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 a wide variety of areas. With an ANU Bachelor of Actuarial Studies you can 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 these risks.

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

Are you a leader? The Australian National University is a leader too, especially in the fields of philosophy, politics and economics. This progressive and well-regarded degree will arm you with the moral, economic and political perspectives you need to make a real impact.

You will develop exceptional problem solving skills and critical and conceptual thinking, all while gaining a passport to some of the world’s most promising careers.

Employment Opportunities

Actuaries work in a wide variety of areas, often in positions of seniority in a business. Examples of the job titles associated with actuarial studies are listed below:

Investment analyst

Trained to analyse the activities and future prospects and earnings of companies and securities for the purpose of investment.

Investment manager

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

Engaged by holders of liabilities, such as insurance companies, banks or superannuation funds, to advise on appropriate payment strategies and organisational structures to meet a stream of obligations.

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.

Data analyst

Processes and investigates large of amounts of data for or on behalf of organisation, in order to solve business problems and take advantage of business opportunities.

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.

Actuaries work in a wide variety of areas, often in positions of seniority in a business. Examples of the job titles associated with actuarial studies are listed below:

Investment analyst

Trained to analyse the activities and future prospects and earnings of companies and securities for the purpose of investment.

Investment manager

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

Engaged by holders of liabilities, such as insurance companies, banks or superannuation funds, to advise on appropriate payment strategies and organisational structures to meet a stream of obligations.

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.

Data analyst

Processes and investigates large of amounts of data for or on behalf of organisation, in order to solve business problems and take advantage of business opportunities.

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

1. utilise concepts in financial mathematics, including the time value of money, annuities, bond and loan calculations
   
2. interpret the accounts and financial statements of companies and financial institutions.
   
3. describe the fundamental concepts of micro and macroeconomics.
   
4. apply mathematical statistics, regression modeling and other statistical techniques to actuarial problems
   
5. describe and apply stochastic processes, survival models and their application in actuarial contexts
   
6. model and value cashflows dependent on death, survival, illness, retirement, and other contingencies
   
7. apply risk modelling techniques across a variety of financial contexts 

1. major philosophical theories and approaches to the evaluation of social institutions;

2. the methods of economics to the study of political institutions and processes;

3. the methods of economics to questions within political philosophy;

4. the assumptions, ‘tools’ and limitations of political economy; and

5. the core arguments and principles of public choice and rational choice theory.

Further Information

Accreditation

The Bachelor of Actuarial Studies enables students to undertake a sequence of accredited courses that satisfy certain educational requirements of the Actuaries Institute. For more information on accreditation visit the ANU Actuaries Institute exemption policy page. The ANU is also a designated Centre of Actuarial Excellence for the Society of Actuaries (US).

Student Responsibility

It is the student's responsibility to select electives in such a way that:

• they satisfy prerequisites for the corresponding course/s.
• they conform to the rules set out in Programs and Courses or if unsure seek advice from the CBE office.

It is the student's responsibility to select the courses appropriate for his/her program.

Electives

Students have 48 units of electives in a single degree program. No more than 10 courses at 1000 level.

Assessing Degree Transfer Requests:

Students wishing to transfer into the Bachelor of Actuarial Studies are assessed using the following criteria:

• Students with less than 48 units of study at ANU will be assessed based on their application to study at the university.
• Students with at least 48 units of study at ANU will have to achieve an appropriate GPA and have completed both MATH1013 and MATH1014 (with an average mark of at least 75) or MATH1113 (with a mark of at least 70) or both MATH1115 and MATH1116 (with an average mark of at least 65).

Accreditation

The Bachelor of Actuarial Studies enables students to undertake a sequence of accredited courses that satisfy certain educational requirements of the Actuaries Institute. For more information on accreditation visit the ANU Actuaries Institute exemption policy page. The ANU is also a designated Centre of Actuarial Excellence for the Society of Actuaries (US).

Student Responsibility

It is the student's responsibility to select electives in such a way that:

• they satisfy prerequisites for the corresponding course/s.
• they conform to the rules set out in Programs and Courses or if unsure seek advice from the CBE office.

It is the student's responsibility to select the courses appropriate for his/her program.

Electives

Students have 48 units of electives in a single degree program. No more than 10 courses at 1000 level.

Assessing Degree Transfer Requests:

Students wishing to transfer into the Bachelor of Actuarial Studies are assessed using the following criteria:

• Students with less than 48 units of study at ANU will be assessed based on their application to study at the university.
• Students with at least 48 units of study at ANU will have to achieve an appropriate GPA and have completed both MATH1013 and MATH1014 (with an average mark of at least 75) or MATH1113 (with a mark of at least 70) or both MATH1115 and MATH1116 (with an average mark of at least 65).

Admission Requirements

Prerequisites

ACT:

Required:

Mathematical Methods (Major) / Further Mathematics (Major) / Specialist Mathematics (Major) / Specialist Methods (Major)

Recommended:

Specialist Mathematics/Specialist Methods (Major/Minor)

NSW:

Required:

Mathematics Advanced or equivalent

Recommended:

Mathematics Extension 1 or equivalent

More information about interstate subject equivalencies can be found here.

There are no formal program prerequisites. But assumed knowledge is: ACT: Mathematical Methods (Major)/Further Mathematics/Specialist Mathematics (major)/Specialist Methods or NSW: HSC Mathematics Advanced or equivalent. More information about interstate subject equivalencies can be found here [https://www.uac.edu.au/future-applicants/admission-criteria]

Adjustment Factors

Adjustment factors are additional points added to an applicant's Selection Rank (for example an applicant's ATAR). ANU offers adjustment factors based on performance and equity principles, such as for high achievement in nationally strategic senior secondary subjects and for recognition of difficult circumstances that students face in their studies. 

Selection Rank adjustments are granted in accordance with the approved schedules, and no more than 15 (maximum 5 subject/performance-based adjustment factors and maximum 10 equity-based adjustment factors) can be awarded. 

You may be considered for adjustment factors if you have:

• applied for an eligible ANU Bachelor degree program
• undertaken Australian Year 12 or the International Baccalaureate
• achieved an ATAR or equivalent at or above 70
• not previously attempted tertiary study.

Please visit the ANU Adjustment Factors website for further information.

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 Bachelor of Actuarial Studies flexible double degree component requires completion of 96 units, of which:

A maximum of 48 units may come from completion of 1000-level courses

The 96 units must include:

78 units from completion of the following compulsory courses:

ACST3032 Actuarial Data Analysis

BUSN1001 Business Reporting and Analysis

ECON1101 Microeconomics 1

STAT1008 Quantitative Research Methods

STAT2013 Introductory Mathematical Statistics for Actuarial Studies

STAT2005 Introduction to Stochastic Processes

STAT2014 Regression Modelling for Actuarial Studies

STAT2032 Financial Mathematics

STAT3032 Survival Models

STAT3057 Risk Modelling 1

STAT3058 Risk Modelling 2

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:

MATH1013 Mathematics and Application 1

MATH1115 Advanced Mathematics and Application 1

MATH1113 Mathematical Foundations for Actuarial Studies

6 units from the completion of courses on List 1 or List 4 of the ANU College of Business and Economics.

Students may choose to take two MATH courses instead of MATH1113. The options are MATH1013 / MATH1014 or MATH1115 / MATH1116. MATH1013 / MATH1014 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 / MATH1116 is a higher level of MATH1013 / MATH1014 and is recommended for those who are considering further mathematical study. Should two MATH courses be chosen, the elective course position would need to be used for the additional MATH course.

In the requirements of the Bachelor of Actuarial Studies above it is not possible to gain full exemptions from Actuaries Institute Foundation Program requirements as the required FINM courses are not included. However, by including these FINM courses in the other flexible double degree (if the FINM courses meet the requirements of the other degree), or non-award study (i.e., taking more than the standard four courses in some semesters on non-award basis which means you will need to pay full fees for the courses you are overloading) or by using the College of Business and Economics Summer School Program (if available), students may be able to complete their exemptions from the Foundation Program. To facilitate either of these options, it is recommended that students undertake FINM1001 Foundations of Finance as their elective course.

If your flexible double degree is within the College of Business and Economics (for example Commerce and Economics), the suggested study plan may show the same course twice. If this is the case, you must only do the course once and replace the other course with a University Wide Elective, CBE List 1 course or CBE List 4 course. Please note that you cannot exceed 8 out of college electives.

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

The courses on List 4 are equivalent to the university-offered courses under the Actuaries Institute Actuary Program, noting the following:

• The courses can only be enrolled in by students taking a flexible double degree combining a Bachelor of Actuarial Studies and another degree that contains sufficient overlap in courses to free up sufficient elective space.
• Examples of flexible double degrees where these courses can be fit into the degree are the Bachelor of Commerce, Bachelor of Finance and Bachelor of Statistics (this list is not exhaustive).
• These courses have strict academic entry requirements. Further information on entry requirements into these courses can be found on the links to the course pages linked from the List 4 webpage.
• Students considering including List 4 courses into their degree should contact the program convener for further information on study plans, as it is necessary to move courses in the Bachelor of Actuarial Studies to earlier semesters than that of the study plan below, in order to meet the requisites of the List 4 courses.

The Bachelor of Politics, Philosophy, and Economics flexible double degree component requires completion of 96 units, of which:

A maximum of 48 units may come from completion of 1000-level courses

The 96 units must include:

48 units from the completion of the following compulsory courses:

ECON1101 Microeconomics 1 (6 units)

ECON2101 Microeconomics 2 (6 units)

ECON3056 PPE Integration 3: Classic Literature in Politics, Philosophy and Economics (6 units)

PHIL1005 Logic and Critical Thinking (6 units)

PHIL2116 PPE Integration 2 (6 units)

POLS1002 Introduction to Politics (6 units)

POLS1008 PPE Integration 1 (6 units)

POLS1009 Research and Writing in Political Science (6 units)

6 units from completion of one of the following courses:

PHIL1004 Fundamental Ideas in Philosophy: An Introduction (6 units)

PHIL1008 Introduction to Ethics (6 units)

6 units from completion of one of the following courses:

ECON1102 Macroeconomics 1 (6 units)

ECON1100 Economics I (H) (6 units)

12 units from the completion of any 2000 or 3000 level POLS course of which at least 6 units must come from one of the courses on the following list:

POLS2043 Pressure Groups and Political Lobbying (6 units)

POLS2044 Contemporary Political Analysis (6 units)

POLS2094 Issues in International Political Economy (6 units)

POLS2111 Elections, Political Behaviour and Public Opinion in Australia (6 units)

POLS2114 Australian Political Institutions (6 units)

POLS2125 Game Theory and Social Sciences (6 units)

POLS2130 Public Choice and Politics (6 units)

POLS3029 Sharing Power: Federalism in Comparative Perspective (6 units)

POLS3039 Political Leadership and Executive Government (6 units)

12 units from the completion of any 2000 or 3000 level PHIL course of which at least 6 units must come from one of the courses on the following list:

PHIL2020 Theories of Social Justice (6 units)

PHIL2057 Philosophy of Science (6 units)

PHIL2122 Philosophy and Public Policy (6 units)

PHIL2125 Rationality and Social Cooperation (6 units)

PHIL2126 Science in Society: Ethics, Public Policy and Scientific Practice (6 units)

PHIL2290 Philosophy, AI and Society (6 units)

PHIL3073 Advanced Ethics, Social and Political Philosophy (6 units)

PHIL3075 The Philosophy of Gender: Knowledge, Power, Bodies (6 units)

6 units from the completion of any 2000 or 3000 level ECON or ECHI or EMET course, or from the list:

EMET1001 Foundations of Economic and Financial Models (6 units)

CRIM2000 The Illicit Economy (6 units)

INDG3003 The Indigenous Economy (6 units)

6 units from the completion of any 2000 and 3000-level courses from the following subject areas and courses:

ECON Economics

PHIL Philosophy

POLS Political Science

ANIP3003 Australian National Internships Program A (6 units)

Minors

Bachelor of Actuarial Studies Minors

Bachelor of Politics, Philosophy and Economics Minors

Study Options