ETC4110 Actuarial Practice 1
Difficulty:
Year Completed:
Semester 1, 2022
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: 93.79%
Clarity of Learning Outcomes: 90.91%
Clarity of Assessments: 100%
Feedback: 81.82%
Resources: 90%
Engagement: 100%
Satisfaction: 100%
Subject Content:
Lecture(s) and Tutorial(s):
Lecture Recording:
Textbook(s):
Assessments:
ETC4110 Covers the first eight objectives of the Actuarial Control
Cycle:
1.Overview.
2.Professionalism.
3.Stakeholders.
4.Enterprise Risk Management.
5.Context.
6.Regulation.
7.Financial Assets.
8.Product Design
1 x 3 hour Lecture (Usually only takes 2 hours)
1 x 2 hour Workshop/Tutorial
Available on Moodle weekly
Understanding Actuarial Management: the actuarial control cycle.
Bellis, Lyon, Klugman & Shepard. 2010.
Assignment 1 15%
Assignment 2 15%
Class Participation 5%
Weekly Homework 5%
Final Exam (Close Book) 60%
Comments
The unit is well delivered overall by both Andrew and Vivian,
Andrew is an industry professional who is very knowledgeable
and is always down for a chat, on a side note he also does
improvised acting. The unit is very essay based, pretty much does
not involve the use of any mathematics at all.
Andrew is very engaging and strives to make the lectures as
interesting as possible. The Lectures and workshops were
delivered as a hybrid this semester so there were students both in
and out of the classroom. It is strongly advised to take the
Lectures in person when possible, not so much because students
will learn more, but more so to get to know Andrew and Vivian
that little bit more. It also does help a lot to obtain easy marks for
the class participation component. Lectures and workshop
recordings are also provided online weekly, but it is much better
to attend them in person and engage with the teachers.
There is a 2 hour workshop/tutorial session hosted by Vivian
weekly, Andrew is also there in attendance. It is strongly advised
for students to attend these if they have any questions regarding
the subject.
Assignment 1 - Requires the student to construct an Actuarial
Control Cycle/Framework and apply this ACC to a situation chosen
by the students individually.
Assignment 2 - Answering 7 Questions, minimal mathematics is
required to complete this.
The exam is rather long and difficult, it requires a lot of writing. It
mainly focuses on applying the content taught within the
semester into different scenarios and explaining how the ACC can
be applied to improve the situation. There are also a couple of
questions on definitions and content. Readings and a revision
summary was provided by the teaching team which was very
useful in revising the whole semester’s content prior to the final
exam.
Length of Exam: 3 Hours and 10 Minutes (Close Book).
The Subject is difficult but rewarding, it is quintessential for any
actuarial student who plans on being an actuary in the future. The
Actuarial Control Cycle is one of the most important tools and
frameworks used by actuaries in finding solutions for all types of
situations. Andrew and Vivian are both very insightful and
provide a very good learning experience and environment.
General Overview:
Lectures:
Tutorials:
Assessments/Other Assessments:
Exams:
Concluding Remarks: