Macquarie University

Actuarial Modelling - ACST359

In this unit industry participants work together with students throughout the session. The unit integrates and synthesises the knowledge learnt over the actuarial degree and foreshadows the transition to a professional career. Students will use survival models to estimate decrement rates from actual experience, compare these with the rates in standard tables, and prepare new standard tables. As part of the construction of new tables, consideration will be given to risk factors and the effects of selection; design of data collection; statistical analysis and graduation of the observed rates; and testing of the graduation. The unit concludes with a review of actuarial concepts covered in the three-year undergraduate actuarial program and an introduction to the 'actuarial control cycle', a conceptual framework of the processes for developing and managing financial enterprises and products. Students develop graduate level critical analysis, problem solving and communication skills, and an awareness of the challenges facing businesses.
Students gaining a grade of credit or higher in both ACST358 and ACST359 are eligible for exemption from subject CT4 of the professional exams of the Institute of Actuaries of Australia.