Students

ACST3059 – PACE: Actuarial Modelling

2025 – Session 2, In person-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff
Sally Galbraith
sally.galbraith@mq.edu.au
Lecturer
Bruce Edwards
bruce.edwards@mq.edu.au
Credit points Credit points
10
Prerequisites Prerequisites
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. Visit Employability Connect for important information on this unit.

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 both individually and collaboratively in teams 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

Unless a Special Consideration request has been submitted and approved, a 5% penalty (of the total possible mark) will be applied each day if a written assessment is not submitted, up until the 7th day (including weekends). For example, for an assessment worth 30%, you receive a mark of 20/30 but your submission is late for 20 hours. With the late submission penalty applied, you will get a mark of 18.5/30 (20-5%*30%).

 After the 7th day, a grade of ‘0’ will be awarded even if the assessment is submitted. Submission time for all written assessments is set at 11.55pm. A 1-hour grace period is provided to students who experience a technical concern.    

 For any late submissions of time-sensitive tasks, such as scheduled tests/exams, performance assessments/presentations, and/or scheduled practical assessments/labs, students need to submit an application for Special Consideration.

Assessment Tasks

Name Weighting Hurdle Due
Formal and Observed Learning: Final Exam 25% No Exam Period
Formal and Observed Learning: Test 25% No 27/08/2025
Professional Practice: Actuarial Analysis and Insights 50% No Sunday 2 November (report), Sunday 9 November (presentation)

Formal and Observed Learning: Final Exam

Assessment Type 1: Examination
Indicative Time on Task 2: 15 hours
Due: Exam Period
Weighting: 25%

 

The purpose of this assessment is for you to formally demonstrate the expertise you have gained in this unit.

You will participate in a 90 minute exam with 10 minutes reading time held during the University Examination period. Important information about the exam will be made available on the unit iLearn page. You should also review the MQ Exams website for general tips.

Deliverable: Formal exam

Individual assessment

 
On successful completion you will be able to:
  • Examine and employ a variety of exposed to risk, graduation and mortality projection techniques.
  • Develop an understanding of aspects of the theory and practice of statistical learning methods.

Formal and Observed Learning: Test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: 27/08/2025
Weighting: 25%

 

The purpose of this assessment is for you to demonstrate your knowledge of the financial system in Australia and your understanding of the actuarial control cycle and the responsibilities involved in being an actuary, including ethical considerations.

You will participate in a formal invigilated test held during class time. You will provide responses to problem scenarios given to you via short answer questions.

Skills in focus:

  • Discipline knowledge
  • Critical thinking

Deliverable: Test (approximately 90 minutes) during class time.

Individual assessment

 
On successful completion you will be able to:
  • 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 both individually and collaboratively in teams to solve a variety of practical business problems involving financial and actuarial risks.
  • Identify and apply the relevant statistical techniques in solving practical actuarial problems within the actuarial control cycle framework.

Professional Practice: Actuarial Analysis and Insights

Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 35 hours
Due: Sunday 2 November (report), Sunday 9 November (presentation)
Weighting: 50%

 

The purpose of this assessment is for you to work with your peers and apply actuarial data analysis techniques using R statistical software.

You will produce a report on the results of data analyses using actuarial methodology and develop a solution to a real-world actuarial problem and present the solution to peers and industry representatives.

Skills in focus:

  • Discipline knowledge
  • Digital skills (R)
  • Communication
  • Work readiness

Deliverable: Written report showcasing results of data analysis [max. 8000 words - 50% of assessment task, marked individually] and group presentation showcasing proposed solution [max. 15 minutes overall, 5 mins per person - 50% of assessment task, combination of group mark (60% of overall mark) and individual mark (40% of overall mark)]

Individual and Group assessment

 
On successful completion you will be able to:
  • Examine and employ a variety of exposed to risk, graduation and mortality projection techniques.
  • Develop an understanding of aspects of the theory and practice of statistical learning methods.
  • 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 both individually and collaboratively in teams to solve a variety of practical business problems involving financial and actuarial risks.

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

Refer to iLearn.

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/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 connect.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

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Unit information based on version 2025.05 of the Handbook