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Introduction to Actuarial Studies (ACTL10001)
Undergraduate level 1Points: 12.5On Campus (Parkville)
For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 2
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
Availability | Semester 2 |
---|---|
Fees | Look up fees |
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.
Intended 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.
Generic skills
-
High level of development: problem solving; synthesis of data and other information.
Last updated: 11 April 2024
Eligibility and requirements
Prerequisites
One of
Code | Name | Teaching period | Credit Points |
---|---|---|---|
MAST10007 | Linear Algebra |
Summer Term (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
|
12.5 |
MAST10008 | Accelerated Mathematics 1 | Semester 1 (On Campus - Parkville) |
12.5 |
MAST10021 | Calculus 2: Advanced | Semester 2 (On Campus - Parkville) |
12.5 |
MAST10022 | Linear Algebra: Advanced | Semester 1 (On Campus - Parkville) |
12.5 |
MAST10013 UMEP Mathematics for High Achieving Students
Note: the following subject/s can also be taken concurrently (at the same time)
Code | Name | Teaching period | Credit Points |
---|---|---|---|
MAST10006 | Calculus 2 |
Semester 1 (On Campus - Parkville)
Summer Term (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
|
12.5 |
Corequisites
None
Non-allowed subjects
Students who have completed a level-2 actuarial studies subject will not normally be permitted to enrol in this subject.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 11 April 2024
Assessment
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
Description | Timing | Percentage |
---|---|---|
Two assignments totalling not more than 1500 words
| Throughout the semester | 20% |
A 45-minute mid-semester examination
| Mid semester | 10% |
An examination
| During the examination period | 70% |
Last updated: 11 April 2024
Dates & times
- Semester 2
Principal coordinator Benjamin Avanzi Mode of delivery On Campus (Parkville) Contact hours Two 1-hour lectures and a 1-hour tutorial per week Total time commitment 170 hours Teaching period 3 August 2020 to 1 November 2020 Last self-enrol date 14 August 2020 Census date 21 September 2020 Last date to withdraw without fail 16 October 2020 Assessment period ends 27 November 2020 Semester 2 contact information
Benjamin Avanzi: b.avanzi@unimelb.edu.au
Time commitment details
Estimated total time commitment of 170 hours.
Last updated: 11 April 2024
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
Recommended texts and other resources
An Introduction to Actuarial Studies, Second Edition, 2011 Atkinson and Dickson
- Breadth options
This subject is available as breadth in the following courses:
- Bachelor of Arts
- Bachelor of Biomedicine
- Bachelor of Design
- Bachelor of Environments
- Bachelor of Fine Arts (Acting)
- Bachelor of Fine Arts (Animation)
- Bachelor of Fine Arts (Dance)
- Bachelor of Fine Arts (Film and Television)
- Bachelor of Fine Arts (Music Theatre)
- Bachelor of Fine Arts (Screenwriting)
- Bachelor of Fine Arts (Theatre)
- Bachelor of Fine Arts (Visual Art)
- Bachelor of Music
- Bachelor of Science
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 11 April 2024