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.

Why is something as superfluous as diamonds so costly, but something as essential as water so cheap? How can the cost of the coffee beans make up only a few cents of the price of a cup of coffee? With the world’s highest minimum wage rate, can Australia ever compete with low wage countries?

The ANU Bachelor of Economics provides a framework and a way of thinking to help answer questions like these. Your coursework will span economics (both theory and applied), economic history, and econometrics while developing your analytical problem-solving and quantitative skills.

Whether working as an economist or in some other role, your Bachelor of Economics degree and training will be sought after.

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. Describe the fundamental concepts of micro and macroeconomics.
3. Apply mathematical statistics, regression modelling and other advanced statistical techniques in various discipline backgrounds.
4. Describe and apply stochastic processes, survival models and their application in actuarial contexts.
5. Using a diverse range of discipline backgrounds and varied data, model and value cashflows dependent on death, survival, illness, retirement, and other contingencies.
6. Apply risk modelling techniques across a variety of financial contexts.

1. Solve economic problems using analytical reasoning.
2. Apply economic analysis to a wide variety of transdisciplinary issues.
3. Use basic empirical estimation techniques to test predictions pertaining to multiple disciplinary areas.
4. Provide insight into the way that households and individuals make decisions and interact, and the role of government in providing public goods and regulating the market sector.
5. Communicate effectively rigorous economic analysis in a coherent way to multidisciplinary stakeholders.

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 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.

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 CBE Student Services.

It is the student's responsibility to select the courses appropriate for their 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:

For students wishing to transfer into the Bachelor of Actuarial Studies, in addition to the standard internal transfer processes (Procedure: Admissions (Coursework) clauses 34-38), the following mathematics requirements apply:

• Students with less than 48 units of study at ANU will be assessed based on their application to study at the university and their ability to meet the math requirements.
• 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 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.

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 CBE Student Services.

It is the student's responsibility to select the courses appropriate for their 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:

For students wishing to transfer into the Bachelor of Actuarial Studies, in addition to the standard internal transfer processes (Procedure: Admissions (Coursework) clauses 34-38), the following mathematics requirements apply:

• Students with less than 48 units of study at ANU will be assessed based on their application to study at the university and their ability to meet the math requirements.
• 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

• VIC: Mathematics Methods or equivalent
• QLD: Mathematics Methods or equivalent
• TAS: Mathematical methods/Mathematics Specialised/Mathematics 1 and II through U Tas/Both Mathematics 1 and II through UTAS/Both Advanced Calculus and Applications 1A and 1B through UTAS
• SA / NT: Mathematical Methods or equivalent
• WA: Mathematical Methods or equivalent
• IB: Mathematics: Applications and Interpretations HL/Mathematics: Analysis and Approaches SL or HL

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.

Adjustment Factors

Adjustment factors are combined with an applicant's secondary education results to determine their Selection Rank. ANU offers adjustment factors based on equity, diversity, and/or performance principles, such as for recognition of difficult circumstances that students face in their studies.

To be eligible for adjustment factors, you must have:

• achieved a Selection Rank of 70 or more before adjustment factors are applied
• if you have undertaken higher education, completed less than one year full-time equivalent (1.0 FTE) of a higher education program
• applied for an eligible ANU bachelor degree program

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:

72 units from completion of the following compulsory courses:

ACST3032 Actuarial Data Analysis

ECON1101 Microeconomics 1

STAT1008 Quantitative Research Methods

STAT2005 Introduction to Stochastic Processes

STAT2013 Introductory Mathematical Statistics for Actuarial Studies

STAT2014 Regression Modelling for Actuarial Studies

STAT2032 Financial Mathematics

STAT3032 Survival Models

STAT3037 Life Contingencies

STAT3038 Actuarial Techniques

STAT3057 Risk Modelling 1

STAT3058 Risk Modelling 2

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

MATH1113 Mathematical Foundations for Actuarial Studies

MATH1115 Advanced Mathematics and Application 1

12 units from completion of elective courses offered by ANU, which may include courses from the following list:

BUSN1001 Business Reporting and Analysis

CBEA2001 Australian Indigenous Perspectives in Business and Economics

CBEA3001 College of Business and Economics Special Industry Project (UG)

CBEA3066 Global Business Immersion

CBEA3070 ANU College of Business and Economics Internship Program

FINM1001 Foundations of Finance

FINM2001 Corporate Finance

FINM2002 Derivatives

FINM3003 Continuous Time Finance

FINM3011 Investments

MATH1014 Mathematics and Applications 2

MATH1116 Advanced Mathematics and Applications 2

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, an elective MATH course should be taken from the last list.

In the requirements of the Bachelor of Actuarial Studies above, it is not possible to gain full exemptions from the Actuaries Institute Foundation Program requirements as some exemption courses are not listed as compulsory courses. For details pertaining to the Actuaries Institute exemptions, please refer to the ANU Actuaries Institute exemption policy page. For details pertaining to the granting of credit for the Society of Actuaries exams under the University Earned Credit program, please refer to the the ANU Society of Actuaries (SOA) page. By including any missing exemption courses in the other flexible double degree, or non-award study (i.e. applying to take 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), students may be able to complete the courses required to fully satisfy the accreditation program.

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.

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

The Bachelor of 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 consist of:

42 units from completion of the following compulsory courses:

ECON1101 Microeconomics 1

ECON2101 Microeconomics 2

ECON3101 Microeconomics 3

ECON3102 Macroeconomics 3

EMET1001 Foundations of Economic and Financial Models

EMET2007 Econometrics I: Econometric Methods

STAT1008 Quantitative Research Methods

6 units from completion of a course from the following list:

ECON1100 Economics I (H)

ECON1102 Macroeconomics 1

6 units from completion of a course from the following list:

ECON2016 Economics II (H)

ECON2102 Macroeconomics 2

minimum 12 units of Transdisciplinary courses:

CBEA2001 Indigenous Perspectives in Business and Economics

ECHI1006 The Australian Economy: Past and Present

ECHI3009 World Economy Since 1800

ECON2013 Behavioral Economics

ECON2014 Managerial Economics

ECON2108 Japanese Economy and Political Economy

ECON2141 Strategic Thinking: An introduction to Game Theory

ECON2900 Development Poverty and Famine

ECON3004 Health Economics

ECON3006 Financial Economics

ECON3127 Computational Methods in Economics

ECON3128 Resource and Environmental Economics

ECON3180 Advanced Behavioural Economics

ECON3023 Economic Policy Issues

minimum 18 units of the following courses:

ECHI1006 The Australian Economy: Past and Present

ECHI3009 World Economy Since 1800

ECON1100 Economics 1 (H)

ECON2009 Labour Economics and Industrial Relations Policy

ECON2013 Behavioral Economics

ECON2014 Managerial Economics

ECON2026 Money and Banking

ECON2091 The Economy, Politics and the State

ECON2108 Japanese Economy and Political Economy

ECON2125 Optimisation

ECON2131 Public Sector Economics

ECON2141 Strategic Thinking: An introduction to Game Theory

ECON2900 Development Poverty and Famine

ECON3004 Health Economics

ECON3006 Financial Economics

ECON3057 Industrial Organisation

ECON3100 Economics 3 (H)

ECON3103 International Economics

ECON3127 Computational Methods in Economics

ECON3128 Resource and Environmental Economics

ECON3152 Game Theory

ECON3180 Advanced Behavioural Economics

ECON3023 Economic Policy Issues

EMET3004 Econometrics II: Modelling

EMET3006 Applied Microeconomics

EMET3007 Business and Economic Forecasting

EMET3008 Applied Macro and Financial Economics

maximum 12 units from completion of elective courses offered by ANU, which may include courses from the following course codes:

BUSI, BUSN, CBEA, COMP, ECHI, ECON, EMET, FINM, INFS, MATH, MGMT, MKTG, STAT

If your flexible double degree is within the College of Business and Economics (for example Commerce and Economics), the below 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.

For majors and minors offered by the ANU College of Business and Economics, students may count a course towards multiple majors and minors. If a minor is a subset of all stated courses and/or prerequisites for a major, then completion of the major overrides completion of the minor, and only the major is regarded as having been completed. If all courses in a major and/or minor are compulsory courses in the degree, the major and/or minor will not be listed on the transcript.

Minors

Bachelor of Economics Minors

Bachelor of Actuarial Studies Minors

Study Options