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Australian National University

single degree

Bachelor of Actuarial Studies

A single three year undergraduate degree offered by the ANU College of Business and Economics

BACT
  • Length 3 years full-time
  • Minimum 144 Units
Admission requirements
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 Bachelor of Actuarial Studies 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

Employment Opportunities

There are many attractive career opportunities for fully qualified actuaries in Australia. Some of the job titles associated with actuarial studies are listed below:

Investment analyst
A financial expert trained to analyse the activities and future prospects and earnings of companies and securities for the purpose of investment.

Fund administrator/investment manager
A person employed by an organisation that specialises in the investment of a portfolio of securities on behalf of individuals and/or organisations subject to the guidelines and directions of the investor.

Liability manager
A professional person engaged by holders of liabilities, such as banks or industry superannuation funds, to advise on appropriate payment strategies and organisational structures to meet a stream of obligations.

Actuarial insurance broker
An independent agent who values life, fire, accident and other forms of insurance for a range of insurance companies.

Consultant
Offer their professional services for a fee, provide a wide range of services, including; advice on financial decisions, independent valuations, design of insurance funds, and future financial planning strategies.

Senior manager
In addition to the roles described above, many actuaries successfully move into high-level administrative and management positions. Their broad training reflects the strong interdisciplinary nature of the actuarial profession, which mixes the need for strong theoretical skills with the need for sound practical intuition.

 

Learning Outcomes

     
  • To develop a grounding in financial mathematics and applications, including the time value of money, annuities, bond and loan calculations
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  • To develop the ability to interpret the accounts and financial statements of companies and financial institutions.
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  • To develop a grounding in mathematical statistics and regression modeling
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  • To develop a grounding in stochastic processes, survival models and their application in actuarial contexts
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  • To develop a grounding in the mathematical techniques used to model and value cashflows dependent on death, survival, illness, retirement, and other contingencies.
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  • To develop a grounding in the advanced mathematics which has particular relevance to financial work, including risk theory, bayesian statistics, generalized linear modeling, and time series techniques.
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  • To develop a grounding in the fundamental concepts of micro and macroeconomics.
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Professional Accreditation

To meet Part I of the professional requirements of the Actuaries Institute  you must complete eight Core Technical (CT) subjects that correspond with 14 to 15 ANU courses which are accredited by the Institute. An average grade of 60 per cent must be achieved across the ANU courses corresponding with each CT subject in order to be recommended for the Part I exemptions. Further information on the ANU Part I exemption policy can be found here. Part II requirements of the Institute can be met by an additional fourth year of study in the College, usually in the form of an honours year. Interested students should contact the ANU College of Business and Economics. For further information about the Actuaries Institute visit: www.actuaries.asn.au.

Admission Requirements

Admission to all programs is on a competitive basis. Admission to undergraduate degrees is based on meeting the ATAR requirement or an equivalent rank derived from the following qualifications:

• An Australian year 12 qualification or international equivalent; OR
• A completed Associate Diploma, Associate Degree, AQF Diploma, Diploma, AQF Advanced Diploma or Graduate Certificate; OR
• At least one standard full-time year (1.0 FTE) in a single program of degree level study at an Australian higher education institution; OR
• An approved tertiary preparation course unless subsequent study is undertaken.

Click HERE for further information about domestic admission pathways.

The table below is a guide to the entry level required for domestic applicants. Exact entry level will be set at time of offer.

ATAR:
95
QLD Band:
4
International Baccalaureate:
38

Domestic applicant entry requirements

From 2010, the UAI/ENTER/TER will be referred to as ATAR (Australian Tertiary Admission Rank) for admission. See http://www.uac.edu.au/undergraduate/atar/ for further information.

Queensland Band equivalents are a guide only - selection is made on a UAI equivalent that is not available to students.

International applicant entry requirements

International applicants may view further information on admissions requirements at Entry Requirements for International Undergraduate Applicants

The University reserves the right to alter or discontinue its programs as required.

Prerequisites

ACT: Advanced Mathematics Extended major/minor at least 160 (recommended - Advanced Mathematics Extended double major)
NSW: HSC Mathematics Extension 1 with a minimum performance band of E3
QLD: Mathematics B and Mathematics C, with a grade of 'H' in each
SA/NT: Mathematics 1 (Double) and Mathematics 2 with a score of at least 15/20 in both subjects
TAS: Mathematics Stage 2 and Mathematics Stage 3 with a score of at least 15/20 in both subjects
VIC: Mathematical Methods 3&4 and Specialist Mathematics 3/4 with at least 36/50 in each subject
WA: Applicable Mathematics and Calculus with a score of at least 72/100
IB: Mathematics (HL) with at least 6

Bonus Points

The National Access Scheme 2014

ANU offers bonus points for nationally strategic senior secondary subjects, and in recognition of difficult circumstances that students face in their studies.  Please note that Bonus Points do not apply to the Bachelor of Medicine and Bachelor of Surgery program.

Bonus points are applied to all applicants with an ATAR at or above 70. Points are awarded in accordance with the approved schedule, and no more than 10 points (maximum 5 academic points and maximum 5 equity points) will be awarded.

Bonus points to do not apply to programs with an ATAR cutoff of 98 or higher.

Bonus Points are only awarded to domestic applicants applying for admission through UAC who have not previously attempted tertiary study.

How to apply

Academic Bonus Points: senior secondary students do not need to apply for ANU academic bonus points. They are automatically added in accordance with the schedule.

Educational Access Scheme: senior secondary students do not need to apply if their school is part of the Priority School Funding Program or Country Areas Program. All other applicants should refer to www.uac.edu.au/undergraduate/eas for more information.

Program Requirements

The Bachelor of Actuarial Studies requires completion of 144 units, of which: 

A maximum of 60 units may come from completion of 1000-level courses

 The 144 units must include:

72 units from completion of the following compulsory courses:

BUSN1001 Business Reporting and Analysis

ECON1101 Microeconomics 1

STAT1008 Quantitative Research Methods

STAT2001 Introductory Mathematical Statistics

STAT2008 Regression Modelling

STAT2032 Financial Mathematics

STAT3004 Stochastic Modelling

STAT3032 Survival Models

STAT3035 Risk Theory

STAT3036 Credibility Theory

STAT3037 Life Contingencies

STAT3038 Actuarial Techniques 

6 units from completion of a course from the following list:

ECON1100 Economics 1 (H)

ECON1102 Macroeconomics 1 

6 units from completion of a course from the following list:

ECON2102 Macroeconomics 2 (P)

ECON2112 Macroeconomics 2 (H) 

12 units from the completion of courses on List 1 of the ANU College of Business and Economics.

48 units from completion of elective courses offered by ANU 

The below study plan will meet the Actuaries Institute Part 1 requirements.

Students commencing in Semester 2 can view the suggested study plan here

Students may choose to take two MATH courses instead of MATH1113.  The options are MATH1013/1014 or MATH1115/1116MATH1013/1014 is recommended for students with the bare minimum of mathematical background for the Bachelor of Actuarial Studies or for those not confident in their mathematical ability.  MATH1115/1116 is a higher level of MATH1013/1014 and is recommended for those who are considering further mathematical study.  Should two MATH courses be chosen, one of ECON1101, BUSN1001 or STAT1008 would need to move to the “Elective Course” position in the second semester of Year 1 above to make room for a MATH course in the first semester of Year 1.

The minor in Business and Economics Essentials will not be listed on transcripts for students completing the Bachelor of Actuarial Studies. 

For majors and minors offered by the ANU College of Business and Economics, students may count a course towards multiple majors and minors. If a minor is a subset of all stated courses and/or prerequisites for a major, then completion of the major overrides completion of the minor, and only the major is regarded as having been completed.  If all courses in a major and/or minor are compulsory courses in the degree, the major and/or minor will not be listed on the transcript.

Elective Study

Once you have met the program requirements of your degree, you may have enough electives to complete an additional elective major,  minor or specialisation.

Study Options

Year 1 48 units ECON1101 Microeconomics 1 6 units FINM1001 Foundations of Finance 6 units BUSN1001 Business Reporting and Analysis 6 units STAT1008 Quantitative Research Methods 6 units
ECON1102 Macroeconomics 1 6 units FINM2001 Corporate Finance 6 units MATH1113 Mathematical Foundations for Actuarial Studies 6 units Elective Course 6 units
Year 2 48 units STAT2001 Introductory Mathematical Statistics 6 units STAT2008 Regression Modelling 6 units STAT2032 Financial Mathematics 6 units FINM2002 Derivatives 6 units
STAT3037 Life Contingencies 6 units ECON2102 Macroeconomics 2(P) 6 units STAT3004 Stochastic Modelling 6 units Elective Course 6 units
Year 3 48 units FINM2003 Investments 6 units FINM3003 Continuous Time Finance 6 units STAT3035 Risk Theory 6 units STAT3032 Survival Models 6 units
STAT3036 Credibility Theory 6 units STAT3038 Actuarial Techniques 6 units Elective Course 6 units Elective Course 6 units

Honours

Students may proceed to an additional honours year in Actuarial Studies. Entry to the honours year program is subject to an appropriately high average grade (generally distinction level or above) in the 3000-level compulsory subjects described in the course listings and requires the approval of College. Other conditions may also apply. Students who are interested in the honours program should seek further advice from the Convenor of the Actuarial Program in the Research School of Finance, Actuarial Studies and Applied Statistics

 

Students undertaking honours will be able to meet the Actuaries Institute Part II requirements

Indicative Fees

Annual indicative fee for international students
$30,112.00

Scholarships

ANU offers a wide range of scholarships to current and future students to assist with the cost of their studies. The University is committed to enabling all students, regardless of their background, to achieve their best at ANU and realise their potential. 

Eligibility 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.

Additional Information

Students commencing this program in Semester 2 can see the study plan here Back to the top

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