MATH20130 Fundamentals of Actuarial and Financial Mathematics I

Academic Year 2024/2025

Mission Statement of the Actuarial Profession: To develop the role and enhance the reputation of the actuarial profession in providing expert and relevant solutions to financial and business problems, especially those involving uncertain future events.This module introduces the tools necessary for solving financial and business problems in actuarial science. The module is divided into nine units as listed below:1. Generalised Cash Flow Models 2. The Time Value of Money 3. Interest Rates 4. Real and money interest rates 5. Discounting and Accumulating 6. Compound Interest Functions 7. Yield Equations 8. Loan Schedules 9. Project Appraisal. Use of Excel spreadsheets and simple VBA programmes to carry out data analyses and financial modelling.

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Curricular information is subject to change

Learning Outcomes:

The student will develop: 1. a familiarity with basic financial instruments 2. computational skills used in the actuarial profession 3. team skills by working together on problems 4. a good class spirit (future financial contacts).

Indicative Module Content:

The module covers material from subject CM1 of the Institute & Faculty of Actuaries

Student Effort Hours: 
Student Effort Type Hours




Specified Learning Activities


Autonomous Student Learning




Approaches to Teaching and Learning:
Lectures and tutorials 
Requirements, Exclusions and Recommendations
Learning Requirements:

A good knowledge of first year undergraduate calculus and algebra will be assumed, such as that given in (a) MATH10120, Linear Algebra with Applications to Economics; MATH10130 Introduction to Analysis for Economics and Finance; MATH10140 Advanced Calculus for Economics and Finance or (b) MATH10040, Numbers and Functions; MATH10340, Linear Algebra in the Mathematical and Physical Sciences; MATH10350, Calculus in the Mathematical and Physical Sciences or (c) their equivalents from other universities.

Learning Exclusions:

Students NOT taking a degree or diploma in Actuarial Science or Financial Mathematics CANNOT take this module.

Module Requisites and Incompatibles
MATH10040 - Numbers & Functions, MATH10120 - Linear Algebra Apps to Econ, MATH10130 - Intro to Analysis (E&F), MATH10140 - Advanced Calculus (E&F), MATH10340 - Linear Algebra 1 (MPS), MATH10350 - Calculus (MPS)

MATH00010 - Introduction to Mathematics, MATH10120 - Linear Algebra Apps to Econ, MATH10130 - Intro to Analysis (E&F), MATH10210 - Found. of Math. for Com.Sc. I, MATH10220 - Found. of Math. for Com. Sc II, MATH10230 - Mathematics for Agriculture I , MATH10240 - Mathematics for Agriculture II, MATH10250 - Intro Calculus for Engineers , MATH10260 - Linear Algebra for Engineers, MATH10290 - Linear Algebra for Science, MATH10310 - Calculus for Science, MST10010 - Calculus I, MST10020 - Calculus II, MST10030 - Linear Algebra I, MST10040 - Combi & Number Theory, STAT10010 - Research Methods

Additional Information:
MATH10120 and MATH10130 and MATH10140 OR MATH10040 and MATH10340 and MATH10350

Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade

Not yet recorded.

Carry forward of passed components
Resit In Terminal Exam
Spring Yes - 2 Hour
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Self-assessment activities

How will my Feedback be Delivered?

Not yet recorded.

Name Role
Mr Damian Conway Lecturer / Co-Lecturer
Ms Jinbo Zhao Tutor