Head: Professor Michael Sherris
Administrative Assistant: Sussan Su

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 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 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 program of study 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.

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.

The Bachelor of Commerce allows students to combine a major in Actuarial Studies with a major or minor in a broad range of other disciplines including business economics, business statistics, business strategy and economic management, economic history, financial economics, human resource management, management, taxation, modern languages, accounting, finance, international business, business law, information systems and marketing. The Actuarial Studies program also provides students who meet the required standards with the opportunity to apply for exemptions from some or all of the Part I examinations of the Institute of Actuaries of Australia and entry into the actuarial profession.

Co-op Scholarship: The Actuarial Studies Co-op Scholarship Program provides industry experience integrated with the academic requirements for the Bachelor of Commerce. Entry is gained through the Co-op selection process. For further details, contact the UNSW Co-op Program Office: telephone (02) 9385 5116 or www.coop.unsw.edu.au.

Actuaries are employed by insurance companies, superannuation funds, banks, and governments and also practice as consulting actuaries. The financial rewards from an actuarial career compare very well with other professions and employment prospects are very good. 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 studied after graduating or possibly in an Honours year and is made up of the Actuarial Control Cycle subjects. Part III consists of four half-year subjects completed by distance education through the Institute of Actuaries of Australia usually on a part time basis after completing the Part I and II subjects.

Please refer to the section 'Professional Recognition of Programs' for a sample program.

The Master of Actuarial Studies 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 (IA Aust) and entry into the actuarial profession, as well as study courses in quantitative risk management.

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

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. To qualify as an actuary in Australia, the completion of, or exemption from, subjects in Parts I, II and III of the professional syllabus of the IA Aust is required.

Part II is made up of the Actuarial Control Cycle subjects. Part III is completed by distance education through the IA Aust usually on a part-time basis after completing the Part I and Part II subjects. Please refer to the section 'Professional Recognition of Programs' for a sample program.