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Bachelors

Introduction to Actuarial Studies

Macquarie University
North Ryde , Australia
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Medium of studying
On campus
Duration
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Program Details
Degree
Bachelors
Major
Actuarial Science
Area of study
Mathematics and Statistics
Education type
On campus
Course Language
English
About Program

Program Overview

Introduction to Actuarial Studies

Unit Description

This unit provides an introduction to the important underlying aspects of actuarial work. It looks at the development of actuarial techniques in the context of life insurance, general insurance, superannuation, and investment. The aim is to develop problem-solving and communication skills and give students some of the basic tools for risk management and financial modelling. The unit shows how studies in related disciplines (such as accounting, demography, economics, statistics, computing and mathematics) are essential to the education of an actuary. The unit works through the control cycle approach to insurance: business objectives, product design, risk assessment, modelling of insurance and financial risks (including claim frequency and claim size of individual claims and on a portfolio basis), pricing, reserving, investment and asset liability matching, claims management, legal requirements, solvency, profitability and responding to experience. This unit is relevant for students who want to become actuaries or risk managers. Students are assumed to have studied mathematics in high school up to at least HSC Extension 1 level or equivalent.


General Information

  • Unit Convenor and Teaching Staff: Colin Zhang
  • Credit Points: 10
  • Prerequisites: Admission to BActStud or BActStudBSc or BAppFinBActStud or BActStudBProfPrac or BActStudProfPrac(Hons)
  • Corequisites: STAT1371
  • Co-badged Status:

Learning Outcomes

On successful completion of this unit, students will be able to:


  • Comprehend how the actuarial control cycle is used to identify and manage financial risks.
  • Construct simple cash flow models which can be used for decision making and implement these in Excel or other software.
  • Apply demographic data and statistical models to price policies, determine ruin probabilities and implement simulation models in Excel or other software.
  • Explain why legislation, accounting standards, codes of conduct, and professional requirements are necessary and how the business environment affects the management of the financial services business.
  • Identify and discuss the tools which can be used to manage risk, including the impact of diversification and leverage, capital, risk pooling and risk transfer.

Assessment Tasks

  • Formal and observed learning: Exam (40%, No hurdle, Due: Final Exams Period)
  • Professional practice: Managing financial risks (20%, No hurdle, Due: Week 11)
  • Formal and observed learning: Test (40%, No hurdle, Due: Week 7)

Delivery and Resources

  • Lectures: 2-hour lectures are held each week, in class (and recorded via Echo360).
  • Pre-recorded videos: Students are also responsible for watching pre-recorded videos (about Excel and R programming) to complement their learning.
  • Tutorials: 1-hour tutorials are held each week (starting in Week 2), in class (and they are NOT recorded).
  • Unit Resources: Information about unit resources can be found on the iLearn site of the unit.

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:


  • Academic Appeals Policy
  • Academic Integrity Policy
  • Academic Progression Policy
  • Assessment Policy
  • Fitness to Practice Procedure
  • Assessment Procedure
  • Complaints Resolution Procedure for Students and Members of the Public
  • Special Consideration Policy

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct.


Academic Integrity

At Macquarie, academic integrity honesty, respect, trust, responsibility, fairness and courage is at the core of learning, teaching and research.


Student Support

Macquarie University provides a range of support services for students, including:


  • Academic Success
  • The Library
  • IT Support
  • Accessibility and disability support with study
  • Mental health support
  • Safety support to respond to bullying, harassment, sexual harassment and sexual assault
  • Social support including information about finances, tenancy and legal issues
  • Student Advocacy provides independent advice on MQ policies, procedures, and processes
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