single degree

Master of Actuarial Studies

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

MACT
  • 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.

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 key concepts in actuarial studies and related fields, including:

a.Utilise concepts in financial mathematics, including the time value of money, annuities, bond and loan calculations
b.Apply mathematical statistics, regression modelling and other statistical techniques to actuarial problems
c.Describe and apply stochastic processes, survival models and their application in actuarial contexts
d.Model and value cash flows dependent on death, survival, illness, retirement, and other contingencies
e.Apply risk modelling techniques across a variety of financial contexts

2. Analyse and interpret specific business situations so that the correct actuarial and other techniques can be applied.

3. Utilise critical thinking to solve specific actuarial problems and communicate their results to a relevant audience.

4. Apply actuarial research planning and methodology.

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 on accreditation visit the ANU Actuaries Institute exemption policy page.

Admission

Entry is available for Semester 1 only. If applicants do not have sufficient maths background, they can consider completing MATH1113 in Semester 2 as Non-Award enrolment or in 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 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 (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 5.0/7.0, with at least one course in the field of mathematics that must cover calculus and linear algebra.

Or 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.

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.

Cognate Disciplines

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

English language Requirements

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

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

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

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.

Application for course credits

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. 

Annual indicative fee for domestic students
$34,560.00

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

Annual indicative fee for international students
$45,600.00

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

72 units from completion of the following compulsory courses:

ACST8032 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
STAT6043 Life Contingencies
STAT6045 Actuarial Techniques
STAT6046 Financial Mathematics
STAT7004 Introduction to Stochastic Processes
STAT7042 Survival Models
STAT8057 Risk Modelling 1
STAT8058 Risk Modelling 2

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

ACST Actuarial Studies
BUSI International Business
BUSN Business
ECHI Economic History
ECON Economics
EMET Econometrics
FINM Financial Management
MGMT Management
MKTG Marketing
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 Business.

Study Options

Year 1 48 units STAT6013 Principles of Mathematical Statistics for Actuarial Studies 6 units STAT6014 Regression Modelling for Actuarial Studies 6 units STAT6046 Financial Mathematics 6 units FINM7006 Applied Foundations of Finance 6 units
STAT6043 Life Contingencies 6 units STAT6045 Actuarial Techniques 6 units STAT7004 Introduction to Stochastic Processes 6 units BUSN7008 Financial Statements and Reporting 6 units
Year 2 48 units ACST8040 Actuarial Control Cycle 1 6 units STAT7042 Survival Models 6 units STAT8057 Risk Modelling 1 6 units FINM7007 Applied Corporate Finance 6 units
ACST8032 Actuarial Data Analysis 6 units ACST8041 Actuarial Control Cycle 2 6 units STAT8058 Risk Modelling 2 6 units ECON8069 Business Economics 6 units

About this degree

Semester 1 (February) only. However, if you have completed an actuarial degree or multiple exemptions of Part I, you may be able to enter this program in Semester 2 (July). 

Students who receive credit and exemption may be able to enrol Control Cycle Courses in 2019: 
ACST8040 (S1), ACST8033 (S2) and ACST8041(S2)
*From 2020 onwards, Associate Program (formerly Part II exemptions) will include ACST8040 (S1), ACST8032 (S2) and ACST8041(S2).

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

Please consult with the program convener before you enrol any elective 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

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.

It is advisable that students discuss their course selection with Program Convener, Dr Gen Nowak (gen.nowak@anu.edu.au).

If you request a permission number to enrol any course, please complete an Application Form for Enrolment Change 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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