This course is designed to provide an introduction to the quantitative and qualitative aspects of actuarial work.  Topics covered include: the role, purpose and capabilities of actuaries; introduction to the financial services market in Australia; an overview of insurance and investment products; construction and use of the life table; allowing for uncertainty in financial calculations; calculation of premiums and reserves; introduction to Microsoft Excel and simulation techniques; professionalism; and the actuarial code of conduct.  This course is aimed at anyone interested in the work of actuaries, not just actuarial studies students.

Upon successful completion of the requirements for this course, students will be able to:

1. Explain the purpose of the actuarial profession in society and the actuarial approach to solving problems.

2. Describe different fields that actuaries are involved in (including investment, superannuation, life insurance, general insurance and non-traditional) and the types of work actuaries do in these fields.

3. Perform basic actuarial calculations in each of these fields, both with and without the use of computer applications, and explain the purpose of the calculations.

• Assignment 1 - 15%
• Assignment 2 - 15%
• Examination - 70%

Details about assessment may change during the first two weeks of semester. Please ensure that you check with your lecturer or tutor about any changes. Changes to the assessment schedule will be posted to the Wattle site.

It is anticipated that in addition to attending lectures, students will spend at least an equivalent amount of time outside of class to study the course material. Students who are finding concepts difficult may need to devote considerably more time to the course. In the lead-up to the assignment due dates and final examinations all students will be expected to spend additional time on this course.

There is no set text book for this course. Weekly lecture notes will be available on Wattle.

Hard copies of the lecture notes will not be provided in class. It is up to the student to print out the lecture notes from Wattle.

Some classes will require pre-reading of notes on Wattle to be done before class (these files will use the heading “Reading”).

Some questions from lecture notes and readings will also have forums available for their discussion on Wattle. Students are encouraged to answer these questions on Wattle and comment on other students answers. All posts to the discussion forum are to be respectful of other students. See the “Netiquette” link on Wattle for further information. Discussion forums will be moderated by the lecturers.

Students will need access to Excel in order to complete Assignment 1. Excel is available in the computer labs on campus.

More information about this course may be found on the College of Business and Economics website, and Wattle, the University's online learning environment. Log on to Wattle using your student number and your ISIS password.