2007年5月的PreliminaryExam考试改革

07-10-16 23:15:31    学人教育社区    加为收藏    推荐给好友

　　ChangestoExamsFM/2,MandC/4fortheMay2007Administration

　　Listedbelowisasummaryofthechanges,transitionrules,andthecompleteexamlistingsastheywillappearintheMay2007BasicEducationCatalog.

　　SummaryofChanges

　　ExamFM/2:
　　•Addanintroductiontofinancialderivatives,(forwards,options,futures,swaps)andtheiruseinriskmanagement.
　　•Addanintroductiontotheconceptofno-arbitrageasafundamentalconceptinfinancialmathematics.
　　•Toaccommodatetheadditionalmaterial,expandExamFM/2toa2.5-hourmultiple-choiceexamination.

　　ExamM:

　　•Addlearningoutcomesonoptionpricing:put-callparity,thebinomialmodel,andBlack-Scholesformula.Astudynoteintroducingactuarialapplicationsof　optionpricing.
　　•AddlearningoutcomesoninterpretationofoptionGreeksanddelta-hedging
　　•Addlearningoutcomesonthefeaturesofexoticoptions.
　　•AddanintroductiontoBrownianmotionandItô’slemma.
　　•Toaccommodatetheadditionalmaterial,movelossmodels,includingrisktheory,toExamC/4.
　　•Giventherelativeincreaseintheamountofmaterial,expandExamMtoa5-hourmultiple-choiceexamination.

　　
　　
　　SOATransitionRules

　　TherewillbenospecialtransitionrulesinthatcandidateswithcreditforanyofExamsFM/2,MorC/4beforeMay2007willretaincreditforthoseexamsonMay2007.

　　FullMay2007CatalogListings

　　ExamFMFinancialMathematics

　　Theexaminationforthismaterialconsistsoftwoandone-halfhoursofmultiple-choicequestionsandisidenticaltoCASExam2.
　　ThegoaloftheFinancialMathematicscourseofreadingistoprovideanunderstandingofthefundamentalconceptsoffinancialmathematics,andhowthose　conceptsareappliedincalculatingpresentandaccumulatedvaluesforvariousstreamsofcashflowsasabasisforfutureusein:reserving,valuation,pricing,asset/liabilitymanagement,investmentincome,capitalbudgetingandvaluingcontingentcashflows.Thecandidatewillalsobegivenanintroductiontofinancialinstruments,includingderivatives,andtheconceptofno-arbitrageasitrelatestofinancialmathematics.
　　Thefollowinglearningoutcomesarepresentedwiththeunderstandingthatcandidatesareallowedtousespecifiedcalculatorsontheexam.Theeducationandexaminationofcandidatesshouldreflectthatfact.Inparticular,suchcalculatorseliminatetheneedforcandidatestolearnandbeexaminedoncertainmathematicalmethodsofapproximation.

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