single degree

Master of Actuarial Practice

A single 2.5 year graduate degree offered by the ANU College of Business and Economics

MACTP
  • Length 2.5 year full-time
  • Minimum 120 Units
First year student? There’s more information about enrolling in your degree.
  • Length 2.5 year full-time
  • Minimum 120 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 financial fields. With an ANU Master of Actuarial Practice degree 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

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 be able 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 situations

2. Apply these key concepts in advanced contexts by integrating technical concepts and business awareness

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

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

5. Apply actuarial research planning and methodology.

Further Information

Accreditation

The Master of Actuarial Practice 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 in both Semester 1 and 2. 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 applicants 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 Practice program have the option of applying to undertake a Actuarial Practice 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 Practice

·              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 Practice. 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 Practice 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 Practice. 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. 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.

Cognate Disciplines

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

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 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 Practice requires the completion of 120 units, which must include:

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

48 units from completion of courses from the following list:

ACST8045 Advanced Insurance
ACST8047 Advanced Life Insurance
ACST8048 Advanced General Insurance
ACST8049 Advanced Global Retirement Income Systems
ACST8050 Research Essay in Actuarial Studies
ACST8060 Enterprise Risk Management 1
ACST8061 Enterprise Risk Management 2
BUSN7008 Financial Statements and Reporting
ECON8069 Business Economics
FINM7003 Continuous Time Finance
FINM7006 Applied Foundations of Finance
FINM7007 Applied Corporate Finance
FINM7008 Applied Investments
FINM7041 Applied Derivatives
FINM8006 Advanced Investments
 

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 Practice.

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 FINM7041 Applied Derivatives 6 units
ACST8041 Actuarial Control Cycle 2 6 units ACST8032 Actuarial Data Analysis 6 units STAT8058 Risk Modelling 2 6 units FINM7008 Applied Investments 6 units
Year 3 FINM8006 Advanced Investments 6 units ECON8069 Business Economics 6 units FINM7007 Applied Corporate Finance 6 units FINM7003 Continuous Time Finance 6 units

About this degree

The program is available for entry both in Semester 1 (February ) and 2 (July).

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

48 units (8 courses) from the listed 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

Master of Actuarial Practice

Two and half year graduate coursework program: Students are able to complete the Foundation Program and Associate Program from the Institute of Actuaries. The study plan varies for students commencing in Semester 2 (July).

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 (IAA).

If after reading through these guidelines you are unsure about your which courses to enrol in, you can seek an academic advice advice during Orientation week, or contact your program convener, Dr Gen Nowak.

If you are required to have a permission number to enrol the course, or any course that is approved by Dr Gen Nowak, 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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