Are you planning to go for an actuarial degree?
This is a simple guide for you if you want to know about the actuarial science courses offered in Australia and how to study to be an actuary in Australia — basically all you need to know about studying Actuarial Science in Australia!
What is Actuarial Science?
Future planning and risk analysis, two common aspects when it comes to actuarial science.
Actuarial Science utilises mathematics, economics, statistics and finance to identify, evaluate and as a result minimise the risk and uncertainty in business settings.
Due to its high risk-related nature — it is typically used in industries of insurance, fund management, investments, education, health financing and banking.
Why study Actuarial Science?
Low-stress Working Environment
Despite having to sit for multiple examinations in order for you to be certified actuary, once you have completed them — contrarily, your lives will be more comfortable and you will experience a low-stress working environment.
High Salary
Besides, Actuarial Science graduates are in high demand in the job market as a lot of organisations need actuaries — fresh graduates get paid high too!
Real Complex Problem Solving
Moreover, being in the actuarial industry involves a lot of complex problem solving where you will make full use of your mathematical and analytical skills including economics and business knowledge to solve problems.
What are the Key Skills to study Actuarial Science?
Strong mathematical abilities
As we all know, Mathematics is the core subject when it comes to actuarial science, you need to be equipped with a strong foundation especially in statistics, probability and calculus because numeracy skill is an essence in identifying risk and the likelihood of certain events.
Knowledge of Business and Finance
Other than that, actuarial science is often utilised in industries of business and finance. Thus, actuarial science graduates need to have a sound understanding of business and financial concepts because they will be responsible in not only advising businesses on how to reduce exposure to financial risk, but also providing strategies on maximizing returns of investments.
Analytical skill
In addition, one of the common duties in actuarial science is examining complex data and identifying patterns and trends. This is to say you will need to conduct multiple analyses in order for you to find the best way to minimize the probability of unpleasant outcomes.
What are the Career Opportunities if I study Actuarial Science?
- Actuarial Analyst (Actuarial analysts are typically employed by the insurance industry specialising in either health or life insurance.)
- Pricing Associate (Most pricing associates find jobs in the finance and technology industries.)
- Portfolio Analyst (Portfolio analysts commonly work with investment organisations from portfolio management to risk and legal.)
How to Become a Certified Actuary in Australia?
Essentially, in order for you to become a certified actuary in Australia, you will need to follow the pathway stated by Actuaries Institute Australia. There are three steps starting with Foundation Program, followed by The Actuary Program and lastly The Fellowship Program.
1. Foundation Program (equivalent to an undergraduate program)
Can be completed by:
- Studying an undergraduate actuarial degree at one of eight accredited universities seven in Australia and one in New Zealand;
- Distance study through sitting the Institute and Faculty of Actuaries UK examinations offered through the Actuaries Institute; or
- Credit transfer from another actuarial society.
2. The Actuary Program
You will receive the designation of AIAA (Associate of the Institute of Actuaries of Australia).
3. The Fellowship Program
You must:
- Achieve the Associate designation (pass the Foundation and Actuary programs).
- Pass each of the three Fellowship modules.
- Do a further year of supervised work experience
*Reminder: Make sure to keep track of dates for enrollment, examinations and results.
What if you want to become an actuary in Malaysia? No worries — similarly, if you decide to become an actuary in Malaysia, this pathway is also recognized by the Actuarial Society of Malaysia. Contact us to learn more!
What are the General Entry Requirements to study Actuarial Science in Australia?
Academic Requirements
SPM (Prerequisite) | Pass with minimum 3 credits including Mathematics |
STPM/Matriculation | Minimum 2 passes |
UEC | Minimum aggregate score of 20 (total of 5 best subjects) |
GCE A-Level | Minimum aggregate score of 13 (total of best 3 subjects) |
International Baccalaureate (IB) | Minimum 35 points |
*The requirements may vary among universities, for inquiries on other entry requirements, contact Excel Education
English Language Requirements
IELTS | Minimum 6.5 |
TOEFL | Minimum overall 79 (Internet Based Test) |
*The requirements may vary among universities, for inquiries on other English requirements, contact Excel Education.
What are the Top Universities to study Actuarial Science in Australia? (Accredited by Actuaries Institute Australia)
1. University of Melbourne
Program Name | Bachelor of Commerce (Actuarial Studies) |
Program Duration | 3 years |
Intakes | March, August |
Indicative Annual Fee | AUD$42,000 |
2. University of New South Wales
Program Name | Bachelor of Actuarial Studies |
Program Duration | 3 years |
Intakes | February, June, September |
Indicative Annual Fee | AUD$45,600 |
3. Monash University
Program Name | Bachelor of Actuarial Science |
Program Duration | 3 years |
Intakes | February, July |
Indicative Annual Fee | AUD$45,000 |
4. Australian National University (ANU)
Program Name | Bachelor of Actuarial Studies |
Program Duration | 3 years |
Intakes | March, June |
Indicative Annual Fee | AUD$48,348 |
5. Curtin University of Technology
Program Name | Bachelor of Science (Actuarial Science) |
Program Duration | 3 years |
Intakes | February, July |
Indicative Annual Fee | AUD$32,000 |
6. Macquarie University (MQ)
Program Name | Bachelor of Actuarial Studies |
Program Duration | 3 years |
Intakes | February |
Indicative Annual Fee | AUD$37,500 |
Contact us to find out more!
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Heather
I seek peace and knowledge in discovering myself.
