single degree

Master of Actuarial Studies

A single two year graduate award offered by the ANU College of Business and Economics

  • Length 2 year full-time
  • Minimum 96 Units
First year student? There’s more information about enrolling in your degree.
  • Length 2 year full-time
  • Minimum 96 Units
First year student? There’s more information about enrolling in your degree.

Program Requirements

The Master of Actuarial Studies requires the completion of 96 units, which must consist of:

66 units from completion of the following compulsory courses:

STAT6039 Principles of Mathematical Statistics

STAT6043 Life Contingencies

STAT6045 Actuarial Techniques

STAT6046 Financial Mathematics

STAT7018 Stochastic Modelling

STAT7042 Survival Models

STAT8035 Risk Theory

STAT8036 Credibility Theory

ACST8033 Control Cycle B

ACST8040 Control Cycle A1

ACST8041 Control Cycle A2

12 units from completion of courses from the following list:

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

18 units from completion of 6000-level, 7000-level and 8000-level courses from the following subject areas:

ACST Actuarial Studies

BUSI Business

ECHI Economic History

ECON Economics

EMET Econometrics

FINM Financial Management

MGMT Management

MKTG Marketing

MMIB Management, Marketing and International Business

STAT Statistics

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 Studies.

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 Finance, Actuarial Studies and Applied Statistics.

Admission Requirements

A Bachelor degree or international equivalent with an average mark of at least 65%, with at least one course in the field of mathematics that must cover calculus and linear algebra.

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

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

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

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 Studies.

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 Finance Actuarial Studies and Applied Statistics.

Cognate disciplines

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

Annual indicative fee for domestic students

For more information see:

Annual indicative fee for international students

For further information on International Tuition Fees see:


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.

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 actuarial fields. With an ANU Master of Actuarial Studies degree you will excel in 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

Upon successful completion, students will have the skills and knowledge to:

  1. Demonstrate the necessary cognitive skills to display a superior knowledge and understanding of key concepts in actuarial studies and related fields.
  2. 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. Demonstrate high levels of cognitive and technical skills as well as critical thinking to solve specific actuarial problems.
  4. Illustrate 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. Demonstrate strong communication and technical research skills to justify and interpret actuarial research planning, methodology and implementation.

Further Information

If you do not have sufficient maths background, you may be able to undertake MATH1113 in Semester 2 as Non-Award enrolment or in the Graduate Certificate of Finance and Actuarial Statistics, commencing Semester 2. If you would like to have your maths background assessed for the Master of Actuarial Studies, please contact our office ( 

ACST8047, ACST8048, ACST8049 are not offered in 2016.  Students may enrol in ACST8045 Advanced Insurance in Semester 1, 2016.

Entry is available for Semester 1 only. 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 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:

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).

Students in the Master of Actuarial Studies program have the option of applying to undertake a Actuarial Studies 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 Studies

·              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 Studies. 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 Studies Masters convenor and will depend on the background of each student. 

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

Back to the Master of Actuarial Studies page

The program is designed for:

  • Students who want to extend their study to an advanced academic level with a view to possible PhD level study.
  • Students with a good mathematics or statistics background but limited actuarial background who seek a 'conversion' option to develop the actuarial and other risk management skills to satisfy the Part I and II requirements of the Institute of Actuaries of Australia.
  • Students with an actuarial degree who seek to complete courses which are complementary to the Institute of Actuaries of Australia Part III requirements.
  • Students whose previous actuarial study was in a non-accredited program and who seek to complete their full professional studies through the ANU.

Single degree

  • This degree requires 16 courses (96 units)
  • 11 compulsory courses (66 units)
  • 2 core courses (12 units)
  • 3 elective courses (18 units).

About this degree

Students must pass and achieve a grade average of 60% across the first 48 units attempted to progress to the second year of the program. 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 Finance, Actuarial Studies and Applied Statistics.

Enrolment Status

It is possible to enrol in fewer courses 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.

Remember you will need to enrol in courses for both First Semester and Second Semester.  You will be able to change your enrolment in courses up until the end of week 2 of each semester without penalty.

Study Options Commencing Semester 1

Study Options Commencing Semester 2

Advanced Courses in 2016:

*S1: offered at Semester 1. S2: offered at Semester 2.


18 units (3 courses) from the listed subject areas and 6000, 7000 or 8000 level courses, or consulted with the program convener. Please also refer to the following link for further information of the ANU courses leading to exemption status from Institute of Actuaries, Australia (IAA):

Elective courses: the prescribed courses or as approved by Program Convener.

Study Options

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. Please read the relevant information on credit application before you apply (Credit Application Form).

It is advisable that students discuss their course selection with the Program Convener, Dr Gen Nowak ( Please ensure you take a copy of your academic transcript with you when you meet with Dr Nowak. He will be available during the O week in his office.

 If you are required to have a permission number to enrol the course, or any course that is approved by Dr Nowak, please complete Enrolment Request Form  and submit it to the CBE front office, or email to

Do you want to talk to someone before enrolling?


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