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Introduction to Actuarial Studies (ACTL10001)
Undergraduate level 1Points: 12.5Dual-Delivery (Parkville)
From 2023 most subjects will be taught on campus only with flexible options limited to a select number of postgraduate programs and individual subjects.
To learn more, visit COVID-19 course and subject delivery.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 2
David Pitt: david.pitt@unimelb.edu.au
Overview
Availability | Semester 2 - Dual-Delivery |
---|---|
Fees | Look up fees |
This subject aims to provide insights into the actuarial profession through two different lenses. A technical lens covers the basic techniques used by actuaries (with particular end goal to be able to price basic life insurance covers at the end of the subject): pooling and the principle of insurance, time value of money (compound interest functions and operations; valuation of annuities, bonds and loans); demography (and factors affecting population growth and size); mortality models (construction and use of the life table); application (combination) of these in life insurance. An actuarial practice lens discusses professionalism and the main areas of actuarial work (main products, actuarial role, recent issues): data and predictive analytics; risk management; life insurance and wealth management; superannuation; health insurance; general insurance.
Intended learning outcomes
On successful completion of this subject, students should be able to:
- Apply relevant pre-requisite mathematical knowledge in the solution of a range of practical problems;
- Analyse financial transactions under compound interest;
- Understand and apply the principles of survival analysis in a range of demographic contexts;
- Analyse contingent payments using the fundamental ideas of actuarial mathematics in the context of simple life insurance and similar contracts;
- Describe the main contributions made by actuaries in a range of actuarial practice areas.
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 (Dual-Delivery - Parkville)
Semester 2 (Dual-Delivery - Parkville)
Semester 1 (Dual-Delivery - Parkville)
|
12.5 |
MAST10008 | Accelerated Mathematics 1 | Semester 1 (Dual-Delivery - Parkville) |
12.5 |
MAST10021 | Calculus 2: Advanced | Semester 2 (Dual-Delivery - Parkville) |
12.5 |
MAST10022 | Linear Algebra: Advanced | Semester 1 (Dual-Delivery - 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 (Dual-Delivery - Parkville)
Semester 2 (Dual-Delivery - Parkville)
Summer Term (Dual-Delivery - Parkville)
|
12.5 |
MAST10009 | Accelerated Mathematics 2 | Semester 2 (Dual-Delivery - Parkville) |
12.5 |
MAST10021 | Calculus 2: Advanced | Semester 2 (Dual-Delivery - Parkville) |
12.5 |
Corequisites
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
Description | Timing | Percentage |
---|---|---|
Assignment 1
| From Week 1 to Week 10 | 10% |
Written Assignment 2
| From Week 8 to Week 11 | 10% |
Mid-semester test
| Mid semester | 10% |
End-of-semester examination
| During the examination period | 70% |
Last updated: 11 April 2024
Dates & times
- Semester 2
Principal coordinator David Pitt Mode of delivery Dual-Delivery (Parkville) Contact hours Two 1-hour lectures and a 1-hour tutorial per week Total time commitment 170 hours Teaching period 25 July 2022 to 23 October 2022 Last self-enrol date 5 August 2022 Census date 31 August 2022 Last date to withdraw without fail 23 September 2022 Assessment period ends 18 November 2022 Semester 2 contact information
David Pitt: david.pitt@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 (Production)
- 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