BACHELOR OF SCIENCE HONOURS ACTUARIAL SCIENCE (HACS)
| Module Code | Module Name | Description |
|---|---|---|
| HASTS101 | Probability Theory | Introduction to the theory of probability with emphasis on understanding of concepts. Probability, probability space, random variables, independence, conditional probability, conditional expectation, integral version of the law of total probability, Bayes' formula for densities, moment generating functions, joint MGF's, characteristic functions, multinomial and multivariate normal distribution. |
| ECD101 | Principles of Micro-Economics | National Income Accounting: concepts of income, circular flow of income, measuring national income: expenditure and income approaches, basic uses of national income, national income and welfare. |
| ACCN101 | Business Accounting | This course aims to give students a broad understanding of the theoretical Framework of Accounting, and financial accounting procedures for limited liability companies and partnerships. Basic understanding of the use of accounting information for decision making purpose and working knowledge of selected International Financial Reporting Standards. |
| HACS102 | Calculus | This course aims to gently introduce the rigour of mathematical analysis to first year undergraduate students with some background in A-Level calculus. The concentration is on motivating results and concepts geometrically rather than on providing rigorous proofs. Concepts are defined carefully and results stated precisely, but illustrated by way of vivid, concrete examples. The course covers topics such as: Vectors; Lines and planes. Vector-valued functions. Functions of several variables; Integration. Infinite series and Taylor series. |
| IDSC101 | Information and Digital Skills |
This short course provides a foundational overview of essential digital competencies needed to thrive in modern work and personal environments. It covers key areas including computer basics, file management, internet navigation, online communication, cybersecurity, and productivity tools (such as word processing and spreadsheets). |
| SDLSSC101 | Student Development and Life Skills |
This course equips learners with essential personal, social, and academic abilities beyond traditional subjects, focusing on self-awareness, critical thinking, communication, emotional regulation (like stress management), financial literacy, and career planning to foster adaptability, responsibility, and success in college and life. It bridges academic knowledge with practical competencies for navigating challenges, making sound decisions, and contributing positively to society |
| HASTS111 | Statistical Inference | General overview of the ideas of statistical inference. Estimation: Methods of estimation, moments, maximum likelihood and least squares. Desirable properties of estimators such as sufficiency, unbiasedness, consistency and minimum variance. Sampling distributions of the estimators. Confidence intervals for normal random variables. Tests of Hypothesis: Review of Applied Statistics 1 non parametric methods. Introduction, intuitive choice of test statistics and construction of critical regions, types of errors, sampling distribution of test statistics, size and power of the test, tests on the mean, variance and proportion based on samples from normal populations, interpretation of Minitab outputs. |
| HASTS112 | Regression Analysis and ANOVA | The course is an extension of Applied Statistics 2 covers further topics in Regression analysis. Review of Multivariate normal distribution, matrix and vector algebra linear model in matrix rotation. Fitting a straight line by least squares; lack of fit; pure error; review of multiple linear regression. Estimation, testing hypotheses and confidence regions for parameters in full rank linear regression model; polynomial regression models. |
| HACS113 | Linear Mathematics and Ordinary Differential Equations | This course is mostly about algebraic ideas and complements the material in Calculus. It introduces and develops concepts (including complex numbers and the algebra of polynomials) necessary for a first course in linear algebra. Along the way some of the mathematical areas where linear structure emerges as the common feature are included to give motivation and to illustrate the theory. Vector Spaces: Basic definitions and examples, subspaces, dimension and basis, the vector spaces and subspaces. Inner Product spaces: Basic definitions with many examples, the notions of norm (length) and distance (emphasis will be on the Euclidean inner product). Linear Transformations: Basic definitions and results, including images and kernels, with examples; matrix representations of linear transformations. Revision of the basic techniques for the solution of first and second order ODE's. Modelling with first and second-order ODE's. Existence and uniqueness of solutions. Series solutions of linear ODE's, solutions near ordinary points, singular points, Euler equations. Laplace transform methods for solving initial value problem (IVP). Solution of IVP, Heaviside and Dirac functions. |
| ECD104 | Principles of Macro-Economics | Tools of macroeconomics: fiscal and monetary policy, circular flow of income. Measuring economic performance, national income accounting concepts, gross domestic product. Two ways of measuring GDP: expenditure and income approaches. Price indices (CPI and GDP Deflator) and inflation. Shortcomings of GDP. |
| LAICSXX100 | Language Acquisition and Intercultural Communication | This course explores the inseparable relationship between language, culture, and communication in an increasingly globalized world. It is designed to equip students with the knowledge and skills necessary to interact effectively and appropriately with people from diverse cultural and linguistic backgrounds. |
| HASTS201 | Theory of Estimation and Hypotheses Testing | The course is an extension of Statistical inference 1 with further consideration of theory of estimation and hypothesis testing. |
| HASTS206 | Survey Techniques, Sampling Theory and Demography | The course covers life tables, measures of mortality and fertility, etc. Galton-Watson process. Stationary populations, closed populations. Characteristics of populations. Rates of increase, Coale’s approximation. Types of population estimates. Population models. |
| FINMGT203 | Financial Management | The aim of the course is to introduce students about how to plan, source, deploy, and control an organization's money to achieve goals. It covers basics like budgeting, cash flow, financial statement analysis, and investment fundamentals, empowering students to make informed decisions for financial stability and growth. Key topics include time value of money, capital budgeting, working capital and risk/return. |
| HACS232 | Mathematics of Finance |
Topics include measurement of interest, accumulation and discount, forces of interest and discount, equations of value, annuities, perpetuities, amortization and sinking funds, yield rates, bonds and securities, depreciation, depletion, and capitalized costs.This course introduces quantitative methods for pricing financial derivatives, treating in detail the program of valuation by “no-arbitrage.” Institutional features of derivative markets are covered along with theory and application. The discrete-time binomial pricing model is studied in depth. These methods are applied to price and hedge standard securities such as stock options, interest rate caps, swaps, swaptions, and commodity futures. Students will see application to insurance and actuarial science. |
| CCLSSC201 | Critical Consciousness and Life Skills For Science | This course focuses on achieving an in-depth understanding of the world, allowing for the perception and exposure of social and political contradictions. Critical consciousness also includes taking action against the oppressive elements in one's life that are illuminated by that understanding. The course also emphasizes critical thinking, problem-solving, communication, collaboration, and adaptability. These skills are vital in a rapidly changing world, where the ability to learn and apply knowledge in real-life situations is more important than ever. |
| HASTS211 | Time Series Analysis and Econometrics | The course focuses on model building for time series data in time domain. The role of econometrics in Zimbabwe, Review of General linear Model: least squares estimators, correlation matrix, partial correlation coefficients regression coefficients, Significance tests and confidence intervals. Multicollinearity, specification error, dummy variables. Generalised least squares: GLS estimator, heteroscedasticity, pure and mixed estimation, group observations and grouping of equations. Sources, consequences and conventional tests including Durbin-Watson, Thiel BLUS procedure, estimation and prediction. Stochastic Regressors: definition, instrumental variables, errors in variables. Lagged explanatory variables, lagged dependent variables and estimation including Koyck's lag Scheme. Simultaneous equations systems, endogenous and exogenous variables identification problem, restrictions on structural parameters, Two-stage and Three-stage least squares. |
| HASTS215 | Multivariate Methods | The course focuses on analysis of two or more variables. Properties; sampling distribution of sample mean and sample covariance matrix; Wishart distribution. Transformations to near normality; testing for normality. Hotelling's T2 distributions and likelihood ratio test; comparison with one dimensional case; confidence regions and simultaneous comparisons of component means; Bonferroni method of multiple comparisons. Comparing mean vectors from two populations; comparisons of several multivariate population means (one way MANOVA); simultaneous confidence intervals for treatment effects; profile analysis; ideas of two way MANOVA. Multivariate linear regression Review of eigenvalues and eigenvectors; spectral decomposition of symmetric matrix. Principal component analysis. Factor Analysis. Canonical correlation analysis. Discrimination and classification. Discriminant analysis, cluster analysis. |
| HACS231 | Actuarial Regulation, Methodology and Risk Management |
The aim of the course is for students to upon completion should understand regulations, concepts in the management of business activities of financial institutions and programmes including management of the various types of risks faced. They have to know about:
1.Regulatory environment: Principles and aims of prudential conduct regulatory regimes, information asymmetry, certain features of financial contracts, implications of requirements. 2.External environment: Legislation – state benefits , state benefits, tax, accounting standards, corporate government, risk management, commercial requirements, changing cultural and social trends, demographic, environmental issues, international practice and technological changes. 3.Investment environment: cashflows of simple financial arrangements, principal investment assets, markets, returns on equities, bonds, cash and price. 4.Capital requirements: main providers of benefits on contingent events, regulatory environment for provisioning and capital requirements, measures of need etc 5.Specifying the problem: contract design, project planning and management, data requirements, risk management, 6.Solution of problems: modelling, assumptions settings, expenses, developing the cost and price, investment management, provisioning, relationship between assets and liabilities 7.Living with the solution: maintaining profitability, determining expected results, asset management,Capital management, surplus management, insolvency and closure, options and guarantees, monitoring.
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| HACS240 | Corporate Finance | By the end of the course, the student should be able to explain the concept of the time value of money and apply it to other areas of financial management, such as capital budgeting, valuation of securities on the money market and the capital market and calculating the cost of capital. Advanced concepts in corporate management are also discussed. |
| LAICSXX102 | Language Acquisition and Intercultural Communication | This course explores the inseparable relationship between language, culture, and communication in an increasingly globalized world. It is designed to equip students with the knowledge and skills necessary to interact effectively and appropriately with people from diverse cultural and linguistic backgrounds. |
| LAICSXX201 | Language Acquisition and Intercultural Communication | This course explores the inseparable relationship between language, culture, and communication in an increasingly globalized world. It is designed to equip students with the knowledge and skills necessary to interact effectively and appropriately with people from diverse cultural and linguistic backgrounds. |
| RISSC201 | Research and Innovation Skills for Science | The course teaches students to conduct rigorous scientific inquiry, identify problems, design studies, analyze data, and transform new knowledge into practical solutions, products, or policies, bridging the gap between discovery and real-world impact through critical thinking, methodology, and innovative application of research findings |
| SDLSSC201 | Student Development and Life Skills | This course equips learners with essential personal, social, and academic abilities beyond traditional subjects, focusing on self-awareness, critical thinking, communication, emotional regulation (like stress management), financial literacy, and career planning to foster adaptability, responsibility, and success in college and life. It bridges academic knowledge with practical competencies for navigating challenges, making sound decisions, and contributing positively to society |
| HACS370 | Industrial Research Project | The project gives opportunity for a student to demonstrate his problem-solving skills in circumstances similar to those existing in everyday life for an Actuarial Scientist. |
| HACS380 | Work Related Learning (Industrial Attachment) | Students have to be attached to an institution (insurance company, bank, pension fund, securities firm, health insurance,) where actuarial services are required for the purpose of gaining practical skills and professional experience for at least 9 months. |
| SDLSSC301 | Student Development and Life Skills | This course equips learners with essential personal, social, and academic abilities beyond traditional subjects, focusing on self-awareness, critical thinking, communication, emotional regulation (like stress management), financial literacy, and career planning to foster adaptability, responsibility, and success in college and life. It bridges academic knowledge with practical competencies for navigating challenges, making sound decisions, and contributing positively to society |
| HACS401 | Contingencies |
This course is an introduction to life contingencies as applied in actuarial practice It includes a grounding in mathematical techniques. Topics include present value random variables for contingent annuities and insurance, their distributions and actuarial present values, equivalence principle, and other principles for determining premiums. Define simple assurance and annuity contracts: include whole life, term, pure endowment, critical Illness assurance, whole life level, temporary level, premium and benefits. This course consists of life insurance mathematics as well as non-life insurance mathematics. Topics include insurance and annuity reserves, characterization of discrete and continuous multiple decrement models paid and incurred loss development, loss reporting and settlement delay, life table functions, probabilities. Expected accumulation of benefits, future loss under insurance contracts, reserves, profits contracts, Bonus etc. Thiele’s differential equations, portfolio of policies, death strain at risk, expected strain, mortality Profit. Use Markov models, Kolmogorov equation in contingent cashflow modelling. |
| HACS402 | Financial Economics | This course aims at the development of the necessary skills to construct asset liability models and to value financial derivatives. These skills are also required to communicate with other financial professionals and to critically evaluate modern financial theories. Measures of investment risk: variance of return, downside semi-variance, shortfall probabilities, value at risk (VaR)/Tail VaR, investor’s utility function, comparison of investment opportunities, returns and thickness of tails influence on risk, mean-variance portfolio theory, optimum portfolio, variance covariance of returns of individual assets using the mean-variance theory, diversification. Single and Multifactor models of asset returns: macroeconomic models, fundamental models, statistical factor models, single index model of asset returns, diversifiable and non-diversifiable risk, different types of multifactor models, perform calculations using these types of models. Asset pricing Models: principal results, assumptions, limitations of such models. Especially, Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM), Ross Arbitrage Pricing theory. Model (APT). Perform calculations of CAPM and discuss theory to overcome limitations of these procedures. Discuss the various forms of the Efficient Markets Hypothesis looking at evidence for and against and consequences for investment management. Stochastic Models: security prices given different models like; log-normal, auto-regressive models and Wilkie models, justification, alternatives to these models simple calculations involving these models, use stochastic models especially Brownian Motion. Estimating parameters of Asset pricing models in view of: data availability, data errors, outliers, stationary time series and the role of economic judgement. |
| HACS406 | General Insurance | By the end of the course, students will be able to identify key general insurance products, understand the legal obligations of insurers and policyholders, and manage risk for individuals or businesses. The module provides a comprehensive understanding of risk management, policy coverage for non-life assets (such as home, motor, travel, and liability), and the operational aspects of the insurance industry. This course also covers techniques for pricing property and casualty insurance products in a regulated, competitive market. Topics include selection and evaluation of ratemaking techniques, methods of trending and projecting claims and premiums, and sources, uses and selection of data for ratemaking. This course also introduces the nature and importance of life and health risks and the functions and uses of individual life and health insurance in treating these risks |
| HACS409 | Financial Engineering And Capital Markets |
This course provides a comprehensive introduction to the intersection of financial engineering and capital markets, focusing on the application of mathematical modelling, computational tools, and financial theory to solve complex investment and risk management problems The course covers deriving future prices by no arbitrage stock indices, dividend paying stock, investment commodities, futures in hedging, futures contracts, hedging strategies, interest rates derivatives (treasury rates, LIBOR, REPO rates, forward rates, swaps, treasury bonds futures, European Swap options(swaptions), caps and caplets, floor and floorlets and Bermudan swaptions). Exotic equity and foreign exchange derivatives: Quanto, chooser, barrier, binary, Lookback, Asian, Exchange and Basket options. Theories used in calculating derivatives and their hedging strategies using the Black-Scholes model including Brownian Motion, Ito Calculus, Ito’s formula, the Cameron- Martin- Girsanov theorem, the Radom-Nikodyn derivative, change of measure, the Martingale Representation theorem, the Black-Scholes-Merton partial derivative, the pricing formula, Hull and White models, Swap Market model etc. |
| EPECPSC310 | Entrepreneurship Professional Ethics Communication And Philosophy for Science | This course provides an overview of the entrepreneurial process, ethical considerations, professional communication skills, and the philosophy behind scientific practice. It aims to equip future scientists and professionals with the tools to translate research into marketable products, act with integrity, communicate effectively with diverse stakeholders, and understand the philosophical underpinnings of their profession. |
| HACS470 | Dissertation | Application of knowledge of statistics and mathematics of Actuarial Science through an in-depth research project to solve problems in society. |
| HASTS416 | Stochastic Processes | The course covers classification of the general stochastic processes like the Poisson and Brownian Motion or Wiener Processes and review probability, Markov chains, Stochastic models, Queueing Theory, Renewal processes, Brownian motion and Martingales. |
| HASTS418 | Risk Theory | The course provides a further grounding in mathematical and statistical techniques of particular relevance to the work of insurance and finance. Topics covered are utility theory, individual risk models, collective risk models and applications of risk theory, ruin theory and credibility theory. |
| HACS414 | Health and Care Insurance | This course aims at helping students at applying the principles of actuarial planning and control needed in health and care matters. Principal terms in health care, types of contracts: critical illness, income protection, long term care insurance, hospital cash, major medical expenses, private medical insurance, group and individual covers. Operating environments in health and care products: propensity to purchase/sell meeting customer needs, methods of sell, remuneration of sale types of expenses, commissions, inflation effects, professional guidance constraints/ opportunities, IFA in group risks, role of the state, applying actuarial techniques, nature of risks facing insurer, managing risks in insurance and reinsurance, principal modelling techniques, assumptions, methodology, supervisory reporting, business planning in health care. |
| HACS407 | Pensions and Benefits Insurance | The course aims at instilling the ability to apply mathematical and economic techniques, principles of actuarial planning and control needed for the operation on sound financial lines of providers of pensions or other employee benefits. Topics include: Principal terms used in the provisions of pensions, social security, employers or group pensions, mandatory individual accounts, personal pensions, occupational pension schemes, levels of benefits, financing and non-financed needs. Environment in which benefits are provided, sponsor covenant, risks and uncertainties. Population projections models as in Demography: component methods, simple mathematical methods of projection and shortcomings, fertility rates and fertility in general, actuarial models for decision making in non-state pensions, actuarial methods, in provision of pensions and other benefits, financial management of social security schemes, rights to benefits. Determine values for assets, future benefits and contributions using actuarial methods. Application of actuarial methods to the financial management of defined pension schemes, asset liability matching requirements of provider pensions and benefits. Reinsurance as means of reducing risk in provision of pensions. Monitoring and assessing using the Actuarial Control Cycle (ACC). |
| HACS408 | Investments and Asset Liability Management | This course aims at the application of actuarial planning and control to the appraisal of investments and be able to select the best options appropriate for the investors. Topics covered are risk free returns, taxation of investments, fundamental share analysis trust law corporate government, financial services, theory of finance, financial planning, specialized financial instruments, investment strategy(corporate finance), investment strategy, asset pricing models, portfolio risk and return analysis, investment olio indices, portfolio management, currency hedging risk budgets |
| HACS413 | Theory and Evaluation of Derivatives | This course covers Option prices, Valuation methods and hedging techniques: arbitrage in complete market, derivation of specific options which are not model dependent; value forward contract upper and lower bounds of European and American call and put options, put-call parity, binomial trees and lattices in valuing options, derive neutral risk pricing measure for binomial trees and know risk-neutral pricing, measure real world measure. Black-Scholes: derivative pricing model, complete market risk-neutral pricing and equivalent Martingale measures, Black-Scholes partial differential equation in basic and Garman-Kohlhagen form, use the Black-Scholes model in valuing options. Hedging simple derivative using martingales use price deflators. Vasicek Cox-Ingersoll –Ross and Hull-White models for interest rate structure, other models like general one-factor diffusion model, structural models, reduced form models, intensity based models. Simple models for credit risk: different models including Merton model, two-state model for Credit ratings with constant intensity, generalized to the Jarrow-Turnbull for credit ratings. |
| SDLSSC401 | Student Development and Life Skills | This course equips learners with essential personal, social, and academic abilities beyond traditional subjects, focusing on self-awareness, critical thinking, communication, emotional regulation (like stress management), financial literacy, and career planning to foster adaptability, responsibility, and success in college and life. It bridges academic knowledge with practical competencies for navigating challenges, making sound decisions, and contributing positively to society |
| LAICSXX301 | Language Acquisition and Intercultural Communication | This course explores the inseparable relationship between language, culture, and communication in an increasingly globalized world. It is designed to equip students with the knowledge and skills necessary to interact effectively and appropriately with people from diverse cultural and linguistic backgrounds. |
| LAICSXX302 | Language Acquisition and Intercultural Communication | This course explores the inseparable relationship between language, culture, and communication in an increasingly globalized world. It is designed to equip students with the knowledge and skills necessary to interact effectively and appropriately with people from diverse cultural and linguistic backgrounds. |
| LAICSXX401 | Language Acquisition and Intercultural Communication | This course explores the inseparable relationship between language, culture, and communication in an increasingly globalized world. It is designed to equip students with the knowledge and skills necessary to interact effectively and appropriately with people from diverse cultural and linguistic backgrounds. |
