Master of Actuarial Science (Enhanced) (MC-ACTSCEN)

Masters (Coursework)Year: 2023 Delivered: On Campus (Parkville)

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Overview

Award titleMaster of Actuarial Science (Enhanced)
Year & campus2023 — Parkville
CRICOS code0100879
Fees informationSubject EFTSL, level, discipline and census date
Study level & typeGraduate Coursework
AQF level 9
Credit points200 credit points
Duration24 months full-time or 48 months part-time

The Master of Actuarial Science (Enhanced) course aims to provide university graduates who have a bachelor’s degree that includes strong mathematical, probability and statistics components with a two-year program that prepare them for a future career in the actuarial profession. Graduates of the degree will be well placed to undertake further graduate work in actuarial studies or to enter the actuarial profession. The Master of Actuarial Science (Enhanced) course provides the fastest graduate pathway to the actuarial profession and enables students to gain exemptions from Part I (Foundation) and half of the Part II (Associateship) professional exams with sufficiently good performance in subjects taken in the degree.

Entry requirements

 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 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. Applicants are required to satisfy the university’s English language requirements for graduate courses. For those applicants seeking to meet these requirements by one of the standard tests approved by the Academic Board, the following performance bands are required:

  • 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

Notes:

Students who successfully complete the Master of Actuarial Science may be eligible to progress to the Master of Actuarial Science (Enhanced) with 150 points credit.

Students enrolled in the Master of Actuarial Science (Enhanced) who are either unable, or who choose not to continue with their studies after one year, 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.

Students enrolled in the Master of Actuarial Science (Enhanced) who are either unable, or who choose not to continue with their studies after one and half year, may be eligible to exit with a Master of Actuarial Science. Students must have successfully completed eight core subjects and four elective subjects and be in good standing to be eligible to be awarded the Master of 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 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;
  • Interpret and critically evaluate articles in the actuarial research literature.
  • 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;
  • Demonstrate creativity and initiative in application of knowledge to problem solving and innovation;
  • 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;
  • Execute a project requiring research or a real-world application;
  • Apply data analytics techniques in wider actuarial fields.

Generic skills

  • 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 including general insurance, life insurance, superannuation, and investment, through the application of appropriate theories, principles and data;
  • The use of software packages applicable to actuarial and statistical modelling;
  • Understanding the principles, processes, impact and functions of data science;
  • Written and oral communication of actuarial ideas, theories and solutions to peers and the wider community;
  • Research including the retrieval of information from a variety of sources.

Graduate attributes

  • 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;
  • Able to apply data science in insurance;
  • Independent and effective in communication of ideas;
  • Able to collaborate and be effective in team work.

Course structure

The degree is designed to be completed in two-years of full time study and requires completion of 200 points. The degree consists of 16 semester-length subjects comprising 6 compulsory core subjects, 2 capstone subjects and 8 elective subjects. 

Year 1

Semester 1

CORE SUBJECTS

Code Name Study period Credit Points
ACTL90001 Mathematics of Finance I
Semester 1 (On Campus - Parkville)
 12.5
ACTL90006 Life Insurance Models I
Semester 1 (On Campus - Parkville)
 12.5

ELECTIVE SUBJECTS

Two elective subjects (25 points) approved by the Program Director.

The following two electives are recommended for professional accreditation exemptions:

Code Name Study period Credit Points
ACCT90042 Accounting and Finance for Actuaries
Semester 1 (Dual-Delivery - Parkville)
 12.5
ACTL90023 Data Analytics in Insurance 1
Semester 1 (On Campus - Parkville)
 12.5

Semester 2

CORE SUBJECTS

Code Name Study period Credit Points
ACTL90002 Mathematics of Finance II
Semester 2 (On Campus - Parkville)
 12.5
ACTL90007 Life Insurance Models 2
Semester 2 (On Campus - Parkville)
 12.5
ACTL90021 Topics in Insurance and Finance
Semester 2 (On Campus - Parkville)
 12.5

CAPSTONE SUBJECT

Code Name Study period Credit Points
ACTL90005 Life Contingencies
Semester 2 (On Campus - Parkville)
 12.5

Year 2

Semester 1

CORE SUBJECT

Code Name Study period Credit Points
ACTL90003 Mathematics of Finance III
Semester 1 (On Campus - Parkville)
 12.5

CAPSTONE SUBJECT

Code Name Study period Credit Points
ACTL90020 General Insurance Modelling
Semester 1 (On Campus - Parkville)
 12.5

ELECTIVE SUBJECTS

Two elective subjects (25 points) approved by the Program Director.

The following two electives are recommended for professional accreditation exemptions:

Code Name Study period Credit Points
ACTL90010 Actuarial Practice and Control I
Semester 1 (On Campus - Parkville)
 12.5
ACTL90022 Economics for Actuaries
Semester 1 (On Campus - Parkville)
 12.5

Semester 2

ELECTIVE SUBJECTS

Four elective subjects (50 points) approved by the Program Director.

The following three electives are recommended for professional accreditation exemptions:

Code Name Study period Credit Points
ACTL90008 Statistical Techniques in Insurance
Semester 2 (On Campus - Parkville)
 12.5
ACTL90011 Actuarial Practice and Control II
Semester 2 (On Campus - Parkville)
 12.5
ACTL90019 Data Analytics in Insurance 2
Semester 2 (On Campus - Parkville)
 12.5


Graduate Diploma in Actuarial Science

Students enrolled in the Master of Actuarial Science (Enhanced) 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

Last updated: 6 February 2025