Report pokrytí Sylabu ČSpA Vysoká škola: Masarykova Univerzita Osoba zodpovědná za vyplnění reportu: Martin Kolář Kontakt: mkolar@math.muni.cz ##### Sheet/List 2 ##### 1. Na listu [B-sezanam kurzů] zadejte jednotlivé kurzy s indentifikací používanou vaší školou: 2. Na jednotlivých listech s okruhy (například na listu C7 - Actuarial Models) - U jednotlivých témat se zapíšou alternativní kombinace kurzů potřebných pro splnění jednotlivých položek. Kurzy "- Jednotlivé kurzy jsou v rámci kombinace odděleny čárkou, alternativní kombinace pak středníkem." Ident Název Odkaz na sylabus školy ECTS "- Ve většině případů bude jen jeden kurz. Pokud budou kombinace, budou se pravděpodobně opakovat." 101 Životní pojištění www.vse.cz/zp 5 "- Jedná se o množinu množin identů u každého tématu, kde jednotlivé prvky množin alternativ jsou množiny kombinací." 102 Neživotní pojištění www.vse.cz/np 5 103 Základy aktuárských věd (životní a neživotní pojištění) www.vse.cz/zav 10 Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) … Describe the principal forms of heterogeneity within a population and the ways in which selection can occur. B2 101 "Explain the characteristics of distributions suitable for modeling frequency of losses, for example: Poisson, mixed Poisson, binomial, negative binomial, and geometric distributions. " B2 102 ; 103 ;geometric distribution is not covered Carry out sensitivity and stress testing of assumptions and explain why this forms an important part of the modelling process. C3 "101, 102 ; 103" … ##### Sheet/List 3 ##### Kurzy "Ident (vlastní)" Název Odkaz na sylabus školy ECTS M3121 Pravděpodobnost a statistika I https://is.muni.cz/predmet/sci/podzim2024/M3121 6 M4122 Pravděpodobnost a statistika II https://is.muni.cz/predmet/sci/jaro2025/M4122 6 M5120 Lineární statistické modely I https://is.muni.cz/predmet/sci/podzim2024/M5120 6 M7222 Zobecněné lineární modely https://is.muni.cz/predmet/sci/podzim2024/M7222 6 MF004 Matematické modely ve financích https://is.muni.cz/predmet/sci/jaro2024/MF004 2 M6110 Pojistná matematika https://is.muni.cz/predmet/sci/jaro2024/M6110 3 M5KPM Kapitoly z pojistné matematiky https://is.muni.cz/predmet/sci/podzim2025/M5KPM 2 M2120 Finanční matematika I https://is.muni.cz/predmet/sci/jaro2025/M2120 5 M5123 Finanční matematika II https://is.muni.cz/predmet/sci/podzim2024/M5123 3 M9211 Bayesovské metody https://is.muni.cz/predmet/sci/jaro2025/M9211 4 M7988 Modely ztrát v neživotním pojištění https://is.muni.cz/predmet/sci/podzim2024/M7988 3 M9750 Robustní a neparametrické statistické metody https://is.muni.cz/predmet/sci/podzim2024/M9750 4 MF002 Stochastická analýza https://is.muni.cz/predmet/sci/jaro2025/MF002 4 M8DM1 Data mining I https://is.muni.cz/predmet/sci/jaro2025/M8DM1 4 MPF_TEPO Teorie portfolia https://is.muni.cz/predmet/econ/jaro2025/MPF_TEPO 6 BPE_MAE1 Makroekonomie 1 https://is.muni.cz/predmet/econ/jaro2025/BPE_MAE1 8 BPE_MIE1 Mikroekonomie 1 https://is.muni.cz/predmet/econ/podzim2024/BPE_MIE1 8 MPF_ACP1 Analýza cenných papírů https://is.muni.cz/predmet/econ/podzim2024/MPF_ACP1 6 BPF_FITR Finanční trhy https://is.muni.cz/predmet/econ/podzim2024/BPF_FITR 6 MPF_FIDE Finanční deriváty https://is.muni.cz/predmet/econ/jaro2024/MPF_FIDE 6 MPF_RRFI Řízení rizik finančních institucí https://is.muni.cz/predmet/econ/podzim2024/MPF_RRFI 6 BPF_BEFI Behaviorální finance https://is.muni.cz/predmet/econ/jaro2025/BPF_BEFI 4 BPF_FIU1 Finanční účetnictví 1 https://is.muni.cz/predmet/econ/podzim2024/BPF_FIU1 6 MPF_MUST Mezinárodní účetní výkaznictví https://is.muni.cz/predmet/econ/podzim2024/MPF_MUST 6 BPF_FIMG Finanční management https://is.muni.cz/predmet/econ/jaro2025/BPF_FIMG 8 MPF_FIFI Firemní finance https://is.muni.cz/predmet/econ/podzim2024/MPF_FIFI 6 BPF_ZAFI Základy financí https://is.muni.cz/predmet/econ/podzim2024/BPF_ZAFI 4 MPF_MEZF Mezinárodní finance https://is.muni.cz/predmet/econ/podzim2024/MPF_MEZF 5 MPF_EARB Ekonomika a řízení bank https://is.muni.cz/predmet/econ/jaro2024/MPF_EARB 6 MPF_EARP Ekonomika a řízení pojišťoven https://is.muni.cz/predmet/econ/jaro2024/MPF_EARP 6 BPF_POJ1 Pojišťovnictví 1 https://is.muni.cz/predmet/econ/jaro2024/BPF_POJ1 6 BPF_STAF Statistika pro finance https://is.muni.cz/predmet/econ/jaro2025/BPF_STAF 6 MPF_AIIF AI in Finance https://is.muni.cz/predmet/econ/podzim2024/MPF_AIIF 6 MPF_RDFT Regulace a dohled nad finančními trhy https://is.muni.cz/predmet/econ/jaro2024/MPF_RDFT 4 BPF_ARMI Risk Management and Insurance https://is.muni.cz/predmet/econ/podzim2024/BPF_ARMI 6 MF001 Stochastické procesy ve finanční matematice https://is.muni.cz/predmet/sci/podzim2024/MF001 5 MF003 Oceňování finančních derivátů https://is.muni.cz/predmet/sci/podzim2024/MF003 6 M8F10 Matematicko-statistické metody v pojišťovnictví https://is.muni.cz/predmet/sci/jaro2025/M8F10 5 M9121 Časové řady https://is.muni.cz/predmet/sci/podzim2024/MF9121 6 * možno vložit potřebný počet řádků nad tento řádek ##### Sheet/List 4 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Statistics 1.1 Random variables 1.1.1 "Explain the concepts of random variable, probability distribution, distribution function, expected value, variance and higher moments. " B2 M3121 1.1.2 Calculate expected values and probabilities associated with the distributions of random variables. B3 M3121 1.1.3 "Define a probability generating function, a moment generating function, a cumulant generating function and cumulants, derive them in simple cases, and use them to evaluate moments. " B3 M4122 except cumulant generating function and cumulants 1.1.4 Define basic discrete and continuous distributions and be able to apply them. B3 M3121 1.1.5 "Explain the concepts of independence, jointly distributed random variables and conditional distributions, and use generating functions to establish the distribution of linear combinations of independent random variables." B3 "M3121, M4122" 1.1.6 Explain and apply the concepts of conditional expectation and compound distribution B3 M4122 1.2 Statistical inference 1.2.1 State and apply the central limit theorem. B3 M4122 1.2.2 "Explain the concepts of random sampling, statistical inference and sampling distribution, and state and use basic sampling distributions." B3 M4122 1.2.3 "Describe the main methods of estimation and the main properties of estimators, and apply them." B3 M4122 1.2.4 Construct confidence intervals for unknown parameters. C3 M4122 1.2.5 Test hypotheses. C3 M4122 1.2.6 "Estimate empirical survival and loss distributions, for example using: a) Kaplan-Meier estimator, including approximations for large data sets b) Nelson Aalen estimator c) Cox proportional hazards d) Kernel density estimators." C3 M8F10 1.2.7 "Estimate transition intensities depending on age, exactly or using large sample approximations." C3 1.3 Graduation and statistical tests 1.3.1 "Use the main statistical tests of crude estimates in order to compare with a standard table (e.g. chi-square test, standardized deviation test, sign test, cumulative deviation test, grouping of signs test, serial correlation test) and describe for each of them: a) the formulation of the hypothesis b) the test statistic c) the distribution of the test statistic using approximation where appropriate d) the application of the test statistic." C3 1.3.2 Describe the reasons for graduating crude estimates of transition intensities or probabilities and state the desirable properties of a set of graduated estimates. B3 M8F10 1.3.3 Execute a test for smoothness of a set of graduated estimates. C3 1.3.4 "Describe the process of graduation by parametric formula, standard table and graphical method, and state the advantages and disadvantages of each method." B3 M8F10 1.3.5 "Describe how the statistical tests should be amended: a) to allow for the presence of duplicate policies b) to compare crude and graduated set of estimates." B3 1.3.6 "Carry out a comparison of a set of crude estimates and a standard table, as well as a set of crude estimates and a set of graduated estimates." C3 1.4 Regression 1.4.1 Explain linear relationships between variables using correlation analysis and regression analysis. B2 M5120 1.4.2 "Explain the fundamental concepts of a generalized linear model (GLM), and describe how a GLM may be applied." B3 "M7222, MF004" 1.4.3 Estimate parameters for these models and perform diagnostic tests including checking assumptions and evaluating model fit. B5 M7222 1.5 Bayesian statistics and credibility theory 1.5.1 "Explain the fundamental concepts of Bayesian statistics and apply them to parameter estimation, hypothesis testing, and model selection." B3 "M9211, M7988, MPE_BAAN" Bayesovská ekonometrie 1.5.2 Explain and apply Bayesian and empirical Bayesian credibility models. B3 "M5KPM, M8F10" 1.6 Stochastic processes and time series 1.6.1 Describe and apply the main concepts underlying stochastic processes. B3 MF002 1.6.2 Describe and apply the main concepts underlying time series models. B3 M9121 1.7 Simulation 1.7.1 Explain the concepts of Monte Carlo simulation. B2 "M9211, M4122, M7988" 1.7.2 Simulate both discrete and continuous random variables using the inversion method. C3 "M9211, M7988" 1.7.3 Estimate the number of simulations needed to obtain an estimate with a given error and a given degree of confidence. B3 M4122 1.7.4 Use a permutation test to determine the distribution of a test statistic. C3 "M4122, M9750" 1.7.5 Use the bootstrap method to estimate properties (e.g. the mean squared error) of an estimator. C3 MF004 ##### Sheet/List 5 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Economics 1.1 Macroeconomics 1.1.1 Explain basic macroeconomic measures (e.g. GDP) used to compare the economies of countries. B2 BPE_MAE1 1.1.2 Describe the structure of public finances for an industrialized country. A1 BPE_MAE1 1.1.3 "Explain the effect of fiscal and monetary policy on the economy, including the effect on financial markets. " B2 "BPE_MAE1, BPF_FITR" 1.1.4 "Explain the role of international trade, exchange rates and the balance of payments in the economy. " B2 BPE_MAE1 1.1.5 Explain the effect of savings and consumption rates on the economy. B2 BPE_MAE1 "Explain the major factors affecting the level of interest rates, the rate of inflation, the exchange rate, the level of employment, and the rate of growth for an industrialized country." B2 BPE_MAE1 Describe the function of money in the economy. B1 BPE_MAE1 Explain how interest rates are determined. B2 BPE_MAE1 Explain the relationship between money and interest rates. B2 BPE_MAE1 1.1.6 Explain how macroeconomic policies affect businesses. B2 BPE_MAE1 1.2 Microeconomics 1.2.1 Explain the concept of utility and how rational utility maximizing agencies make consumption choices. B2 BPE_MIE1 1.2.2 Explain the elasticity of supply and demand and the effects on a market of the different levels of elasticity. B2 BPE_MIE1 1.2.3 Explain the interaction between supply and demand and the way in which equilibrium market prices are achieved. B2 BPE_MIE1 1.2.4 Explain various pricing strategies that can be used by firms. B2 BPE_MIE1 1.2.5 Explain the core economic concepts involved in choices made by businesses with respect to short- run and long-run investment and production choices. B2 BPE_MIE1 1.2.6 Explain competitive markets and how they operate. B2 BPE_MIE1 1.2.7 Explain profitability in markets with imperfect competition. B2 BPE_MIE1 1.3 Financial economics 1.3.1 Evaluate the features of bond price models. B5 "BPF_FITR, MPF_ACP1, M5123" 1.3.2 Explain asset pricing models (e.g. Capital Asset Pricing Model). B2 "BPF_FITR, MPF_ACP1, MPF_TEPO" 1.3.3 Explain how market data can be used to construct a yield curve. B2 "MPF_ACP1, M5123" 1.3.4 Explain the properties of single and multifactor models of asset returns. B2 MPF_TEPO Explain the assumptions of mean-variance portfolio theory and its principal results. B2 "MPF_TEPO, M5123" Explain the cash flow characteristics of various options. A2 "MPF_FIDE, M5123, MF003" Explain the properties of the lognormal distribution and its applicability to option pricing. B2 "MPF_FIDE, MF003" Explain the Black-Scholes formula. B2 "MPF_FIDE, MF003" Calculate the value of European and American put and call options. B3 "MPF_FIDE, MF003" "Simulate stock prices, including using variance reduction techniques. " B3 Explain the calculation and use of option price partial derivatives. B2 "MPF_FIDE, MF003" Explain how to control risk using delta-hedging. C3 "MPF_RRFI, M5123, MF003" 1.3.5 "Explain the advantages and disadvantages of different measures of investment risk (e.g. Value at Risk, variance of return). " B2 MPF_RRFI 1.3.6 Explain the main findings of behavioral finance and how they can be applied. B4 BPF_BEFI ##### Sheet/List 6 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Finance 1.1 Financial reporting and taxation 1.1.1 Describe the basic principles of personal and corporate taxation and the taxation of investments held by institutions. A1 BPF_FIU1 1.1.2 Explain why companies are required to produce annual reports and accounts. B2 BPF_FIU1 1.1.3 "Explain fundamental accounting concepts and terms, and describe the main sources of accounting regulation. " B2 "BPF_FIU1, MPF_MUST" 1.1.4 "Explain the value of reporting on environmental, social and economic sustainability and other alternatives to traditional financial reporting, and describe possible contents of such reports. " B2 MPF_MUST 1.1.5 Explain the basic structure of company and group accounts. B2 BPF_FIMG Explain the purpose of the main components of company accounts and interpret them. B4 "BPF_FIU1, BPF_FIMG" Construct simple statements of financial position and profit or loss. B6 BPF_FIU1 Calculate and interpret financial and accounting ratios. B4 BPF_FIMG 1.2 Securities and other forms of corporate finance 1.2.1 Explain the characteristics of various forms of equity capital from the point of view of the issuer and the investor. B2 BPF_FIMG 1.2.2 Explain the characteristics of various forms of long-term debt capital from the point of view of the issuer and the investor. B2 BPF_FIMG 1.2.3 Explain the characteristics of various forms of short and medium term finance from the point of view of the issuer and the investor. B2 BPF_FIMG 1.2.4 Describe the role of derivative securities and contracts in corporate finance. B1 MPF_FIFI 1.2.5 Describe the methods a company may use to raise capital through the issue of securities. A1 "BPF_FIMG, MPF_FIFI" 1.3 Financial mathematics 1.3.1 Calculate present and accumulated values of cash flows using deterministic interest rates (including rates compounding over different intervals and continuously). B3 M2120 1.3.2 Explain real and nominal interest rates and value inflation linked cash flows. B3 M2120 1.3.3 Calculate the value of a forward contract. B3 M5123 1.3.4 Explain the principal concepts and terms underlying the theory of a term structure of interest rates. B2 "Apply the term structure of interest rates to modelling various cash flows, including calculating the sensitivity of the value to changes in the term structure. " B3 Explain how duration and convexity are used in the immunization of a portfolio of liabilities. B2 M5123 Calculate expected present values and variances of cash flows using simple stochastic theory of interest. B3 Corporate finance Describe different possible structures for a business entity and their advantages and disadvantages. B2 MPF_FIFI Describe possible sources of finance for a business and explain the factors influencing choice of capital structure and dividend policy. B2 MPF_FIFI Explain capital budgeting and calculate cost of capital. B3 MPF_FIFI Calculate investment return on a project using different methods and evaluate each method. C5 "BPF_FIMG, MPF_FIFI" ##### Sheet/List 7 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Financial Systems 1.1 Role and Structure of Financial Systems 1.1.1 Describe the role and main forms of national and international financial markets. A1 "BPF_ZAFI, MPF_MEZF" 1.1.2 Explain the relationship between finance and the real resources and objectives of an organization. B2 BPF_ZAFI 1.1.3 Explain the relationship between finance and the real resources and objectives of a nation. B2 BPF_ZAFI 1.1.4 "Describe the role of private and personal interests in decision making in government and private institutions, and explain agency theory and prohibitions of conflicts of interest and duty." B2 1.2 Participants in financial systems 1.2.1 "Describe the main features of the following institutions and analyze their influence on the financial markets: national governments, central banks, investment exchanges, national and international financial bodies, national and international regulators." B4 "BPF_ZAFI, MPF_MEZF" 1.2.2 "Describe the main participants in financial markets and explain their objectives and roles (examples include investment banks, retail banks, investment management companies, pension funds, insurance and re-insurance companies, non-financial corporations, sovereign funds, micro-finance providers, unregulated organizations). " B2 BPF_ZAFI 1.2.3 "Describe typical operating and corporate governance models for the following institutions and explain how they allow the institutions to meet their objectives: insurance company, re-insurance company, pension fund, retail bank, investment management company." C2 "MPF_EARB, MPF_EARP" 1.3 Financial products and benefits 1.3.1 Describe the main types of social security benefits and financial products and explain how they meet the objectives of issuers and beneficiaries. B2 BPF_POJ1 1.3.2 Explain the main principles of insurance and pensions that impact on these benefits and products. B2 BPF_POJ1 1.4 Factors affecting financial system development and stability 1.4.1 "Describe major factors affecting the development of financial systems (including demographic changes, economic development, technological changes and climate change). " B1 1.4.2 Explain the main elements and purpose of prudential and market regulation. B2 1.4.3 Explain the main risks to the stability of national and global financial systems. B2 ##### Sheet/List 8 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Assets 1.1 Investment and markets 1.1.1 Describe the characteristics of the main investment assets and of the markets in such assets. A1 MPF_ACP1 1.1.2 "Describe the characteristics of the main derivative investments (including forwards, futures, options and swaps) and of the markets in such investments. " A1 "M5123, MPF_FIDE, MF003" 1.1.3 Explain the principal economic influences on investment market price levels and total returns. B2 BPF_FITR 1.1.4 Describe and explain the theoretical and historical relationships between the total returns and the components of total returns on the main asset classes and key economic variables. B2 BPF_FITR 1.2 Asset valuation 1.2.1 "Use the Capital Asset Pricing Model to calculate the required return on a particular asset, given appropriate inputs, and hence calculate the value of the asset." B3 MPF_TEPO 1.2.2 "Use a multifactor model to calculate the required return on a particular asset, given appropriate inputs, and hence calculate the value of the asset. " B3 MPF_TEPO 1.2.3 "Explain the concepts of: efficient market, complete market, no-arbitrage, hedging. " B2 M5123 1.2.4 Explain the concepts underlying the risk-neutral or state price deflator approaches to valuing derivative securities and apply them in simple situations. B3 "MF002, MF003" 1.2.5 Describe the properties of various stochastic models of the term structure of interest rates. B2 MF003 1.2.6 Explain the limitations of the models described above and describe attempts to address them. B2 MF003 1.3 Portfolio management 1.3.1 Explain the principles and objectives of investment management and analyze the investment needs of an institutional or individual investor. B4 BPF_FITR 1.3.2 Describe methods for the valuation of asset portfolios and explain their appropriateness in different situations. B2 MPF_TEPO 1.3.3 Use mean-variance portfolio theory to calculate an optimum portfolio and describe the limitations of this approach. B3 MPF_TEPO 1.3.4 "Use mean-variance portfolio theory to calculate the expected return and risk of a portfolio of many risky assets, given appropriate inputs. " B3 MPF_TEPO 1.7 Investment strategy and performance measurement 1.7.1 Explain how asset/liability modelling can be used to develop an appropriate investment strategy. B2 MPF_EARB 1.7.2 Explain methods of quantifying the risk of investing in different classes and sub-classes of investment. B2 MPF_RRFI 1.7.3 Explain the use of a risk budget for controlling risks in a portfolio. B2 1.7.5 Analyze the performance of an investment portfolio relative to a benchmark. B4 MPF_TEPO ##### Sheet/List 9 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Data and systems 1.1 Data as a resource for problem solving 1.1.1 "Describe the possible aims of a data analysis (e.g. descriptive, inferential, predictive). " B2 "MF004, M8DM1" 1.1.2 Describe the stages of conducting a data analysis to solve real-world problems in a scientific manner and describe tools suitable for each stage. C2 "M8DM1 ,BPF_STAF" 1.1.3 "Describe sources of data and explain the characteristics of different data sources, including extremely large data sets. " B4 "M8DM1, BPF_STAF, MPF_AIIF" 1.1.4 Describe common data structures and data storage systems. A1 "M8DM1, MPF_AIIF" 1.1.5 Describe and explain measures of data quality. B2 M8DM1 1.1.6 "Use appropriate tools for cleaning, restructuring and transforming data to make it suitable for analysis. " C3 "M8DM1, MPF_AIIF" 1.2 Data analysis 1.2.1 Describe the purpose of exploratory data analysis. B2 "M8DM1, MF004, BPF_STAF" 1.2.2 Use appropriate tools to calculate suitable summary statistics and undertake exploratory data visualizations. C4 "M8DM1, MF004, BPF_STAF" 1.2.3 Use Principal Components Analysis to reduce the dimensionality of a complex data set. C4 "M8DM1, MPF_AIIF" 1.2.4 Use a computer package to fit a statistical distribution to a dataset and calculate appropriate goodness of fit measures. C4 M7988 1.2.5 Use a computer package to fit a single or multiple linear regression model to a data set and interpret the output. C4 "MF004, BPF_STAF" 1.2.6 Use a computer package to fit a survival model to a data set and interpret the output. C4 1.2.7 Use a computer package to fit a generalized linear model to a data set and interpret the output. C4 MF004 1.3 Statistical learning 1.3.1 Explain the meaning of the terms statistical learning and machine learning and the difference between supervised learning and unsupervised learning. B2 "M8DM1, MF004, MPF_AIIF" 1.3.2 "Explain when machine learning is an appropriate approach to problem solving and describe examples of the types of problems typically addressed by machine learning, explaining the difference between discrete and continuous approaches." B2 "M8DM1, MF004, MPF_AIIF" 1.3.3 Describe commonly used machine learning techniques in each of the four areas defined by the supervised/unsupervised and discrete/continuous splits. B2 "M8DM1, MPF_AIIF" 1.3.4 Use an appropriate computer package to apply neural network and decision tree based techniques to simple machine learning problems. C3 "M8DM1, MF004, MPF_AIIF" 1.4 Professional and risk management issues 1.4.1 Explain the ethical and regulatory issues involved in working with personal data and extremely large data sets. B2 MPF_RDFT 1.4.2 Explain the main issues to be addressed by a data governance policy and its importance for an organization. B2 1.4.3 Explain the risks associated with use of data (including algorithmic decision making). B2 1.7 Visualizing data and reporting 1.7.1 Create appropriate data visualizations to communicate the key conclusions of an analysis. C6 "M8DM1, MF004" 1.7.5 Explain the meaning and value of reproducible research and describe the elements required to ensure a data analysis is reproducible. B2 ##### Sheet/List 10 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Actuarial models 1.1 Principles of actuarial modelling 1.1.1 "Describe why and how models are used including, in general terms, the use of models for pricing, reserving, and capital modelling. " C2 M8F10 1.1.2 Explain the benefits and limitations of modelling and analyze realistic examples. B4 M8F10 1.1.3 "Explain the difference between a stochastic and a deterministic model, and identify the advantages/disadvantages of each. " B2 M8F10 "Describe the characteristics of, and explain the use, of scenario-based and proxy models. " B2 "Describe, in general terms, how to decide whether a model is suitable for any particular application. " C2 M7988 "Explain the difference between the short-run and long-run properties of a model, and how this may be relevant in deciding whether a model is suitable for any particular application. " B2 "Describe, in general terms, how to analyze the potential output from a model, and explain why this is relevant to the choice of model. " B2 Explain the desirable properties of a risk measure. B2 "Calculate risk measures, including Value at Risk and Tail Value at Risk, and explain their properties, uses and limitations. " C3 M5KPM 1.1.4 Carry out sensitivity and stress testing of assumptions and explain why this forms an important part of the modelling process. C3 1.1.5 Produce an audit trail enabling detailed checking and high-level scrutiny of a model. C6 1.1.6 Explain the factors that must be considered when communicating the results following the application of a model and produce appropriate documentation. C6 1.2 Fundamentals of severity models 1.2.1 "Recognize classes of distributions, including extreme value distributions, suitable for modelling the distribution of severity of loss and their relationships." B4 "M5KPM, M7988" 1.2.2 "Apply the following techniques for creating new distributions: multiplication by a constant, raising to a power, exponentiation, mixing." C3 M5KPM 1.2.3 Calculate various measures of tail weight and interpret the results to compare the tail weights. B5 M5KPM 1.3 Fundamentals of frequency models 1.3.1 "Explain the characteristics of distributions suitable for modeling frequency of losses, for example: Poisson, mixed Poisson, binomial, negative binomial, and geometric distributions. " B2 "M5KPM, M8F10" 1.3.2 "Identify applications for which each distribution may be used; explain the reasons why; and apply the distribution to the application, given the parameters." B3 M5KPM 1.4 Fundamentals of aggregate models 1.4.1 "Compute relevant moments, probabilities and other distributional quantities for collective risk models. " C3 "M5KPM, M8F10" 1.4.2 Compute aggregate claims distributions and use them to calculate loss probabilities. Apply Panjer recursion and Fast Fourier Transform as numerical methods. C3 "M5KPM, M8F10" 1.4.3 "Evaluate the effect of coverage modifications (deductibles, limits and coinsurance) and inflation on aggregate models. " C3 M5KPM 1.5 Survival models 1.5.1 Apply multiple state Markov chain and Markov process models. C3 Derive maximum likelihood estimators for the transition intensities in models of transfers between multiple states with piecewise constant transition intensities. C3 Explain the concepts of survival models. B2 M6110 "Calculate and interpret standard probability functions including survival and mortality probabilities, force of mortality, and complete and curtate expectation of life. " C3 M6110 except complete and curtate expectation of life "For models dealing with multiple lives and/or multiple states, explain the random variables associated with the model; calculate and interpret marginal and conditional probabilities, and moments. " C3 1.5.2 Describe the principal forms of heterogeneity within a population and the ways in which selection can occur. B2 1.7 Actuarial applications 1.7.1 "Define simple contracts for contingent payments dependent on the state of a single entity (for example life insurance or annuity benefits) on the occurrence of a particular event; develop and evaluate formulae for the means and variances of the present values of the payments under these contracts, assuming constant deterministic interest. " B3 M6110 1.7.2 "Apply survival models to simple problems in long-term insurance, pensions and banking such as calculating the premiums and reserves for a life insurance contract, and the potential defaults on a book of loans for a bank. " C3 "Define simple contracts for contingent payments dependent on the state of multiple entities; develop and evaluate formulae for the means of the present values of the payments under these contracts, assuming constant deterministic interest. " B3 "Describe and apply methods of projecting and valuing expected cash flows that are contingent upon multiple state and multiple decrement events, and apply these contracts to insurance and pension problems." C3 "Describe and apply projected cash flow techniques in pricing, reserving, and assessing profitability of contracts for contingent payments with appropriate allowance for expenses (including life insurance, short term insurance and pension fund applications)." C3 1.7.3 Describe and apply techniques for analysing a delay (or run-off) triangle and projecting the ultimate position. Compare deterministic and stochastic claims reserving methods and describe the claims development result. C3 M6110 except staochastic claims reserving 1.7.4 "Describe different methods of pricing a non-life insurance portfolio, explain their relative advantages and disadvantages. Apply different methods in appropriate situations: a) GLM on a heterogeneous portfolio, e.g. car insurance b) Credibility method on a portfolio with volatile risks, e.g. due to small volumes." C3 1.7.5 Describe and apply techniques to calculate basic reinsurance contracts. C3 ##### Sheet/List 11 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Actuarial Risk Management 1.1 The risk environment 1.1.1 Apply the concepts of the actuarial control cycle to the risk management process. B3 1.1.2 Explain the concept of enterprise risk management (ERM). B2 1.1.3 "Analyze aspects of the operating environment and their relevance to the ERM process: a) the legislative and regulatory environment b) financial and investment markets c) sustainability and environmental factors d) the operating sector of the organization, including demand for particular products" B4 MPF_EARP 1.1.4 "Explain why financial institutions need capital and describe different capital measures, including regulatory capital and economic capital." B2 MPF_EARP 1.1.5 Define risk appetite and risk culture explain the importance of attitudes towards risk of key stakeholders. B2 1.1.6 Evaluate the elements of an ERM framework for an organization. C5 1.2 Risk identification 1.2.1 "Describe and classify different types of risk including: financial risk, insurance risk, environmental risk, operational risk and business risk." B2 MPF_EARP 1.2.2 Explain how the design of different products and services affects the risk exposure of the parties to a transaction and analyze the exposures for a particular transaction. B4 1.2.3 Explain how the characteristics of the parties to a transaction affect the nature of the risk borne by each and analyze the exposures for a particular transaction. B4 1.2.4 Explain the purpose of risk classification. B2 1.2.5 Explain the difference between risk (measurable) and uncertainty (immeasurable). B2 1.2.6 Explain the concept of risk pooling and the portfolio approach to the overall management of risks. B2 1.3 Risk measurement and modelling 1.3.1 "Explain the use of models for risk management in the context of: a) Pricing b) Reserving c) Valuation d) Capital management including appropriate allowance for expenses." B2 1.3.2 Explain the principles and process of setting assumptions for model inputs. C2 1.3.3 "Describe different methods of risk aggregation, explain their relative advantages and disadvantages and use these techniques to model dependencies. " C3 1.3.4 "Explain the diversification benefits, allocation principles and risk contributions and how they can be used to allocate capital to risk faced by different business lines." C2 1.3.5 "Apply various concepts of risk measures, including Value-at-Risk, Expected Shortfall and Stress scenarios/testing in relation to capital management." C3 1.3.6 "Apply these models to practical problems in insurance, pensions or an emerging area of actuarial practice." C5 1.4 Risk mitigation and management 1.4.1 "Explain the most common risk mitigation and management techniques: a) Avoidance b) Acceptance c) Reduction d) Transfer e) Monitoring." C2 BPF_ARMI Describe the principles of asset / liability management and apply them to the main types of liability held by financial institutions. C3 MPF_EARB Analyze the risk management aspects of a particular business issue and recommend an appropriate risk management strategy. C6 1.4.2 "Identify and analyze various stakeholders, their interests and their influence on risk management strategy." C6 1.4.3 "Explain the implication of risk for capital requirement, including economic and regulatory capital requirements." B2 1.7 Risk monitoring and communication 1.7.1 Explain how data collection and analysis for monitoring risk experience depends on the other stages of the control cycle and produce a data collection plan for a given risk profile. C6 1.7.2 Explain the use of experience monitoring and apply the results of a monitoring exercise to revise models and assumptions and improve future risk management. C3 1.7.5 Describe well-argued choices in the field of risk measurements and risk management to managers and stakeholders. C3 ##### Sheet/List 12 ##### AAE Core Syllabus No. Topic / Sub-Topic Learning Objective Tax. "Alternativy kombinací kurzů, kterými je oblast pokryta" Poznámky (řazené dle jednotlivých alternativ v předchozím sloupci) 1. Personal and actuarial professional practice 1.1 Effective communications 1.1.1 Explain common techniques used to produce effective written and oral communications. B2 1.1.2 "Use effective technical communications to communicate actuarial work results for a relevant audience of peers, managers or clients." C6 1.1.3 Produce a comprehensive summary of technical actuarial results. B6 Produce an effective executive summary for an actuarial work product. B6 Explain matters to be addressed in a summary of conclusions following a peer review of another actuary’s work. B2 1.1.4 Evaluate a problem in consultation with a manager to ensure work project is understood well enough to proceed. B4 1.1.5 "Explain the importance of ensuring, where relevant, that the uncertainty surrounding a solution has been effectively communicated. " B2 1.1.6 Create appropriate permanent documentation for a work product. A6 1.2 Problem solving and decision making 1.2.1 Apply the actuarial control cycle appropriately. C3 1.2.2 Evaluate whether all material factors have been considered when designing a solution. A4 1.2.3 Analyze and prioritize stakeholder needs when designing a solution. A5 1.2.4 Distinguish material factors from other factors (e.g. material external forces from other external forces). A5 Understand the purpose of a strategy and how it relates to competitive advantage. B2 Explain how the culture and structure of an organization affect decision-making processes. C2 Apply a decision-making process to a particular case study. C3 1.2.5 Apply common time management techniques in small project for the benefits of own work and team work. C3 1.2.6 Explain the factors to consider when deciding whether to escalate a project decision to a higher level of management. D2 1.2.7 Use common project management techniques to design and implement a work plan. C6 1.3 Professional standards 1.3.1 Explain the distinguishing features of a profession. A2 1.3.2 "Understand the importance of professional standards (code of conduct, qualification standards, standards of practice, etc.) and ethics in an actuary’s work." A2 Explain the need for a discipline process for a profession. A2 Understand the circumstances which could give rise to a charge of professional misconduct and how the association’s discipline process could apply to such a case. A2 1.3.3 Explain how association’s standards of practice may affect a work assignment. C2 1.3.4 Explain the structure and governance of the student’s actuarial association and the role of the actuarial association. A2 1.3.5 "Explain the actuary’s obligations to clients, regulators, other stakeholders and the wider public. " D2 1.3.6 Explain the need to prioritize professional responsibility and public interest over personal gain with respect to a work assignment. C2 1.4 Professionalism in practice 1.4.1 Analyze typical situations that could lead to an accusation of professional misconduct and identify actions which could be taken to avoid misconduct. A5 Analyze situations where an actuary’s integrity could come under pressure and develop a plan for handling the situation successfully. A5 Explain the importance of documenting work and the elements of acceptable documentation to achieve a satisfactory audit trail. A2 Understand the importance of checking work and the need to consider peer review. A2 Apply professional standards and ethics appropriately to a situation outlined in a case study. B5 Describe how to monitor changes to standards of practice and how to determine which statements apply to a particular work assignment. D1 1.4.2 "Understand how to determine which standards apply, and are paramount, when an assignment may be governed by professional standards of more than one actuarial organization." A2 1.4.3 Evaluate current level of own professional development and personal limitations to accept a particular actuarial work assignment. D5 1.7 International and institutional awareness of professional standards 1.7.1 "Explain the role and key features of the International Actuarial Association (IAA) including governance structure, protocols for member associations, sections, colloquia and congress." B2 1.7.4 "Explain the role and key features of the Actuarial Association of Europe (AAE), including governance structure and the Mutual Recognition Agreement." B2 1.7.5 Explain the role of a Full Member Association (FMAs) in relation to (activities of) local associations. B2 ##### Sheet/List 13 ##### Bloom's Taxonomy as used in the AAE Core Syllabus 1. 2. 3. 4. 5. 6. Verbs REMEMBER UNDERSTAND APPLY ANALYSE EVALUATE CREATE Objects "Recognize, Recall" "Interpret, Exemplify, Classify, Summarize, Infer, Compare, Explain" "Execute, Implement" "Differentiate, Organize, Attribute" "Check, Critique" "Generate, Plan, Produce" A. A1 A2 A3 A4 A5 A6 Factual Knowledge B. B1 B2 B3 B4 B5 B6 Conceptual Knowledge C. C1 C2 C3 C4 C5 C6 Procedural Knowledge D. D1 D2 D3 D4 D5 D6 Metacognitive Knowledge There is a natural order for cognitive processes from the lowest "order thinking skills “Remember”, through “Understand”, “Apply”, “Analyze” and “Evaluate” to the " highest cognitive order “Create”. The order does not mean to imply difficulty in succeeding at the cognitive level but rather that the lower cognitive process will be subsumed by "another higher cognitive process. For example, you would often need to “Remember” to “Create”."