This module is split into two parts: 1. An introduction to the practical experience of working with the financial software package, PROPHET, which is used by commercial companies worldwide for profit testing, valuation and model office work. The syllabus includes: overview of the uses and applications of PROPHET, introduction on how to use the software, setting up and performing profit tests on a range of life assurance products, analysing and checking the cashflows for reasonableness, setting up and editing input files, performing sensitivity tests, debugging errors and analysing the results. 2. An introduction to financial modelling techniques on spreadsheets which will focus on documenting the process of model design and communicating the model's results. The module enables students to prepare, analyse and summarise data, develop simple financial and actuarial spreadsheet models to solve financial and actuarial problems, and apply, interpret and communicate the results of such models.
Total contact hours: 36
Private study hours: 114
Total study hours: 150
Introduction to PROPHET: Assessment 1 (In-course test - 60 minutes) 50%
Modelling: Assessment 2: (Exercises, requiring on average between 10 and 15 hours to complete) 50%
Reassessment methods
Like-for-like
This is primarily a practical module. The majority of the reading will be provided by specific lecture notes.
See the library reading list for this module (Canterbury)
The intended subject specific learning outcomes. On successfully completing the module students will be able to:
1 demonstrate skills in understanding actuarial modelling and information technology (e.g. via the use of Excel or PROPHET);
2 understand the principles of specific actuarial mathematics techniques;
3 develop simple actuarial computer models to solve actuarial problems;
4 interpret and communicate the results of the models derived in 3.
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