Keith Sharp Ph.D.,  F.S.A., C.F.A.
 

Beginning of Term  Office Hour May 2008

Keith Sharp

UTSG-SS5027C

Monday May 12,     11:00-Noon


2008 Courses

Course     Meeting
Section
Time Location Instructor & TA
ACT239H5 S 2008 Math of Investment and  Credit LEC6001 MO6-9 First is Jan 7 UTM NE 142 K. Sharp
      TUT6001 TU 5-6 First is Jan 15 UTM SE 3093  
             
ACT240H1F Sum 08 Fund Invest, Credit L5101 TR 7-9 First is May 13  at 7 UTSG-MS3163 K. Sharp
        TR6 (p) First is May 15 at 6    
             
ACT244H5  F 2007 Fundamental Principles of Actuarial Science LEC6001 MO 6-9 UTM SE 3093 K. Sharp
  F 2007   TUT6001 TU 5-6 UTM NE 142 Heng Wang
             
ACT245H1S S 2008 Financial Principles I - Derivatives L0101 T1-3 First is Jan 8 UTSG MP103 K. Sharp
        R2    First is Jan 17 UTSG MP103  
ACT245H1S Sum 08 Financial Principles I - Derivatives L5101 MW6-9 UTSG SS1070 K. Sharp
             
ACT247H1S Sum 08 Intro Life Contingencies L5101 TR7-9 UTSG-SS2117 K. Sharp
        TR 6-7(p)    
             
ACT349H1F F 2007 Corporate Finance L0101 W 5-7  (4-7 first week) UTSG SS2118 K. Sharp
        W 4-5 UTSG SS2118 Candy Lai
             
ACTB40H3 F 2007 Fund Invest, Credit Lec20079 TR 10-11 UTSC BV355 K. Sharp
      Tut20079 W 9-10 UTSC BV355 Heng Wang
ACTB47H3 S 2008 LEC01
 
W 9-11 First is Jan 9 UTSC BV355
 
K Sharp
      LEC01 F 9-10  First is Jan 11 UTSC BV355  


Press and other materials

Credit cards and nominal interest rates (ACTB40, ACT239, ACT240)
Mastercard to U of T students 2008
Do you believe that Mastercard really doesn't want you to have the monkey on your back?
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?


Bonds (ACTB40, ACTB47, ACT239, ACT240, ACT349)
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.

Mortgages (ACTB40, ACTB47, ACT239, ACT240)
Wall Street Journal Aug 7, 2007 on subprime, LBOs, China, no-doc mortgages
Wall Street Journal Oct 17, 2007 on subprime mortgage crisis impact on investors and families

Scarborough House for sale November 2007
Downtown condo for sale November 2007

Toronto 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

Retirement savings (ACTB40, ACT239, ACT240)
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: 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 NEW
Buffett on investment return assumptions and a couple of jokes   More details 
WSJ Mar 11, 2008 Interest rate assumption: negative real yield?    Data

T Star Apr 2, 2008 on Ontario Teachers' Pension Plan  p1 p2.  $40,000 per year indexed worth $850,000

Futures, forwards and options ACTB47, ACT239, 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

Repos (ACT245)
WSJ Mar 18, 2008 on repos and the Mar 16 Bear Stearns rescue

Swaps (ACTB47, ACT239, ACT245, ACT349)
Globe and Mail US Futures quotes
Toronto Enbridge Gas
Toronto Home Gas Supply Commodity Swap


Contact
sharp@utstat.toronto.edu
416-352-1599 phone

Actuarial Job Market

http://www.beanactuary.org/ 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 Most employers like to see some office work experience on your resume. Many 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.

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 - perhaps start with a search for actuaries with the same last name as you.  Be creative, but 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. 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 a 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.

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'.

Here is placement rate info on an ad for a 'how to stay competitive' Act Sci Club seminar in October 2007.

 

Admin Links for UTM

Academic calendar with course descriptions http://www.utm.utoronto.ca/regcal/
Course timetable http://www.utm.utoronto.ca/~utmor/student/timetable/

 

Admin Links for UTSC

Course timetable http://www.utsc.utoronto.ca/~timetable/
Final exam timetable (if available) http://www.utsc.utoronto.ca/~timetable/exam_timetable/


Admin Links for UTSG

From Prof Broverman U of T Downtown Act Sci programme
   
Act Sci Club SS6007 http://fisher.utstat.toronto.edu/actsci/main.htm
   
Arts and Science Calendar Dates of Sessions
  Courses and Prerequisites
   
Arts and Science Course Timetable Fall/Winter Session
  Summer 2008




Professional Links

Society of Actuaries

Society of Actuaries exam archives

Canadian Institute of Actuaries

CFA Institute   

Comments on CFA for actuarial students

Talk to ASNA on CFA January 5, 2008
 

Other stuff

Antical

Resume

Parody Hubbard/Bernanke