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Bachelor of Actuarial Studies

Required ATAR for entry
96.0
This information is for international students.
View course for domestic students.

Overview

First actuarial studies program in the English speaking world, longest running program (40 years) of its type in Australia. One-third to one-half of qualified actuaries in Australia are Macquarie graduates.

Actuaries analyse and manage the financial consequences of risky events. All sorts of risks: Risk of Death / Sickness, Natural Hazards (cyclone, earthquake, bushfire) Financial Risks (shares, bonds, exchange rates). 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.

Very strong industry links through capstone and professional subjects including the actuarial control cycle.

Key features

  • Accredited by the Actuaries Institute, 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 Actuaries Institute.
  • Many Macquarie actuarial graduates hold senior positions in the financial services industry.

    Macquarie's PACE program gives graduates real-world experience

    Macquarie University knows today's graduates need more than just academic skills. That’s why its PACE program takes students out of the lecture theatre and places them in the heart of their chosen careers. PACE gives students invaluable life experience that sets them apart from other university graduates and, as a result, makes them better equipped for the real world and more attractive to employers.

    CRICOS Code

    067838M

    Location

    North Ryde (Sydney)

    Commencement

    Session 1 (March)

    Minimum course duration

    3 years full-time

    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.

    Fee per Credit Point

    AUD $1,239

    Estimated Annual Fee

    AUD $29,733

    Fees quoted are the estimated payable fees for the relevant degree in 2014, based on a typical credit load calculation per academic session. An individual student's credit load may change in each academic session. The University reviews per credit point fees each year and fees may change year on year. For courses of more than one year in duration, students will pay the fee that is current for the year of enrolment. Students may incur other fees, charges and conditions for each session in which they enrol and are advised to check these with the University before enrolment. More information on tuition fees.

    Entry requirements

    • Required: Advanced knowledge of mathematics (HSC Mathematics Extension 1 band E4, or international equivalent)
    • Recommended: Advanced knowledge of mathematics (HSC Mathematics Extension 1 and 2 with a total mark of at least 180, or international equivalent)

    English language requirements

    All applicants for undergraduate or postgraduate coursework studies at Macquarie University are required to provide evidence of proficiency in English.
    For more information see English Language Requirements.

    You may satisfy the English language requirements if you have completed:

    • senior secondary studies equivalent to the NSW HSC
    • one year of Australian or comparable tertiary study in a country of qualification

    Work experience requirements

    Notes:

    Students with grades of credit or better in the relevant units may earn exemption from Part I of the examinations of the Institute of Actuaries of Australia. To complete all of Part I students are required to complete one unit more than the degree rules require.

    Students could subsequently complete the units providing exemption from Part II of the professional exams by non-award part-time study, or by enrolling in a Master of Commerce degree.

    What you will study

    General requirements Credit Points
    Minimum number of credit points for the degree 69
    Minimum number of credit points at 200 level or above 39
    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 a designated PACE unit
    Completion of other specific minimum requirements as set out below

    Specific minimum 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) (3)
    or MATH135 Mathematics IA (3) 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
    Required ACST359 C/P Actuarial Modelling 3
    Required ACST358 Survival Models 3
    Required 9cp from ACST units at 300 level 9
    Balance of credit points required (Electives) 24
    Total credit points required to satisfy this degree 69

    Notes

    • Units marked with a C are Capstone units.
    • Units marked with a P are PACE units.
    • The course information contained on this page is applicable for 2014 ONLY.
      It is meant as a guide only, to plan your enrolment or study please see the official Handbook.
      For more information please read the courses disclaimer.

    Careers

    Accreditation

    The Actuaries Institute is the professional body of actuaries in Australia, and conducts a 3-PART exam process and a Professionalism Course. After completing these requirements a graduate is a fully qualified actuary (FIAA).

    The actuarial degree is accredited by the Actuaries Institute. 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 Actuaries Institute'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 Actuaries Institute's professional exams.

    Career Opportunities

    • Banking and Finance
    • Energy and Environment
    • Funds Manager
    • General and Health Insurance
    • Insurance Analyst
    • Investment
    • Life, General or Health Insurance Actuary
    • Management
    • Non-traditional areas such as IT, e-commerce, climate change
    • Public Sector: Australian Prudential Regulation Authority, Australian Taxation Office
    • Risk Management
    • Superannuation Consultant
    • 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

        Our Students

        Khoa.jpg

        Khoa Nguyen

        Bachelor of Actuarial Studies

        “I am amazed by the size of the campus, its modern facilities and large amounts of green space, I’ve made a goal for myself to explore every nook and cranny on campus during my time here!”Read more

        Our Graduates

        melinda-howes-110.jpg

        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

        Mortality Research for Institute of Actuaries Australia
        Leonie_tickle.jpg

        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.

        Melinda Howes - Develop the leader within you

        Why choose Macquarie?

        Why choose Macquarie?

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        Contact us

        Enquire

        Macquarie International

        Building E3A, Level 1
        Macquarie University NSW 2109, AUSTRALIA

        General enquiries

        Freecall in Australia 1800 181 828
        or +61 2 9850 7346

        Apply

        Bachelor of Actuarial Studies

        CRICOS Code:
        067838M

        UAC Code:
        300231


        To apply for this course as an international student, use the Macquarie University Online Application Manager. Printed application forms are also available if you would like to post your application.

        Calculate your ATAR equivalency (accepted overseas secondary school qualifications only).

         If you are an international applicant currently completing:

        • an Australian Year 12 qualification.
        • the New Zealand NCEA Level 3 qualification.
        • the International Baccalaureate (IB)

        You must apply through the Universities Admissions Centre (UAC) International

        For more information see applying to Macquarie University as an international student.