Actuarial Modelling I (ACTL30001)
Undergraduate level 3Points: 12.5On Campus (Parkville)
Overview
| Availability | Semester 1 |
|---|---|
| Fees | Look up fees |
This subject aims to provide students with a grounding in mathematical and statistical modelling techniques that are of particular relevance to actuarial work, covering survival models concepts, estimation procedures for lifetime distributions, multiple state models, binomial and Poisson models of mortality, actuarial applications of discrete-time and continuous-time Markov chains. This subject focuses on modelling techniques in life insurance.
Intended learning outcomes
On successful completion of this subject, students should be able to:
- Explain the concept of survival model
- Summarise estimation procedures for lifetime distributions
- Analyse discrete-time Markov chains and interpret their actuarial applications
- Analyse continuous-time Markov processes and apply them in actuarial problems
- Construct models of transfer between multiple states, including processes with single or multiple decrements, and derive relationships between probabilities of transfer and transition intensities
- Derive maximum likelihood estimators for the transition intensities in models of transfers between states with piecewise constant transition intensities
- Analyse the binomial model of mortality, derive the maximum likelihood estimator for the probability of death and compare the binomial model with the multiple state models
- Apply prerequisite mathematical and statistical concepts to the solution of problems on the above topics
Generic skills
- High level of development: written communication; problem solving; statistical reasoning; application of theory to practice; use of computer software.
Last updated: 20 March 2025
Eligibility and requirements
Prerequisites
For students who commenced their degree in 2018 or earlier
All of
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| MAST20005 | Statistics |
Semester 2 (On Campus - Parkville)
Summer Term (On Campus - Parkville)
|
12.5 |
ACTL20002 Financial Mathematics II
For students who commenced their degree in 2019 or later (i.e. enrollment into this subject from 2021 onwards)
All of
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ACTL20003 | Stochastic Techniques in Insurance | Semester 2 (On Campus - Parkville) |
12.5 |
| MAST20005 | Statistics |
Semester 2 (On Campus - Parkville)
Summer Term (On Campus - Parkville)
|
12.5 |
Corequisites
None
Non-allowed subjects
300-330 Survival Models: Theory and Applications
Recommended background knowledge
Please refer to Prerequisites and Corequisites.
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: 20 March 2025
Assessment
| Description | Timing | Percentage |
|---|---|---|
Assignment 1 (Week 5 or 6)
| First half of the teaching period | 15% |
Assignment 2 (Week 10 or 11)
| Second half of the teaching period | 15% |
End-of-semester exam
| During the examination period | 70% |
Last updated: 20 March 2025
Dates & times
- Semester 1
Coordinator Shuanming Li Mode of delivery On Campus (Parkville) Contact hours Two 1-hour lectures and one 1-hour tutorial per week Total time commitment 170 hours Teaching period 3 March 2025 to 1 June 2025 Last self-enrol date 14 March 2025 Census date 31 March 2025 Last date to withdraw without fail 9 May 2025 Assessment period ends 27 June 2025 Semester 1 contact information
Prof. Shuanming Li shli@unimelb.edu.au
Time commitment details
170 hours
What do these dates mean
Visit this webpage to find out about these key dates, including how they impact on:
- Your tuition fees, academic transcript and statements.
- And for Commonwealth Supported students, your:
- Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.
Last updated: 20 March 2025
Further information
- Texts
- Breadth options
This subject is available as breadth in the following courses:
- Bachelor of Arts
- 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
- 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.
Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants
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
Last updated: 20 March 2025