This plan is for a single Major in Actuarial Studies.

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.

There is a strong demand for quantitatively trained commerce graduates with an actuarial studies major. There is also a growing demand for commerce graduates who combine specialist actuarial training with majors in other fields.

The actuarial studies major has been designed so that students who meet the required standards can apply for exemptions from some or all of the Part I examinations of The Institute of Actuaries of Australia in an identical way to the actuarial programs at other Australian Universities. The actuarial studies major covers the new actuarial syllabus and has an emphasis on financial and stochastic modelling.

Note: The actuarial studies major requires students to substitute the below approved Mathematics courses in place of core required courses ECON1202 Quantitative Methods A and ECON1203 Quantitative Methods B

Honours level study is available in Actuarial Studies.

An Honours year is not for every student. For a start, students applying for the Honours year must have obtained a minimum average of 71% in their year 2 and 3 courses in the Actuarial major.

The Honours program provides the opportunity to complete the Part II subjects, but it is primarily designed to provide high quality research training to capable students. It will open up opportunities to complete higher degrees by research such as a PhD

Upon completion of first or second years of a full-time program or the corresponding stages of a part-time program, a candidate may make a written application to the Head of School concerned for permission to enrol for an Honours degree.

For the Honours degree, the student must complete a further 48 units of credit in an approved disciplinary area. When such permission is granted but a candidate's later performance is unsatisfactory, permission to continue as an Honours student may be withdrawn and the student may proceed to an appropriate Pass degree. A person who has graduated with a Pass degree of Bachelor of Commerce can not be admitted to candidature for the Honours degree of Bachelor of Commerce, except with special permission on the recommendation of the Head of the School

Please refer to the Actuarial Studies Honours plan record for further information and entry requirements.

Students who are interested in the Honours program in Actuarial Studies should contact the Actuarial Studies Office before Session 2 of their final year of the B.Com to discuss their program:

Actuarial Studies Office
Ground Floor, John Goodsell Building, Rm G31
Faculty of Business
The University of New South Wales
Sydney NSW 2052
Australia
Tel: +61 2 9385 1886

For further information contact

Honours Coordinator for Actuarial Studies
Dr Changki Kim
Ground Floor, John Goodsell Building, Rm G29B
Tel: + 61 2 9385 2647
E-mail: c.kim@unsw.edu.au

The profession of Actuary is one of the oldest in the financial world. It is highly regarded and requires the completion of, or exemption from, professional examinations. Fellows of The Institute of Actuaries of Australia, the Institute of Actuaries or Faculty of Actuaries (UK), or the Society of Actuaries (North America) can practise as actuaries in Australia.

Students intending to enter the actuarial profession should normally have completed 4-unit mathematics or obtained a high mark in 3-unit mathematics and should be aiming to obtain at least an average 70% mark in their University studies. Experience has shown that the higher your UAI or equivalent, the better your chances of success in meeting the standard for exemption from the professional actuarial examinations (95 and above is often recommended).

To qualify as an actuary in Australia requires the completion of, or exemption from, subjects in the professional syllabus of the Institute of Actuaries of Australia.

Qualification as a Fellow of The Institute of Actuaries of Australia (FIAA) requires the completion of subjects in Parts I, II and III of the professional examinations.

Qualification as an Associate of The Institute of Actuaries of Australia (AIAA) is attained on completion of the subjects in Parts I and II.

The following courses at UNSW correspond to the Part I and Part II subjects of the IAAust professional examinations: