Unit convenor and teaching staff |
Unit convenor and teaching staff
Colin Zhang
|
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Credit points |
Credit points
10
|
Prerequisites |
Prerequisites
Admission to BActStud or BActStudBSc or BAppFinBActStud or BActStudBProfPrac or BActStudProfPrac(Hons)
|
Corequisites |
Corequisites
STAT1371
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Co-badged status |
Co-badged status
|
Unit description |
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. |
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Hurdle | Due |
---|---|---|---|
Formal and observed learning: Exam | 40% | No | Final Exams Period |
Professional practice: Managing financial risks | 20% | No | Week 11 |
Formal and observed learning: Test | 40% | No | Week 7 |
Assessment Type 1: Examination
Indicative Time on Task 2: 28 hours
Due: Final Exams Period
Weighting: 40%
The purpose of this assessment is for you to formally demonstrate the expertise you have gained in this unit.
You will participate in a 2-hour exam 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
Assessment Type 1: Quantitative analysis task
Indicative Time on Task 2: 15 hours
Due: Week 11
Weighting: 20%
The purpose of the assessment is for you to gain experience in applying actuarial and financial concepts to real-world scenarios.
You will build and implement cash flow models in Excel or similar software, apply demographic data and statistical models for pricing and simulations, explain the importance of legislation, standards, and professional requirements in financial services, and discuss risk management tools such as diversification, leverage, and risk pooling.
Skills in focus: - Analytical skills - Discipline knowledge - Critical thinking and problem solving
Deliverable: Written report and Spreadsheet analysis Individual assessment
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 20 hours
Due: Week 7
Weighting: 40%
The purpose of this assessment is for you to demonstrate your expertise in aspects of the actuarial control cycle.
You will participate in a formal test.
Skills in focus: - Discipline Knowledge - Digital skills [Excel or similar]
Deliverable: Tests Individual assessment
1 If you need help with your assignment, please contact:
2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation
Lectures: 2h lectures are held each week, in class (and recorded via Echo360).
Pre-recorded videos: students are also responsible to watch pre-recorded videos (about Excel and R programming) to complement their learning. The content of those videos is assessable.
Tutorials: 1h tutorials are held each week (starting in Week 2), in class (and they are NOT recorded).
Information about unit Resources can be found on the iLearn site of the unit.
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.
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 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
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.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Academic Success provides resources to develop your English language proficiency, academic writing, and communication skills.
The Library provides online and face to face support to help you find and use relevant information resources.
Macquarie University offers a range of Student Support Services including:
Got a question? Ask us via the Service Connect Portal, or contact Service Connect.
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.
Unit information based on version 2025.02 of the Handbook