FAQ for Potential New Students - School Leavers
1. What actuarial courses are available at Macquarie University at the undergraduate level?
There is a 3-year program in Actuarial Studies, the Bachelor of Commerce in Actuarial Studies.
There are several 4-year double-degree programs which combine Actuarial Studies with a second major area of study and a 6-year double degree with law. For a comprehensive list of these programs see the degrees by subject page within the EFS website.
2. Which double degree should I choose?
Actuarial Studies can lead to a wide range of different careers. For example, some of our graduates work for life insurance companies, health funds, merchant banks, stockbrokers, management consultants, superannuation funds, financial software companies, general insurers, banks, and government regulatory authorities.
Different double degrees are useful in different areas:
- if you want to work in the mergers and acquisitions area of a merchant bank, the applied finance degree is useful
- if you want to work in the research department of a general insurer, the statistics degree is more useful
- if you want to work in a financial software company, the computing degree would be more useful
We recommend that you choose the double degree which matches your interests and career objectives.
When you start first year, you might not be sure which area of work you will prefer. The first year program will give you a taste of the different types of work done by actuaries, and you will also gain a better idea of your own strengths and weaknesses and interests. If you earn good grades in first year, you can apply to transfer to a different double degree at the end of the year (the transfer requirements are set out in the Handbook of Undergraduate Studies). The first year programs for all the double degrees are quite similar, so transferring between most programs at the end of first year would not cause an undue delay in your progress towards a degree.
3. Do you have recommended programs for students while undertaking their degree?
Yes, they are available on the Recommended Programs of Study page. These programs are suggestions of efficient ways to satisfy the degree requirements.
4. What are the entry requirements for high school graduates for MQ Actuarial Studies?
For local students, entry requirements are based on the University Admission Index (UAI). The minimum UAI varies slightly from one year to the next, and different UAI’s apply to different degrees. We recommend obtaining a UAI of at least 97.50 before attempting actuarial studies. The most recent UAI cutoffs can be found on the Macquarie University's Future Students site or University Admission Centre website.
5. What is the mathematics requirement of Actuarial Studies in the first year?
Please see the Useful High School Subjects page.
6. I'm only studying NSW Extension 1 Mathematics. Can I study actuarial studies?
Mathematics Extension 1 is sufficient to satisfy prerequisites for the actuarial degree. However, the actuarial course does require a high level of mathematical ability. If for example you are not studying Mathematics Extension 2 because your school did not offer it, then this is not a problem. However, if you are not studying Mathematics Extension 2 because your teachers advised that you were not likely to cope with it, then you should probably not be considering the actuarial program.
Whichever level of high school extension mathematics you do, we recommend you only attempt actuarial studies if you obtain the top performance band.
7. I would like to become an actuary, but my mathematics is a little bit weak. Is it possible for me to apply for a place in Actuarial Studies in MQ?
Actuarial Studies demands a very solid maths foundation. If you don’t have strong mathematical aptitude, then we would advise against an actuarial career.
8. How do I apply to study Actuarial Studies at Macquarie University?
For more information please visit the How to Apply page.
9. What should I do if my UAI doesn’t meet the entry requirements for a BCom - Actuarial Studies? Are there any alternative routes?
We do not recommend attempting the actuarial degree if you do not meet the entry requirements.
The requirements for transfers are given at the undergraduate studies section.
10. How do I become an FIAA? What are “exemptions”?
Please see the Accreditation section of our website.
11. Should I aim to become a Fellow of the Institute of Actuaries of Australia in the future? What are the advantages of being an FIAA?
The FIAA qualification is highly respected, and provides more opportunities for advancement in certain areas of work.
Under Australian legislation, there are certain tasks which must be performed by a Fellow of the Institute of Actuaries of Australia (FIAA) or an Accredited
For example, FIAAs must
- sign valuations of life insurance liabilities or superannuation funds;
- write financial condition reports for health funds or life insurers;
- certify tax deductions for superannuation funds.
You can certainly work in an actuarial position without ever becoming an FIAA.
Please see the Accrediation section of our website for further information.
12. What do you mean by credit points?
At Macquarie, you earn credit points whenever you complete a unit successfully. The number of credit points for each unit is shown on the Recommended Programs of Study page.
In order to complete a degree, you must earn:
- at least 68 credit points for a B.Com in Actuarial Studies
- at least 96 credit points for a double degree (other than law)
Each unit may be either:
- a first year unit (100 level units)
- a second year unit (200 level units)
- a third year unit (300 level units)
- a fourth year unit (400 level units)
- a fifth year unit (500 level units)
- a postgraduate unit (800 level units)
e.g. ACST101 is a first year unit, ACST354 is a third year unit.
You must earn a certain number of credit points at 100 level, a certain number at 200 level or above, a certain number at 300 level or above.
You must also complete a “coherent major”, i.e. a set of units which cover the most important topics for your chosen profession. For example, if you do the B Com in Actuarial Studies, you must complete ACST300, ACST354, plus at least 8 credit points in other third or fourth year actuarial studies units.
The rules are slightly different for each degree; and details are given in the Handbook for Undergraduate Studies. The recommended programs are designed to meet these requirements.
13. I am studying another degree in MQ, can I transfer to the BCom - Actuarial Studies?
You can apply to transfer if you meet the Internal Transfer requirements as set out in the Handbook for Undergraduate Studies. From 2008, the requirements will be:
- You need at least 18 credit points.
- Your overall GPA is at least 3.0.
- You must obtain a credit or higher grade in MATH132 or MATH133.
- You must obtain a credit or higher grade in STAT171.
14. The degree requirements for my degree include: "maximum number of credit points at 100 level - 30". I changed my area of study after my first year at uni and I've now got more than 30 credit points at 100 level. Does this mean I can't complete my degree"?
No. This requirement is poorly expressed. It is actually trying to ensure that a reasonable number of your credit points are above 100-level.
If you are in a degree that requires a minimum of 68 credit points, it is clearer to interpret the requirement quoted above as "minimum number of credit points above 100 level - 38".
If you are in a double degree that requires a minimum of 96 credit points, it is clearer to interpret the requirement quoted above as "minimum number of credit points above 100 level - 66".
15. Can I study the BCom-Actuarial Studies in the evening?
At present, most of the lectures are in the day rather than the evening, so it is not possible to complete the BCom-Actuarial Studies by attending evening classes.
16. Can I study the BCom-Actuarial Studies by distance education?
No, most of the BCom-Actuarial Studies units are not available by distance education.
The Part II (Control Cycle) subjects are available by distance education, but you must complete Part I before starting Part II
If you wish to obtain Part I actuarial qualifications by distance education you could join the Institute of Actuaries of Australia as a student member. The Institute of Actuaries has a distance education course which is run by the Actuarial Education Service (known as ACTED). ACTED will provide study materials and then you can sit for the professional examinations for the Part I subjects. After completing the Part I subjects, you can complete the Part II examinations by distance education through Macquarie University.
For information about the Actuarial Education Service, check the website.
17. Masters degree or undergraduate double degree?
Three possible routes of study for completing Parts I and II of the professional exams are:
- A 4-year full time undergraduate double degree (or 6 years if law is the second degree), obtaining exemption from the Part I subjects in the first 3 years and exemption from Part II via ACST400 and ACST401 in the final year; or
- A 3-year undergraduate actuarial degree, obtaining exemption from the Part I subjects, followed by either a Master of Commerce in Actuarial Studies or the Master of Commerce in Business, obtaining exemption from Part II via ACST831 and ACST832.
- A 3-year undergraduate actuarial degree, obtaining exemption from the Part I subjects, followed by the units ACST831 and ACST832 on a non-award basis, (that is, not as part of a degree) to obtain exemption from Part II.
When deciding between these routes, the following factors should be considered.
- If you are undecided, it is preferable to enrol in a double degree if you are eligible to do so. This keeps your options open, since you can transfer back to the basic 3 year actuarial degree near the end of your 3rd year of studies.
- If you study ACST831 or ACST832 on a non-award basis, they can still subsequently be counted towards a MCom in Actuarial Studies or a MCom in Business degree if you subsequently decide to enrol in one of those degrees, provided you have not already counted them towards some other degree. When ACST400 or ACST401 are studied as part of an undergraduate degree, they cannot be counted towards the postgraduate degree.
- There are several actuarial units available to master’s students which are not available to those in double degrees. See the units descriptions in the Handbook of Postgraduate Studies for
-
- ACST815 - Superannuation
- ACST827 - Corporate and Structured Finance
- ACST828 - Options, Futures and Derivatives
- ACST829 - Capital Budgetting and Financial Modelling
- ACST833 - Insurance
- ACST834 - Financial Institutions Management and Regulation
- The non-actuarial units available in the double degrees are different from the non-actuarial units in the Master degrees. Which of these units interests you the most?
- The costs may differ. Australian students may complete the 4-year double degree on a HECS basis. Fees for Masters courses are higher than HECS. The cost difference is not as significant for international students.
- The undergraduate double degree should take 4 years to complete (or 6 years for law.) The 3-year undergraduate actuarial degree plus Master of Commerce in Business may take longer than 4 years. While it is possible to complete a Master of Commerce in 1 full-time year, this involves a workload of 16 credit points per semester.
- All other things being equal, employers are probably more impressed by a Masters degree than by a double undergraduate degree. However, other things are seldom equal. Employers will look at the units involved in the degrees, and as noted above these will differ for the two routes.
18. I have passed some units of the UK Institute of Actuaries. Can I get exemptions from Macquarie for these units?
Since the UK Institute of Actuaries is not a university, you can not count them as credit points for the purpose of satisfying the Macquarie University degree requirements.
19. If I pass the UK Institute of Actuaries core technology subjects, will I automatically be eligible for a waiver?
A pass in the UK actuarial exams does not automatically satisfy prerequisites at Macquarie University. If you pass CT3, this would be a valid reason for applying for a waiver for a prerequisite of STAT271, however there is no guarantee the waiver would be granted.
If you require advice on whether you should study STAT271, please send your query along with your full name and student id number.
20. I am eager to start learning about actuarial studies. What books should I read?
Lecturers often provide a list of textbooks and recommended readings for their courses. The University Co-op Bookshop (on campus) has a list of these textbooks and recommended readings. Copies of textbooks are also available in the University library.
FAQ for Current Students
1. How can I find my way around the campus?
A map of the campus is available. It is helpful to know that:
- Buildings labelled C are in the Center of the Campus E & F are on the East side of the Campus W and X are on the West side of the Campus
- Buildings are numbered with numbers from 1 to 11, where low numbers are closer to the front of the Campus (i.e. closer to Epping Road) and high numbers are closer to the back of the Campus (i.e. closer to the M2 motorway).
Hence E11A is on the eastern side of the campus, near the rear of the campus. And W3A is on the west side of the campus, near the front of the campus.
2. I'm currently studying a single degree (ACST). How do I apply transfer to a double degree?
Please go to the following link: Course Transfer
3. What help is available from my fellow students?
ASSOC is the student association for actuarial students. They organise many social activities so that you can have some fun and meet your fellow students; they organise careers nights where you can get tips about finding a job; they publish a newsletter; and they offer mentoring services and student feedback about different units. See the ASSOC website for more information.
4. Can I apply for a scholarship to study Actuarial Studies at MQ?
Please refer to the prizes and scholarships page for undergraduate students, the prizes and scholarships page for postgraduate students and the support for research for research students.
5. What is a Grade Point Average?
Your grade point average is a score based on your performance at University.
6. What are prerequisites?
Some units have prerequisite requirements. This means you are not allowed to enrol in this unit unless you have already completed another unit to a satisfactory level. For example, you cannot enrol in ACST200 Mathematics of Finance unless you have already:
- completed ACST101 with a Credit or better
- completed MATH133 with a Pass or better
- have a Grade Point Average of at least 2.50
Generally, the pre-requisites are supposed to make sure that you have mastered some basic introductory material before attempting more difficult material. If you have not completed the pre-requisites, you would probably have little chance of success in the more advanced unit.
7. What happens if I do not meet the prerequisite requirements for a unit I want to study, e.g. because I did not do well in a first year unit?
You should consult your an academic advisor to discuss whether you should continue pursuing an actuarial major or switch to some other area of study. You can seek this advice using our contact form.
If you decide to continue pursuing an actuarial major, you will probably need to repeat the first year unit in order to improve your performance and hence demonstrate that you have a sound understanding of the pre-requisite material.
8. How do I submit a Waiver request?
Firstly, read the previous question. Most waiver requests are submitted by students who should not be continuing with the actuarial major. Such requests are not approved. If this does not apply to you then you may fill in a Special Approval Request form and submit the form at ERIC in building E4A. MAKE SURE YOU FOLLOW THE INSTRUCTIONS ON THE FORM AND PROVIDE FULL INFORMATION ABOUT THE REASONS FOR SPECIAL APPROVAL.
Your request will be considered by a Waiver Committee and the results will be posted on the Actuarial Studies Department website.
9. I put in a waiver request but it was refused. I want to appeal against this decision.
The decision of the waiver committee is final. You should enrol assuming that you will NOT be given a waiver.
10. I got a conceded pass (PC) in a particular unit. Can I:
- count that unit for satisfying the coherent major for my degree?
- count the credit points from that unit for satisfying the degree requirement to have so many credit points at or above a certain level?
Conceded passes can be used to satisfy any of the degree requirements.
11. I am interested in doing honours. What are the entry requirements to become an honours student in Actuarial Studies?
Please visit the honours page.
12. Are there possibilities of getting internships organised by the University?
The University does not organise internships. However many students get “holiday jobs” working for actuarial employers. This is an excellent way to obtain practical experience.
13. Can I start a Masters degree before finishing my undergraduate degree?
Some students find themselves perhaps one unit short of completing their undergraduate degree and have asked whether they can start a Masters degree in the same semester in which they finish their undergraduate degree.
It is not possible to enrol in a Masters degree until you have completed an undergraduate degree. However, you can apply to study Masters units on a non-award basis before you complete an undergraduate degree. If you subsequently enrol in a Master of Commerce, any relevant units which you have passed on a non-award basis could then be included in the Masters degree.
Approval to enrol in Masters units on a non-award basis is not automatic. In particular, if you have not yet completed an undergraduate degree you will have to carefully justify your case. If you are enrolled in a double degree and have satisfied the requirements for one of the degrees involved, this would be a useful point to make in your application.
FAQ for Potential New Students with Previous Studies
1. What postgraduate programs do you offer in actuarial studies?
Information about Postgraduate Coursework programs is available on the Postgraduate Coursework Degree Programs page. Postgraduate degrees by subject page within the EFS website provides a comprehensive listing of all the degrees delivered by the Division.
We currently have two postgraduate coursework programs for students who have already completed an undergraduate degree in actuarial studies (or similar qualifications).
1. The Master of Commerce in Actuarial Studies allows you to complete
- the two Part II units (i.e. the Control Cycle units), and
- four or more other actuarial units, which might include a research project, and
- up to two additional units in related areas such as accounting, finance, statistics, marketing, economics, and finance.
2. The Master of Commerce in Business (majoring in Actuarial Studies) is a broadly-based program which allows you to complete
- the two Part II units (i.e. the Control Cycle units), and
- two other actuarial subjects which might include a research project, and
- other studies in related areas such as accounting, finance, business law, statistics, marketing, economics, information systems, and finance.
The Master of Actuarial Practice program has been designed for those who have graduated in a related area (such as statistics or mathematics), and who would like to obtain actuarial qualifications. It will cover most of the Part I subjects and the Part II.
2. What are the opportunities for research at postgraduate level?
The department offers a Master of Philosophy and a Doctor of Philosophy award. If you are interested in research degrees you should contact Shauna Ferris or contact the departmental administrator using the Contact Form.
3. I am not a resident of Australia but I would like to study in Australia. What are the requirements?
Overseas applicants should contact the International Office at Macquarie University. Visit the Macquarie International website.
4. How much would I expect to pay for postgraduate actuarial studies at MQ?
Fees and costs for postgraduate students is available for domestic students. International students need to visit Macquarie International.
5. I have already obtained a bachelors degree at another Australian/overseas university. Can I have some credit for the studies I completed in my previous degree? How many credits can I transfer?
See the section on “Admission with Credit for Previous Studies” in the Handbook of Undergraduate Studies. If you have graduated from another Australian University, you might be granted up to 28 credit points towards a degree at Macquarie (The 3-year B Com in Actuarial Studies requires completion of 68 credit points).
However, the credit you earn for previous studies depends very much on the syllabus of your completed degree. If your past studies are closely related to actuarial studies, e.g. in Statistics or Finance, then you might be able to complete your actuarial degree in less than 3 years. If your past studies are not closely related to Actuarial Studies, e.g. Media Studies, then you will still have to do most of the actuarial studies units and it will take a minimum of 3 years to complete your actuarial degree.
Admission with Credit for Previous Studies” in the Handbook of Undergraduate Studies provides a step by step approach to this process for domestic students.
International students should contact the Macquarie International for further advice.
6. I obtained a Bachelors degree in Actuarial Science outside Australia. How can I have Part I exempted?
Please contact the Institute of Actuaries of Australia and ask them to assess your past courses to see if you meet the requirements for exemption from any of the Part I Core Technology subjects. Information about applying for exemptions is available on the IAAust website.
