Bachelor of Actuarial Studies
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Overview
Actuaries analyse and manage the risks of financial contracts, insurance and retirement funds. They also help manage and control financial institutions. Actuaries relate numbers to real life.
In this actuarial studies degree you’ll learn to conduct mathematical, statistical, economic and financial analysis to a range of practical problems faced in long-term financial planning and management.
Key features
- Accredited by the Institute of Actuaries Australia (IAAust) giving you a head start in your professional exams.
- Provides a comprehensive understanding in not only actuarial studies but also in economics, accounting, mathematics, statistics and finance. In your final year, your advanced skills will allow you to undertake actuarial projects on insurance liability and risk.
- Taught by the largest actuarial department in Australia, students will learn from highly experienced lecturers and members of the IAAust.
Minimum course duration
3 years full-time or equivalent part time
Location
North Ryde
UAC Code
300231
Suitable for
If you are interested in long term financial planning and management and would like to apply mathematics, statistics, economics and financial analysis to practical problems.
HECS Course fee
AUD $7,090.00 p.a.
Student amenities fee
Information on the Student services and amenities fee
Entry requirements
- HSC Mathematics Extension 1 performance band E4 (Required)
- HSC Mathematics Extension 1 and 2 with a total mark of at least 180 (Recommended)
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
Notes:
Professional Recognition:
Graduates may be granted exemptions from Part 1 of the examinations of IAAust. though to gain exemptions from Part 1, students will need to study slightly more units than the degree rules require.
Part 2 of the IAAust examinations can be completed by partime study after graduation.
Alternatively, to gain exemption from Part 2 requirements, students may choose to complete Macquarie's Master of Actuarial Practice.
What you will study
| General requirements | Credit Points |
|---|---|
| Minimum number of credit points for the degree | 68 |
| Minimum number of credit points at 200 level or above | 38 |
| Minimum number of credit points at 300 level or above | 18 |
| Completion of a designated People unit | |
| Completion of a designated Planet unit | |
| Completion of other specific minimum requirements as set out below |
Specific requirements
The following outlines the units (subjects) to be studied within this degree
| 100 level | Credit Points | ||||
|---|---|---|---|---|---|
| Required | ACST101 | Techniques and Elements of Finance | 3 | ||
| Required | ACST152 | Introduction to Actuarial Studies | 3 | ||
| Required | MATH133 | Mathematics IB (Advanced) | 3 | ||
| Required | STAT171 | Statistical Data Analysis | 3 | ||
| Required | either | MATH132 | Mathematics IA (Advanced) | ||
| or | MATH135 | Mathematics IA | 3 | ||
| 200 level | Credit Points | ||||
| Required | ACST202 | Mathematics of Finance | 3 | ||
| Required | ACST212 | Combinatorial Probability | 3 | ||
| Required | ACST255 | Contingent Payments 1 | 3 | ||
| Required | STAT271 | Statistics I | 3 | ||
| Required | STAT272 | Probability | 3 | ||
| 300 level | Credit Points | ||||
| Capstone | ACST359 | C | Actuarial Modelling | 3 | |
| Required | ACST358 | Survival Models | 3 | ||
| Required | 9cp from | ACST units at 300 level | 9 | ||
| Balance of credit points required (Electives) | 23 | ||||
| Total credit points required to satisfy this degree | 68 | ||||
Notes
- Units marked with a C are Capstone units.
- The course information contained on this page is applicable for 2012 ONLY.
For more information please read the courses disclaimer.
Careers
Accreditation
The actuarial degree is accredited by the Institute of Actuaries of Australia (IAAust). This means that if you complete the three year Bachelor of Actuarial Studies with grades of credit or above in the relevant units in the program you are granted exemption from Part 1 of the IAAust's professional exams. If you complete a four-year double degree involving actuarial studies with grades of credit or above in the relevant units you are granted exemption from Parts 1 and 2 of the IAAust's professional exams.
Career Opportunities
- Banking and Finance
- Energy and Environment
- General and Health Insurance
- Investment
- Life Insurance
- Management
- Non-traditional areas such as IT, e-commerce, climate change
- Public Sector: Australian Prudential Regulation Authority, Australian Taxation Office
- Risk Management
- Superannuation
- Wealth Management
Employers
- Accounting firms
- Actuarial and superannuation consulting firms
- Banks and funds management
- General insurance companies
- Health insurance companies
- Life insurance companies
Average starting salary
According to MyCareer.com Salary Centre, the average minimum starting salary for an actuarial graduate is $50,000.
Profiles
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Our Students
Maggie Lee
As a Macquarie University student studying actuarial studies and mathematics, I have been exposed to a wide-gamut of experiences and support from lecturers and tutors. During my time as an intern at an actuarial consulting firm, I heard many people from the business world praise Macquarie University for its highly reputable and prestigious program which consists of a diverse range of highly regarded professors who excel at their discipline.
Our Graduates
Melinda Howes
Melinda Howes graduated from Macquarie in 1989. Today, she is the CEO of the Institute of Actuaries of Australia.
As an actuary, she has more than 20 years experience in the financial services industry, most of which has been spent in superannuation.
Before joining the IAAust, Melinda was the Director of Policy & Insurance Practice at ASFA. She also spent four years with ALEA Actuarial Consulting and eleven years with BT in a variety of product, sales and education roles culminating in the role of Director of Superannuation and Retirement Products. She has also worked in life insurance and superannuation with Prudential.
Our Expertise
Associate Professor Leonie Tickle
Leonie's research focuses on the modelling, analysis and forecasting of mortality in the general population and for insured lives. She has received both the H M Jackson and the A M Parker prizes of the Institute of Actuaries of Australia for this work. Her teaching has been recognised by two Macquarie University awards as well as a national Citation for Outstanding Contributions to Student Learning from the Australian Learning and Teaching Council. Leonie has served on a number of committees of the Institute of Actuaries of Australia and on the International Actuarial Association Education Committee.
an education in the top two per cent of universities in the world, giving you an international recognised and respected degree
