Program Requirements

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

72 units from completion of the following compulsory courses:

ACST6032 Actuarial Data Analysis

ACST8040 Actuarial Control Cycle 1

ACST8041 Actuarial Control Cycle 2

STAT6013 Principles of Mathematical Statistics for Actuarial Studies

STAT6014 Regression Modelling for Actuarial Studies

STAT6042 Survival Models

STAT6043 Life Contingencies

STAT6045 Actuarial Techniques

STAT6046 Financial Mathematics

STAT6057 Risk Modelling 1

STAT6058 Risk Modelling 2

STAT7004 Introduction to Stochastic Processes

24 units from completion of the following courses (with at least 6 units at the 7000/8000 level):

ACST8050 Research Essay in Actuarial Studies

ACST8500 RSFAS Masters Thesis

BUSN7008 Financial Statements and Reporting

BUSN7036 Financial Statement Analysis

BUSN8045 Corporate Governance

CBEA6070 ANU College of Business and Economics Internship Project

COMP6240 Relational Databases

COMP6261 Information Theory

COMP6490 Document Analysis

COMP6670 Introduction to Machine Learning

COMP6710 Structured Programming

COMP6730 Programming for Scientists

COMP8410 Data Mining

COMP8430 Data Wrangling

COMP8600 Statistical Machine Learning

COMP8880 Computational Methods for Network Science

ECON6012 Optimisation for Economics and Financial Economics

ECON8069 Business Economics

EMET6001 Applied micro-econometrics

EMET6012 Business and Economic Forecasting

EMET8005 Econometric Methods and Modelling

EMET8008 Advanced Econometrics II

EMET8014 Advanced Econometrics I

FINM6005 Applied Valuation

FINM6006 Continuous Time Finance

FINM6007 Advanced Derivatives Pricing and Applications

FINM6016 Applied Portfolio Construction

FINM6041 Applied Derivatives

FINM6045 Asian Capital Markets

FINM7006 Applied Foundations of Finance

FINM7007 Applied Corporate Finance

FINM7008 Applied Investments

FINM8004 Advanced Corporate Finance

FINM8006 Advanced Investment

FINM8007 Topics in International Finance

FINM8014 Applied Financial Intermediation and Debt Markets

FINM8017 Trading and Markets

MGMT7020 Technology and Project Management

MGMT7250 Evidence-Based Management

STAT6016 Introduction to Bayesian Data Analysis

STAT6017 Big Data Statistics

STAT6018 Stochastic Processes

STAT6026 Graphical Data Analysis

STAT6027 Statistical Inference

STAT6029 Design of Experiments and Surveys

STAT6050 Advanced Statistical Learning

STAT6056 Advanced Mathematical Statistics

STAT6060 Advanced Stochastic Processes

STAT6065 Advanced General Insurance

STAT8002 Applied Time Series Analysis

STAT8130 Generalised Linear Models

STAT8140 Statistical Learning

Students must achieve a minimum 60% weighted average mark in the first 48 units of courses attempted 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 Business.

Study Options

Admission Requirements

Applicants must present one of the following:

• A Bachelor degree or international equivalent with a minimum GPA of 5.0/7.0, with at least one course in the field of mathematics that must cover calculus and linear algebra
• An ANU Graduate Certificate of Finance and Actuarial Statistics (Actuarial Statistics or Actuarial Studies specialisation) with a minimum GPA of 4.5/7.0, with at least one course in the field of mathematics from university studies that must cover calculus and linear algebra

The GPA for a Bachelor program will be calculated from (i) a completed Bachelor degree using all grades and/or (ii) a completed Bachelor degree using all grades other than those from the last semester (or equivalent study period) of the Bachelor degree. The higher of the two calculations will be used as the basis for admission.

Progression Requirements: 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 in Business.

Ranking and English language proficiency: At a minimum, all applicants must meet program-specific academic/non-academic requirements, and English language requirements. Admission to most ANU programs is on a competitive basis. Therefore, meeting all admission requirements does not automatically guarantee entry. In line with the University's admissions policy and strategic plan, an assessment for admission may include competitively ranking applicants on the basis of specific academic achievement, English language proficiency and diversity factors. Applicants will first be ranked on a GPA ('GPA1') that is calculated using all but the last semester (or equivalent) of the Bachelor degree used for admission purposes. If required, ranking may further be confirmed on the basis of:

• a GPA ('GPA2') calculated on the penultimate and antepenultimate semesters (or equivalent) of the Bachelor degree used for admission purposes; and/or
• demonstrating higher-level English language proficiency

Prior to enrolment in this ANU program, all students who gain entry will have their Bachelor degree reassessed, to confirm minimum requirements were met.

Further information: English language admission requirements and post-admission support

Diversity factors: As Australia’s national university, ANU is global representative of Australian research and education. ANU endeavours to recruit and maintain a diverse and deliberate student cohort representative not only of Australia, but the world. In order to achieve these outcomes, competitive ranking of applicants may be adjusted to ensure access to ANU is a reality for brilliant students from countries across the globe.

Assessment of qualifications: Unless otherwise indicated, ANU will accept all Australian Qualifications Framework (AQF) qualifications or international equivalents that meet or exceed the published admission requirements of our programs, provided all other admission requirements are also met.

Where an applicant has more than one completed tertiary qualification, ANU will base assessment on the qualification that best meets the admission requirements for the program. Find out more about the Australian Qualifications Framework: www.aqf.edu.au.

Unless otherwise indicated, where an applicant has more than one completed tertiary qualification, ANU will calculate the GPA for each qualification separately. ANU will base assessment on the best GPA of all completed tertiary qualifications of the same level or higher.

ANU uses a 7-point Grade Point Average (GPA) scale. All qualifications submitted for admission at ANU will be converted to this common scale, which will determine if an applicant meets our published admission requirements. Find out more about how a 7-point GPA is calculated for Australian universities: www.uac.edu.au/future-applicants/admission-criteria/tertiary-qualifications.

Credit Granted

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

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

Cognate Disciplines

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

Fee Information

All students are required to pay the Services and amenities fee (SA Fee)

The annual indicative fee provides an estimate of the program tuition fees for international students and domestic students (where applicable). The annual indicative fee for a program is based on the standard full-time enrolment load of 48 units per year (unless the program duration is less than 48 units). Fees for courses vary by discipline meaning that the fees for a program can vary depending on the courses selected. Course fees are reviewed on an annual basis and typically will increase from year to year. The tuition fees payable are dependent on the year of commencement and the courses selected and are subject to increase during the period of study.

For further information on Fees and Payment please see: https://www.anu.edu.au/students/program-administration/fees-payments

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.

Learning Outcomes

1. Utilise concepts in financial mathematics, including the time value of money, annuities, bond and loan calculations.
2. Apply mathematical statistics, regression modelling and other statistical techniques to actuarial problems.
3. Describe and apply stochastic processes, survival models and their application in actuarial contexts.
4. Model and value cash flows dependent on death, survival, illness, retirement, and other contingencies.
5. Apply risk modelling techniques across a variety of financial contexts.
6. Analyse and interpret specific business situations so that the correct actuarial and other techniques can be applied.

Inherent Requirements

Information on inherent requirements is currently not available for this program

Further Information

Accreditation

The Master of Actuarial Studies enables students to undertake a sequence of accredited courses that satisfy certain educational requirements of the Actuaries Institute. For more information, visit the ANU Actuaries Institute exemption policy page. The ANU is also a designated Centre of Actuarial Excellence for the Society of Actuaries (US) and is accredited to grant credit for their exams under the University Earned Credit (UEC) program. For more information, visit the ANU Society of Actuaries (SOA) page.

Admission

Entry is available for Semester 1 only. If applicants do not have a sufficient maths background, they can consider completing the Graduate Certificate of Finance and Actuarial Statistics.

Credit application

If students seek status/exemption, please go to the CBE web page here. Please note that only translated course outlines with the university seal or by a NAATI translator (National Accreditation Authority for Translators and Interpreters) can be accepted.

Research component

Students in the Master of Actuarial Studies program have the option of applying to undertake an 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 William Lim (William.Lim@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.