Master of Actuarial Science (MC-ACTSCI) // Attributes, outcomes and skills
About this course
Contact
Email: Shli@unimelb.edu.au
Phone: 8344 5316
Currently enrolled students:
- General information: https://ask.unimelb.edu.au
- Contact Stop 1
Future students:
- Further information: mbs.unimelb.edu.au
- Submit an enquiry
Director
Xueyuan Wu
Professional accreditation
If students obtain a sufficiently high pass in the program, they will receive some exemptions from the professional actuarial examinations conducted by the Actuaries Institute and the Institute and Faculty of Actuaries (UK).
Intended learning outcomes
1. Learning Goal
Graduates of this degree will be critical thinkers in relation to actuarial studies and related disciplines.
Learning objectives to achieve this goal
On successful completion of this degree students will be able to:
- Describe, explain and apply the fundamental theories of actuarial science as they apply in life insurance, general insurance and superannuation;
- Assess the suitability of actuarial, financial and economic models in solving actuarial problems; and
- Interpret and critically evaluate articles in the actuarial research literature.
2. Learning Goal
Graduates of this degree will be analytical in the application of actuarial theory, knowledge, principles, techniques and data.
Learning objectives to achieve this goal
On successful completion of this degree students will be able to:
- Analyse actuarial data using advanced statistical techniques;
- Calculate quantities such as premiums, reserves and superannuation contribution rates using actuarial techniques;
- Analyse real and hypothetical problems in insurance and superannuation; and
- Demonstrate creativity and initiative in application of knowledge to problem solving and innovation.
3. Learning Goal
Graduates of this degree will be problem solvers capable of explaining, applying and critically evaluating the use of actuarial models, particularly in relation to insurance and superannuation.
Learning objectives to achieve this goal
On successful completion of this degree students will be able to:
- Describe the core areas of actuarial practice and relate to those areas actuarial principles, theories and models;
- Demonstrate a capacity to successfully work independently with personal accountability; and
- Execute a project requiring research or a real-world application.
Generic skills
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, principles and data;
- The use of software packages applicable to actuarial and statistical modelling;
- Written and oral communication of actuarial ideas, theories and solutions to peers and the wider community; and
- Research including the retrieval of information from a variety of sources.
Graduate attributes
On successful completion of this degree graduates will be:
- Receptive to alternate ideas through a review of the literature and through class participation and assessment;
- Ethical in their approach to research and work practices;
- Advanced in their use, critical evaluation and testing of actuarial models;
- Adept in statistical reasoning through completion of core quantitative subjects in the degree;
- Advanced in problem solving through their understanding of financial, statistical and actuarial techniques;
- Skilled in working effectively with computer software for the analysis of data;
- Adept at retrieval, summary and interpretation of 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;
- Independent and effective in communication of ideas; and
- Able to collaborate and be effective in team work.
Last updated: 21 February 2025