Actuarial Practice 1 - MACT4013

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2024 to 2025
Autumn Term 4 15 (7.5) Mark Heller checkmark-circle


The aim of the module is to give students an understanding of the types of work undertaken within the actuarial profession, and a basic grounding in the core skills required by actuaries.
Indicative topics covered by the module include an overview of the actuarial profession, an introduction to Microsoft Excel, an introduction to interest rates and cash flow models. This module will cover a number of syllabus items set out in Subject CM1 – Actuarial Mathematics published by the Institute and Faculty of Actuaries.


Contact hours

Total contact hours: 48
Private study hours: 102
Total study hours: 150

Method of assessment

100% coursework

Indicative reading

The material is covered by bespoke handouts provided during the course, and by the Actuarial Education Company's notes for Subject CM1 – Actuarial Mathematics 1.

Learning outcomes

The intended subject specific learning outcomes. On successfully completing the module students will be able to:
1 demonstrate an understanding of the purpose of creating and maintaining an up-to-date CV;
2 discuss the different roles undertaken by actuaries and the core skills required in each practice area;
3 discuss the uses of Microsoft Excel in the financial services market and demonstrate an understanding of the core functions used within Excel;
4 demonstrate an understanding of the theory of interest rates including:
i) the difference between simple and compound interest;
ii) the use of accumulation and discount factors.
5 demonstrate an understanding of how to use Excel cash flow models to solve elementary financial problems.

The intended generic learning outcomes. On successfully completing the module students will be able to
1 use a logical mathematical approach to solving problems;
2 apply skills in written communication;
3 demonstrate relevant computing skills, including the use of appropriate spreadsheet software;
4 demonstrate an awareness of the actions required for future career development;
5 demonstrate independent learning and time management skills.


  1. Credit level 4. Certificate level module usually taken in the first stage of an undergraduate degree.
  2. ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
  3. The named convenor is the convenor for the current academic session.
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