ETC4110 Actuarial Practice 1
Difficulty:
Year Completed:
Semester 1, 2021
Prerequisite: ETC3530 / 5353
Exemption:
Actuary Program - Actuarial Control Cycle
ETC4110 (50%), ETC4120 (50%)
Minimum weighted average of 70% required. Minimum of 60% required for a single unit.
Mean Setu Score: 78.90%
Clarity of Learning Outcomes: 80.00%
Clarity of Assessments: 82.60%
Feedback: 68.00%
Resources: 80.00%
Engagement: 85.40%
Satisfaction: 77.40%
Subject Content:
Lecture(s) and Tutorial(s):
Lecture Recording:
Textbook(s):
Assessments:
Control cycle in insurance context
Professionalism
Risk management framework
Product design
1 x 2 hour lecture
No tutorials
Lecture was delivered in a tutorial format - theory and then
breakout rooms for the questions, which were mostly from past
papers
Textbook - Understanding Actuarial Management The Actuarial
Control Cycle by Clare Bellis, Richard Lyon, Stuart A. Klugman and
John Shepherd. Useful for context - Highly recommended to
bridge any gaps of commercial concepts which are important for
understanding and answering exam-level questions
Weekly homework worth 1% each (Total 10%) - lecturer will
give you the mark if you make an honest attempt at it even if the
answers are wrong. Lecturer is more interested in you trying.
Remember to submit these every week even if you don't
understand the content, make an attempt at it.
5% Attendance - Lecturer expects active participation. Take part,
it's how you learn in this unit.
Assignment 1 (10%) - 5 pages, 3 on the actuarial control cycle and
2 on the application thereof to a chosen problem.
Assignment 2: mock exam (15%) - You have 3-4 days to do the
exam but it is recommended that you try to complete it within 3
hours as this is practically the only exam practice you will get.
Exam (60%)
Comments
This unit is extremely useful as it is closely aligned with business
practice. It teaches you how to think about each step of solving
any given problem in detail, and what subtasks are required to
complete those steps. It also helps broaden one’s understanding
of different aspects of an insurance business.
The lectures are quite engaging, and the lecturer makes use of
frequent breaks for discussion amongst the cohort. Recording was
available but active participation in the class is really needed if you
want to do well in the subject. I suggest frequently moving around
in the lectures, talking to different people to get different
perspectives - this will help you. Don't be afraid to ask the lecturer
any questions - Andrew has a lot of experience and can provide
you with plenty of pointers.
No tutorials. Classes required preparation i.e. readings, homework
to make the most of it.
You have to allow for sufficient time to think and plan your
responses for a high scoring assessment. There is not always a
straight answer, so it is designed to help you think more broadly
especially about key business stakeholders. The instructions are
clear, and you have all the information necessary to complete the
question. If you are questioning whether you added enough
information to adequately answer the question, this is a good
thing - you will never, in any real world scenario, be able to cover
perfectly every aspect of a problem. This unit teaches you
prioritisation with regard to risks, and resource management, in
that regard. Assignment 2 was harder than the exam, but also
having 3 days rather than 3 hours and access to the internet to
do it offset the increased difficulty. The textbook has plenty of
practice questions but I suggest you do not try to memorise any
answers that are given - only the process.
This unit is very practical to the industry, substantially different
from undergraduate units where assessment and exams require
you to simply regurgitate information told to you in lectures or in
the textbook. Rote learning will not help you in this unit. The
lecturer wants you to cover important aspects of problems in the
fewest words possible - practice your skills in English to ensure
you can effectively communicate ideas in a few sentences.
Instead of checking on the internet for answers (or the textbook)
first, discuss with peers to see if they have gotten different
answers from you, then include any answers they gave in your
answer and trim the number of points you have made before
checking.
General Overview:
Lectures:
Tutorials:
Assessments/Other Assessments
Concluding Remarks