Keith Sharp's course outlines and background information
 

University of Toronto Accredited effective September 2012 by: Related or additional  career option:
From Prof Broverman U of T Downtown Act Sci programme is the best guide to course requirements, minimum grade rules etc. Essential reading for downtown Act Sci specialists.

Canadian Institute of Actuaries

Fellowship in the  Canadian Institute of Actuaries is required under Canadian law for purposes of signing insurance company and pension plan financial statements. The Institute co-sponsors the Society of Actuaries exams but in September 2012 will also start giving credit towards the FCIA to those attaining specified grades in specified courses at specified universities. Please note that neither the CIA nor the university gives any guarantee that a university's accreditation is permanent.

CFA Institute   

Keith's comments:
CFA for actuarial students
Talk to ASNA on CFA
Act Sci Club Newsletter CFA vs FCIA Jan 2012

Act Sci Club Aci Sci Club Newsletter archive - lots of useful info
National Association (http://www.anea-asna.ca/)
Arts and Science: Calendar Dates of Sessions  Courses and Prerequisites
Arts and Science: Course Timetable FallWInterSummer
UTSC: Course timetable http://www.utsc.utoronto.ca/~registrar/scheduling/timetable
UTSC: Final exam timetable http://www.utsc.utoronto.ca/~registrar/scheduling/exam_schd

 

Courses  F2011 W2012 Summer 2011
(Note that assignments and helpful content is primarily on the password-protected Blackboard portal for each course currently being taught)
Click for Outline     Meeting
Section
   Location Instructor
ACT230H1 F 2011 Math of Finance L5101

F2011: T 7-9, (First class 7:00, Sep 13)
F2011: T6(p) (First tute 6:00 Sep 20)

UTSG-RW110 K. Sharp
       

 

 
 
ACT240H1F F 2011 Fund Invest & Credit L0101

F2011: M10-12 (First 10:00 Sep 12)
F2011: F10 (First 10:00 Sep 23)

UTSG-WI 1016 K. Sharp
       

 

   
ACT245H1S W2012 Financial Principles I L0101

W2012: T 1-3
W2012: R2

W2012: LM 159
W2012: LM 159
K Sharp
             
ACT245H1S Superseded Sum2011 Financial Principles I L5101 Sum2011: MW 7:10-9:00 (first July 4, 7:10pm)
Sum2011: MW 6:10-7:00 (first July 6, 6:10pm)
UTSG-SS1084

UTSG-SS1084
K Sharp
Wei Lin (Becky) (TA)
       

 

   
 ACT247H1S Sum2011 Intro Life Conting I  

L5101

 

Sum2011: TR7-9 (First July 5, 7pm)
Sum2011: TR6(t) (First July 7, 6pm)
UTSG-SS2127
UTSG-SS2127
K. Sharp
Jie, Li (TA)
             
 ACT349H1F F2011 Corporate Finance L0101

F2011: W4-7 (First 4:00pm Sep 14)

UTSG-RW117 K. Sharp
             
ACT370H1S W2012 Financial Principles II  

W2012: M12-12 (First Jan 9)
W2012: W12-1

W2012-SS2102
W2012-SS2102
K. Sharp
             
ACTB40 F 2011 Fund Invest, Credit LEC01

F2011: TR10-11

UTSC-IC212 K. Sharp
      TUT0001

F2011: T 3-4  (Tute, we'll have first on Sep 20, 2011)

UTSC-BV264  TA: wanying zhu

 
ACTB47H3S W 2012   LEC01


W2012: W 11-12
W2012: F  9-11
 

UTSC
UTSC
TBA

 

Keith's propaganda   Professional exams SoA or CAS Exams - take them! CIA Accreditation - December 2011 guesses

Evaluations by students
Resume
Letters after name: PhD FCIA FSA CFA  
Contact email and notification of any wrong info on this site, thanks: sharp@utstat.utoronto.ca
UTSG actuarial students mostly take the SOA professional exams (www.soa.org , education) which are run worldwide out of their Chicago offices, not by University of Toronto.  Take  SOA exams as soon as you have some chance of passing - some self-study is usually necessary - no disgrace if you fail. All the info and forms is at www.soa.org  . Society of Actuaries
 If from September 2012 a UTSG student gets credit towards the FCIA by gaining the required grade (typically 70 or 75) in a UTSG course, then he/she will need to decide whether to take also the corresponding SoA or CAS exam.  In order to enhance international mobility e.g. to the US, it could make sense to take the professional exams depending on the degree of their acceptability in likely workplaces.  The SoA exams are currently well-known also in China, including Hong Kong, but we will all have to monitor how this situation develops. Certainly it is easier to take a professional exam soon after taking the university courses rather than to leave it till 2035 when you are trying to follow your spouse to Beijing or New York!  A professional exam pass rate of one-in-three can look intimidating at age 45, and currently (December 2011) it appears unlikely that the SoA will give partial FSA credit for university courses beyond those approved for VEE. Please note that neither the CIA nor the university gives any guarantee that a university's accreditation is permanent.
         

 

UTSG A&S and UTScarborough Terms (Unofficial-please check updated official UTSG and UTSC sites if planning date-sensitive jobs, flights etc.)
         
A&S 201109 Fall     UTScarb 201109 Fall  
Classes start Sep 12, 2011, Monday   Classes start Sep 8, 2011, Thursday
F classes end Dec 6, 2011    F classes end Dec 1, 2011 (Monday schedule)
Makeup Monday Dec 7, 2011      
F final exams Dec 9-20, 2011   F final exams Dec 7-20, 2011
Holidays Oct 10, Nov 7-8, 2011   Holidays Oct 10, 2011
         
A&S 201201 Winter     UTScarb 201201 Winter  
Classes start Jan 9, 2012, Monday   Classes start Jan 9, 2012, Monday
S classes end Apr 5, 2012   S classes end Apr 9, 2012 (Friday schedule)
Final exams Apr 11-30, 2012   Final exams Apr 16-30, 2012
Holidays Feb 20-24,  2012   Holidays Feb 20-24,  Apr 6, 2012

 

Medical certificates:

To be fair to the honest 399 students, I assume that your MD, despite his/her (required) College of Physicians and Surgeons of Ontario number, is like the one above and feels that his/her time has better uses than guessing how you sick you were on term test day.  Please see course outlines below about my policy for (often not) accepting medical certificates.  A medical certificate may result in a zero on a term test.
_________________________________________________________

Do you know the way people think at King and Bay?

Above Globe and Mail 2010-2011 poll is a further indication that business people believe that it's important for students to get an early taste of working in the 'real world'. 

Actuarial Job Market

Here is placement rate info on an ad for a 'how to stay competitive' Act Sci Club seminar in October 2007. In March 2011, a candidate for a U of T Act Sci Club position had to estimate in a speech that '10 or 15' of the graduating class were finding relevant actuarial jobs.  This illustrates both the difficulty of the job market and the lack of hard data.

http://www.beanactuary.org/find has some info about the US job market, which appears to be more promising for entry level actuarial students than the crowded Canadian job market.  For a Canadian citizen with a math or act sci degree and a letter offering US employment, a TN (Trade NAFTA) US employment visa is likely to be obtainable but check it out first.  http://travel.state.gov/visa/temp/types/types_1274.html  Beanactuary.org/find has (2011) some advice also on jobs outside North America.

Employers like to see some office experience on your resume, preferably relevant experience. Try very hard to get some work experience anywhere, even early in your university career. 

Try U of T's  Professional Experience Year program (see below), which wasn't available to Arts and Science students till 2009.  Visa students, also, can seek jobs through the PEY program. Or if you have a relative running a business in Shanghai or Dubai, maybe ask him or her to employ you at low pay running payroll and inventory spreadsheets and answering phones in their office.   If you have no relevant experience, that isn't good, but don't be shy about putting on your resume any work you've done: 'worked on counter at McDonalds' is OK. I stacked supermarket shelves and worked on an auto production line - when I wasn't washing dishes in a hotel. Employers may choose to ignore resumes of candidates who have good grades and professional exam passes but have never ever done any paid work outside the 'ivory tower' university.

Most recent graduates want to live in Toronto, Vancouver, Montreal, Boston, New York, San Francisco, Los Angeles etc. but you might have a better chance of getting a suitable job in a less popular city.

Another way to get your resume noticed in the pile could be to have  attended Toastmasters  (public speaking - preparation for client contact) and giving ten  five-minute speeches to get  a "Competent Toastmaster' certificate;  Clubs close to the campuses are likely to be particularly student-friendly: email and go and try it. Fine for all students, including early-year.

www.actuarialoutpost.com has job ads and, on the popular discussion board, a lot of comments and information, much of it correct. See in particular the forum named 'Careers-Employment'. An October 2009 posting from a Canadian ('up here') sounded about right: "
As for online postings, most of the people who graduated with me and got hired never applied online. It was either through previous internships or through contacts/referrals. It seems many companies are now preferring this approach (at least up here) as it's often a safer approach in terms of candidate quality + you don't have to sort through 100 CVs to find people." In reality, sending out dozens of online or faxed resumes is easy and probably worth trying, but don't necessarily expect any replies.
 

Attend meetings and talks by businesspeople, e.g. those organised by the Act Sci club, and force yourself to talk with the speakers, however shy you are. Maybe, unless asked not to by Act Sci Club officials,  hand over a business card (even a tacky one using Word templates and 'no serrations'  card print stock) so the businesspeople have a chance of remembering who you are if you contact them months later. The membership listing at www.soa.org is very useful in a job search. Maybe look for excuses to send an email to a potential employer.  Don't send a lot of spam and don't be upset if you don't get a reply.  Everyone is busy and everyone quickly deletes non-essential email, faxes and snail mail. But for example, maybe you'll notice at   www.soa.org   a person working in investments in X-land and you are a fluent X-ese language speaker and have taken some investment-related courses. Then try sending an email with an email 'subject' field such as 'X-ese speaker with investment skills', attaching your resume.  For greater visibility, you could snail-mail a hard copy resume. A follow-up phone call is likely to be necessary - stay cheerful despite hearing 'no thanks' a few times and, if your resume is OK, you may eventually hear 'come and talk to us!'. Then you'll need to Google the company and potential interviewers and you'll be glad you took sessions on interviewing skills.

Good luck!!

Manulife Co-op Opportunities 2011++
 in Canada and in Asia for actuarial students.
For more information, please contact
Canada:  Marisa Chan,  Marisa_Chan@manulife.com
Asia:  Lindsay Watson,
campus_recruitment@manulife.com
Other useful stuff:
Good study advice - thanks Fariya
Advice on job seach (especially CFA-Related, Globe and Mail Sep 3, 2011
Student participation laser pointers:
Are less than 5 mw - I've shone one in my pupil for 5 seconds but you are strongly advised not to do the same! (Or to stare at the sun either!)   Please don't distract your classmates by shining them around too playfully, but please do use them to point at items you don't understand, suspected errors in formulas or diagrams, or to respond to questions. Please return them at the end of every lecture by leaving on a table near the door - I currently pay for them personally in dollar stores.  Can anyone recommend a bulk supplier in China who'll ship more conveniently  then 'FOB Shanghai' ? Comments or recommendations please to me at sharp@utstat.utoronto.ca
Professional Experience Year Opportunities 2012++
The site http://www.engineeringcareers.utoronto.ca/programs/pey.htm
has some basic info: 2nd and 3rd years Arts and Science students are eligible..  Consider applying also for jobs which are not specifically actuarial, especially if they have some financial content. The PEY is very strongly recommended in order to give you a reasonable chance of securing a relevant permanent job after graduating. Students who cannot legally work in Canada should try for jobs elsewhere - many PEY jobs are outside Canada.

For more information contact Mr. Jose Pereira by e-mail at  jpereira@ecf.utoronto.ca  or by telephone at  416-978-3132.

 

 

 

 

1% Long-term yield after inflation, taxes, fees (ACTB40, ACT230,  ACT240)
Buffett on investment return assumptions and a couple of jokes   More details 
WSJ Mar 11, 2008 Interest rate assumption: negative real yield?    Data
New York Times Mar 30, 2008 Bernstein on 5% real for stocks in future

Brad De Long Oct 2008 on zero 10 year real return on stocks (even without taxes and fees)
Forbes Mar 25, 2009 :last paragraph on possible negative after-tax real yield on TIPS
Zvi Bodie on PBS June 12, 2009: risky to assume stocks will beat inflation-indexed bonds

 Zweig in WSJ Jan 16, 2010 on 1% + net net net yield  
WSJ Oct 25, 2010 on negative  real yield TIPS
 Ahrens in WSJ Oct 27, 2010 on 2.1%  real yield
Fried at Bloomberg Oct 3, 2011 on gross-of-inflation returns of 5% to 7%


Since the 1970s, dollars and sexism have both shrunk.

Retirement savings (ACTB40, ACT230, ACT239, ACT240)

Improved retirement savings rate calculator - use at your own risk   USEFUL
T Star June 21, 2007 save 33% of pay for retirement
Retirement calculator from AARP One of the best available online. Can input zero starting assets, zero pensions etc.
Globe and Mail Nov 1, 2007 on retirement needs

Example of frequently-seen bad advice on savings
New York Times Dec 2007: annually spend 4 percent of savings
WSJ Feb 16, 2008: spend 4 percent of savings
WSJ Jan 2, 2008 on how much to save by age 45
Necessary retirement savings rate calculator for these ACT courses in Excel     PDF version
T Star Apr 2, 2008 on Ontario Teachers' Pension Plan  p1 p2.  $40,000 per year indexed worth $850,000
Yahoo June 10, 2008 on retirement life expectancy
T Star Oct 22, 2008 on seniors needing to work
T Star Oct 28, 2008 on 4 percent drawdown rate
T Star Mar 16, 2009 Malcolm Hamilton: 30% of pay for federal retirement
WSJ June29, 2009 Ruth Madoff living off 3% real return
Financial TImes Aug 12, 2009 UK Inflation-Indexed ('RPI") annuity purchase rates

Yahoo Nov 2010 update to 4 percent drawdown rule
WSJ Feb 8, 2012 on 4% drawdown rule


Or a non-indexed pensioner can be job-hunting at age 80 after 30 years inflation at only 3%:  1.03-30=0.412
 

 


Above clickable Nov 25, 2009 Globe and Mail on 2% real rate.

In November 2011, long Canada Real Return bonds yields were lower at 0.7% per annum. 

 

Futures, forwards and options (ACTB47, ACT245, ACT349)
Toronto Star Feb 19, 2008 on Chicago wheat futures and Toronto bread prices 1   2    3

WSJ Mar 17, 2008 on Lehmann put options
WSJ Apr 7, 2008 Eurodollar futures quotes through 2018
INO Mar 31, 2009 Eurodollar futures quotes
Financial Times Aug 12, 2009 on orange juice futures rising: smaller trees!

Globe Aug 10, 2010 on Manulife actuaries' unhedged $2 billion loss (actuaries might disagree)

Swaps (ACTB47, ACT245, ACT349)
Globe and Mail US Futures quotes
Toronto  Gas
Toronto Home Gas Supply Commodity Swap
Toronto gas price quarterly change
NPR Oct 2008 explains CDS (credit default swaps)
Bloomberg Feb 23, 2010 on Italy's profit on swaps


2012: Futures dealer and front door swapper (ACT245) moves from Toronto to Houston.

 

 

Credit cards and nominal interest rates (ACTB40, ACT230, ACT240, STAT219)
Mastercard example at 12%; but in reality see MBNA U of T application form (details 1, details 2)
MBNA Mastercard application 17.99% per annum: what convertibility period?

Does CitiBank really want you to pay your monthly card balance?
Bank of Montreal October 2008: semi-annual compounding of mortgage
WSJ March 12, 2009 How credit card companies see us as potential profit sources 

Bonds (ACTB40, ACTB47, ACT230, ACT240, ACT349, STAT219)
Yahoo Finance Jan 8, 2008 bond prices
Yahoo Finance Jan 8, 2008 US yield curve

WSJ Feb 21, 2008 on TIPS - do you agree with his belief that 1.5% risk-free real is uncompetitive? It's controversial.
Calculated risk blog May 17, 2008 on a toxic mortgage-backed security  More  Good More  Too much more
WSJ Feb 6, 2009 on Weinstein, Wang, Ackerman trading at Deutsche Bank
Time Sep 7, 2011 recommending  TIPS at 1.6% real yield

Shorts (ACTB47, ACT239, ACT245, ACT349)
WSJ May 16, 2008 on bubbles, housing, Chinese Class A and B shares
FT (Financial Times, UK) July 16, 2008 on short squeeze and 'hard to borrow'

 

joomla visitors

 

Mortgages (ACTB40, ACTB47, ACT230, ACT240, STAT219)
7Toronto Star Jan 9, 2008 on 40 year mortgages (beware: zero-interest total of payments makes little sense)
Toronto Star Jan 29, 2008 on 33 year mortgage impact on monthly payment (makes more sense)
Toronto Star March 10, 2008 Mortgage rates
Toronto Star April 16, 2008 on 40 year mortgage a  b
Toronto Real Estate Board Average House Prices 1974-2008
Wall Street Journal Aug 6, 2008 on payment option mortgages
Bank of Montreal October 2008: semi-annual compounding of martgage
2008 financial disaster in pictures
Walk Away mortgage calculator April 2009   Many problems with this, starting with lack of discounting of future payments

Repos (ACT245)

WSJ Mar 18, 2008 on repos and the Mar 16, 2008  Bear Stearns rescue