This specialisation is no longer offered to commencing students. This specialisation has been superceded by the Master of Actuarial Studies (program code 8411).

Actuarial Studies involves the application of quantitative, economic and financial models and analysis to long term financial management particularly in life insurance, general insurance, health insurance, and superannuation as well as in other financial services.

The Actuarial Studies specialisation provides students who meet the required standards with the opportunity to apply for exemption from some or all of the Part I and II examinations of The Institute of Actuaries of Australia and entry into the actuarial profession.

This specialisation also aims to develop the use of judgement and to provide the necessary combination of mathematical, statistical, accounting, economic, financial, demographic, analytical and modelling skills for a rewarding career in the financial services industry.

Graduates in mathematics, engineering and science disciplines, who are interested in applying their mathematical skills in a rewarding career in the financial services industry, should consider an actuarial career as an option.

Graduates from Commerce and Economics discipline with a strong mathematical background, such as would be obtained from studying econometrics, mathematical economics or mathematical finance should also consider an actuarial career.

The courses provide the foundations for actuarial practice in the pricing, reserving, investment, and financial management of life insurance, general insurance superannuation and pension funds. The actuarial courses cover the models used to quantify and manage risks such as survival, birth, marriage, sickness, retirement, accident, fire, flood, asset default and asset value fluctuations and to study their financial effect on the obligations of insurance companies, benefit plans and other financial security systems. The courses are quantitative and intellectually demanding. They require a very strong ability and interest in mathematics and statistics and their applications to business.

Success as a professional actuary also requires problem solving skills, reasoning, well-rounded business skills and an ability to communicate complex ideas in simple terms.

In order to qualify for the Actuarial Studies specialisation students, in addition to the core and elective courses must complete at least six actuarial studies courses selected from the following list:

Recommended electives for the Master of Commerce in Actuarial Studies program:

Actuaries are employed by insurance companies, superannuation funds, banks, and governments and also practice as consulting actuaries. About a third of the fully qualified actuaries in Australia work or practice in life insurance, another third work or practice in superannuation, and the rest are in general insurance, finance, funds management, education and other areas of practice. The financial rewards from an actuarial career compare very well with other professions and employment prospects are very good.

Institute of Actuaries of Australia (IAA)
To qualify as an actuary in Australia requires the completion of, or exemption from, subjects in Parts I, II and III of the professional syllabus of the Institute of Actuaries of Australia.

Part II is made up of the Actuarial Control Cycle subjects. Part III consists of two subjects completed by distance education through The Institute of Actuaries of Australia usually on a part-time basis after completing the Part I and Part II subjects. Students select these two Part III subjects from the five practice areas of Investment Management, Life Insurance, General Insurance, Superannuation and Finance.

Students who enrol in the MCom without any professional recognition from the Institute of Actuaries of Australia (IAAust) for their undergraduate studies will normally need to include the following courses in the common core:

For professional recognition purposes students completing the actuarial specialisation may:

The Faculty of Actuaries and the Institute of Actuaries in the UK offer exemptions from the equivalent subjects in their syllabus if students have obtained exemption through the Institute of Actuaries of Australia. This covers only Part I subjects. However, Fellows of The Institute of Actuaries of Australia can obtain Fellowship of the Institute of Actuaries (London) if they wish to practice in the UK or Europe.

Students who have completed an actuarial studies specialisation and obtained exemptions from the Part I subjects of The Institute of Actuaries of Australia can apply for waivers of some of the examinations of the Society of Actuaries (North America). Fellows of The Institute of Actuaries of Australia can apply for admission as an Associate of the Society of Actuaries if they wish to practice in North America.

Fellowship of The Institute of Actuaries of Australia (F.I.A.A.) is recognised by local actuarial societies in Hong Kong, Singapore, Malaysia, New Zealand and Japan. The actuarial societies in Hong Kong, Singapore and Malaysia do not conduct their own examinations.