single degree

Bachelor of Actuarial Studies

A single three year undergraduate degree offered by the ANU College of Business and Economics

BACT
  • Length 3 year full-time
  • Minimum 144 Units
Admission requirements
  • Mode of delivery
    • In Person
  • Field of Education
    • Insurance and Actuarial Studie
  • Academic contact
  • Length 3 year full-time
  • Minimum 144 Units
Admission requirements
  • Mode of delivery
    • In Person
  • Field of Education
    • Insurance and Actuarial Studie
  • Academic contact

Program Requirements

The Bachelor of Actuarial Studies requires completion of 144 units, of which:

A maximum of 60 units may come from completion of 1000-level courses

The 144 units must include:

72 units from completion of the following compulsory courses:

BUSN1001 Business Reporting and Analysis

ECON1101 Microeconomics 1

STAT1008 Quantitative Research Methods

STAT2013 Introductiory 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:

ECON2102 Macroeconomics 2 (P)

ECON2016 Economics II (H)

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.

48 units from completion of elective courses offered by ANU


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 (for some later year MATH courses MATH1116 is required). Should two MATH courses be chosen, one of ECON1101, BUSN1001 or STAT1008 would need to move to the “Elective Course” position in the second semester of Year 1 above to make room for a MATH course in the first semester of Year 1.


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


The below study plan includes all courses equivalent to the Actuaries Institute Foundation Program requirements, subject to continuing accreditation with the Institute.


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.

Honours

Students may proceed to an additional honours year in Actuarial Studies. Entry to the honours year program is subject to an appropriately high average grade (generally distinction level or above) in the 3000-level compulsory subjects described in the course listings and requires the approval of College. Other conditions may also apply. Students who are interested in the honours program should seek further advice from the Convenor of the Actuarial Program in the Research School of Finance, Actuarial Studies and Applied Statistics

Students undertaking honours will be able to meet the Actuaries Institute Part II requirements

Elective Study

Once you have met the program requirements of your degree, you may have enough electives to complete an additional elective majorminor or specialisation.

Study Options

Year 1 48 units ECON1101 Microeconomics 1 6 units FINM1001 Foundations of Finance 6 units BUSN1001 Business Reporting and Analysis 6 units STAT1008 Quantitative Research Methods 6 units
ECON1102 Macroeconomics 1 6 units FINM2001 Corporate Finance 6 units MATH1113 Mathematical Foundations for Actuarial Studies 6 units Elective Course 6 units
Year 2 48 units STAT2013 Introductory Mathematical Statistics for Actuarial Studies 6 units STAT2014 Regression Modelling for Actuarial Studies 6 units STAT2032 Financial Mathematics 6 units FINM2002 Derivatives 6 units
STAT2005 Introduction to Stochastic Processes 6 units STAT3037 Life Contingencies 6 units ECON2102 Macroeconomics 2(P) 6 units FINM2003 Investments 6 units
Year 3 48 units STAT3057 Risk Modelling 1 6 units STAT3032 Survival Models 6 units FINM3003 Continuous Time Finance 6 units Elective Course 6 Units
STAT3058 Risk Modelling 2 6 units STAT3038 Actuarial Techniques 6 units Elective Course 6 units Elective Course 6 units

Admission Requirements

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.

Domestic applicants

? School leavers will be assessed on:

• the minimum Australian Tertiary Admission Rank (ATAR) requirement or equivalent for this program,

• the co-curricular or service requirement, and

• any program specific requirements that are listed below.

? Non school leavers:

a) will be assessed on:

• the minimum Australian Tertiary Admission Rank (ATAR) requirement or equivalent for this program,

b) Non school leavers who:

• complete a recognised Australian (or equivalent) post-secondary qualification, or

• complete one standard full-time year (1.0 FTE) of an Australian (or equivalent) degree qualification, or

• complete an approved tertiary preparation course/program without undertaking any further study,

will be assessed on the basis of an equivalent selection rank that is calculated upon application. Non school leavers must also meet any program specific requirements that are listed below.

International applicants

Applicants who complete a recognised secondary/senior secondary/post-secondary/tertiary sequence of study will be assessed on the basis of an equivalent selection rank that is calculated upon application. A list of commonly observed international qualifications and corresponding admission requirements can be found here. Applicants must also meet any program specific requirements that are listed below.

Diversity factors & English language proficiency 

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. If required, competitive ranking may further be confirmed on the basis of demonstrating higher-level English language proficiency.

ATAR:
97
QLD Band:
3
International Baccalaureate:
39

Prerequisites

ACT:  Specialist Mathematics (Major/Minor) (160+)/Specialist Methods(Major/Minor) (160+), NSW: Mathematics Extension 1 (Band E3) or equivelant. More information about interstate subject equivalencies can be found here.

Adjustment Factors

ANU offers rank adjustments for a number of adjustment factors, including for high achievement in nationally strategic senior secondary subjects and for recognition of difficult circumstances that students face in their studies. Rank adjustments are applied to Bachelor degree applicants with an ATAR at or above 70. Points are awarded in accordance with the approved schedules, and no more than 15 points (maximum 5 subject/performance-based adjustments, maximum 10 equity-based adjustments and maximum 5 Elite Athlete adjustments) will be awarded. Subject and performance-based adjustments do not apply to programs with a minimum selection rank of 98 or higher. Visit the ANU Adjustment Factors website for further information.

Commonwealth Supported Place (CSP)

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

Annual indicative fee for international students
$45,864.00

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.

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.

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.

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.

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 

Inherent Requirements

Information on inherent requirements is currently not avaiable for this program.

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.

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.

Study Plans

Students commencing this program in Semester 2 can see the study plan here. Study Plans for Commencing Semester 1 or 2

Electives

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

Back to the Bachelor of Actuarial Studies page

The Bachelor of Actuarial Studies is offered through the Research School of Finance, Actuarial Studies and Applied Statistics. You will learn how to combine skills from mathematics, statistics, economics, and finance to assess, evaluate and manage future financial risk, thereby addressing a wide range of practical problems in long-term financial planning and management. Actuarial skills are utilised in many areas, including insurance, superannuation, investment, banking, and government.

Single degree

  • This degree requires 24 courses (144 units)
  • A maximum of 10 courses (60 units) of 1000 level courses
  • 14 compulsory courses
  • 10 electives (of which 2 must be CBE List 1 elective courses)
Commencing Semester 1:

Semester 1 

Semester 2 

  • ECON1102 Macroeconomics 1 - 6 units
  • FINM2001 Corp Finance - 6 units
  • MATH1113 Math Fnd for Act Stud - 6 units
  • Elective Course - 6 units

Commencing Semester 2:
Semester 2 

Double degree

  • This degree requires 16 courses (96 units) of CBE courses
  • A maximum of 8 courses (48 units) of 1000 level CBE courses
  • 14 compulsory courses.
  • 2 CBE List 1 elective courses
Commencing Semester 1:

Semester 1 

Semester 2 

  • MATH1113 Math Fnd for Act Stud - 6 units
  • BUSN1001 Business and Reporting and Analysis - 6 units

Commencing Semester 2:
Semester 2 

  • MATH1113 Math Fnd for Act Stud - 6 units
  • STAT1008 Quant Res Methods - 6 units.

About this degree

Single degree
In a Bachelor of Actuarial Studies single degree program you will study a total of 24 courses (144 units).  Typically you will take 4 courses per semester (total of 24 units) as a full time student giving you a total of 24 courses across your whole degree. You will need to complete a minimum of 16 CBE courses (96 units) but will also get to choose 8 courses (48 units) from other ANU Colleges.  You can try a range of courses or take a major or minor in a non-CBE subject, the choice is yours.

Double degree
In a Bachelor of Actuarial Studies double degree program you will study a total of 96 units.  Typically you will take 4 courses per semester (total of 24 units) as a full time student giving you a total of 16 courses across your whole degree.  However, for each semester you are likely to take 2 courses from your Actuarial Studies degree and then 2 courses from the other half of you degree - still a total of 4 courses a semester.





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.

Important things to keep in mind when choosing your 1000-level courses

When you enrol for the first time you will study ‘1000-level’ courses. These courses have ‘1’ as the first number in their course code, such as BUSN1001.

Please also note that:

  • You need to enrol in courses for both First Semester and Second Semester.
  • In your first year, you cannot study more than four courses (24 units) per semester, eight for the year.
  • You may take 1000-level courses later in your program.   But remember you can’t count more than ten 1000-level courses (60 units) in total towards your single degree.
  • You can change your enrolment via ISIS in courses up until the Monday of Week 2. 

Electives

You can use your electives to enrol in any courses that you like, provided you meet prerequisite requirements.

Remember that you can choose up to 8 courses from another ANU College if you are undertaking the single Bachelor of Actuarial Studies degree.

If you are in a double degree, your electives must be CBE courses.

Don't forget the maximum number of 1000 level courses is 10 in single degree.











Study Options

Bachelor of Actuarial Studies

This is a typical study plan for the first year of a student undertaking a Bachelor of Actuarial Studies meeting the Actuaries Institute Part 1 requirements

Study Options

Year 1 48 units ECON1101 Microeconomics 1 6 units FINM1001 Foundations of Finance 6 units BUSN1001 Business Reporting and Analysis 6 units STAT1008 Quantitative Research Methods 6 units
ECON1102 Macroeconomics 1 6 units FINM2001 Corporate Finance 6 units MATH1113 Mathematical Foundations for Actuarial Studies 6 units Elective course 6 units

Bachelor of Actuarial Studies - Double Degree

This is a typical study plan for the first year of a student undertaking a Bachelor of Actuarial Studies degree with another degree, such as the Bachelor of Arts (degree B)

Study Options

Year 1 48 units FINM1001 Foundations of Finance 6 units STAT1008 Quantitative Research Methods 6 units Degree B course 6 units Degree B course 6 units
MATH1113 Mathematical Foundations for Actuarial Studies 6 units BUSN1001 Business Reporting and Analysis 6 units Degree B course 6 units Degree B course 6 units

Disciplines

For further information on specific discipline you can:


Academic Advice

You may choose to take two MATH courses instead of MATH1113.  The options are MATH1013/1014 or MATH1115/1116MATH1013/1014 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.  MATH1115/1116 is a higher level of MATH1013/1014 and is recommended for those who are considering further mathematical study.  Should two MATH courses be chosen, one of ECON1101 or BUSN1001 would need to move to the “Elective Course” position in the second semester of Year 1 above to make room for a MATH course in the first semester of Year 1.

Please refer to the CBE Fast Track page:
https://www.cbe.anu.edu.au/fasttrack 



Please note that in the Flexible double degree (Bachelor of Actuarial program with another ANU College degree) it may not be possible to gain full exemptions from IAAust Part I requirements (as you can only do 16 courses), however may meet the requirements by taking courses as non-award.

If after reading through these guidelines you are unsure about your which courses to enrol in, you can email info.cbe@anu.edu.au

If you are seeking status (credit) from previous study at another university you will need to submit a copy of your official transcript, detailed course outlines and a completed credit application form to info.cbe@anu.edu.au

Please refer to the CBE Fast Track page:
https://www.cbe.anu.edu.au/fasttrack 



Back to the top

Responsible Officer: Registrar, Student Administration / Page Contact: Website Administrator / Frequently Asked Questions