| AQF Level |
Level 7 Bachelor Degree |
| CRICOS Code |
067842D |
| Overview and Aims of the Program |
Macquarie University has been teaching actuarial studies since 1968. It is the first actuarial studies program in the English speaking world, and has the longest running program of its type in Australia. One-third to one-half of qualified actuaries in Australia are Macquarie graduates.
Actuaries analyse and manage the financial consequences of risky events. These risks include risk of death or sickness, risk of natural hazards (cyclone, earthquake, bushfire), and financial risks (shares, bonds, exchange rates). Actuaries analyse and manage the risks of financial contracts, insurance and retirement funds. They also help manage and control financial institutions. Actuaries relate numbers to real life.
In this actuarial studies degree you’ll learn to conduct mathematical, statistical, economic and financial analysis to a range of practical problems faced in long-term financial planning and management.
Very strong industry links exist through capstone and professional subjects including the actuarial control cycle.
Key features:
• Accredited by the Actuaries Institute, giving you a head start in your professional exams.
• Provides a comprehensive understanding in not only actuarial studies but also in economics, accounting, mathematics, statistics and finance. In your final year, your advanced skills will allow you to undertake actuarial projects on insurance liability and risk.
• Taught by the largest actuarial department in Australia, students will learn from highly experienced lecturers and members of the Actuaries Institute.
• Many Macquarie actuarial graduates hold senior positions in the financial services industry.
• This degree offers the flexibility to construct a specific program of study tailored to your intended professional career. You will develop your scientific skills such as problem solving and critical thinking through practical work and peer assisted learning.
Combining the Actuarial Studies degree with a degree in Science provides the opportunity to specialise (major) in a particular area of science and include combinations of units in other sciences or non-science areas.
Key features of the Bachelor of Science degree:
• A strong focus on practical work in the field (where relevant) and laboratories to develop skills and problem solving ability.
• Learn from internationally recognised researchers and gain state-of-the-art scientific knowledge.
• High quality laboratories including modern instruments and tools. |
| 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. demonstrate knowledge relevant to compound interest theory and practice (K);
2. demonstrate expertise in the use of contingent payment techniques to determine expected present values (K);
3. demonstrate expertise in the development and application of survival models (K);
4. demonstrate an ability to model and critically analyse scenarios involving financial risk (T, I);
5. demonstrate an ability to recommend appropriate solutions to business problems that involve financial risk (P, J);
6. demonstrate communication skills relevant to an appropriate professional environment (C);
7. demonstrate an awareness of the challenges facing businesses and the need for ethical behaviour (E, A);
8. apply teamwork knowledge and skills for effective collaboration to achieve diverse purposes in a range of contexts (E).
Additional Program Learning Outcomes are dependent on which BSc major is selected.
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| Learning and Teaching Methods |
Refer to the corresponding entry in the BActStud and the relevant major in the BSc. |
| Assessment |
Refer to the corresponding entry in the BActStud and the relevant major in the BSc. |
| 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.
Domestic Students
For undergraduate RPL information visit www.goto.mq.edu.au/nonschoolrpl
For domestic postgraduate RPL information visit www.goto.mq.edu.au/pgrpl
International Students
For RPL information visit www.mq.edu.au/international/rpl undefined |
| 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. For additional information, refer to the corresponding entry in the BActStud and the relevant major in the BSc. |
| Graduate Destinations and Employability |
Career opportunities for actuaries exist in the fields of:
• life, general or health insurance
• superannuation
• banking and finance
• funds management
• investment
• risk management
• public sector: Australian Prudential Regulation Authority, Australian Taxation Office
• wealth management
• energy and environment
• management
• non-traditional areas such as IT, e-commerce, climate change.
Employers:
• life insurance companies
• general insurance companies
• health insurance companies
• actuarial and superannuation consulting firms
• banks and funds managers
• accounting firms.
A number of career options are available with a Bachelor of Science depending on the major you choose.
Employers include but are not limited to:
• agricultural agencies
• banks and financial institutions
• consultancy firms
• environment protection authorities
• exploration and mining industries
• government departments
• hospitals
• IT companies
• medical research centres (especially laboratories)
• national parks and conservation agencies
• research institutions
• telecommunication companies. |
| 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 Actuaries Institute is the professional body of actuaries in Australia, and conducts a 3-part exam process and a Professionalism Course. After completing these requirements a graduate is a fully qualified actuary (FIAA).
The actuarial degree is accredited by the Actuaries Institute. If you complete the three year Bachelor of Actuarial Studies with grades of credit or above in the relevant units in the program you are granted exemption from Part 1 of the Actuaries Institute's professional exams. If the BSc major is mathematics or statistics, this Bachelor of Actuarial Studies with Bachelor of Science double degree allows you to be granted exemption from Parts 1 and 2 of the Actuaries Institute's professional exams if you obtain grades of credit or above in the relevant units.
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