By Wesley Chan

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​What is ACST4002?

The Actuarial Control Cycle I is essentially the first subject that introduces what an actuary does. It teaches you how to critically think like an actuary in a range of different actuarial functions. The subject is very much focussed on understanding key principles and applying them to different real-world scenarios as opposed to rote learning and memorisation.

What is the most challenging part of the unit?

No part of the content itself is that inherently difficult. The most challenging part of the unit is understanding the principles of the content well enough to apply them across a wide range of different scenarios. 

The most important thing to do to overcome this is to actively engage in the lectures. This is because lecture engagement forces active thinking which in turn develops understanding AND because the lectures are your source of truth. They are the only avenues through which you can get actual past paper answers.

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​How do you balance your academics with everything else?

It isn’t too dissimilar to previous actuarial studies subjects. If you made it through third year, you’re probably pretty good at balancing your university subjects with other commitments. I would just advise staying on top of the subject - since it rewards understanding, it is very hard to cram for.  ​

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General Study Tips/Techniques for Content

• Attend all lectures 

• Write notes on the UAM chapters before each corresponding lecture if possible

• Focus on trying to understand the principles and concepts taught

• Learn to understand and apply the content to each scenario rather than rote learning frameworks to use for every question

Final Exam study 

• Past paper questions done in the lectures are the number one priority

• Do these and look at (and note down) the answers the lecturer gives

• Even if you did them in class, it is good to redo them come exam time

• Once these are done, move onto the other past paper questions with the discussion forum as your guide 

• There are a lot of junk or incorrect responses on the forum and so blind copying of forum responses as answers is not a good idea

• Thinking about what makes sense to you and understanding how the forum posts relate to your own answer helps you identify which forum responses are actually useful 

Most important tip: Bruce is the best lecturer in the university and you should attend all of his lectures. He is both extremely knowledgeable and very good at explaining the rationale behind complicated concepts.