***Important Information for Students Enrolling 2018/19***
- This is a limited time module: The Institute and Faculty of Actuaries (IFOA) is currently re-designing its syllabus and re-structuring its exams. Prior to 2017/18, Warwick did not offer ST345 Life Contingencies, or exemption from CT5, but is running this module for a short period of time (ie will not be offered beyond 2020) while the IFOA transitions between its old and new exam structure. This is so our currently enrolled students are able to apply for equivalent exemptions under the new exam structure.
- This is run so as to offer the IFOA CT5 exemption: To offer this exemption we are entirely constrained by the IFOA. In particular, there is a fixed body of material provided by the IFOA which is entirely examinable (see below "core reading" for details) and the class tests and exam will be of standard and setting similar to the IFOA CT5 exam (see below for ST345 and CT5 past papers).
- There is no guarantee you will get the exemption: The average mark of students taking this module in 2017/18 was 62.8%, and the threshold set by the IFOA for exemption was 65%. This equated to roughly 40% of the enrolled students achieving the CT5 exemption.
- This is a reading course: It is not possible to cover the volume of material examinable within a single module. As such, lectures will be flexible and attempt to cover the material as broadly and intuitively as possible, while focussing on challenging topics as arise during class. I will attempt to make it as interesting as possible. It is expected students will present assigned material. In-lecture interruptions and feedback are positively welcomed.
- There will be no typeset notes or lecture capture: Given the volume of material, IFOA constraints, and module life-span there will be no typeset notes produced. The purpose of the lectures is solely to help students read, understand, and contextualise the core reading. Indeed, preparation for the exam could be done entirely independently. During lectures students should try and concentrate and follow my prepared lecture with this in mind, rather than taking notes. There will be no lecture capture, but notes presented on the visualiser will be uploaded to this website weekly.
- This will be unlike other actuarial modules at Warwick: The pace we encounter new material and concepts in ST345 will be (necessarily) a particular challenge. Unlike students studying specialist actuarial science degrees at other universities, who are able to spend considerable time covering contextual and technical background prior to attempting the material for CT5, we will be doing this in addition within a single module.
- I am happy to offer career advice: I am happy to speak to students regarding pursuing an actuarial career. This module is aimed at students who are both wanting to become actuaries, and wanting to gain an additional exemption. The workload, intellectual nature, and depth of the material, is entirely focussed to this end. It should be noted that not studying ST345, or not getting an exemption from CT5, would not preclude an actuarial career. Indeed, we have many alumni who became actuaries without studying ST345, or getting CT5 exemption.
Class Times & Key Dates:
- Lecture 1: Mondays, 11:00 -- 13:00, Term 2, MSB0.08 Mathematics and Statistics Building.
- Lecture 2: Mondays, 17:00 -- 18:00, Term 2, MSB0.08 Mathematics and Statistics Building.
- Lecture 3: Tuesdays, 16:00 -- 17:00, Term 2, MSB0.08 Mathematics and Statistics Building.
- Example Classes: Each week time from the above four scheduled lectures will be alloted to examples.
- Additional ST345 Office Hours: 10:30 -- 12:00, Tuesday 5th February 2019 (Murray Pollock).
- Class Test 1: 16:00 -- 17:00, Tuesday 5th February 2019, MSB0.08 Mathematics and Statistics Building.
- Class Test 2: 16:00 -- 17:00, Tuesday 12th March 2019, MSB0.08 Mathematics and Statistics Building.
- Revision Class: 10:00 -- 12:00, Wednesday 9th May 2019, MSB0.08 Mathematics and Statistics Building.
- Final Exam: Time TBC (Term 3), Location TBC.
- Murray Pollock's Office Hours (lecturer for weeks 1 - 5, term 2)
- NB: MP will hold additional office hours, exclusively for ST345 students, from 10:30 -- 12:00 on Tuesday 5th February 2019.
- Sigurd Assing's Office Hours (lecturer for weeks 6 - 10, term 2)
- IFOA CT5 Resource Page (including Past Exams and Syllabus, IFOA Recommended Reading)
- Formulae and Tables - You will require a copy for this course, available on loan from the UG Support Office.
- CT5 "Core Reading" Notes - Available directly from the IFOA, or at cost from the UG Support Office.
- Background Reading - Actuarial Methods for Life Contingent Risks, Solutions Manual
- Lecture Content - The current plan is for the "core reading" to be covered as follows (although as detailed above is subject to alteration):
- Survival Models
- Life Tables
- Simple Assurances / Annuities
- Premiums, Expenses and Profit
- Variable Assurances / Annuities
- Frequency of Assurances / Annuities
- With Profits Policies
- Policy Alteration
- Joint Lives (as per single life)
- Multiple Decrement Models (including Disability and Sickness)
- Pension Fund Mathematics
- Unit Linked Contracts
- Profit Testing
Class Tests and Exam:
- Assessment: Each of the two class tests and exam will ask "Typical Exam Questions" (see above), and it is expected that all exam questions be answered to obtain full marks. Each of the class tests will be marked out of 20 marks, will last 45 minutes, and is worth 15% of your overall module mark. The final exam will be marked out of 60 marks, will last 2 hours, and is worth 70% of your overall module mark.
- Class Test 1: Will assess material covered up until the end of Week 4, and will be held during Week 5 Lecture 3 (16:00 -- 17:00, Tuesday 5th February 2019).
- Class Test 2: Will assess material covered up until the end of Week 9, and will be held during Week 10 Lecture 3 (16:00 -- 17:00, Tuesday 12th March 2019).
- Final Exam: Will assess all material covered, and will be held during Term 3 (Time and Date TBC).
- Specimen questions: IFOA CT5 Resource Page (including Past Exams and Syllabus). Note: these are of the same standard and style of questions that will be set for ST345.
- 2018/19: Initial, Initial Response, Final, Final Response.
- 2017/18: Initial , Initial Response . (NB: Final feedback not conducted due to 17/18 UCU strike action).
- *NOTE: This is a reading course - the core reading (above) is entirely examinable, the lectures are merely helping you to read (in a pedagogical fashion) the core reading. The class tests and final exam will be comprised of questions similar in style to those of the IFOA (above)*
- NB: UX/Y.Z - denotes Unit X of the CT5 Core Notes, Section Y.Z - You are expected to go away and read this!
- NB: QY/M/ZZ - denotes a past IFOA exam, Year Y Month M, Question Z - you need to be well practised!
- Week 1 Lecture Notes .... <forthcoming, 11th January 2018>