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Course Type: |
Postgraduate Coursework Degree |
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Award: |
Master of Actuarial Practice |
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More Information: |
Key Features
This new course provides an opportunity for graduates who hold a bachelor degree in a science or business – related discipline and have strong mathematical skills. It is particularly suitable for graduates of quantitative disciplines such as mathematics, statistics, and econometrics.
Suitable For
It is designed to be a graduate conversion program for non actuarial graduates who wish to obtain professionally accredited qualifications in actuarial science. The structure allows students to complete Parts 1 and 2 of the Institute of Actuaries of Australia professional qualifications as part of the degree. Students are also able to complete further specialized study in actuarial science and related areas such as Statistics, Finance and Economics.
It also suits students who wish to pursue a research based higher degree in Actuarial and related Statistical Science instead of seeking professional accreditation. Students wishing to use the degree for this purpose may enrol in one of the research project units and will need to discuss their proposed research with the Professor of Actuarial Studies.
Career Opportunities
Financial advising to governments and a wide range of commercial organisations such as life, general (non-life), health insurance companies, superannuation funds, banks, funds managers, stockbrokers and other finance and investment sector companies.
Requirements
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Entry Requirements: |
Bachelor degree from a recognised university with a GPA of at least 3 out of 4.00. In addition a GPA of 3.00 is required across any mathematical statistical / quantitative units studied within the previous degree or degrees. Students should have studied first year university level Mathematics equivalent to at least Math136. |
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Course Quota: |
No |
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Work Experience Requirements: |
No |
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English Language Requirements: |
English proficiency is required at IELTS 6.5 or TOEFL 580. More information can be accessed from Macquarie International. |
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Domestic Students: |
Apply through the Universities Admissions Centre. Application forms are also available through Macquarie University's Postgraduate Studies Section. |
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International Students: |
Fee information and application through Macquarie International |
Course Details
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Minimum Course Duration: |
1.5 Years |
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Location: |
North Ryde |
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Course Commences: |
Semester 1 (March), Semester 2 (July) |
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Study Options: |
Full-time |
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Course Credit Point Value: |
48 |
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Enquiries: |
For academic enquiries, please contact: Tim Kyng |
Structure of the Course
Part 1 of the professional qualification covers the core technical skills that an actuary needs to know, while Part 2 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. Usually this takes the form of 12 units of 4 credit points each. Each unit is a full semester unit and most units are four postgraduate credit points. Some of the research project units are worth more than 4 credit points.
Subjects are divided into 3 Groups: Group A, B and C.
Students are required to complete at least 4 units from Group A. Group A units consist of core insurance and financial mathematics Actuarial Studies units.
Students are then required to complete 4 units from Group B. Group B units consists of all units in Group A as well as other actuarial studies units, and economics and statistics units that cover the syllabus of the Institute of Actuaries Part 1 and 2 subjects. Accordingly you can choose more than 4 of the units in Group A as these are also in Group B.
Students are then required to complete 4 units from Group C. Group C units consist of all units in Group A and Group B, as well as a range of elective subjects from other disciplines such as statistics, economics, accounting and finance.
Group A: List of Units
| Unit Code |
Unit Name |
Semester |
Offering |
|---|---|---|---|
| ACST851 |
Mathematics of Finance |
1 |
Day |
| ACST854 |
Survival Models |
1 |
Day |
| ACST858 |
Financial Economics and Valuation |
2 |
Day |
| ACST859 |
Contingent Payments 1 |
1&2 |
Day |
| ACST860 |
Contingent Payments 2 |
2 |
Day |
| ACST861 |
Mathematical Theory of Risk |
1 |
Day |
| ACST862 |
General Insurance Pricing & Reserving |
2 |
Day |
Group B: List of Units (Include any unit from Group A)
| Unit Code |
Unit Name |
Semester |
Offering |
|---|---|---|---|
| ACST801 |
Actuarial Research Project |
1&2 |
Day |
| ACST815# |
Superannuation |
1 |
External |
| ACST827 |
Corporate & Structured Finance |
1 |
Evening & External |
| ACST828 |
Options, Futures & Derivatives |
2 |
Evening & External |
| ACST829 |
Capital Budgeting and Financial Modelling |
1 |
Evening & External |
| ACST831 |
Actuarial Control Cycle 1 |
1 |
Day, Evening & External |
| ACST832 |
Actuarial Control Cycle 2 |
2 |
Day, Evening & External |
| ACST833 |
Insurance |
2 |
Day |
| ACST834 |
Financial Institutions Management and Regualtion |
2 |
Day |
| ACST852 |
Finance & Financial Reporting |
2 |
Evening |
| ACST863 |
Actuarial Research Project A |
1&2 |
Day |
| ACST864 |
Actuarial Research Project B |
1&2 |
Day |
| ACST865 |
Quantitative Methods in Risk Management |
2 |
Evening |
| ECON822 |
Microeconomics |
1&2 |
Evening |
| ECON823 |
Macroeconomics |
1&2 |
Evening |
| STAT810 |
Statistical Theory |
1 |
Evening & External |
# Unit will not run in 2008
Group C: List of Units (Include any unit from Group A or B)
| Unit Code |
Unit Name |
Semester |
Offering |
|---|---|---|---|
| ACCG805 | Research Methodology in Finance | 1 |
Day |
| ACCG808 | Corporate Finance | 1&2 |
Day & Evening in both Semesters |
| ACCG818 | Investments |
1&2 |
Day in Semester 1 & Evening in Semester 2 |
| ACCG837 | Capital Markets | 1&2 |
Day & Evening in both Semesters |
| ACCG838 | Business Valuation | 2 |
Day |
| ACCG840 | Personal Financial Planning | 1&2 |
Day |
| ACCG845 | Performance Measurement & Management | 2 |
Day |
| ACCG890 | Corporate Financial Forecasting | 1 |
Day & Evening |
| BCA 801 | Epidemiology | 1&2 |
External |
| BCA 804 | Data Management & Statistical Computing | 1 |
External |
| BCA 808 | Linear Models | 1&2 |
External |
| BCA 809 | Categorical Data & Generalised Linear Models | 2 |
External |
| BCA 810 | Bioinformatics & Statistical Genetics | 2 |
External |
| BUS 840 | Project Management | 2 |
Evening |
| BUSL860 | Banking & Finance Law | 1 |
Day & External |
| BUSL861 | Foundations of Finance Law | 1 |
Day & External |
| BUSL862 | Insurance Law | 2 |
Day & External |
| BUSL863 | Corporate & Market Law & Regulation | 2 |
Day & External |
| BUSL864 | International Banking & Finance Law | 2 |
Day & External |
| ECON828 | International Investment & Risk | 1&2 |
Day in Semester 1 & Evening in Semester 2 |
| ECON867 | International Financial Management | 1&2 |
Day & Evening in both Semesters |
| GEOS801 | Introduction to Geographic Information Science | 1 |
External |
| MKTG800 | Marketing & Finance | 1&2 |
Day |
| STAT811 | Generalised Linear Models | 2 |
Evening & External |
| STAT814 | Statistical Design | 1 |
Evening & External |
| STAT818 | Epidemiological Methods | 2 |
Evening & External |
| STAT822 | Time Series | 2 |
Evening & External |
| STAT827 | Survival Analysis | 1 |
External |
| STAT828 | Data Mining | 1 |
Evening |
| STAT878 | Modern Computational Statistical Methods | 1 |
Evening & External |
| STAT890 | Stochastic Finance | 2 |
Evening & External |
Accreditation
Completion of the following units as part of the degree may exempt students from Part 1 of the Institute of Actuaries of Australia professional qualification requirements:ACST851 Mathematics Of Finance
ACST852 Finance And Financial Reporting
ACST854 Survival Models
ACST858 Financial Economics And Valuation
ACST859 Contingent Payments 1
ACST860 Contingent Payments 2
ACST861 Mathematical Theory of Risk
ACST862 General Insurance Pricing & Reserving
ECON822 Microeconomics
ECON823 Macroeconomics
STAT810 Statistical Theory
Completion of ACST831 and ACST832 as part of the degree may exempt students from Part 2 of the Institute of Actuaries of Australia professional qualification requirements.
To obtain exemption from the Part 1 or Part 2 examinations of the Institute of Actuaries of Australia,students must achieve at least a credit grade in the relevant university examination.
Advanced Standing
Students who have passed some of the Part 1 or Part 2 examinations of the Institute of Actuaries of Australia, or equivalent, may be granted advanced standing of 12 credit points (4 units) provided these exams have not been counted as credit towards an undergraduate degree.
PLEASE NOTE: It is essential that students refer to degree rules and official unit sequences in the University handbook to ascertain their official study program. The university calendar can be found at: http://handbook.mq.edu.au.
It is highly recommended that students access the website http://www.timetables.mq.edu.au at least two weeks prior to enrolment to ensure a suitable schedule for lectures, tutorials and practical sessions for all enrolled units. Please note that new students are required to have their class timetable officially approved by an Academic Adviser upon enrolment and that it is subject to change due to class availability.
