Actuarial Studies - 3586
Program Summary
Faculty: Australian School of Business
Contact: Australian School of Business Student Centre
Campus: Sydney
Career: Undergraduate
Typical Duration: 3 Years
Typical UOC Per Semester: 24
Min UOC Per Semester: 6
Max UOC Per Semester: 24
Min UOC For Award: 144
UAC Code: 424010
International Entry Requirements: See International Entry Requirements
Award(s):
Bachelor of Actuarial Studies
Information valid for students commencing 2013.
Students who commenced prior to 2013 should go to the Handbook's Previous Editions
Program Description
Important Information: This program has a Semester 1 (March) enrolment intake only.
Actuarial Studies involves the application of statistical and financial analysis and risk models to management in general, life and health insurance, superannuation, investment and finance.
The Actuarial Studies program serves as a foundation for students who wish to enter the actuarial profession. Students must achieve the required academic standard in their Actuarial Studies courses to gain exemption from Part I of the Actuaries Institute in Australia, the CT courses of The Institute and Faculty of Actuaries (UK) professional examinations or the VEE credit for the Society of Actuaries (USA). Students can gain exemption from Part II of the Actuaries Institute professional examinations and become an Associate member by completing the designated fourth year courses at the required academic standard.
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. Employers in the financial services industry – including banks, insurers and consultants – value the rigorous quantitative risk training in the Actuarial Studies major.
Program Objectives and Graduate Attributes
On successful completion of the BActSt, graduates will be able to demonstrate:
- critical thinking and problem solving skills
- effective and confident communication in oral and written forms
- collaborative skills in teamwork and a capacity for leadership
- their in-depth knowledge of the work of actuaries in financial institutions
- understanding of social, ethical and global perspectives on a range of cultural, environmental and economic spheres
- the capacity to plan and manage their study and workloads to achieve self-direction, and personal and professional goals.
Program Structure
The Bachelor of Actuarial Studies is a full time program offered by the Australian School of Business. This single degree program of 144 UOC comprises:
Depth component:
• Compulsory core courses (84 UOC)
• ASB courses (12 UOC)
Breadth component:
• Free electives (36 UOC) (may be ASB courses, or courses within any Faculty)
• 12 UOC of General Education.
These UOC may be structured as:
• The core courses in Actuarial Studies (84 UOC) plus an ASB minor (30 UOC) containing at least 6 UOC at level 3, plus 12 UOC from General Education options and 18 UOC Free Electives, OR
• The core courses in Actuarial Studies (84 UOC) plus a major of at least 48 UOC from an approved disciplinary stream within the Australian School of Business (of which 6 UOC may come from the core courses), 12 UOC from General Education options and 6 UOC of Free Electives, OR
• The core courses in Actuarial Studies (84 UOC) plus a major of at least 54 UOC from the School of Mathematics and Statistics (of which 12 UOC are already in the core actuarial courses) and up to 18 UOC Free Electives (of which 12 UOC must be in ASB courses), OR
• The core course in Actuarial Studies (84 UOC), plus 12 UOC ASB courses plus any other combination of 48 UOC outside the actuarial core courses, made up of 12 UOC General Education options and 36 UOC of Free Electives.
Depth component:
• Compulsory core courses (84 UOC)
• ASB courses (12 UOC)
Breadth component:
• Free electives (36 UOC) (may be ASB courses, or courses within any Faculty)
• 12 UOC of General Education.
These UOC may be structured as:
• The core courses in Actuarial Studies (84 UOC) plus an ASB minor (30 UOC) containing at least 6 UOC at level 3, plus 12 UOC from General Education options and 18 UOC Free Electives, OR
• The core courses in Actuarial Studies (84 UOC) plus a major of at least 48 UOC from an approved disciplinary stream within the Australian School of Business (of which 6 UOC may come from the core courses), 12 UOC from General Education options and 6 UOC of Free Electives, OR
• The core courses in Actuarial Studies (84 UOC) plus a major of at least 54 UOC from the School of Mathematics and Statistics (of which 12 UOC are already in the core actuarial courses) and up to 18 UOC Free Electives (of which 12 UOC must be in ASB courses), OR
• The core course in Actuarial Studies (84 UOC), plus 12 UOC ASB courses plus any other combination of 48 UOC outside the actuarial core courses, made up of 12 UOC General Education options and 36 UOC of Free Electives.
The compulsory core courses are:
- ACTL2102 - Time Series and Simulation
- ACTL2111 - Compound Interest Theory and Applications
- ACTL2131 - Probability and Mathematical Statistics
- ACTL3141 - Actuarial Models and Statistics
- ACTL3151 - Life Contingencies
- ACTL3162 - General Insurance Techniques
- ACTL3182 - Asset-Liability and Derivative Models
Students may replace ACTL1122 with the two courses ACCT1501 and ACCT1511 Accounting and Financial Management 1A and 1B. Students may also replace ACTL2131 with the two courses MATH2901 Higher Theory of Statistics and MATH2931 Higher Linear Models. If students make either or both of these replacements, the first of these courses (i.e. ACCT1501 and MATH2901) will count towards the core, and the second course can be counted towards another major or minor or as an elective.
The Bachelor of Actuarial Studies may be combined with a Bachelor of Science (Advanced Mathematics). The BSc component includes the potential award of honours based on overall performance, and incorporates a single major and a research project. With approval, students with an appropriate academic record may also enrol in an additional Honours year in actuarial studies within the Australian School of Business.
The Bachelor of Actuarial Studies may also be combined with the Bachelor of Economics.
Approved Majors from within the ASB:
The Bachelor of Actuarial Studies may be combined with a Bachelor of Science (Advanced Mathematics). The BSc component includes the potential award of honours based on overall performance, and incorporates a single major and a research project. With approval, students with an appropriate academic record may also enrol in an additional Honours year in actuarial studies within the Australian School of Business.
The Bachelor of Actuarial Studies may also be combined with the Bachelor of Economics.
Approved Majors from within the ASB:
- Accounting
- Business Economics
- Business Strategy and Economic Management
- Business Law
- Finance
- Financial Economics
- Information Systems
- International Business
- Management
- Marketing
Approved Majors from Other Faculties:
- Mathematics
- Statistics
General Education Requirements
General Education requirements account for 12 UOC (2 courses) and are to be taken outside the Australian School of Business. These courses allow you to select either courses that were developed especially for the General Education Program (beginning with GEN) or to choose 'mainstream' courses that are offered in the degree programs of other faculties. For further information about General Education Requirements please refer to the UNSW Online Handbook.
Please note that students enrolled in programs within the Australian School of Business cannot take General Education courses offered by the Business School. These restrictions also apply to the following courses:
Please note that students enrolled in programs within the Australian School of Business cannot take General Education courses offered by the Business School. These restrictions also apply to the following courses:
- GENL2015 The World of Work
- GENL2021 An Introduction to the Australian Legal System
- GENL2032 Cyberspace Law 2.0
- GENL5021 Business Law Basics
If students are unsure of their General Education requirements they should contact the Australian School of Business Student Centre (Ground floor, West entrance, Australian School of Business building)
Honours
High achieving students may apply to undertake honours. Honours is an additional year of full-time study which provides students with advanced knowledge of their chosen field and develops research and communication skills. Students will need to complete advanced courses/seminars and a thesis.
Academic Rules
Content of Program
To be awarded a degree at Pass level, the BActSt must contain (as a standalone degree):
1. 144 units of credit (UoC).
2. The 14 core courses stipulated above
3. A minimum of 84 UoC of courses offered by the ASB.
4. 12UoC of courses from outside the ASB to fulfil the University’s General Education requirement. The courses (with the exception of the core) undertaken for a Mathematics Major can therefore be used to satisfy General Education requirements.
5. Maximum of 60UoC of Level 1 courses, excluding Level 1 courses completed as part of the General Education requirement.
Majors and Minors
6. A Major in the ASB is a sequence of 48UoC courses in a single discipline or area of study. A Major in the School of Mathematics and Statistics comprises at least 54 UoC.
7. 18 UoC of a Major must be at Level 3.
8. If a student chooses a Major in addition to the core courses, 6 UoC from the core may be counted towards each Major sequence from the ASB and 12 UoC to a Mathematics Major.
9. If a student chooses to complete a Minor, it will consist of 30UOC, with a minimum of 18UoC at Level 2 and Level 3.
Progression rules
10. A minimum of 24UoC courses must be completed before enrolling in Level 2 courses.
11. A minimum of 72UoC courses must be completed before enrolling in Level 3 courses.
Awarding degree
12. A Pass degree with Distinction may be awarded if a student achieves a minimum of 75 WAM across the program and completes a minimum of 72UoC at UNSW.
Honours
To be awarded a degree at Pass level, the BActSt must contain (as a standalone degree):
1. 144 units of credit (UoC).
2. The 14 core courses stipulated above
3. A minimum of 84 UoC of courses offered by the ASB.
4. 12UoC of courses from outside the ASB to fulfil the University’s General Education requirement. The courses (with the exception of the core) undertaken for a Mathematics Major can therefore be used to satisfy General Education requirements.
5. Maximum of 60UoC of Level 1 courses, excluding Level 1 courses completed as part of the General Education requirement.
Majors and Minors
6. A Major in the ASB is a sequence of 48UoC courses in a single discipline or area of study. A Major in the School of Mathematics and Statistics comprises at least 54 UoC.
7. 18 UoC of a Major must be at Level 3.
8. If a student chooses a Major in addition to the core courses, 6 UoC from the core may be counted towards each Major sequence from the ASB and 12 UoC to a Mathematics Major.
9. If a student chooses to complete a Minor, it will consist of 30UOC, with a minimum of 18UoC at Level 2 and Level 3.
Progression rules
10. A minimum of 24UoC courses must be completed before enrolling in Level 2 courses.
11. A minimum of 72UoC courses must be completed before enrolling in Level 3 courses.
Awarding degree
12. A Pass degree with Distinction may be awarded if a student achieves a minimum of 75 WAM across the program and completes a minimum of 72UoC at UNSW.
Honours
- Additional year of 48UOC after completion of the requirements for the BActSt.
- Comprises specified courses plus a 24 UOC thesis
- Must be completed in two semesters following completion of the BActSt
- Eligibility: minimum WAM of 80 in the relevant disciplinary stream of the BActSt.
- Pass all courses in the BActSt at the first attempt.
- Application: expression of interest and written application submitted to the Head of School or Honours Coordinator of the School of Risk and Actuarial Studies
- Award: Class 1, Class 2 Division 1, Class 2 Division 2, Class 3; if requirements for these classes are not met, a Pass degree will be awarded.
If the BActSt is completed as part of a dual degree, please refer to the Handbook entry for the particular dual degree.
Fees
For information regarding fees for UNSW programs, please refer to the following website: https://my.unsw.edu.au/student/fees/FeesMainPage.html
Professional Recognition
For further information, please refer to the Professional Recognition of Programs in the UNSW Online Handbook.
Further Information
Please note that these requirements may be subject to change. Students should always follow the program requirements according to the year they started their degree. For more information please visit Previous UNSW Online Handbooks
Contact the Australian School of Business Student Centre for advice.
tel: + 61 2 9385 3189
location: Ground Floor, West Wing, Australian School of Business Building
Forms, policies and procedures
Frequently asked questions
Contact the Australian School of Business Student Centre for advice.
tel: + 61 2 9385 3189
location: Ground Floor, West Wing, Australian School of Business Building
Forms, policies and procedures
Frequently asked questions
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