Introduction to Actuarial Studies

Subject ACTL10001 (2016)

Note: This is an archived Handbook entry from 2016.

Credit Points: 12.5
Level: 1 (Undergraduate)
Dates & Locations:

This subject has the following teaching availabilities in 2016:

Semester 2, Parkville - Taught on campus.
Pre-teaching Period Start not applicable
Teaching Period 25-Jul-2016 to 23-Oct-2016
Assessment Period End 18-Nov-2016
Last date to Self-Enrol 05-Aug-2016
Census Date 31-Aug-2016
Last date to Withdraw without fail 23-Sep-2016


Timetable can be viewed here. For information about these dates, click here.
Time Commitment: Contact Hours: Two 1-hour lectures and a 1-hour tutorial per week
Total Time Commitment:

Estimated total time commitment of 170 hours.
Prerequisites:

One of the following subjects:
Corequisites:

Students who do not meet the prerequisite may enrol with MAST10006 Calculus 2 taken as a corequisite.
Recommended Background Knowledge: None
Non Allowed Subjects:

Students who have completed a level-2 actuarial studies subject will not normally be permitted to enrol in this subject.
Core Participation Requirements:

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

Coordinator

Dr Xueyuan Wu

Contact

xueyuanw@unimelb.edu.au

Subject Overview:

This subject is an introduction to compound interest functions and operations; valuation of annuities, bonds and loans; demography, and factors affecting population growth and size; construction and use of the life table; applications of these in life insurance; types of insurance products; the role of the actuary; and the significance of financial institutions utilising actuarial management.
Learning Outcomes:
  • Apply relevant pre-requisite mathematical knowledge in the solution of a range of practical problems
  • Calculate the accumulation or present value of money under compound interest
  • Calculate the amount or present value of payments under fixed interest contracts such as loans,annuities and bonds;
  • Solve equations of value for the effective rate of interest;
  • Describe the factors that affect the growth and structure of populations and explain their impact on these populations;
  • Apply simple mathematical techniques to analyse and project populations
  • Apply survival models and life tables to calculate probabilities of death or survival
  • Calculate the expected present value of contingent payments under securities subject to default and under simple insurance contracts
  • Describe the features of insurance products sold in Australia;
  • Describe the role of an actuary in a range of commercial situations.
Assessment:

A 2-hour end-of-semester examination (70%), two assignments totalling not more than 2000 words (20%), and a 45 minute mid-semester examination (10%). Satisfactory completion of this subject requires a 50% pass in the end of semester examination.
Prescribed Texts:

You will be advised of prescribed texts by your lecturer.
Recommended Texts:

An Introduction to Actuarial Studies, Second Edition, 2011 Atkinson and Dickson
Breadth Options:

This subject potentially can be taken as a breadth subject component for the following courses:

You should visit learn more about breadth subjects and read the breadth requirements for your degree, and should discuss your choice with your student adviser, before deciding on your subjects.

Fees Information: Subject EFTSL, Level, Discipline & Census Date
Generic Skills:

  • High level of development: problem solving; synthesis of data and other information.

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