Students
ACST8086 – Actuarial Modelling
2026 – Session 2, In person-scheduled-weekday, North Ryde
General Information
Download as PDF
| Unit convenor and teaching staff |
Unit convenor and teaching staff
Tandy Xu
|
|---|---|
| Credit points |
Credit points
10
|
| Prerequisites |
Prerequisites
STAT8310
|
| 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. 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 ACST8084, ACST8085 and the CS2-related components of the assessment in ACST8086 (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.
- ULO6: Explain and justify decision making to different stakeholders using the actuarial control cycle framework
General Assessment Information
Delivery: Weekly lectures and tutorials. Second half of session applied to an Australian aged-care ("Support at Home") case study through two assessments, plus three Taylor Fry industry workshops (Weeks 6, 8, 10). Assessment: Individual Report 25%, Group Presentation 25%, Final Exam 50%.
Technology: R / RStudio (assessed R code in the Individual Report; R Practice Workbook on iLearn). iLearn for all materials and submissions. Recording software (e.g. Zoom) for the Group Presentation. Data files provided on iLearn.
Materials & readings: All slides, notes, tutorials, case-study briefs, workshop guides and the R Practice Workbook on iLearn. Recommended text: James et al., An Introduction to Statistical Learning. [mortality-modelling reading — add if set]. Group Presentation sources: AIHW, GEN Aged Care Data, My Aged Care, Support at Home program manual, Royal Commission; anchor paper Zhang, Shi & Huang (2023).
Other requirements: Group formation, workshop participation, and on-time submission of both case studies (with a GenAI declaration) as set out in the assessment details.
Late Submission Penalties: If you submit your assessment late, 5% of the total possible marks will be deducted for each day (including weekends), up to 7 days. Submissions more than 7 days late will receive a mark of 0. Example 1 (out of 100): If you score 85/100 but submit 20 hours late, you will lose 5 marks and receive 80/100. Example 2 (out of 30): If you score 27/30 but submit 20 hours late, you will lose 1.5 marks and receive 25.5/30.
Assessment Tasks
| Name | Weighting | Hurdle | Due | Groupwork/Individual | Short Extension | AI Approach |
|---|---|---|---|---|---|---|
| Professional practice: Actuarial solution to a real-world problem | 25% | No | 01/11/2026 | Individual and Group | No | Observed |
| Formal examination | 50% | No | Exam Period | Individual | No | Observed |
| Professional practice: Report on mortality and analytics | 25% | No | 25/10/2026 | Individual | Yes | Open |
Professional practice: Actuarial solution to a real-world problem
Assessment Type 1: Presentation task
Indicative Time on Task 2: 15 hours
Due: 01/11/2026
Weighting: 25%
Groupwork/Individual: Individual and Group
Short extension 3: No
AI Approach: Observed
The purpose of this assessment is for you to work with your peers to develop and present an actuarial solution to a real-world problem.
You will collaborate in groups to research a relevant actuarial problem, develop a proposed solution, and present your findings to peers and industry representatives.
Skills in focus:
- Discipline knowledge
- Critical thinking and problem solving
- Communication skills
- Work readiness
Deliverable(s): Group presentation [max. 15 minutes overall, 5 mins per person; combination of group mark (60%) and individual mark (40%)]
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 to solve a variety of practical business problems involving financial and actuarial risks.
Formal examination
Assessment Type 1: Examination
Indicative Time on Task 2: 30 hours
Due: Exam Period
Weighting: 50%
Groupwork/Individual: Individual
Short extension 3: No
AI Approach: Observed
The purpose of this assessment is for you to formally demonstrate the expertise you have gained in this unit, including both the Actuarial Control Cycle content and the technical mortality and data analytics content.
You will participate in a three-hour 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. The exam is marked as a single integrated assessment.
Deliverable(s): 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.
- 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.
- Identify and apply the relevant statistical techniques in solving practical actuarial problems within the actuarial control cycle framework.
- Explain and justify decision making to different stakeholders using the actuarial control cycle framework
Professional practice: Report on mortality and analytics
Assessment Type 1: Written Submission
Indicative Time on Task 2: 20 hours
Due: 25/10/2026
Weighting: 25%
Groupwork/Individual: Individual
Short extension 3: Yes
AI Approach: Open
Skills in focus:
- Discipline knowledge
- Digital skills
- Critical thinking and problem solving
- Communication skills
Deliverable(s): Written report showcasing results of data analysis [max 5000 words]
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.
- 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.
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
- Academic Success 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.
3 An automatic short extension is available for some assessments. Apply through the Service Connect Portal.
Delivery and Resources
Delivery. Weekly lectures and tutorials. Second half of session applied to an Australian aged-care ("Support at Home") case study through two assessments, plus three Taylor Fry industry workshops (Weeks 6, 8, 10). Assessment: Individual Report 25%, Group Presentation 25%, Final Exam 50%.
Technology. R / RStudio (assessed R code in the Individual Report; R Practice Workbook on iLearn). iLearn for all materials and submissions. Recording software (e.g. Zoom) for the Group Presentation. Data files provided on iLearn.
Materials & readings. All slides, notes, tutorials, case-study briefs, workshop guides and the R Practice Workbook on iLearn. Recommended text: James et al., An Introduction to Statistical Learning. [mortality-modelling reading — add if set]. Group Presentation sources: AIHW, GEN Aged Care Data, My Aged Care, Support at Home program manual, Royal Commission; anchor paper Zhang, Shi & Huang (2023).
Other requirements. Group formation, workshop participation, and on-time submission of both case studies (with a GenAI declaration) as set out in the assessment details.
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:
- Academic Appeals Policy
- Academic Integrity Policy
- Academic Progression Policy
- Assessment Policy
- Fitness to Practice Procedure
- Assessment Procedure
- Complaints Resolution Procedure for Students and Members of the Public
- Special Consideration Policy
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.
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Academic Success
Academic Success provides resources to develop your English language proficiency, academic writing, and communication skills.
- Ask a Study Coach
- Access StudyWISE
- Upload an assignment to Studiosity
- Complete the Academic Integrity Module
The Library provides online and face to face support to help you find and use relevant information resources.
Student Services and Support
Macquarie University offers a range of Student Support Services including:
- IT Support
- Accessibility and disability support with study
- Mental health support
- Safety support to respond to bullying, harassment, sexual harassment and sexual assault
- Social support including information about finances, tenancy and legal issues
- Student Advocacy provides independent advice on MQ policies, procedures, and processes
Student Enquiries
Got a question? Ask us via the Service Connect Portal, or contact Service Connect.
IT Help
For help with University computer systems and technology, visit https://students.mq.edu.au/support/technology/service-desk.
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 2026.05 of the Handbook