Students
ACST3059 – Actuarial Modelling
2020 – Session 2, Special circumstance
Notice
As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group learning activities on campus for the second half-year, while keeping an online version available for those students unable to return or those who choose to continue their studies online.
To check the availability of face to face activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.
General Information
Download as PDF
| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit convenor and teaching staff
Jackie Li
Contact via Email
Room 725, 4 Eastern Road
Thursdays 11am-12pm during teaching weeks
Teaching staff
Bruce Edwards
Contact via Email
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-
Angela Chow
|
|---|---|
| Credit points |
Credit points
10
|
| Prerequisites |
Prerequisites
ACST358 or ACST3058
|
| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
|
| Unit description |
Unit description
In this unit industry participants work together with students throughout the session. The unit integrates and synthesises the knowledge learnt over the actuarial degree and foreshadows the transition to a professional career. Students will use survival models to estimate decrement rates from actual experience, compare these with the rates in standard tables, and prepare new standard tables. As part of the construction of new tables, consideration will be given to risk factors and the effects of selection; design of data collection; statistical analysis and graduation of the observed rates; and testing of the graduation. The unit concludes with a review of actuarial concepts covered in the three-year undergraduate actuarial program and an introduction to the 'actuarial control cycle', a conceptual framework of the processes for developing and managing financial enterprises and products. Students develop graduate level critical analysis, problem solving and communication skills, and an awareness of the challenges facing businesses. Students gaining a Credit average in both ACST3058 and ACST3059 (minimum mark of 60) will satisfy the requirements for exemption from professional subject CT4 of the Actuaries Institute. |
Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- ULO1: Describe and communicate effectively the principles of actuarial modelling and apply them to common actuarial problems both individually and in a team environment.
- ULO2: Model and critically analyse scenarios involving financial risks for various types of financial institutions and compare ways of managing these risks.
- ULO3: Discuss the concept of the Actuarial Control Cycle and apply it to solve a variety of practical business problems involving financial and actuarial risks.
- ULO4: Describe how to test crude estimates for consistency with a standard table or a set of graduated estimates and describe the process of graduation.
- ULO5: Derive the maximum likelihood estimator for the parameter of Binomial and Poisson models and describe how to estimate transition intensities depending on age, exactly or using the census approximation.
General Assessment Information
It is the responsibility of students to view their marks for each within session assessment on iLearn within 20 working days of posting. If there are any discrepancies, students must contact the unit convenor immediately. Failure to do so will mean that queries received after the release of final results regarding assessment marks (not including the final exam mark) will not be addressed.
Assessment Tasks
| Name | Weighting | Hurdle | Due |
|---|---|---|---|
| Group Assignment | 20% | No | Week 3 to Week 12 |
| Class Test | 20% | No | Week 7 |
| Final Exam | 60% | No | University Exam Period |
Group Assignment
Assessment Type 1: Quantitative analysis task
Indicative Time on Task 2: 20 hours
Due: Week 3 to Week 12
Weighting: 20%
An assignment requiring data analysis and investigation along with a written report (word limit of up to 5000 words) and an oral presentation.
On successful completion you will be able to:
- Describe and communicate effectively the principles of actuarial modelling and apply them to common actuarial problems both individually and in a team environment.
- Model and critically analyse scenarios involving financial risks for various types of financial institutions and compare ways of managing these risks.
- Discuss the concept of the Actuarial Control Cycle and apply it to solve a variety of practical business problems involving financial and actuarial risks.
Class Test
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Week 7
Weighting: 20%
The test will be approximately 90 minutes, to be held during class time.
On successful completion you will be able to:
- Describe how to test crude estimates for consistency with a standard table or a set of graduated estimates and describe the process of graduation.
- Derive the maximum likelihood estimator for the parameter of Binomial and Poisson models and describe how to estimate transition intensities depending on age, exactly or using the census approximation.
Final Exam
Assessment Type 1: Examination
Indicative Time on Task 2: 28 hours
Due: University Exam Period
Weighting: 60%
The final examination will be a three-hour written paper with ten minutes reading time, to be held during the University Examination period.
On successful completion you will be able to:
- Describe and communicate effectively the principles of actuarial modelling and apply them to common actuarial problems both individually and in a team environment.
- Model and critically analyse scenarios involving financial risks for various types of financial institutions and compare ways of managing these risks.
- Discuss the concept of the Actuarial Control Cycle and apply it to solve a variety of practical business problems involving financial and actuarial risks.
- Describe how to test crude estimates for consistency with a standard table or a set of graduated estimates and describe the process of graduation.
- Derive the maximum likelihood estimator for the parameter of Binomial and Poisson models and describe how to estimate transition intensities depending on age, exactly or using the census approximation.
1 If you need help with your assignment, please contact:
- the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
- the Writing Centre for academic skills support.
2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation
Delivery and Resources
The timetables for classes can be found on the University website at:
https://timetables.mq.edu.au/2020/
Tutorials will commence in Week 2 of the session.
Lecture handouts are available for download from the website in advance of lecture classes.
You will be required to use the teaching website, Word, PDF, R, and Excel.
Course materials are available on iLearn. To access the website, go to http://ilearn.mq.edu.au and log in using your usual login and password.
Unit Schedule
Week Topic
1 Exposed to Risk
2 Exposed to Risk
3 Exposed to Risk
4 Exposed to Risk
5 Statistical Tests
6 Graduation
7 Class Test
8 Control Cycle
9 Control Cycle
10 Control Cycle
11 Control Cycle
12 Control Cycle
13 Revision
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/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
- Grade Appeal Policy
- Complaint Management Procedure for Students and Members of the Public
- Special Consideration Policy (Note: The Special Consideration Policy is effective from 4 December 2017 and replaces the Disruption to Studies Policy.)
Students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/student-conduct
Results
Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au
Supplementary exams
Information regarding supplementary exams, including dates, is available at: http://www.businessandeconomics.mq.edu.au/current_students/undergraduate/how_do_i/disruption_to_studies
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to help you improve your marks and take control of your study.
The Library provides online and face to face support to help you find and use relevant information resources.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
If you are a Global MBA student contact globalmba.support@mq.edu.au
IT Help
For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.