stochastic and stress testing; pricing and risk management of embedded options in insurance products; mortality and maturity guarantees for equity-linked life insurance. Prereq: ACTSC 331 with a grade of at least 60%; Actuarial Science majors, Business/Math Double Degree, Mathematical Finance, Mathematics/Accounting Actuarial Science Option students only. Coreq: ACTSC 446 ACTSC 462 LEC 0.50 Course ID: 003312 Introduction to Property and Casualty Pricing An introduction to property/casualty rate making. The economics of insurance. The ratemaking process. Individual risk rating. Reinsurance, expense issues. Pricing for deductibles and increased limits. Prereq: AFM 272/ACTSC 291 or ACTSC 231; Actuarial Science majors, Business/Math double degree, Mathematical Finance, Mathematics/Accounting Actuarial Science Option students only. Antireq: ACTSC 363 ACTSC 463 LEC 0.50 Course ID: 003299 Introduction to Property and Casualty Loss Reserving An introduction to property/casualty loss reserving techniques. Claim payment process. Chain-ladder methods. Stochastic models. Prereq: (AFM 272/ACTSC 291 or ACTSC 231), (STAT 331 or 371 or 373); Actuarial Science majors, Business/Math double degree, Mathematical Finance, Mathematics/Accounting Actuarial Science Option students only. Coreq: ACTSC 431. Antireq: ACTSC 363 ACTSC 468 RDG 0.50 Course ID: 014534 Readings in Actuarial Science 1 Prereq: Actuarial Science, Business/Math double degree, Math/Acct Actsc or Fin Opt, Math/Bus Fin Opt, Math/FARM, Mathematical Finance students only ACTSC 469 RDG 0.50 Course ID: 014535 Readings in Actuarial Science 2 Prereq: Actuarial Science, Business/Math double degree, Math/Acct Actsc or Fin Opt, Math/Bus Fin Opt, Math/FARM, Mathematical Finance students only ACTSC 471 LEC,TST,TUT 0.50 Course ID: 011760 Advanced Corporate Finance This course covers various advanced topics in corporate finance, with emphasis on theories of corporate incentives and asymmetric information. Illustrative applications using cases are provided. Prereq: AFM 372/ACTSC 391 or ACTSC 372; Comp & Financial Management, Actuarial Science, Math Chartered Accountancy, Math/Financial Analysis & Risk Mgmt Chartered Financial Analyst or Math/Business Finance Opt or Mathematical Finance. Antireq: AFM 373/471 (Cross-listed with AFM 476) A C C O U N T I N G & F I N A N C I A L M A N A G E M E N T Note Students who fail to select their courses during normal course selection periods may be unable to take a particular course in their term of preference. AFM 100s AFM 101 LEC,TST,TUT 0.50 Course ID: 011404 Introduction to Financial Accounting This course is an introduction to financial accounting. The preparation and use of financial statements is examined. The accounting cycle, assets and liabilities reporting, is discussed. Prereq: Not open to students in Arts and Business, Environment and Business, Science and Business or Human Resources Management. Antireq: AFM 123/ARBUS 102, BUS 127W/227W, MSCI 262 AFM 102 LEC,TST,TUT 0.50 Course ID: 011700 Introduction to Managerial Accounting This course is an introduction to the preparation and use of accounting information for management decision-making and reporting. Cost behaviour, cost accumulation systems and short and long-term decision models are discussed. Prereq: AFM 101 or BUS 127W/227W. Antireq: AFM 123/ARBUS 102, AFM 228, BUS 247W, MSCI 262 AFM 121 LEC,TST,TUT 0.50 Course ID: 013719 Introduction to Global Financial Markets This course describes the role of finance in the modern global economy and introduces some basic principles of financial decision-making. Prereq: Accounting and Financial Management or Computing and Financial Management students only AFM 123 LEC,TST,TUT 0.50 Course ID: 003239 Accounting Information for Managers This course is designed for non-accountants who will use accounting information for planning, control and decision making. Prereq: Arts & Business, Environment & Business, Sci & Business, Hon Rec & Leisure Studies, Hon Rec & Business, Hon Biotechnology/Economics, Human Resources Management, or Management Studies stdnts. Antireq: AFM 101,102,121, BUS 127W/227W,247W, MSCI 262 (Cross-listed with ARBUS 102) AFM 131 LEC,TST 0.50 Course ID: 003243 Introduction to Business in North America The functional areas of business: finance, personnel administration, production, marketing, and accounting are examined within differing organizational structures. Coverage also includes study of the principles of effective management and the financial system as a source of corporate capital. Prereq: Not open to Honours Arts and Business students. Antireq: BUS 111W (Cross-listed with ARBUS 101) Also offered Online AFM 200s AFM 201 LEC,OLN,TUT 0.50 Course ID: 011411 Introduction to Professional Practice This course discusses auditing and taxation concepts as they relate to professional accounting and management. Prereq: AFM 101; Accounting and Financial Management, Computing and Financial Management, Mathematics/Chartered Professional Accountancy or Biotechnology/Chartered Accountancy students only. AFM 202 LEC,TST,TUT 0.50 Course ID: 013739 Introduction to Public Practice This course focuses on the knowledge and skills that enhance experiential learning during a first co-op work term. Topic areas include professional ethics, assurance, taxation, and leveraging technology for assurance and taxation competencies. Prereq: AFM 101; Level 2A or 3A; Accounting and Financial Management, Mathematics Chartered Accountancy, or Science Biotechnology/ Chartered Accountancy students only. Antireq: AFM 201 AFM 203 LEC,TST,TUT 0.50 Course ID: 013740 Introduction to Decision Support This course focuses on the knowledge and skills that enhance experiential learning during a first co-op work term while performing a decision support role within a public or private sector organization. Topic areas include professional ethics, performance analysis, corporate finance, and leveraging technology for performance analysis and corporate finance competencies. Prereq: AFM 101; Level 2A or 3A; Accounting and Financial Management students, Mathematics Chartered Accountancy, or Science Biotechnology/ Chartered Accountancy students only. Antireq: AFM 201, 204 AFM 204 LEC,TST,TUT 0.50 Course ID: 013741 Introduction to Applied Finance This course focuses on the basic knowledge and skills required for employment in the finance area during the first co-op work term. The course covers topics such as an overview of the financial services industry, the role of treasury management within organizations, professional ethics, and problem-solving skills that are applicable to financial decisions. Prereq: AFM 121; Level 2A or 3A; Accounting and Financial Management students. Coreq: AFM 273. Antireq: AFM 201, 203 AFM 211 LEC,TST,TUT 0.50 Course ID: 013742 Connections to Business Context This course focuses on developing the qualities and transferable skills necessary for integration, continuous learning, and professional development. The course integrates an understanding of business, basic functional competencies, leadership, collaboration, and communication skills to address a range of business decisions. Prereq: AFM 101, 131, SPCOM 111; Accounting and Financial Management, Mathematics/ Chartered Professional Accountancy, or Biotechnology/Chartered Professional Accountancy students only AFM 231 LEC,TST 0.50 Course ID: 003247 Business Law Particular attention is given to the law relating to contracts and business organizations. Other areas of study include sources of law, the judicial process, real and personal property, torts, agency, credit, and negotiable instruments. Antireq: MTHEL 100/COMM 231, BUS 231W, CIVE 491, GENE 411, ME 401; (Faculty of Mathematics) ENVS 201 AFM 241 LEC,OLN,TST 0.50 Course ID: 010334 Introduction to Business Information Technology This course considers various aspects of information from a business and problem-solving perspective. It is intended to provide a basic foundation for understanding the potential benefits and problems in utilizing information technology to improve business performance, and an appreciation for a wide range of technology choices available, rather than a detailed understanding of any particular hardware or software technology. Prereq: AFM 102; Accounting and Financial Management, Biotechnology/Chartered Accountancy students only. Antireq: CS 330, 480/490 AFM 271 LEC,TST 0.50 Course ID: 003257 Managerial Finance 1 This is the first in a two-course sequence that introduces the theory of financial decision-making within firms. Topics include capital budgeting, cost of capital, security issuance, capital structure, payout policy and dividends, short term finance, and risk management, among others. Prereq: One of STAT 211, 230, 240, or ECON 221; Accounting and Financial Management or Biotechnology/Chartered Professional Accountancy. Antireq: ACTSC 291/AFM 272, ACTSC 371, ECON 371 (Cross-listed with AFM 273) AFM 272 LEC,TST,TUT 0.50 Course ID: 011750 Corporate Finance 1 This is the first in a two-course sequence that deals with corporate financial decision-making. Topics may include time value of money, capital budgeting, cost of capital, security issuance, capital structure, payout policy and dividends, short term finance, and risk management. Where suitable, topics are treated from a mathematical and quantitative perspective. Prereq:One of MATH 128,138,148;MATH 136 or 146;Accounting & Fin Mgmt,Computing & Fin Mgmt, Math/Chartered Professional Accountancy or Biotech/Chartered Professional Accountancy students only. Coreq:STAT 231 or 241. Antireq:AFM 271/273,ACTSC 371,ECON 371 (Cross-listed with ACTSC 291) AFM 273 LEC,TST 0.50 Course ID: 003257 Managerial Finance 1 This is the first in a two-course sequence that introduces the theory of financial decision-making within firms. Topics include capital budgeting, cost of capital, security issuance, capital structure, payout policy and dividends, short term finance, and risk management, among others. Prereq: STAT 211; Accounting and Financial Management or Science Biotechnology/Chartered Accountancy students only. Antireq: AFM 272/ACTSC 291, ACTSC 371, ECON 371 (Cross-listed with AFM 271) AFM 274 LEC,TST 0.50 Course ID: 003258 Managerial Finance 2 This course is a continuation of AFM 273. Topics to be explored are covered under the listing for AFM 273. Prereq: AFM 271/273; Accounting and Financial Management, Biotechnology/Chartered Professional Accountancy or Mathematics/Chartered Professional Accountancy students only. Antireq: ACTSC 372, ACTSC 391/AFM 372, ECON 371 (Cross-listed with AFM 371) AFM 280 LEC,TST,TUT 0.50 Course ID: 013743 Introduction to Organizational Behaviour An introduction to the concepts concerning the behaviour of individuals and groups in organizations. Topics may include motivation, influence, communication, diversity, goal-setting and incentive compensation, culture and ethical systems, and decision-making. Prereq: Accounting and Financial Management, Computing and Financial Management, or Mathematics Chartered Accountancy students only. Antireq: MSCI 211, PSYCH 338 AFM 291 LEC,TST 0.50 Course ID: 003253 Intermediate Financial Accounting 1 A first course in intermediate accounting dealing with the theory and practice of financial statement preparation and reporting. The emphasis will be on asset valuation and the related impact on income measurement. Prereq: AFM 102; Accounting and Financial Management, Computing and Financial Management, Mathematics/Chartered Professional Accountancy, or Biotechnology/Chartered Professional Accountancy only AFM 300s AFM 311 LEC,TST,TUT 0.50 Course ID: 013744 Connections to Ethical Context This course focuses on developing the qualities and transferable skills necessary for integration, continuous learning, and professional development. The course is oriented around the ethical and moral issues faced by accounting and finance professionals. Prereq: AFM 211. Antireq: AFM 431, PHIL 215/ARBUS202 AFM 321 LEC,TST 0.50 Course ID: 013726 Personal Financial Planning This course covers financial planning for individual investors, with particular emphasis on taxation and other institutional aspects governing decisions such as retirement savings, education savings, and estate planning. Coreq: One of AFM 274, AFM 372/ACTSC 391, ACTSC 372, ECON 371 AFM 322 LEC,TST 0.50 Course ID: 011702 Derivative Securities Introduction to valuation and applications of financial derivatives such as options, futures, forwards, and swaps. Prereq: AFM 274/371 or AFM 372/ACTSC 391. Antireq: ACTSC 446, ECON 372, MATBUS 470, STAT 446 (Cross-listed with AFM 474) AFM 323 LEC,TST 0.50 Course ID: 013727 Quantitative Foundations for Finance This course introduces analytical and statistical methods commonly used in finance, with applications to investment management and corporate finance. Prereq: AFM 274/371. Antireq: ECON 321, STAT 373 AFM 328 PRJ 0.25 Course ID: 014473 Investment Management - Junior Analyst This course provides students hands-on training in equity valuation and enables students to follow one industry sector. As a Junior Analyst, a student will understand why funds management is broken into different sectors, monitor existing equity holdings in a particular sector, make new equity selections in the sector, prepare equity research reports, and present trading recommendations to an investment team in a student-run investment portfolio. Instructor Consent Required Prereq: Accounting and Financial Management, Computing and Financial Management, Mathematics Chartered Accountancy, and Science Biotechnology/Chartered Accountancy students only. Coreq: AFM 274 or AFM 372/ACTSC 391 AFM 329 PRJ 0.25 Course ID: 014474 Investment Management - Senior Analyst This course provides students hands-on training in equity valuation and enables students to follow more than one industry sector. As a Senior Analyst, a student will monitor existing equity holdings in different sectors, make new equity selections in the sectors, prepare equity research reports, and present trading recommendations to an investment team in a student-run investment portfolio. Instructor Consent Required Prereq: AFM 274 or AFM 372/ACTSC 391; Accounting and Financial Management, Computing and Financial Management, Mathematics Chartered Accountancy, and Science Biotechnology/Chartered Accountancy students only AFM 331 LEC,TST,TUT 0.50 Course ID: 003269 Business Strategy This course focuses on strategic management of the total enterprise. Managers contribute to the organization through their analytical and leadership capabilities as well as their technical expertise. The course provides a framework for developing and implementing strategy that fits the firm's environment, managerial values, and organization. Prereq: (AFM 271/273 or AFM 272/ACTSC 291) and AFM 291; Accounting & Financial Management, Biotechnology/Chartered Professional Accountancy, Computing & Financial Management, or Mathematics/Chartered Professional Accountancy students only (Cross-listed with AFM 433) AFM 332 LEC,TST,TUT 0.50 Course ID: 011974 Accounting, Assurance, and the Law This course examines the inter-relationship between legal and accounting environments. Students will be introduced to concepts of corporate governance and malfeasance and will examine a range of issues including the relationship between accounting and internal control, the roles of internal and external audits, and the regulatory environment of business including the obligations of boards, officers, managers, and shareholders. Prereq: (AFM 101, 102) or AFM 123; AFM 231; Not open to students in Accounting and Financial Management, Mathematics/Chartered Professional Accountancy, Biotechnology/Chartered Professional Accountancy. AFM 333 LEC,TST 0.50 Course ID: 012769 International Business This course examines the opportunities, risks, and challenges faced by businesses in international markets, as well as the preparation required to operate them. Prereq: AFM 131/ARBUS 101; Level at least 3A (Cross-listed with ARBUS 301) AFM 341 LEC,TST 0.50 Course ID: 003273 Accounting Information Systems Examines the planning, requirements analysis, acquisition, and evaluation of information systems, with an emphasis on accounting information systems. Introduces information systems assurance concepts, and considers the role of information technology in the improvement of business performance. Prereq: AFM 241; Accounting and Financial Management, Biotechnology/Chartered Professional Accountancy students only. Antireq: CS 432 AFM 351 LEC,TST,TUT 0.50 Course ID: 003275 Audit Strategy An examination of elements of audit strategy and their interrelationships, including financial assertions, types and sources of audit assurance, and evidence-gathering procedures within a framework of professional judgment. Prereq: AFM 391; Accounting and Financial Management, Computing and Financial Management, Biotechnology/Chartered Professional Accountancy or Mathematics Chartered Professional Accountancy students only (Cross-listed with AFM 451) AFM 352 LEC,TST 0.50 Course ID: 003278 Comprehensive/Operational Auditing Examination of the value for money audit concept in the private and public sectors. This approach goes beyond the scope of the traditional financial audit and looks at all facets of the organization, including human resource management. Prereq: AFM 391; Accounting and Financial Management, Computing and Financial Management, Biotechnology/Chartered Professional Accountancy or Mathematics Chartered Professional Accountancy students only (Cross-listed with AFM 452) AFM 361 LEC,TST 0.50 Course ID: 003279 Taxation 1 A continuation of AFM 201 with application emphasis on business income, capital gains and calculation of corporate tax fact and problem situations. Prereq: AFM 201; Accounting and Financial Management, Biotechnology/Chartered Professional Accountancy, Computing and Financial Management, or Mathematics/Chartered Professional Accountancy students only AFM 362 LEC,TST,TUT 0.50 Course ID: 013745 Taxation 1 - Foundations