MTH5124 - Actuarial Mathematics I - 2023/24
Topic outline
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View all general news and announcements from your module leader.
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Forum Description: This forum is available for everyone to post messages to. Students can raise questions or discuss issues related to the module. Students are encouraged to post to this forum and it will be checked daily by the module leaders. Students should feel free to reply to other students if they are able to.
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- These form the basis for the module. Please make sure you follow up the lectures by revising with these notes.
- Last updated: 15.12.2023
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- Reading for Week 1: Sections 1.1, 1.2, 1.3, 1.4 in the printed lecture notes
There is no need to read these sections before you come to the lecture, but please make sure that you read through these by the next week.
- Coursework 1: will be released Tuesday after the lecture and discussed during the seminars in Week 2
Please work through the coursework exercises until your seminar.
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- Reading for Week 2: Sections 1.5 and 1.6 in the printed lecture notes
There is no need to read these sections before you come to the lecture, but please make sure that you read through these by the next week.
- Coursework 2: will be released Tuesday after the lecture and discussed during the seminars in Week 3
Please work through the coursework exercises until your seminar.
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- Reading for Week 3: Sections 1.7 and 1.9 in the printed lecture notes.
- Please attempt the Week 3 Quiz to check your understanding of the material
- For instructions to install Excel please follow this link
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- Please complete this quiz to test your understanding of the material up to Week 3
- You will need to have pen, paper, and a calculator ready to do calculations
- You will receive a grade out of 100 as feedback. This mark is not recorded and does not count towards your final grade for this module.
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- Reading for Week 4: Section 1.10 in the printed lecture notes.
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- Reading for Week 5: Sections 1.11 and 2.1 in the printed lecture notes.
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- Reading for Week 6: Sections 2.2 and 2.3 in the printed lecture notes.
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This handwritten assessment is available for a period of 1.5 hours, within which you must submit your solutions. You may log out and in again during that time, but the countdown timer will not stop. If your attempt is still in progress at the end of your 1.5 hours, any file you have uploaded will be automatically submitted.
In completing this assessment:
- You may use books and notes.
- You may use the Internet as a resource, but not to ask for the solution to an exam question or to copy any solution you find.
- You must not seek or obtain help from anyone else.
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Solution for Q2b corrected
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- Reading for Week 8: Sections 2.4, 2.5, 2.6, 3.1, and 3.2 in the printed lecture notes.
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- Reading for Week 9: Sections 3.3, 3.5, and 3.6 in the printed lecture notes.
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- Reading for Week 10: Sections 3.7, 4.1, and 4.2 in the printed lecture notes.
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- Reading for Week 11: Sections 4.3 and 4.4 in the printed lecture notes.
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- Reading for Week 12: Sections 4.5 and 5 in the printed lecture notes.
- The revision lecture takes place during the Tuesday and Friday lectures. We will discuss last year's final exam.
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Mathematics is used extensively to value annuities and assurances. We study compound interest, rates of discount, and interest compounded continuously. We will understand the idea of present value and how present value allows us to appraise investment projects. We cover annuities-certain. We consider life tables and use them to find the expected present value of life annuities and life assurances, premiums if life assurances are paid for by life annuities, and surrender value of life assurances.
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By the end of this module you will have:
- Gained an understanding of interest rates and basic compound interest functions
- Calculated present values and accumulated values of streams of cash flows
- Defined various assurance and annuity contracts and determine their values
- Applied the concept of equation of value to solve various practical problems
- Learned about various investments products and their valuation
Below you can find a detailed syllabus.
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TEACHING ARRANGEMENTS
The module is delivered in three hours of lectures (Tuesday 2h, Friday 1h). In addition, there will be a 1h weekly seminar in smaller groups. Every week, I will also release a coursework sheet for self-study. You are expected to attend lectures and seminars in person.
LECTURES
These are the core learning experience of the module. Your engagement with the lectures is therefore crucial to your success. Please prepare for each lecture by being up-to-date with the material. You should always revise the reading sections in the printed lecture notes from previous weeks. Recordings of lectures will be available under the Q-Review link.
COURSEWORK
In addition to revising lectures, it is vital that you work on exercises to consolidate the material. Coursework sheets with exercises will be published every week. The exercises provide a good starting point for further self-study on days where no lectures and seminars are taking place. Please not that the coursework is not marked.
- Coursework sheets will be released Tuesdays 18:00 on QMplus
COURSE MATERIALS AND TEXTBOOKS
All relevant material like printed lecture notes, coursework sheets, and exam papers from previous years is available on QMplus. All notes and links of recordings from the lectures/seminars will also be uploaded.
The module content is based on the printed lecture notes, which has detailed explanations and examples/exercises. It is not required to follow any additional textbooks, but a list of additional resources is given in the printed lecture notes.
WORK TIME
According to recent studies most of the learning process happens outside lectures and tutorials, so it is indispensable that you allocate enough time to work on the module. The module is worth 15 credits, which translates to 150 hours of work. In addition to lectures and tutorials you are expected to invest around 10-12 hours or one full day in the module during lecture weeks.
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The module will be assessed by:
- Final exam in the January examination period: 70% weighting. All materials and coursework exercises discussed in the module are examinable unless otherwise stated.
- Mid-term exam taking place in week 7: 30% weighting. The mid-term will require you to solve actuarial problems with Excel.
Please note that the final exam is an invigilated in-person exam on campus. The mid-term exam is an online assessment, which you complete at home and submit on QMplus during a specific time period. More details on date/time of these assessments will be announced in due course.
If you fail the module, you will have the opportunity to obtain a pass mark by re-sitting the final exam during the Late Summer Examination Period (typically August). -
There will undoubtedly be times during the term when you get stuck with revising the material or solving exercises. This is normal and an important part of the learning process. Nevertheless, if you feel overwhelmed or simply need some pointers to help you understand some of the concepts, there are various ways to reach out.
1. For questions about the teaching material or module arrangements please use the
- Lectures/seminars: there will be plenty of opportunities to ask questions during the lectures and seminars.
- Student forum on QMplus: you are encouraged to post any specific questions in the student forum. This will allow you to discuss the material with your fellow students. I will also monitor any posts and answer questions.
- Office hour: you can ask questions both in-person and online (by using the chat option on MS Teams).
Please note that I won't normally answer material-related questions by email!
2. For any questions beyond this that concern, e.g., personal circumstances, please use
- Office hour
- Email: it will usually take 3-5 working days until I reply.
- Support services: our student support officer (maths@qmul.ac.uk) can help with all problems beyond the scope of the module and forward you to relevant QMUL support centres.
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