Unit Guide

General Information

Unit convenor and teaching staff	Unit convenor and teaching staff Unit Convenor Alan Xian alan.xian@mq.edu.au
Credit points	Credit points 10
Prerequisites	Prerequisites ACST358 or ACST3058
Corequisites	Corequisites
Co-badged status	Co-badged status
Unit description	Unit description Survival models will be used to estimate decrement rates from actual experience, compare these with standard rates, and prepare new tables. In constructing new tables, consideration will be given to risk factors; selection; data collection; graduation; and testing the graduation. The concept of actuarial modelling will be discussed. Methods for mortality projection will be described and applied. Profit testing of conventional and unit-linked contracts will also be covered. Machine learning will be introduced. The 'actuarial control cycle', a conceptual framework of the processes for developing and managing financial enterprises and products, will be studied. Students gaining a weighted average of credit across all of ACST3058, ACST3060 and the CS2-related components of the assessment in ACST3059 (minimum mark of 60% on all three components) will satisfy the requirements for exemption from the professional subject CS2 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: Examine and employ a variety of exposed to risk, graduation and mortality projection techniques.
ULO2: Develop an understanding of aspects of the theory and practice of statistical learning methods.
ULO3: Model and critically analyse scenarios involving financial risks for various types of financial institutions and compare ways of managing these risks.
ULO4: Discuss the concept of the Actuarial Control Cycle and apply it to solve a variety of practical business problems involving financial and actuarial risks.
ULO5: Identify and apply the relevant statistical techniques in solving practical actuarial problems within the actuarial control cycle framework.

General Assessment Information

Assessment criteria for all assessment tasks will be provided on the unit iLearn site.

It is the responsibility of students to view their marks for each within-session-assessment on iLearn within 20 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 tasks (not including the final exam mark) will not be addressed.

Late submissions of assessments

Sometimes unavoidable circumstances occur that might prevent you from submitting an assessment on time and, in that case, you may be eligible to lodge a Special Consideration request.

Unless a Special Consideration request has been submitted and approved, please note that no extensions to assessment deadlines will be granted. Assessments that are submitted late will attract a late penalty:

There will be a deduction of 10% of the total available marks for each 24 hour period or part thereof that the submission is late.
No assessment will be accepted more than 72 hours after the original due date and time (incl. weekends).
No late submissions will be accepted for timed assessments (e.g., quizzes, online tests) or for tasks with a weighting of 10% or less.

Assessment Tasks

Name	Weighting	Hurdle	Due
Assignment	30%	No	Week 9
Class Test	30%	No	Week 10
Discussion Forum Posts	5%	No	Weeks 9 - 13
Group Presentation	5%	No	Weeks 11 - 13
Final Exam	30%	No	University Examination Period