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Macquarie University's new Master of Actuarial Practice is designed for students who may not have previously studied actuarial studies at undergraduate level and who wish to gain qualifications in actuarial science.
The program also provides the opportunity for students who hold a bachelor degree in a science or business-related discipline and who have strong mathematical skills to study material covered in the Institute of Actuaries of Australia professional actuarial qualifications as part of their degree.
The program also offers further specialised study in actuarial science and related areas such as statistics, finance and economics.
Course structure
The structure of the course allows students to learn the material covered in Parts One and Two of the Institute of Actuaries of Australia professional qualifications. There is a possibility of exemption from the Institute's professional exams for students completing these units at a high enough level of achievement.
Part One of the professional qualification covers the core technical skills that an actuary needs to know, while Part Two covers the application of these core technical skills to the financial management and control of insurance companies and related entities.
The Master of Actuarial Practice requires the completion of 48 credit points. Students must complete at least four core insurance and financial mathematics actuarial studies units. At least 32 credit points must be actuarial studies units or those that cover the core technical material of Parts One and Two of the Institute of Actuaries of Australia.
The remaining 16 credit points for the degree can be made up of units from a wide range of areas including statistics, biostatistics, economics, accounting and finance, business, marketing and law.
Institute of Actuaries of Australia professional qualification requirements
Part 1 of the Institute of Actuaries of Australia professional qualification requirements means students must complete exams in the following subjects:
- Mathematics of Finance
- Finance and Financial Reporting
- Survival Models
- Contingent Payments 1 and Contingent Payments 2
- Mathematical Theory of Risk and General Insurance Pricing and Reserving
- Financial Economics And Valuation
- Microeconomics
- Macroeconomics
- Statistical Theory
Part 2 of the Institute of Actuaries of Australia professional qualification requirements means students must also undertake the subjects Actuarial Control Cycle 1 and 2.
Professional recognition
To be recognised as an actuary under Australian legislation, Fellowship of the Institute of Actuaries of Australia (or of certain overseas bodies) is required and accreditation requirements must be met.
Career opportunities
The actuarial qualification is a highly technical financial / insurance qualification. Most actuaries work in the area of financial services and related industries. There are a wide variety of career options for graduates of the Master of Actuarial Practice including work in the insurance, banking, finance and investment sectors, the public sector, and consulting firms.
Entry requirements
Students applying to undertake the Master of Actuarial Practice must hold a bachelor degree from a recognised university with a GPA of at least 3.0 out of 4.0. In addition, a GPA of 3.0 is required across any mathematical statistical / quantitative units studied. Students should have studied first year university level mathematics.
The Master of Actuarial Practice can be undertaken on either a full-time or a part-time basis. The next intake of students will be for Semester 2, 2007.
For further information contact Tim Kyng tim.kyng@mq.edu.au or visit www.acst.mq.edu.au/news/?a=13888