Master of Actuarial Practice
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Overview
This course is not offered Session 2, 2012
Designed as a graduate conversion program for non-actuarial graduates who wish to obtain professionally accredited qualifications in actuarial science. Actuaries work in the financial management and control of insurance and related entities, and in the quantitative aspects of insurance, banking, investment and finance.
Key features
- Allows you to complete some or all of Parts I and II of the Institute of Actuaries of Australia professional qualifications subject to enrolling in the appropriate units and achieving sufficiently good results. The level of professional accreditation achievable over the term of the degree is subject to previous educational background.
- A range of electives in actuarial science, statistics, finance and economics and other areas are available.
Minimum course duration
2 years full-time / equivalent part-time
Location
North Ryde
Suitable for
It is suitable for graduates who wish to pursue a career in actuarial and related statistical science and have a strong background in quantitative or business related disciplines.
It is also suitable for graduates who wish to pursue a research based higher degree in actuarial and related statistical science.
Course fee
AUD $22,144.00 p.a. 
Student amenities fee
Information on the Student services and amenities fee
Entry requirements
Admission requires a recognised first degree equivalent to a three year Australian bachelor degree, with a GPA of at least 3.00 (out of 4.00).
Students with insufficient mathematical or statistical background may need to complete necessary gateway units before enrolling for some of the core technical units covering part I of the IAAust professional qualifications
English language requirements
If you have completed the NSW HSC or equivalent you satisfy the English proficiency requirements.
For full information view the English proficiency requirements table (436 Kb).
Work experience requirements
No work experience required
Notes:
Students who have passed some of the Part I or Part II examinations of the Institute of Actuaries of Australia, or equivalent, may be granted advanced standing of 16 credit points (4 units) provided these exams have not been counted as credit towards an undergraduate degree.
Students with appropriate background may also be granted exemption from some or all of the four degree gateway units, ACST 601, ACST 602, ACST 603 and ACST 604.
What you will study
| General requirements | Credit Points |
|---|---|
| Minimum number of credit points | 64 |
| Minimum number of credit points at 600 level | 16 |
| Minimum number of credit points at 800 level or above | 48 |
| Completion of other specific minimum requirements as set out below |
Specific requirements
The following outlines the units (subjects) to be studied within this master
Notes
- The course information contained on this page is applicable for 2012 ONLY.
For more information please read the courses disclaimer.
Careers
Accreditation
Completion of the following units as part of the degree with sufficiently good results may exempt students from Part I of the Institute of Actuaries of Australia professional qualification requirements (subjects CT1 to CT8): CT1: ACST 851, CT2: ACST 852, CT3: STAT 810, CT4: ACST 818 and ACST 819, CT5: ACST 859 and ACST 860, CT6: ACST 861 and ACST 862, CT7: ECON 991, CT8: ACST 816 and ACST 817.
Part I of the professional qualification covers the core technical skills that are essential knowledge for any actuary and Part II covers the application of these core technical skills to the financial management and control of insurance companies and related entities. Completion of the units ACST831, ACST832 and ACST871, with sufficiently good results may meet the requirements for Part II of the Institute of Actuaries of Australia.
Career Opportunities
Completion of this degree can lead to well paid and rewarding career opportunities in the insurance, financial services and banking industries.
The actuarial qualification has international recognition and many of our graduates work in international financial centres such as London, New York, Singapore, and Shanghai.
Employers
- Accounting firms
- Actuarial and superannuation consulting firms
- Banks and funds management
- General insurance companies
- Health insurance companies
- Life insurance companies
- Management consulting firms
- Public sector
- Stockbrokers
Average starting salary
According to the Graduate Careers Australia, the average graduate starting salary for Actuarial graduates is $56,175.
Profiles
Our Graduates
Eva Ma
After three-years intensive undergraduate study of all the technical knowledge, I was looking for a transition which would bring me closer to the 'real world', at the same time, provide me the opportunity to pursue my study in an academic environment. The master's program at Macquarie University was the best choice for me. Macquarie is globally recognised with the prestige in its outstanding actuarial studies education. I really enjoy the excellence in teaching quality and learning experience here, as well as the interaction with students from different cultural backgrounds. It's fun and more importantly it is value added!
Our Expertise
Tim Kyng
Tim is the program co-ordinator of the Master of Actuarial Practice. He is a qualified actuary and has been the chief examiner for the Institute of Actuaries of Australia's professional examinations in Finance.
Tim has worked in the financial services industry for several years, gaining experience in investment, banking and insurance. Prior to joining Macquarie, he was a consultant for Coopers & Lybrand, advising clients on financial risk management.
His research deals with the assessment of risk using sophisticated computer-based mathematical models.
