single degree

Master of Actuarial Practice

A single 2.5 year graduate degree offered by the ANU College of Business and Economics

MACTP
  • Length 2.5 year full-time
  • Minimum 120 Units
First year student? There’s more information about enrolling in your degree.
  • Length 2.5 year full-time
  • Minimum 120 Units
First year student? There’s more information about enrolling in your degree.

Are you a maths whiz who wants stimulating work, limitless potential and an ever growing salary? This is the esteemed degree that will make you a thought leader in financial fields. With an ANU Master of Actuarial Practice degree you will excel your career literally anywhere in the world.

Risk is all around us - in investment markets, on the roads, from our health and the climate. This degree will teach you how to apply your mathematical talent in understanding, measuring and managing the risks.

Graduates will apply mathematical, statistical, financial, economic and other skills to untangle the most complex and difficult problems facing the commercial world.

Career Options

Graduates from ANU have been rated as Australia's most employable graduates and among the most sought after by employers worldwide.

The latest Global Employability University Ranking, published by the Times Higher Education, rated ANU as Australia's top university for getting a job for the fourth year in a row.

Learning Outcomes

  1. Graduates of the Master of Actuarial Practice will have the necessary cognitive skills to demonstrate a superior knowledge and understanding of key concepts in actuarial studies and related fields.

  2. Graduates will be able to demonstrate high levels of cognitive and technical skills in analysing and interpreting specific business situations so that the correct actuarial techniques can be applied.

  3. Graduates will be able to demonstrate high levels of cognitive and technical skills as well as critical thinking to solve specific actuarial problems.

  4. Graduates will have strong communication skills, being able to demonstrate the ability to communicate concisely, accurately, and confidently in a number of different mediums including written and oral.

  5. Graduates will have strong communication and technical research skills to justify and interpret actuarial research planning, methodology and implementation.

Further Information

For Domestic Students applying through UAC: If you have completed an overseas qualification, please send a scanned copy of your original testamur (graduation certificate) and academic transcript through to info.cbe@anu.edu.au. The scanned documents should be in colour and unaltered in size. Please include your name and UAC number in the email.

If seeking status/exemption, please go to the CBE web page here: http://cbe.anu.edu.au/students/student-information/enrolment/application-for-exemption_master-of-act...

Please note we only accept notarised or translated outlines with the university seal or translated outlines by NAATI (National Accreditation Authority for Translators and Interpreters).

ACST8047, ACST8048, ACST8049 are not offered in 2015. Students may enrol in ACST8045 Advanaced Insurance in Semester 1, 2015.

Students in the Master of Actuarial Practice program have the option of applying to undertake a Actuarial Practice Masters thesis as a possible pathway to PhD study. Details regarding the Masters thesis are below:

·              Length: 24 units, to be completed in the final year of the Master of Actuarial Practice

·              Eligibility: To be eligible to apply, students must have achieved a GPA of at least 6.5 across prior coursework within the Master of Actuarial Practice. Eligibility will also depend on the compulsory courses that students are required to still complete as part of their Masters degree, and specifically whether students have sufficient space in their program.

·              How to apply: Students’ must write a case as to why they want to engage in the course and must have already secured a supervisor

·              Courses the thesis replaces: The courses that the thesis replaces will be determined in consultation with the Actuarial Practice Masters convenor and will depend on the background of each student. 

 Students who are accepted into the Masters thesis component should contact Gen Nowak (gen.nowak@anu.edu.au) to confirm their study plan for the program. Please note that undertaking a Masters thesis does not guarantee entry to a PhD.

Admission Requirements

A Bachelor degree or international equivalent with a minimum GPA of 5/7, with at least one course in the field of mathematics that must cover calculus and linear algebra.

 

Students must achieve a minimum 60% weighted average mark in the first 48 units of courses attempted in order to remain enrolled in the Master of Actuarial Practice.

 

Applicants with a Bachelor Degree or Graduate Certificate in a cognate discipline may be eligible for 24 units (1 semester) of credit.

 

Applicants with a Graduate Diploma or Honours in a cognate discipline may be eligible for 48 units (1 year) of credit.

 

If the total number of units attempted exceeds 48 in the same teaching period in which the 48th unit is attempted, exactly 48 units will be used in the calculation of the weighted average mark with units from the course with the highest mark applied first followed by further units from courses in descending order of marks.

 

Students who do not achieve a minimum of 60% weighted average mark in the first 48 units will be transferred to the Graduate Diploma in Business.

Cognate Disciplines

Finance, Accounting, Business, Economics, Statistics, Actuarial Studies, Maths, Business Information Systems, Management, Marketing, International Business, Engineering, Physics, Science

 

 

 

All applicants must meet the University’s English Language Admission Requirements for Students

Annual indicative fee for domestic students
$33,888.00

For more information see: http://www.anu.edu.au/students/program-administration/costs-fees

Annual indicative fee for international students
$45,168.00

Scholarships

ANU offers a wide range of scholarships to students to assist with the cost of their studies.

Eligibility to apply for ANU scholarships varies depending on the specifics of the scholarship and can be categorised by the type of student you are.  Specific scholarship application process information is included in the relevant scholarship listing.

For further information see the Scholarships website.

Program Requirements

The Master of Actuarial Practice requires the completion of 120 units, which must include:

66 units from completion of the following compulsory courses:

ACST8033 Investment and Asset Modelling

ACST8040 Actuarial Control Cycle 1

ACST8041 Actuarial Control Cycle 2

STAT6039 Principles of Mathematical Statistics

STAT6043 Life Contingencies

STAT6045 Actuarial Techniques

STAT6046 Financial Mathematics

STAT7004 Introduction to Stochastic Processes

STAT7042 Survival Models

STAT8035 Risk Theory

STAT8036 Credibility Theory

 

12 units from completion of courses from the following list:

ACST8045 Advanced Insurance

ACST8047 Advanced Life Insurance

ACST8048 Advanced General Insurance

ACST8049 Advanced Global Retirement Income Systems

ACST8060 Enterprise Risk Management 1

ACST8061 Enterprise Risk Management 2

FINM8006 Advanced Investments

 

42 units from completion of courses from the following list:

ACST8050 Research Essay in Actuarial Studies

BUSN7008 Financial Statements and Reporting

ECON8069 Business Economics

FINM7003 Continuous Time Finance

FINM7006 Applied Foundations of Finance

FINM7007 Applied Corporate Finance

FINM7008 Applied Investments

FINM7041 Applied Derivatives

 

Students must achieve a minimum 60% weighted average mark in the first 48 units of courses attempted in order to remain enrolled in the Master of Actuarial Practice.

If the total number of units attempted exceeds 48 in the same teaching period in which the 48th unit is attempted, exactly 48 units will be used in the calculation of the weighted average mark with units from the course with the highest mark applied first followed by further units from courses in descending order of marks.

Students who do not achieve a minimum of 60% weighted average mark in the first 48 units will be transferred to the Graduate Diploma of Business.

 

Study Options

Year 1 48 units STAT6039 Principles of Mathematical Statistics 6 units STAT6046 Financial Mathematics 6 units FINM7006 Applied Foundations of Finance 6 units BUSN7008 Financial Statements and Reporting 6 units
STAT6045 Actuarial Techniques 6 units FINM7007 Applied Corporate Finance 6 units STAT7004 Introduction to Stochastic Processes 6 units STAT6043 Life Contingencies 6 units
Year 2 48 units ACST8040 Actuarial Control Cycle 1 6 units STAT8035 Risk Theory 6 units FINM7041 Applied Derivatives 6 units Advanced Course 6 Units
ACST8041 Actuarial Control Cycle 2 6 units ACST8033 Investment and Asset Modelling 6 units STAT8036 Credibility Theory 6 units Advanced Course 6 Units
Year 3 ECON8069 Business Economics 6 units STAT7042 Survival Models 6 units FINM7008 Applied Investments 6 units FINM7003 Continuous Time Finance 6 units

About this degree

Course selection for the students who are commencing the second year:

Enrolment Status

It is possible to enrol in less than 24 units per semester but it will take you longer to finish your program and get your degree. If you are an international student you must always be enrolled full-time in 24 units each semester.

You are encouraged to enrol in courses for both First Semester and Second Semester.  You will be able to change your enrolment in courses up until Monday of week 2 of each semester without penalty.



Electives

42 units (7 courses) from the listed courses. Please also refer to the following link for further information of the ANU courses leading to exemption status from Institute of Actuaries, Australia (IAA).

Study Options

Master of Actuarial Practice

Two and half year graduate coursework program: Students are able to attempt all of Part I exemptions and all of Part II exemptions. The study plan varies for students commencing Semester 2.

Academic Advice

Before applying for any credit or exemption towards the program, students (except the ANU students) should include an assessment of their qualification completed by Institute of Actuaries, Australia (IAA).

If after reading through these guidelines you are unsure about your which courses to enrol in, you can seek an academic advice advice during Orientation week, or contact your program convener, Dr Gen Nowak.

If you are required to have a permission number to enrol the course, or any course that is approved by Dr Gen Nowak, please complete an Application for Enrolment Change Form (http://www.anu.edu.au/files/resource/Enrolment-Change-Editable.pdf) and submit it to the CBE Student Services, or email to info.cbe@anu.edu.au.

Do you want to talk to someone before enrolling?

Contact info.cbe@anu.edu.au

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