​

 

What is ACST1052 - the famous MQ intro to Actuarial Studies?

Reflecting upon my first semester at Macquarie University, I found ACST1052 (Introduction to Actuarial Studies) a demanding, yet interesting subject that touched upon the foundational principles of various types of actuarial work. The unit explored the role of general and life insurance, superannuation and the significance of regulation and risk from an individual, company, and government perspective. ACST1052 also briefly introduced the technical side of the profession, creating models in R (unfortunately!) and Excel. While many topics and technical aspects of the course were challenging and perhaps even discouraging initially, I believe ACST1052 rewarded problem solving and critical thinking, reflecting that studying to be an actuary can be incredibly fulfilling.

What is the most challenging part of the unit?
Before starting university, I had limited exposure to the technical aspects of the actuarial course, most notably R. As a result, I initially found it incredibly challenging to create functions and design models in an unfamiliar environment. I think it's essential to recognise that coding is a skill that continually develops over time through persistence, regardless of whether you are a university student or a seasoned actuary. By dedicating time and effort to learning and troubleshooting code in ACST1052 and STAT1371, you will become more comfortable with the environment as your skills develop.

​How do you balance your academics with everything else?
In my first semester at university, I consciously sought to pursue many personal interests and social activities outside of university. I strongly encourage new actuarial students to aim to maintain a healthy balance between study and a social life, as well as get involved with all the ASSOC events throughout the year. While the degree is notoriously challenging, the beauty of university is that there is plenty of free time and a newfound independence. Therefore, by establishing a rigid weekly study schedule to become familiar with the lectures and tutorials and ensuring you hold yourself accountable, there will be plenty of time to perform well and enjoy all aspects of your new stage of life at university. 

General Study Tips/Techniques for Content:

Final exams at university can be very daunting. I remember being quite stressed early on because of the substantial weighting of the final exam for each unit. I believe the best method of tackling the final exam is to maintain consistency each week throughout the semester, attempting the tutorials in advance and being familiar with the content taught in lectures. Making and regularly reviewing flashcards may also be helpful for ACST1052 and other content-heavy units, focusing on relevant formulas and details of each lecture that may be assessed. Another aspect of my study that I valued quite highly is peer collaboration. Challenging your understanding and working through problems with other students will further extend your knowledge in the unit, as well as form long-lasting friendships that will thrive throughout your time at university and beyond. 

 

Final Exam Study:

As the weeks close in on the exam period, I tend to prepare by revisiting each tutorial from the semester to identify topics or questions of weakness. Determining shortcomings in your understanding early will give you plenty of time to study and become familiar with the content. Afterwards, I strongly recommend working through as many past papers as possible. Perhaps initially, you could work through the questions at your own pace in relaxed conditions, and then build towards an exam environment. As you work through many papers, ensure you question areas of uncertainty with other peers, tutors or the lecturer to solidify your understanding. One last point to note is that it is essential to maintain a healthy balance leading into the exam period, as neglecting your physical and mental well-being is not worth the potential extra mark or two.

 

I wish you the best of luck with your final exams!