Dr. Austin's M 339D, Spring 2020
Introduction to Financial Mathematics for Actuaries
Unique #52915


CLASS MEETINGS     MWF 10:00 - 10:50 am in CPE 2.220

INSTRUCTOR                  Dr. Austin
Jennifer K. Mann Austin, Ph.D.
Office: PMA (rlm) 8.112
Office Hours: Wednesdays 11:30 am - 12:30 pm, Thursdays 11:45 am - 12:45 pm, Fridays 11:30 am - 12:30 pm
Email: jmann@math.utexas.edu <<----This is THE way to communicate with me outside of class and office hours.
Website: http://www.ma.utexas.edu/users/jmann/

STUDENT OBJECTIVES
M 339D Introduction to Financial Mathematics for Actuaries students will:

INQUIRY BASED LEARNING       
This course is taught in the inquiry based learning (IBL) format. We all learn by doing. As Undergraduate Mathematics Faculty Advisor, the first thing I hear from employers who come to campus to recruit our students is that they are looking for graduates who not only can do mathematics but who can communicate well both with their colleagues and their clients. Throughout the semester there will be multiple formal cooperative learning and presentation opportunities. Our small class is a great environment in which you will be challenged to develop and refine your skills in oral and written communication, productive debating, explaining and defending your work, and working together on a team. Your active participation in class is required and will determine a portion of your grade in this class.

HONOR CODE
The class is expected to uphold The University of Texas at Austin Honor Code. The core values of the University of Texas at Austin are learning, discovery, freedom, leadership, individual opportunity, and responsibility. Each member of the University is expected to uphold these values through integrity, honesty, trust, fairness, and respect toward peers and community.

ATTENDANCE POLICY
You are expected to attend all class meetings. If you are absent, there is no need to email me to ask what material we covered during class, what the assignments are, what sections the exams will cover, or any other questions that I have answered or will answer during class. All of this information can be found via our Canvas course calendar, files, announcements, assignments, etc. I realize that sometimes absence is necessary. In such a situation, you should contact a classmate to get notes and information for the class you missed. It is a good idea to work together throughout the semester.

SEMESTER EXAM DATES
There are three in-class exams during the semester. There will be no makeup exams. If you miss an exam and have a valid excuse (e.g., a broken leg, not a party the night before), then your score will be replaced by your score on the final examination. If you miss an exam without a valid excuse, your score will be a zero. Use of approved calculators is expected during exams. If a student misses a semester exam, then he or she will need to meet individually with Dr. Austin to determine whether a medical withdrawal or an incomplete is appropriate. Students are expected to bring calculators of their choice to all classes and to exams. Students are not allowed to use books, notes, manuals, or their own IFM exam or normal distribution tables (you will receive a new copy to use during any exam for which they might be needed).
Prerequisite Exam: Friday, January 31
Exam 1: Friday, March 6
Exam 2: Wednesday, April 15

FINAL EXAM DATE             Thursday, May 14, 2020, 9:00 am - 12:00 pm
See the university schedule here: http://registrar.utexas.edu/schedules/202/finals
The mandatory final exam will be a cumulative, in-class exam. You cannot miss this, thus plan accordingly. Final exams are not returned to students.

QUIZZES
Quizzes will be take-home style assignments due on dates to be announced throughout the semester. Quiz due dates will be posted in Canvas. The lowest two quiz grades will be dropped before the course grade is calculated.

HOMEWORK
Homework will be posted on Canvas. Students are encouraged to discuss all aspects of the course with each other. Homework is your opportunity to practice and try the concepts of our course in a low-stakes assignment. I want to strongly encourage you to give an honest attempt on the variety of problems that I will assign as homework. Utilize my office hours and really work to fully understand each homework assignment. You must upload a pdf file of your homework in Canvas. Homework must be typed using appropriate mathematical typesetting, such as LaTeX or MathType. Students are encouraged to discuss all aspects of the course with each other. However, each student should type and submit their own solutions to homework problems. Copying another student's solution or that from another source is a violation of the honor code and fails to contribute to your personal mathematical development. Students must show ALL work to each solution. No late submissions will be accepted for any reason! No credit will be given for unsupported answers. This means that all work should be shown, neatly and logically, using correct notation. All due dates will be posted on the Canvas calendar. The lowest two homework grades will be dropped before the course grade is calculated.

CLASS PARTICIPATION      
When Dr. Austin leads the class presentation there will be ample opportunities for students to contribute to the class discussions. Moreover, there will be many times that your fellow classmates are presenting in class. In all classes you are expected to answer directed questions, to ask questions for any needed clarity, and to add helpful comments. You will often work in groups and present problems during class meetings. When either Dr. Austin or a student is presenting, the other classmates are required to ask questions and make certain they understand what has been presented. The presenter has the first opportunity to address any questions or comments, and then other classmates are encouraged to contribute.

Student presentations will come from class examples, assigned homework problems, group work, exam review problems, and class discussions. Your participation grade will be based on individual presentations, class discussion contributions (answering questions, providing clarifications, etc. as noted by Dr. Austin recording your name in class), engagement checks participation, and engagement in group work. UT Instapoll within Canvas will be utilized for most, if not all, of the engagement checks occuring in class throughout the semester. Students need to bring an internet-ready device such as a smartphone to class each day. Finally, the instructor will be the sole arbiter of the class participation portion of your grade and will not negotiate with you in any manner.

GRADING      
10% Quizzes
8% Homework
16% Class Participation
16% Prerequisite Exam
16% Exam 1
16% Exam 2
18% Final Exam

The lowest exam grade will be replaced by the final exam grade if the final exam grade is higher than the lowest exam grade. Grades will be recorded in Canvas. Canvas is NOT used to determine your semester grade in this course. Canvas is only used as a means to store and share your grades. All of your individual grades will remain in Canvas as the score you originally earned on each of them. Your semester grade for the course is determined as detailed in this syllabus. No semester assignments will be accepted after the last day of classes Friday, May 8, 2020. Your final exam grade is final and non-negotiable. Thus, any discussions of your course grade must occur prior to the final exam administration.

Plus/minus grades will be assigned for the final grade as follows: A (100-92.6), A- (92.5-89.6), B+ (89.5-86.6), B (86.5-82.6), B- (82.5-79.6), C+ (79.5-76.6), C (76.5-72.6), C- (72.5-69.6), D+ (69.5-66.6), D (66.5-62.6), D- (62.5-59.6), F (59.5-0).
 
PREREQUISITE        M 329F and M 362K with a grade of at least C-.

COURSE DESCRIPTION       
This course is intended to provide the mathematical foundations necessary to prepare for a portion of the SoA Exam IFM and CAS Exam 3F. Additionally, the course is aimed at building up the vocabulary and the techniques indispensable in the workplace at current financial and insurance institutions. This is not an exam-prep seminar. There is intellectual merit to the course beyond the ability to prepare for a professional exam. The material exhibited includes basic risk management, forward contracts, options, futures, and the binomial asset pricing model and its application to option pricing.

It should be stressed that this course is more sophisticated mathematically than is evident at first glance. A thorough understanding of probability and skillful application of notions from interest theory will be needed to advance through the varied and very dense material. The students will be required to actively participate in the class meetings and contribute to the successful conclusion of this course.

The remainder of the Exam IFM/3F curriculum is exhibited in course M 339W (also offered by the Department of Mathematics).

DEPARTMENTAL SYLLABUS        https://www.ma.utexas.edu/academics/courses/course-syllabi#m339d-introduction-to-financial-mathematics-for-actuaries-syllabus

COURSE WEBSITE        http://www.ma.utexas.edu/users/jmann/spM399D.html
Additionally, course notes, exam review guides, grades, and other essential course information will be posted on Canvas. Exam dates, the course schedule, and homework assignments will be shown on the Canvas course calendar.
 
ADVICE FOR SUCCESS
Actively participate in the course by attending class, participating in class discussions, asking questions in class, working the assigned homework problems, and utilizing the office hours of Dr. Austin.

Before you email me to ask a question about the rules and procedures of this course, please read through this syllabus to see if the answer is written here. I diligently tried to include here any information that you might ask; please utilize it.
 
SERVICES AVAILABLE TO STUDENTS
The University of Texas provides appropriate academic accommodations for qualified students with disabilities. Students with disabilities may request appropriate academic accommodations from the Division of Diversity and Community Engagement, Services for Students with Disabilities, 471-6259. http://www.utexas.edu/diversity/ddce/ssd/

COMPUTER LAB
The mathematics department's 40 seats undergrad computer lab, RLM 7.122, is open to all students enrolled in math courses. Students can sign up for an individual account themselves in the computer lab using their UT EID. We have most of the mainstream commercial math software: Mathematica, Maple, Matlab, and an assortment of open source programs.
RLM Building Hours are:               
M-Th:  6:00am -- 11:00pm                   
F:  6:00am -- 10:00pm                
Sat:  6:00am -- 5:00pm                
Sun:  2:00pm -- 11:00pm

STUDENT CONDUCT
Silence all cell phones and other noisemakers. Please come to class on time. If you will be late or need to leave early for some legitimate reason, please tell me in advance. Coming and going during class is distracting to your fellow students and the instructor, and we do not like it.

PLANNED TOPIC and EXAM SCHEDULE        See our Course Calendar in Canvas. Deviations from this tentative calendar may occur during the semester. The actual material covered each day can only be determined by attending class.

RELIGIOUS HOLIDAYS
By UT Austin policy, you must notify me of your pending absence at least fourteen days prior to the date of observance of a religious holy day. If you must miss a class, an examination, a work assignment, or a project in order to observe a religious holy day, you will be given an opportunity to complete the missed work within a reasonable time after the absence.

DEADLINES FOR DROPPING A COURSE
If you drop a class on or before February 5 (12th class day), the class will not show up on your transcript. If you drop a class after that date, the course will show up on the transcript with a "Q" grade. After April 6 it is not possible to drop a course except for extenuating (usually non-academic) circumstances.

POLICY ON ACADEMIC INTEGRITY
Students who violate University rules on academic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and/or dismissal from the University. Since such dishonesty harms the individual, all students, and the integrity of the University, policies on academic dishonesty will be strictly enforced. At a minimum, you should complete any assignments, exams, and other scholastic endeavors with the utmost honesty, which requires you to: acknowledge the contributions of other sources to your scholastic efforts; complete your assignments independently unless explicitly authorized to seek or obtain assistance in preparing them; follow instructions for assignments and exams, and observe the standards of your academic discipline; and avoid engaging in any form of academic dishonesty on behalf of yourself or another student. For further information, please visit the Student Conduct and Academic Integrity website.

EMERGENCY EVACUATION POLICY
Occupants of buildings on The University of Texas at Austin campus are required to evacuate buildings when a fire alarm is activated. Alarm activation or announcement requires exiting and assembling outside. Familiarize yourself with all exit doors of each classroom and building you may occupy. Remember that the nearest exit door may not be the one you used when entering the building. Students requiring assistance in evacuation shall inform their instructor in writing during the first week of class. In the event of an evacuation, follow the instruction of faculty or class instructors. Do not re-enter a building unless given instructions by the following: Austin Fire Department, The University of Texas at Austin Police Department, or Fire Prevention Services office.

Behavior Concerns Advice Line
BCAL: 512-232-5050

Link to information regarding emergency evacuation routes and emergency procedures can be found at www.utexas.edu/emergency

Actuarial Science Club on Facebook        https://www.facebook.com/groups/155626557888005

Actuarial Science Club        https://sites.cns.utexas.edu/actuarialscienceclub

Return to Dr. Austin's Home Page        http://www.ma.utexas.edu/users/jmann/