ETC2430 Actuarial Statistics (Sem 1 2021)


Difficulty:

Year Completed: Semester 1, 2022

Prerequisite: ETC1000

(or STA1010, or SCI1020, or ETF1100, or ETW1001, or ETB1100, or FIT1006, or ETX1100)

 

Exemption:

CM1 Actuarial Mathematics

ETC1000 (10%), ETC2430 (35%), ETC3530 (55%)

Weighted average of 70% required. Minimum of 60% required for each unit.

 


Mean Setu Score: 82.8%

 

Clarity of Learning Outcomes: 88.6%

Clarity of Assessments: 81.8%

Feedback: 74.4%

Resources: 77.3%

Engagement: 88.6%

Satisfaction: 86.3%


Subject Content:

Lecture(s) and Tutorial(s):

Textbook(s):

Assessments:

 

The topics covered were:

1. The time value of money.

2. Interest rates.

3. Valuation of cash flow streams

4. Annuities.

5. Equation of value.

6. Equity, bonds and property.

7.Term structure of interest rates.

8. Life tables & survival models.

9. Life insurance products

 

1 x 2 hour lecture

1 x 1.5 hour tutorial

For this unit the recommended textbook was Actuarial

Mathematics for Life Contingent Risks. It was not used at all or

referred to by the lecturer/tutors. The lecture notes provided were

sufficient enough to explain all the concepts.

Assignment 20%

Presentation 10%

Weekly Quizzes 10%

Mid semester test 10%

Final Exam 50%


Comments

ETC2430 is intended to be an introduction to actuarial studies, and

provides an important foundation for future actuarial units. The

content was interesting and well presented. The tutorial questions

were set so that students could answer 70% of the assessments.

 

The unit was split in half and taught by two lecturers. Both were

enthusiastic about their respective content, making the lectures

informative and well presented. Whilst the lectures provided you

with practical examples, it was mostly theory based. This meant

that with some of the more difficult topics, you may have had to

re-watch some of the lectures to fully understand the concepts.

The tutorials began in the second week and it covered content

from the previous week's lecture. It is not mandatory to attend

tutorials however it is recommended as it makes it easier to fully

understand the concepts covered in the lectures. It was not

necessary to complete the tutorial questions in advance as the

tutors went through the questions in detail.

 

ETC2430 had one excel based individual assignment and assessed

valuation of cash flow streams and equation of value. The unit

also included weekly quizzes which assessed the topics covered in

the previous week's lecture. The teaching team also assessed and

assigned a ten minute presentation on the materials covered in

the previous week's lecture and the students were also required

to solve a tutorial question during their presentation. These were

fairly marked, and most students did quite well. The mid-semester

test covered all materials in weeks 1-5. 30% of the questions were

“higher order questions” that weren't covered in the tutorials or

lectures and students were required to figure it out themselves.

This assessment was marked quite strictly.

The exams assessed the second half of the semester more than

the first. Sufficient practice material was provided for the exam. 

Open Access exam.

The exam was split into seven parts with a total of 34 questions:

Part A: 1 question worth 5 marks

Part B: 3 sub-questions worth 15 marks

Part C: 4 sub-questions worth 20 marks

Part D: 4 sub-questions worth 12 marks

Part E: 8 sub-questions worth 18 marks

Part F: 8 sub-questions worth 14 marks

Part G: 6 sub-questions worth 16 marks

Similar to the mid-semester test, 30% of the questions were

“higher order questions” which were quite difficult to solve.

Theory and concepts are straightforward and the exam was fairly

easy. Constant practice beyond material provided and being

extremely thorough and testing yourself against time constraints

prior to the final exam is a good idea in order to score well on the

exam.

General Overview:

Lectures:

Tutorials:

Assessments/Other Assessments

Exams

Concluding Remarks