Current Students

Course Descriptions

The proposed Master of Financial Insurance (MFI) is a unique 12 month professional master’s degree program designed to produce students who will become global leaders in the financial insurance industry. “Finsurance” is a burgeoning field in which sophisticated finance-insurance hybrid products are being developed to meet the needs of an aging global population. Students will acquire expertise in valuing, hedging, and managing the combined financial and insurance risks embedded in such complex products.

The MFI, is currently offered on a full-time basis only, has been developed in response to demand from prospective students and industry members and will fill an important gap in academic training, providing students with the opportunity to bridge their traditional disciplinary backgrounds and develop the connections between these areas.

The program consists of a series of highly cross-disciplinary courses focused on real-world problems, drawing on insurance, finance, statistical and mathematical tools and methods, and delivered in many instances by experienced industry professionals, and a 3.5 month industry internship.

Courses

STA 2503 H : Applied Probability for Mathematical Finance ( 0.5 FCE )

This course features studies in derivative pricing theory and focuses on building basic financial theory and their applications to various derivative products. A working knowledge of probability theory, stochastic calculus, knowledge of ordinary and partial differential equations and familiarity with the basic financial instruments is assumed. The topics covered in this course include, but are not limited to: binomial pricing models; continuous time limits; the Black-Scholes model; the Greeks and hedging; European, American, Asian, barrier and other path-dependent options; short rate models and interest rate derivatives; convertible bonds; stochastic volatility and volatility derivatives; currency and commodity derivative.

Letter grade | Blackboard

STA 2530 H : Applied Time-Series Analysis ( 0.5 FCE )

An overview of methods and problems in the analysis of time series data related to finance and insurance. The course will focus on both theory and application with real datasets and will require writing reports. Topics include:

    Theory of stationary processes, linear processes

  • Elements of inference in time domain with applications
  • Spectral representation of stationary processes
  • Elements of inference in frequency domain with applications
  • ARMA, ARIMA, SARIMA, ARCH, GARCH
  • State-space models

Letter grade | Blackboard

STA 2535 H : Life Insurance Mathematics ( 0.5 FCE )

This course will develop the mathematical theory of life insurance products. Beginning with basic life insurance and annuity valuation, the course will then introduce the concepts of premium reserving, multiple decrements, multiple life insurance, and expense loading. As well, topics in pension mathematics will be covered.

Letter grade | Blackboard

STA 2550 H : Financial Insurance Seminar Series ( 0.5 FCE )

This course extends over the fall/winter semesters and will feature invited guest speakers delivering both academic and practical seminars on current aspects of finance and insurance modeling, pensions, valuation risk management, regulation and accounting.

Seminar Series Winter Spring Schedule

Pass / Fail grade | Blackboard

STA 2540 H : Insurance Risk Management ( 0.5 FCE )

This course features studies in the risks, and how to quantify and manage those risk, in financial and mortality linked insurance products. Topics include: hedging of guarantees embedded in equity-linked insurance and annuity products, asset-liability management, determination of regulatory and economic capitals, insurance securitization (life & P/C), longevity bonds and derivatives, reinsurance, catastrophe bonds and derivatives.

Letter Grade | Blackboard

STA 2551 H : Financial Insurance Case Studies ( 0.5 FCE )

This course takes cases from a variety of problems in the financial and insurance worlds and students will work in groups to develop both the theory and implementation of cases, write reports and deliver presentations on their findings. The course will be led by industry practitioners. Sample topics include: Solvency II, Pension Benefits Act, valuing and managing complex annuity riders.

Letter grade | Blackboard

STA 2536 H : Non-Life Insurance Mathematics ( 0.5 FCE )

This course will bring to life the stochastic models of non-life insurance mathematics, including probability and stochastic loss models and estimation, Bayesian statistics and credibility theory, generalized linear model and predictive modelling, stochastic claim reserving.

Letter grade | Blackboard

STA 2560 Y : Industrial Internship ( 1.0 FCE )

Students will complete an industrial internship or research project in the financial insurance area and write a report, present and defend it.

Letter grade | Blackboard

ECO 2506 H : Economics of Risk Management ( 0.5 FCE )

This course will focus on the risks faced by the manager of a portfolio of financial assets. Such risks include credit, liquidity, interest rate, currency, systemic, country and sovereign risks. These risks frequently have lumpy and unpredictable characteristics. Elements of un-measurability often frustrate the empirical estimation of the potential impacts of such risks. The course will examine the various risk management techniques used by financial managers to address these problems, and the strengths and limitations of each of the techniques within an operational business setting.

Letter Grade | Blackboard

MMF 2021 H : Numerical Methods for Finance ( 0.5 FCE )

Monte Carlo methods: randomness and pseudo random numbers, Gaussian distributions; simulating continuous-time processes; option pricing by simulation; variance reduction, antithetic sampling, control variates; quasi random sequences, Brownian bridge methods; PDEs and finite differencing; Green’s functions’ space discretization; time discretization; free boundary problems; solution methods for American options; multi-asset problems and exotic options.

Letter grade | Blackboard