Master of Commerce (Actuarial Science) (MC-COMACTS) // Attributes, outcomes and skills

Critically analyse theoretical and practical problems in actuarial work.

• On successful completion of this degree students will be able to describe, evaluate and utilize the fundamental theories underlying actuarial practice across the main areas of insurance and financial mathematics including superannuation, general insurance and the valuation of embedded derivatives contracts.
• They will also be aware of their limitations and be able to place these in context.

 Evaluate analytically and numerically using actuarial models.

• Apply specialized actuarial techniques to the statistical analysis of data whilst understanding their limitations.
• Compute relevant quantities for insurance problems using actuarial techniques. These quantities will include premiums, contribution rates and risk numbers.
• Compute prices and sensitivities for a range of financial derivative products that are relevant to insurance work.

Have an understanding of actuarial practice and conduct, and of how relevant the models they have studied are.

• Evaluate and solve practical problems using the actuarial control cycle.
• Describe the core areas of actuarial practice and critically discuss the application of actuarial models to each of them.
• Assess and contrast product characteristics from the point of view of both providers and consumers.
• Analyze possible conduct/misconduct using tests of professionalism.

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;
• Skilled in the use, critical evaluation and testing of actuarial models;
• Adept in statistical reasoning through completion of core quantitative subjects in the degree;
• Practiced at problem solving through their understanding of financial, statistical and actuarial techniques;
• Experienced 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.