B.Com. (Actuarial Studies) Financial Mathematics I Syllabus - Mumbai University
This is the FY BCom Actuarial Studies syllabus under NEP 2020, in force from the academic year 2026-27. It is the only syllabus this degree has ever had: the University approved the course on 18 May 2026 and the first students were admitted the same year, so there is no earlier scheme to check yours against.
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Syllabus for Financial Mathematics - I
The University prints this paper as “Financial Mathematics -Paper I”.
Module 1: Random Variable, Probability and Statistical Distribution 15 hours
- Basic Concept of Probability - Addition and Multiplication Laws, Conditional Probability, Concept of Random Variable - Discrete and Continuous, Probability Distribution from Random Variable, Basics of Statistical Distribution - (Basic discussion required) Binomial, Poisson and Normal Distribution., Descriptive Statistics: Mean, Median, Mode, Skewness, Kurtosis, Variance, Standard Deviation and Coefficient of Variation, Sampling & Sampling Inferences - Concept of Sample, Population, Sample and Sampling, Method of Sampling. Confidence intervals for unknown parameters of Normal distributions, Testing of Hypothesis, Null hypothesis, Alternative Hypothesis, level of significance for one- sample situations Z Test, Decision making under Risk - Pay-off and Pay-off matrix; Decision making under uncertainty, Maximin, Maximax, Minimax regret and Laplace criteria; simple examples to find optimum decision. Formulation of Payoff Matrix. Decision making under Risk, Expected Monetary Value (EMV); Decision Tree; Simple Examples based on EMV. Expected Opportunity Loss (EOL), simple Examples based on EOL
Module 2: Correlation and Regression and its Impact 15 hours
- Correlation - Introduction and types of Correlation, Correlation Coefficient by Karl Pearson and Spearman's Rank, Interpretation and Practical Significance, Regression Analysis - Concept and Importance of Regression, Simple Linear Regression (Y on X, X on Y), The Regression Coefficient by Least squares Method, Regression Coefficient Method and its Impact.
Cut from the University of Mumbai syllabus for B.Com. (Actuarial Studies) under NEP 2020, in force from the academic year 2026-27. Wording is as printed in that syllabus, and module numbering is as printed there too. The University sets no reading list for this course.
The complete syllabus
This subject is cut from the University circular for its year. Open the document here if you want the whole thing rather than a single subject.