Classes

ACST402 is offered via classes on campus  (Macquarie University). Students share lecture classes and a common teaching website with the unit ACST831, which is also offered via classes in the Sydney CBD and via distance education throughout the world.

Style of classes

We believe that the best way we can help you to master the Actuarial Control Cycle subject is not by giving traditional lectures where your role is basically to listen, think and take notes. We have planned the face-to-face classes to be like workshops: a mixture of short "micro-presentations", small group work, discussions involving the whole class, and individual activities. Most weeks, we will ask you to do some preparatory work - reading, research, writing or just thinking. If you want to get the most out of the classes, do the preparation, and get involved in the classroom work.

Downloadable lecture recordings

In all weeks, standard recordings of campus lectures using the University's lecture recording facility will be available. The recordings capture audio and screenshot. Since the classes in this unit are not traditional lectures but contain periods of group discussion, the recordings will contain some stretches of background noise which you will need to fast forward through.

In addition, for some weeks, a special downloadable presentation covering the lecture content has been created; this was produced specifically for distance students but is available to all students.

Timetable

The timetable for classes can be found on the Macquarie University website at:

http://www.timetables.mq.edu.au

Campus classes will all be held in the C5C Collaborative Learning Forum, on Monday 1600–1800 and Thursday 1400–1600.

Alterations to the class times or locations will be advised in class and on the teaching website.

Teaching staff

Sachi Purcal is the unit convenor and will be taking two weeks of classes. Sachi can be contacted via Dialogue on the website, or during his consultation hours.

Bruce Edwards and Peter Carroll will be conducting other classes. Bruce and Peter are industry practitioners with a wide range of knowledge across many areas in which actuaries practice. Outside of classes, the forum for interaction with your industry lecturers will be the website Discussion forums.

Hong Xie is the teaching administrator, and can deal with any administrative queries related to the unit. Hong can be contacted via Dialogue on the website.

Assumed knowledge

We assume from the start of the Actuarial Control Cycle that you have acquired the knowledge and skills in subjects CT1 to CT8 of Part I of the Actuaries Institute education program.

Prize

The AMP Prize for Actuarial Control Cycle 1 is awarded for this unit.

Required and recommended texts and materials

Textbook

There is one textbook for this unit, referred to here and elsewhere as UAM:

Bellis, C., Lyon, R., Klugman, S and Shepherd, J. (2010). Understanding Actuarial Management: The Actuarial Control Cycle, 2nd edition, Institute of Actuaries of Australia.

The textbook can be purchased from the Actuaries Institute, at:

http://www.actuaries.asn.au/knowledge-bank/book-shop?id=8

You should buy the book immediately, if you haven't already, as assessment tasks based on the book are due at the beginning of the second week of classes.

Copies of the book are available in the Reserve section of the Macquarie University library.

Other useful articles will be set out at the beginning of each Learning Guide, and made available on the teaching website.

Learning Guide

There is a Learning Guide for each section of work. You should read the Learning Guide in advance of the lectures, and bring a copy with you to classes.

Technology Used and Required

In this unit, you will need to have access to and to be able to use software to produce overhead slides, .pdf documents, and word-processing software to produce reports.

Teaching Website

Course material is available on the online learning management system (iLearn).

The teaching website is integral to this course unit. Passive involvement in this unit greatly reduces the likelihood of achieving the exemption standard of understanding. Interaction with other students and with teachers is very important, and the website is the forum for that interaction.

You will need to be accessing the website regularly to see announcements, read postings and stay informed - at least every couple of days. This is your responsibility and we cannot make any allowances for students who miss important information due to not checking the website regularly.

The website entry page is at:

http://ilearn.mq.edu.au

Teaching and Learning Activities

The unit is taught as set out in the Classes section. The Unit Schedule available under the Unit Information section of the website sets out the assessment and the topics covered in each week of the semester.

Exemptions

The Macquarie University units ACST402/831/831X (Control Cycle 1), ACST403/832/832X (Control Cycle 2) and ACST404/871/871X together count for exemption from the Actuaries Institute Part II subject. You will be recommended for exemption from Part II if you attain grades of Credit or better in these three units. If you attain a Pass in one or more of these units, then the exemption will be recommended if and only if a Standardised Numerical Grade (SNG) of at least 60 is achieved in all three units, and the average SNG is at least 65. For students who have completed part of Part II at a different university, each case is considered individually based on the exemption requirements at those universities.

It is the responsibility of the student to apply to Macquarie University to recommend them to the Actuaries Institute for professional exemptions. For information about this process and links to relevant forms, see:

http://www.businessandeconomics.mq.edu.au/current_students/undergraduate/how_do_i/exemptions_for_professional_examinations

Changes since the last offering

The learning objectives, structure of assessment, class format and text are all the same as in the last offering. Learning Guides, readings, lecture slides and lecture recordings are updated each year, and the individual assessments are new each year. There has also been a change in the order in which topics are covered since the last offering. The unit convenor has also changed this year.

The Unit Schedule is available under the Unit Information section of the website.

This unit uses research in several ways.

• This unit uses research by Macquarie University researchers (e.g., current and ex-Macquarie staff members are editors and authors of the main text and other readings)
• This unit uses research from external sources (references will be provided)
• This unit gives you practice in applying research findings in your assignments