About this course
|Award title||Graduate Diploma in Actuarial Science|
|Year & campus||2020 — Parkville|
|Fees information||Subject EFTSL, level, discipline and census date|
|Study level & type||Graduate Coursework|
|Credit points||100 credit points|
|Duration||12 months full-time or 24 months part-time|
The overall aim of the Graduate Diploma in Actuarial Science is to provide graduates who have a bachelor’s degree that includes a strong mathematical component with a one-year program that provides a pathway to a professional actuarial career. Graduates of the diploma will be well placed to enter the actuarial profession.
1. In order to be considered for entry, applicants must have completed:
- an undergraduate or postgraduate degree with the equivalent of a major in mathematically based subjects, for example, studies in mathematics, statistics, physics, engineering;
- MAST20004 Probability and MAST20005 Statistics or subjects in probability and statistics at an equivalent level; and
- a personal statement outlining why they wish to be considered for the course.
Meeting these requirements does not guarantee selection.
2. In ranking applications, the Selection Committee will consider:
- prior academic performance; and
- the personal statement.
3. The Selection Committee may seek further information to clarify any aspect of an application in accordance with the Academic Board rules on the use of selection instruments.
4. The University of Melbourne has a set of English language requirements which all applicants must meet. If applicants have completed a previous degree which was taught and assessed entirely in English they do not have to undertake a test.
Minimum scores and tests accepted:
- IELTS: 6.5 (with no band less than 6.0)
- TOEFL (paper test): 577 with TWE 4.5
- TOEFL (internet): 79 with Writing 21, Speaking 18, Reading 13, Listening 13
- Pearson Test of English (Academic): 58-64 inclusive and no communicative skill below 50
- Students who successfully complete the Graduate Diploma in Actuarial Science may be eligible to progress to the Master of Actuarial Science with 100 points credit.
- Students enrolled in the Master of Actuarial Science or Master of Actuarial Science (Enhanced) or the Master of Actuarial Science (Extended) who are either unable, or who choose not to continue with their studies, may be eligible to exit with a Graduate Diploma in Actuarial Science. Students must have successfully completed four core subjects and four elective subjects and be in good standing to be eligible to be awarded the Graduate Diploma in Actuarial Science.
Inherent requirements (core participation requirements)
The Faculty of Business and Economics welcomes applications from students with disabilities. It is University and Faculty policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student’s participation in the Faculty’s programs.
The BCom and Masters degrees of the Faculty of Business and Economics equip graduates with the knowledge and technical skills necessary to understand and participate in the modern business world. The degrees include the following academic requirements for study:
(1) The ability to explain and evaluate concepts, theories, institutional arrangements and operations of modern mixed economies; (2) The ability to critically evaluate the economy, commerce and business in the broader social and political context; (3) The ability to explain and apply concepts across a range of commerce and business disciplines in solving business and policy problems; and (4) The ability to contribute positively to the development of organisations and society in relation to business, government and the commercial professions.
All students of the Faculty’s courses must possess intellectual, ethical, and emotional capabilities required to participate in the full curriculum and to achieve the levels of competence required by the Faculty. Candidates for the BCom degree and for FBE Masters degrees must have abilities and skills in communication; in conceptual, integrative, and quantitative dimensions; and in behavioural and social dimensions.
I. Communication: The student must be able to communicate effectively and efficiently in oral and/or written form. A student must have the ability to clearly and independently communicate knowledge and application of a discipline, principles or practices during assessment tasks, and in some discipline streams.
II. Intellectual‐Conceptual, Integrative and Quantitative Abilities: The student is expected to have the ability to develop problem‐solving skills and demonstrate the ability to establish study plans and priorities. These abilities include measurement, calculation, reasoning, analysis, and synthesis. Problem solving requires all of these intellectual abilities. Students should also have the ability to comprehend complex disciplinary and cross disciplinary information related to the BCom and Masters degrees.
III. Behavioural and Social Attributes: A student must possess behavioural and social attributes that enable them to participate in a complex learning environment and the emotional health required for full utilisation of his/her intellectual abilities. Students are required to take responsibility for their own participation and learning. They also contribute to the learning of other students in collaborative learning environments, demonstrating interpersonal skills and an understanding of the needs of other students. Assessment may include the outcomes of tasks completed in collaboration with other students. Integrity, concern for others, interpersonal skills, interest, and motivation are all personal qualities that are deemed necessary for students enrolled in FBE courses.
Students who feel their disability will prevent them from participating in tasks involving the inherent academic requirements of the BCom and FBE Masters courses are encouraged to contact the Disability Liaison Unit. Adjustments can be provided to minimise the impact of a disability, but students should participate in the course in an independent manner.
Intended learning outcomes
On successful completion of this degree students will be:
Critical thinkers in relation to actuarial studies and related disciplines.
- Describe and explain the fundamental theories of actuarial science as they apply in life insurance, general insurance and superannuation; and
- Assess the suitability of actuarial, financial and economic models in solving actuarial problems.
Analytical in the application of actuarial theory, knowledge, principles, techniques and data.
- Analyse actuarial data through the application of statistical techniques;
- Perform actuarial calculations through the application of actuarial techniques; and
- Analyse real and hypothetical actuarial problems.
Problem solvers capable of explaining and applying actuarial models.
- Describe the core areas of actuarial practice and relate to those areas actuarial principles, theories and models; and
- Analyse and evaluate options in business decision making.
On successful completion of this degree students should have enhanced their skills in:
- Recognising the interrelationships and synergies which exist between the disciplines of the faculty;
- Synthesizing ideas, theories and data in developing solutions to actuarial problems;
- Critical evaluation of evidence in support of an argument or proposition;
- Problem solving in actuarial practice through the application of appropriate theories;
- Teamwork through collaborative exercises in seminars, workshops and assessment;
- Skills in the use of software packages applicable to actuarial and statistical modelling; and
- Written and oral communication of actuarial ideas, theories and solutions to peers and the wider community.
On successful completion of this course, students will be:
- Receptive to alternative ideas through a review of the literature and through class participation and assessment;
- Able to use, critically evaluate and test actuarial models;
- Adept in statistical reasoning through completion of core quantitative subjects in the degree;
- Able to solve problems through their understanding of financial, statistical and actuarial techniques;
- Able to work effectively with computer software for the analysis of data;
- Able to retrieve, summarise and interpret actuarial and financial information through class exercises and assessment;
- Able to apply and synthesise mathematical, statistical, financial and actuarial theory, models and evidence to a variety of financial and insurance issues;
- Effective in communication of ideas; and
- Able to collaborate and be effective in team work.
Students enrolled in the Graduate Diploma in Actuarial Science will need to successfully complete 8 x 12.5 point subjects comprising four core subjects and four elective subjects from the Master of Actuarial Science over two semesters full-time or four semesters part-time. (Students who take the elective subjects Probability and Statistics will not be able to complete four core subjects in two semesters of full-time study.)
Four core subjects (50 points) chosen from the following eight Master of Actuarial Science core subjects:
|Code||Name||Study period||Credit Points|
|ACTL90001||Mathematics of Finance I||
|ACTL90002||Mathematics of Finance II||
|ACTL90003||Mathematics of Finance III||
|ACTL90006||Life Insurance Models I||
|ACTL90007||Life Insurance Models 2||
|ACTL90021||Topics in Insurance and Finance||
|ACTL90020||General Insurance Modelling||
Four elective subjects (50 points) can be taken from the Master of Management elective or foundation subject listings or other masters subjects in actuarial studies, economics, finance and mathematics as approved by the Program Director.
Last updated: 16 March 2020