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

Please note that to obtain maximum professional actuarial course exemptions, the first four ACTL options in List A should be completed and FINS1613.

Honours level study is available in Actuarial Studies.
Please refer to the Honours plan record for further information and entry requirements.

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: