Bachelor of Applied Finance with the degree of Bachelor of Actuarial Studies
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Overview
Finance is the study of the management of money, banking, investment and credit. An actuary analyses and manages the risks associated with finance.
This double degree is designed to give you practical financial skills and an understanding of the actuarial process. By combining applied finance with actuarial studies you'll deepen your understanding of the financial, mathematical, statistical and economic analysis needed in long term financial management.
In this double degree you'll study economics, accounting and current financial theory. You will learn mathematical techniques particularly useful to actuaries such as probability and statistics. The program has a focus on applying these skills to real financial organisations, markets and instruments.
Key features
- Accredited by the Institute of Actuaries Australia giving you a head start in your professional exams.
- Be competitive in your career. Macquarie actuarial and finance graduates are in high demand.
- Complete two degrees with only one additional year of study.
Minimum course duration
4 years full-time / equivalent part time
Location
North Ryde
UAC Code
300263
Suitable for
If you are interested in long term financial management and have a particular interest in insurance, risk and money.
HECS Course fee
AUD $7,250.00 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
What you will study
| General requirements | Credit Points |
|---|---|
| Minimum number of credit points for the degree | 96 |
| Minimum number of credit points at 200 level or above | 60 |
| Minimum number of credit points at 300 level or above | 30 |
| Minimum number of credit points designated as commerce | 42 |
| 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 double degree
| 100 level | Credit Points | ||||
|---|---|---|---|---|---|
| Required | ACST101 | Techniques and Elements of Finance | 3 | ||
| Required | ACST152 | Introduction to Actuarial Studies | 3 | ||
| Required | ECON110 | Macroeconomic Principles | 3 | ||
| Required | ECON111 | Microeconomic Principles | 3 | ||
| Required | MATH133 | Mathematics IB (Advanced) | 3 | ||
| Required | STAT171 | Statistical Data Analysis | 3 | ||
| Required | either | ACCG100 | Accounting IA | ||
| or | ACCG106 | Accounting Information for Decision-Making | 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 | AFIN252 | Applied Financial Analysis and Management | 3 | ||
| Required | STAT271 | Statistics I | 3 | ||
| Required | STAT272 | Probability | 3 | ||
| Required | either | ECON203 | Microeconomic Analysis | ||
| or | ECON204 | Macroeconomic Analysis | 3 | ||
| 300 level | Credit Points | ||||
| Required | ACST359 | C | Actuarial Modelling | 3 | |
| Required | AFIN310 | C | Issues in Applied Finance | 3 | |
| Required | ACST358 | Survival Models | 3 | ||
| Required | ECON334 | Financial Econometrics | 3 | ||
| Required | 9cp from | ACST306 | Quantitative Asset and Liability Modelling 1 | ||
| AFIN328 | Financial Risk Management | ||||
| AFIN329 | Security Pricing and Hedging | ||||
| AFIN352 | Applied Portfolio Management | ||||
| AFIN353 | Corporate Financial Design | 9 | |||
| Required | 9cp from | ACST units at 300 level | 9 | ||
| Required | 3cp from | ECON335 | The Economics of Financial Institutions | ||
| ECON350 | Money and Finance | ||||
| ECON360 | International Finance | 3 | |||
| Balance of credit points required (Electives) | 18 | ||||
| Total credit points required to satisfy this double degree | 96 | ||||
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 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.
This Bachelor of Applied Finance, and associated double degrees, have been approved by ASIC (Australian Securities and Investments Commission - authorised assessors) as meeting ASIC training requirements in relation to RG 146 compliance for generic knowledge, skills, securities, derivatives, managed investments, deposit products and non cash payment facilities, and foreign exchange, subject to the completion of certain units.
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
- Management consulting firms
- Public sector such as APRA
- Australian Tax Office
- Software development companies
Average starting salary
According to MyCareer.com Salary Centre, the average minimum starting salary for an actuarial graduate and graduate analyst in the financial sector is $50,000.
Profiles
Our Graduates
Owen Tong
If you really enjoy problem solving and like challenges, you might consider taking Actuarial Studies at Macquarie. I learnt to analyse problems in different ways, always being encouraged to dig deep and think 'outside the box'. The majority of subjects are very structured, and the academic staff are happy to help students even outside their allocated hours. If people say that you give up your life when you do Actuarial Studies...well you don't! During my studies, I still found time to hang out with friends, play tennis and learn karate.
Our Expertise
Jim Farmer
Jim is a Senior Lecturer with the Department of Applied Finance and Actuarial Studies. Before joining Macquarie University, Jim worked for several years in the life insurance industry. He teaches at both undergraduate and postgraduate level.
Jim publishes largely in the life insurance area with a particular emphasis on recent developments in realistic reporting of profits for life insurance companies. He is the author of the only book on the mathematics behind these realistic reporting techniques, a book which has been used in both undergraduate and professional subjects.
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