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Course content

Overview

This degree is designed for graduates who wish to obtain a professionally accredited qualification in actuarial science. Actuaries work in the financial management and control of insurance and related entities, and in the quantitative aspects of insurance, banking, investment and finance and other areas of business.

See the website http://courses.mq.edu.au/international/postgraduate/master/master-of-actuarial-practice

Key benefits

- Allows you to complete part or all of Part I and II of the Actuaries Institute professional qualifications
- Gives you the chance for partial professional accreditation with the Actuaries Institute if you demonstrate strong academic performance
- Offers a range of electives in actuarial science, statistics, finance and economics
- Offers research skills and a research project as well as a capstone unit

The actuarial qualification has international recognition and many of our graduates work in international financial centres such as London, New York, Singapore, and Shanghai.

Suitable for

This degree is suitable for graduates who wish to pursue a career in actuarial and related statistical science and have a strong background in quantitative or business related disciplines.

English language requirements

IELTS of 6.5 overall with minimum 6.0 in each band, or equivalent

All applicants for undergraduate or postgraduate coursework studies at Macquarie University are required to provide evidence of proficiency in English.
For more information see English Language Requirements. http://mq.edu.au/study/international/how_to_apply/english_language_requirements/

You may satisfy the English language requirements if you have completed:
- senior secondary studies equivalent to the NSW HSC
- one year of Australian or comparable tertiary study in a country of qualification

Careers

- Accreditation
Part I of the professional qualification covers the core technical skills that are essential knowledge for any actuary.

Completion of the following units as part of this degree with sufficiently good results may exempt students from Part I of the Actuaries Institute professional qualification requirements (subjects CT1 to CT8): CT1: ACST851, CT2: ACST852, CT3: STAT810 or STAT806, CT4: ACST818 and ACST819, CT5: ACST859 and ACST860, CT6: ACST861 and ACST862, CT7: ECON991, CT8: ACST816 and ACST817.

Part II covers the application of these core technical skills to the financial management and control of insurance companies and related entities. Completion of the units ACST831, ACST832 and ACST871, with sufficiently good results may meet the requirements for Part II of the Actuaries Institute.

Note:
Students who have passed some of the Part I or Part II examinations of the Institute of Actuaries of Australia, or equivalent, may be granted advanced standing of 16 credit points (four units) provided these exams have not been counted as credit towards an undergraduate degree.

Students with appropriate background may also be granted exemption from some or all of the four degree gateway units ACST601, ACST602, ACST603 and ACST604.

- Career Opportunities
Completion of this degree can lead to well paid and rewarding career opportunities in the insurance, financial services and banking industries, and in the quantitative modelling of consumer behaviour and data analytics.

The actuarial qualification has international recognition and many of our graduates work in international financial centres such as London, New York, Singapore and Shanghai.

Employers
- Accounting firms
- Actuarial and superannuation consulting firms
- Banks and funds management
- General insurance companies
- Health insurance companies
- Life insurance companies
- Management consulting firms
- Public sector
- Stockbrokers

Average starting salary
According to the Actuaries Institute the number of qualified actuaries in Australia as at May 2010 was 1755. Typically, a newly qualified actuary would earn around $95,000 – $110,000 per annum, with at least an $11,000 increase per year for several years. More senior, experienced professionals earn in the vicinity of $200,000 per annum.

See the website http://courses.mq.edu.au/international/postgraduate/master/master-of-actuarial-practice

Visit the Master of Actuarial Practice page on the Macquarie University website for more details!

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