Probability Theory for Actuarial Exam P
Master essential probability concepts and discrete distributions required for the Society of Actuaries Exam P through practical examples and applications.
Master essential probability concepts and discrete distributions required for the Society of Actuaries Exam P through practical examples and applications.
This comprehensive course prepares students for the Society of Actuaries Exam P by covering fundamental probability theory and its applications in actuarial science. The curriculum progresses from basic data analysis and descriptive statistics to advanced probability concepts and discrete distributions. Students learn to analyze central tendencies, calculate probabilities, and apply various probability distributions in risk management contexts. The course emphasizes practical applications in actuarial work, focusing on modeling future contingent events and understanding their timing, frequency, and severity.
Instructors:
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What you'll learn
Master central tendency measures and data analysis techniques
Calculate probabilities for discrete events using various methods
Apply Bayes Theorem and conditional probability concepts
Understand and utilize different discrete probability distributions
Calculate mathematical expectations for random variables
Develop skills in modeling business risk using probability theory
Skills you'll gain
This course includes:
PreRecorded video
Graded assignments, Exams
Access on Mobile, Tablet, Desktop
Limited Access access
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Module Description
This comprehensive course provides a thorough foundation in probability theory for actuarial applications. The curriculum covers essential topics from basic data analysis to complex discrete probability distributions. Students learn to analyze datasets, calculate probabilities, and apply various probability models in risk management contexts. The course content aligns with the Society of Actuaries Exam P requirements, making it ideal for aspiring actuaries. Special emphasis is placed on practical applications and understanding how probability concepts apply to real-world actuarial challenges.
Fee Structure
Instructor
3 Courses
Distinguished Leader in Actuarial Science Education
Gordon Enderle serves as Teaching Faculty III and Director of the Actuarial Capstone program in the Risk and Insurance Department at the University of Wisconsin-Madison's School of Business. With a BS from Princeton University earned in 1983, he has established himself as a key figure in actuarial science education. As the program director, he oversees the prestigious Capstone Certificate in Actuarial Science program, which prepares students for successful careers in the actuarial field. His leadership role includes developing curriculum, teaching advanced actuarial courses, and guiding students through the professional certification process. Based in Grainger Hall, he plays a vital role in maintaining UW-Madison's reputation as a Center of Actuarial Excellence, helping to prepare students for a field where professionals can earn between $150,000 to $250,000 annually. His work contributes significantly to meeting the growing demand for actuaries, projected to increase by 22 percent according to the U.S. Bureau of Labor Statistics.
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