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Master of Actuarial Practice

ACPR19MTV1

Faculty:
Faculty of Business and Economics
Award:
Master of Actuarial Practice (MActPrac)
Admission Requirement:
Australian level 7 bachelor's qualification or recognised equivalent in relevant field with a GPA of 4.50 (out of 7.00) or overseas equivalent; or Australian level 7 bachelor's qualification or recognised equivalent with a GPA of 5.00 (out of 7.00) or overseas equivalent
English Language Proficiency:
Academic IELTS of 6.5 overall with minimum 6.0 in each band, or equivalent
Study Mode:
Full-time, Part-time
Attendance Mode:
Internal
Candidature Length:
Full-time: 1 year - 2 years depending on RPL granted
Commencement:
North Ryde — Session 1 (February)
Volume of Learning:
Equivalent to 2 years
General requirements:
Minimum number of credit points at 800 level or above 64
Minimum number of credit points at 800 level or above from units with an ACST prefix 32
Completion of other specific minimum requirements as set out below

In order to graduate students must ensure that they have satisfied all of the general requirements of the award.

Specific minimum requirements:

Credit points

800 level

Required
4
Quantitative Research Methods II (4)
 
Required
either
or
 
Actuarial Control Cycle 1 (4)
 
4
Actuarial Modelling (4)
 
Required
either
or
 
Statistical Inference (4)
 
4
Statistical Theory (4)
 
Required
16 cp from
 
Mathematics of Finance (4)
 
 
Contingent Payments (4)
 
 
Actuarial Statistics (4)
 
 
Survival Models (4)
 
 
Quantitative Methods for Risk Analysis (4)
 
 
Quantitative Asset and Liability Modelling 1 (4)
 
16
Quantitative Asset and Liability Modelling 2 (4)
 
Required
8cp from
 
ACST units at 800 or 900 level
 
Epidemiology (4)
 
 
Data Management and Statistical Computing (4)
 
 
Linear Models (4)
 
 
Categorical Data and Generalised Linear Models (4)
 
 
Longitudinal and Correlated Data (4)
 
 
Bayesian Statistical Methods (4)
 
8
STAT units at 800 or 900 level
Required
24cp from
 
ACST units at 800 or 900 level
 
AFIN units at 800 or 900 level
 
ECON units at 800 or 900 level
 
MKTG units at 800 or 900 level
24
STAT units at 800 or 900 level
Required
4cp from
4
Units at 800 or 900 level designated as Commerce

TOTAL CREDIT POINTS REQUIRED FOR THIS PROGRAM

64
AQF Level Level 9 Masters by Coursework Degree
CRICOS Code 083775K
Overview and Aims of the Program 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.

Key features:
• allows you to complete part or all of both the Foundation level and the university component of the Associateship professional qualifications of the Australian Actuaries Institute;
• 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.
Graduate Capabilities

The Graduate Capabilities Framework articulates the fundamentals that underpin all of Macquarie’s academic programs. It expresses these as follows:

Cognitive capabilities
(K) discipline specific knowledge and skills
(T) critical, analytical and integrative thinking
(P) problem solving and research capability
(I) creative and innovative


Interpersonal or social capabilities
(C) effective communication
(E) engaged and ethical local and global citizens
(A) socially and environmentally active and responsible

Personal capabilities
(J) capable of professional and personal judgement and initiative
(L) commitment to continuous learning

Program Learning Outcomes By the end of this program it is anticipated you should be able to:
1. apply the theory of mathematical finance (K);
2. demonstrate expertise in the application of insurance pricing and reserving (K);
3. demonstrate expertise in the application of mathematical insurance theory (K);
4. apply your knowledge of research principles and methods as used in actuarial theory and practice (K);
5. model and critically analyse complex problems involving financial risk (T);
6. demonstrate an understanding of contemporary social and economic developments relevant to the financial services industry (T);
7. conduct independent research of specialised issues in actuarial practice (P, J);
8. recommend appropriate solutions to complex actuarial problems (P, J);
9. demonstrate communication skills relevant to an appropriate professional environment (C);
10. develop awareness of contemporary issues and ethics in relation to financial services and insurance (E);
11. apply teamwork knowledge and skills for effective collaboration to achieve diverse purposes in a range of contexts (E).
Learning and Teaching Methods This program employs a mixture of lectures, tutorials and practicals to meet its learning outcomes:
• Lectures are oral presentations that are intended to present information or teach students about a particular subject. However, lectures are not purely passive experiences, and in many units students will be given problems to work on and discuss in groups before the lecturer summarises the main issues of the problem.
• Tutorials are smaller classes where students get to work at their own pace on various problems and seek feedback from their tutor. Tutorials allow a level of feedback not possible in the larger lectures.
• Practicals are usually held in computer laboratories and allow students to gain experience with relevant statistical software.

While the majority of classes are taught by university staff, several units also employ presentations by industry practitioners. This is particularly so in the program's capstone unit. This unit involves extensive presentations by industry partners, who are also involved in assessing and providing feedback on a major assessment task in which students tackle a real world project and provide a verbal presentation on their findings.
Assessment • Most units in the program include regular tutorial exercises which are designed for students to test their own understanding. These are formative and are not assessed. There are also a range of assessment tasks which are used to determine students' grades.

• Final Exam: this program is accredited by the Actuaries Institute, the Australian professional actuarial body. To assist in meeting accreditation requirements, many units in the program have an assessment scheme strongly weighted towards a final exam. A unit's final examination is designed to assess a student's command of the entire unit's knowledge and skills. While multiple choice questions are used in some units, most exam questions require longer written answers, which may be either mathematical in nature or word-based. Actuaries do not work in isolation but rather need to be able to explain their results to members of other professions, so exam questions do include scenarios requiring non-technical explanations of the meaning of calculations.

• Written assessments in traditional academic format: these may range from short essays to longer, self-directed research papers, literature reviews and annotated bibliographies. The research component of the coursework will be assessed summatively in a substantial independent research project in the unit ACST840 Quantitative Research Methods II.

• Assignments: an assignment may take a variety of formats such as the analysis of data using a spreadsheet or statistical software, the development of a mathematical argument, or the production of a formal report explaining the results of any of the previous items.

• Quizzes: a quiz is an online assessment. Quizzes usually consist of a short series of questions which may be true/false, multiple choice, or require students to enter a numerical answer. Quizzes are usually computer-marked, their main advantage being their ability to provide immediate feedback to students.

• Presentations: presentations may be conducted on an individual or group basis. Traditionally they have involved a live oral presentation with appropriate visual aids, but looking forward they may allow students to develop a video presentation.

• Tests: class tests are held during class time under normal exam conditions. They allow students to practice their exam skills in preparation for the final exam.
Recognition of Prior Learning

Macquarie University may recognise prior formal, informal and non-formal learning for the purpose of granting credit towards, or admission into, a program. The recognition of these forms of learning is enabled by the University’s Recognition of Prior Learning (RPL) Policy (see www.mq.edu.au/policy) and its associated Procedures and Guidelines. The RPL pages contain information on how to apply, links to registers, and the approval processes for recognising prior learning for entry or credit.


Information can be found at: https://mq.edu.au/rpl

Support for Learning

Macquarie University aspires to be an inclusive and supportive community of learners where all students are given the opportunity to meet their academic and personal goals. The University offers a comprehensive range of free and accessible student support services which include academic advice, counselling and psychological services, advocacy services and welfare advice, careers and employment, disability services and academic skills workshops amongst others. There is also a bulk billing medical service located on campus.

Further information can be found at www.students.mq.edu.au/support/

Campus Wellbeing contact details:
Phone: +61 2 9850 7497
Email: campuswellbeing@mq.edu.au
www.students.mq.edu.au/support/wellbeing

Program Standards and Quality

The program is subject to an ongoing comprehensive process of quality review in accordance with a pre-determined schedule that complies with the Higher Education Standards Framework. The review is overseen by Macquarie University's peak academic governance body, the Academic Senate and takes into account feedback received from students, staff and external stakeholders.

Graduate Destinations and Employability 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.
Assessment Regulations

This program is subject to Macquarie University regulations, including but not limited to those specified in the Assessment Policy, Academic Honesty Policy, the Final Examination Policy and relevant University Rules. For all approved University policies, procedures, guidelines and schedules visit www.mq.edu.au/policy.

Accreditation This is an Australian Qualifications Framework (AQF) accredited qualification.

The foundation level 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 the foundation level “CORE” professional exams of the institute of Australian Actuaries Institute as follows:

CORE BUSINESS 1 (CB1): ACST852
CORE BUSINESS 2 (CB2): ECON991
CORE MATHEMATICS 1 (CM1): ACST881 & ACST882
CORE MATHEMATICS 2 (CM2): ACST887 & ACST888
CORE STATISTICS1 (CS1): STAT806 & ACST883
CORE STATISTICS2 (CS2): ACST884 & ACST885 & ACST886

The university component of the Associateship level qualification of the Australian Actuaries Institute covers the application of the core technical knowledge acquired in the foundation level units to the financial management and control of insurance companies and other entities in the financial services industry and beyond. It also covers advanced technical content relating to data analytics and investment.

The university component of the Associateship level qualification is covered by students completing all of the following ACST units: ACST831 ACTUARIAL CONTROL CYCLE, ACST832 ACTUARIAL CONTROL CYCLE 2, & ACST895 ACTUARIAL DATA ANALYTICS. Students must achieve sufficiently good results in this combination of Macquarie units to be eligible for professional accreditation with the Actuaries Institute.

Inherent requirements are the essential components of a course or program necessary for a student to successfully achieve the core learning outcomes of a course or program. Students must meet the inherent requirements to complete their Macquarie University course or program.

Inherent requirements for Macquarie University programs fall under the following categories:

Physical: The physical inherent requirement is to have the physical capabilities to safely and effectively perform the activities necessary to undertake the learning activities and achieve the learning outcomes of an award.

Cognition: The inherent requirement for cognition is possessing the intellectual, conceptual, integrative and quantitative capabilities to undertake the learning activities and achieve the learning outcomes of an award.

Communication: The inherent requirement for communication is the capacity to communicate information, thoughts and ideas through a variety of mediums and with a range of audiences.

Behavioural: The behavioural inherent requirement is the capacity to sustain appropriate behaviour over the duration of units of study to engage in activities necessary to undertake the learning activities and achieve the learning outcomes of an award.

For more information see https://students.mq.edu.au/study/my-study-program/inherent-requirements



2019 Unit Information

When offered:
S1 Day
Prerequisites:
Permission of Executive Dean of Faculty
Corequisites:
None
NCCWs:
HSC Chinese, CHN113, CHN148