STAT10420 Intro Actuarial & Fin Studies

Academic Year 2024/2025

This module provides an overview of the BAFS degree and highlights the key concepts in actuarial science. It briefly outlines how and why the actuarial profession came into existence and the purpose it serves. It covers the financial life cycle of individuals and identifies the need for savings and protection schemes. Risks to the individuals are analysed, and insurable risks and their properties identified. The business model of different institutions that answer the individual's need for savings and protection is outlined, with particular attention on how risks are managed. The types of securities available in capital markets are described, with an emphasis on their risk and reward characteristics. The role of the State is considered.

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Curricular information is subject to change

Learning Outcomes:

Students will develop an understanding of the financial needs of individuals and how these are met in practice in different social systems. They will understand the demand for provident financial institutions and their products - life offices, healthcare providers, pension funds, etc. They will know the different products offered and how the institutions can, in principle, manage the associated risks, They will understand how some risks can be hedged using the capital markets and how others can be controlled by underwriting and pooling. Finally, they will have an overview of the complete financial architecture of a modern economy, with a particular emphasis on institutions actuaries advise.

Indicative Module Content:

The module will be divided into 8 chapters. The emphasis is on the financial needs of the individual and how these can be met, through either the State, the capital markets, or institutions (life companies, general insurance companies, healthcare providers, pension and provident saving schemes, etc). In turn, we analyse how risks transferred from the individual are mitigated and managed by institutions.

C1: The Financial Life Cycle of an Individual
C2: The Possibility of Insurance
C3: A Taxonomy of Risks
C4: The Actuarial Profession
C5: Institutions of Security (advised by Actuaries)
C6: Actuarial Modelling
C7: The Capital Markets
C8: The State: Social Welfare & Regulation

Student Effort Hours: 
Student Effort Type Hours




Autonomous Student Learning




Approaches to Teaching and Learning:
This module will be delivered in the usual manner of face-to-face weekly lectures and tutorials, to the extent possible with COVID-19 restrictions. If necessary, there will be on-line live lectures. In either case, the student will be provided with detailed lecture notes. The final assessment is by way of an end of trimester 2-hour closed-book exam. 
Requirements, Exclusions and Recommendations

Not applicable to this module.

Module Requisites and Incompatibles
ECON20040 - Statistics for Economists

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

• Feedback individually to students, on an activity or draft prior to summative assessment
• Self-assessment activities

How will my Feedback be Delivered?

Problems sheets will be given to students and their approaches to the problems discussed at weekly tutorials. Following that complete solutions will be provided where individual students can assess their attempt relative to what was expected. These exercises will prepare students for the final examination.