Guide to ACST3058:
Survival Models

By Anav Prasad

​​

What is ACST3058?

ACST3058 focuses on Survival Models which are focused around understanding and working with statistical models related to survival and death. It focuses on key concepts such as censored and truncated data, Cox proportional hazards, Markov jump process and multiple state (healthy-sick-dead) models. Many of these concepts are new to Actuarial students as in 1st and 2nd year you are mainly focusing on the fundamentals of these models, making this subject quite technically challenging for many students, especially if they do not consistently study throughout the semester. 

What is the most challenging part of the unit?

This unit is very technical mathematically, hence, it is important to have a strong understanding of the basics of statistical models as well as matrix operations as these techniques are used in this subject. I found that trying to understand the logic before getting into the maths helped a lot with my overall understanding when answering a question, allowing me to be more confident with my answer. Also using all the practice questions and papers that are available are crucial in practicing your knowledge and applying it in an exam setting. Do not be scared to redo questions as it will strengthen your understanding of the concept. 

​How do you balance your academics with everything else?

While doing this subject I was also on a work placement, which definitely brought its own challenges of figuring out when to study, practice, and make sure that I still had somewhat of a social life. It was challenging to find a balance as it required a lot of practice to perfect some concepts, however, I purposefully took time out of my day or week to make sure I was engaging with the weekly content and also doing practice questions. 

General Study Tips/Techniques for Content:

The best thing I found for myself, and what every other student will probably tell you, is trying my best to stay up to date with the content. In an ideal world you are up to date each week but life gets in the way sometimes and you fall behind, and that’s okay. I experienced this as well, however, I made sure that I kept up to date with the content as well as I could, ensuring I was only behind at a maximum by a week in the content. 

Cramming for a subject like this where you need to practice with questions and learn from your mistakes to do well is basically impossible. So keep up to date, or as close as you can be, to get the best results.

Do as many practice questions as you can to build your understanding and confidence. Know your stats basics and matrix operations (multiplication, determinants etc.)

Watch the lectures and attend the tutorials! It is a great way to clarify any concepts or questions your unsure with from someone who is an expert in the area.

Final Exam Study:

• Do not cram it within a few days, give yourself some time to digest the content and do practice as there is a lot of complex content and many questions to do.

• Focus on maximising marks in the exam as it is hard to get an answer to everything

• Understand the logic and intuitive result as it will help you understand the operations that you do to get an answer, do not just rote learn a solution as the question may be different in your exam.

The most important tip:

It is definitely a hard subject and will require consistent engagement and practice of the content to do well. It is also okay to not understand something the first time you see it, as long as you go back and try to understand it after you will be good!