First Year Information Session
Tuesday 10th March 2015
Agenda
• Introduction to the society
• Background about the major and pathways
• Panel
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The Actuarial Students’ Society
• The only representative body for actuarial
students at the University of Melbourne.
• Our aim is to enhance the social and
professional lives of our members.
• We help prospective actuaries build bridges and
make connections with other students, mentors
and potential employers.
• We’re one of the oldest commerce clubs at the
University. We’re turning 20 this year!
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The Actuarial Students’ Society
Events we run
• Information Sessions, Careers Luncheons with Gold
Sponsors, Professional Development Workshops
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The Actuarial Students’ Society
Events we run
• Informal networking nights
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The Actuarial Students’ Society
Events we run
• Contact Night
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The Actuarial Students’ Society
Why Join?
Membership is only $5 per year and it entitles you to:
• Discounts to all events
• Newsletters with the latest internships and job
offer details
• Access to practising actuaries at all our networking
events
• Free food and drink
… and much more!
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The Actuarial Students’ Society
Contact Us
Facebook
www.facebook.com/actuarialstudentssociety
Website
www.melbourneactuary.com
Email
contact@melbourneactuary.com
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What is the role of an actuary?
• The assessment, evaluation and management of the
financial risks faced by individuals, households,
investors, companies and governments as they plan
for the future.
• Risks may vary from an illness, disability or death of an
individual to the effects of a cyclone, earthquake or a
major economic or social change.
• The actuary's work is based upon a multidisciplinary
background of mathematics, statistics, demographics,
finance and economics.
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How to qualify?
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How to qualify?
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Standard needed for accreditation
• The standard required for exemption is an average mark of
73 or better (pass needed in both subjects) for Part I and II
subjects.
• In subjects taught outside the Centre, i.e. subjects with a
prefix that is not ACTL, this is the mark for the OVERALL
SUBJECT.
• For subjects taught in the Centre, exemptions will be given
achieving this standard in end of semester EXAMS ONLY.
• However, for subjects ACTL40002 (Risk Theory I) and
ACTL40004 (Advanced Financial Mathematics I), it is also
the OVERALL SUBJECT mark.
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Missed out on exemption?
• Resit the relevant subjects at the University of Melbourne as a
continuing education student.
• Cost is ~$3300 per subject without HECS. It does not impact your
BCom degree results.
OR
• Resit Part I subjects by taking the relevant correspondence courses
directly with the Institute and Faculty of Actuaries in the UK.
• You must be a member of the Institute of Actuaries of Australia/UK
Institute and Faculty. Course material (~$300), exam registration fee
(~$500).
• The examinations are held twice a year (April, September).
• Venue organised by the Institute of Actuaries of Australia in major
capital cities.
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BCom – Actuarial Studies
• 300 points to complete a BCom degree.
Between 87.5 and 125 points must be from level-1 subjects.
At least 75 points must be from level-3 subjects.
• At least 37.5 points of third year Actuarial Studies subjects to
complete a major in Actuarial Studies.
• Five compulsory subjects in the BCom: Introductory
Microeconomics, Introductory Macroeconomics, Organisational
Behaviour and two quantitative subjects (Probability and
Statistics for actuarial students).
• 2 breadth subjects (non maths, non commerce) required (any
level)
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Subjects in First Year
First Semester:
• ACCT10001 Accounting Reports and Analysis
• ECON10004 Introductory Microeconomics
• MAST10008 Accelerated Mathematics 1 (Or Calculus 2 if less than 38 in
Specialist Maths).
• Breadth subject
Second Semester:
• ACTL10001 Introduction to Actuarial Studies (Needs Acc. Maths 1 OR
Linear Algebra OR Calc 2, the latter can be taken concurrently).
• ACCT10002 Introductory Financial Accounting (Needs ARA).
• ECON10003 Introductory Macroeconomics (Needs Intro Micro).
• MAST10009 Accelerated Mathematics 2 (Or Linear Algebra if not done
Acc. Maths I).
**NOTE: Non specialist students take Calculus 1 in semester 1 instead in Acc. Maths 1, then take Calculus 2 and
Linear Algebra in semester 2 instead of Introduction to Actuarial Studies and Acc. Maths 2.
***NOTE: Average mark of at least 70% across first-year subjects is recommended
for completing
the professional qualifications.
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Subjects in Second Year
First Semester:
• ACTL20001 Financial Mathematics I (Needs 60 average in Accelerated
Maths I and 2 or 75 average in Calculus 2 and Linear Algebra).
• FNCE20001 Business Finance (Needs Introductory Financial Accounting,
and a level-1 Maths subject).
• MAST20004 Probability (Needs Accelerated Mathematics 1 and 2).
• MGMT20001 Organisational Behaviour
Second Semester:
• ACTL20002 Financial Mathematics II (Needs Financial Mathematics I and
Probability).
• MAST20005 Statistics (Needs Probability).
• ECON20001 Intermediate Macroeconomics (Needs both Introductory
Microeconomics and Introductory Macroeconomics).
• Breadth subject
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Subjects in Third Year
First Semester:
• ACTL30001 Actuarial Modelling I (Needs both Financial Mathematics II
and Statistics).
• ACTL30002 Actuarial Modelling II (Needs both Financial Maths II and
Statistics).
• ACTL30006 Financial Mathematics III (Needs both Financial Maths II and
Statistics).
• One other subject
** NOTE: FNCE30001 Investments is not allowed if FMIII is taken and vice-versa
Second Semester:
• ACTL30003 Contingencies (Double subject. Needs Actuarial Modelling I).
• ACTL30004 Actuarial Statistics (Needs Actuarial Modelling II).
• ACTL30005 Models for Insurance and Finance (Needs both Financial
Mathematics II and Statistics).
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Honours Year
Some employers (particularly the public service and some investment and
finance firms) will only employ graduates with an honours degree, and hence
completing a higher level degree will open up more employment
opportunities to you.
By studying for honours, you have the opportunity to obtain exemption from
all subjects that comprise Part I of the Institute of Actuaries of Australia’s
professional examinations. Additionally, Part II of the qualification as a Fellow
of the Institute of Actuaries of Australia is covered in the honours year.
However, in recent years there has been a trend towards students not
completing an Honours year if they are able to secure a graduate role after
three years.
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Honours Year: Requirements
1. Satisfy the requirements for a BCom degree with a major in Actuarial
Studies (or equivalent).
2. Achieve a grade of at least H2B in four level-3 actuarial subjects.
Note that ACTL30003 Contingencies counts as two subjects. Thus, a mark of
74 in ACTL30003 would count as two H2B grades.
The Centre only admits students who they believe are likely to succeed in
honours year, so getting more than a few low marks would also exclude
you even if you satisfy the above.
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Subjects in Honours Year
First Semester:
• ACTL40002 Risk Theory I (Needs Actuarial Statistics).
• ACTL40004 Advanced Financial Mathematics I (Needs Financial Mathematics III and
Models for Insurance and Finance).
• ACTL40005 Actuarial Studies Projects or ACTL40001 Actuarial Studies Research Essay
(Needs entry into honours).
• ACTL40006 Actuarial Practice and Control I (Needs Contingencies and Actuarial Statistics).
Second Semester:
• ACTL40005 Actuarial Studies Projects or ACTL40001 Actuarial Studies Research Essay
(Needs entry into honours).
Three out of the following four subjects:
• ACTL40003 Risk Theory II (Needs Risk Theory I).
• ACTL40008 Advanced Financial Mathematics II (Needs Advanced Financial Mathematics I).
• ACTL40007 Actuarial Practice and Control II (Needs Contingencies and Actuarial Statistics).
• ACTL40009 Actuarial Practice and Control III (Needs Actuarial Statistics, Contingencies
and Financial Mathematics III).
**NOTE: Not ALL these subjects are professional
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accreditation
subjects. Some are just academic.
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Exchange Program
Each year, up to two students can go on exchange for a year to HeriotWatt University in Edinburgh, Scotland.
The program starts in September and ends in June, students complete
their 1st semester of third year; go on exchange; then complete the 2nd
semester of the honours degree.
The program is open to third year students with a good academic record
who intend to do an Honours Year. Applications are called for in the 2nd year
around August.
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Master Programs
Master of Actuarial Science – 2 years
• For non-actuarial graduates who have mathematical or statistical
specialisations (e.g. mathematics, physics or engineering). Needs
consistent H2A, H1 marks in quantitative subjects.
Master of Commerce (Actuarial Science) – 2 years
• For graduates already with an actuarial major. Similar to honours but also
has more advanced topics. Needs an average of H2A (75%).
• Can apply after an honours degree and may be awarded up to 100 points
of credit into the master program.
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Useful links
Centre for Actuarial Studies at the University
http://fbe.unimelb.edu.au/economics/ACT
Actuaries Institute
http://www.actuaries.asn.au/
Institute and Faculty of Actuaries
http://www.actuaries.org.uk/
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Q&A
• Amy Li (President, 3rd year student)
• Matthew Tsiglopoulos (Education Officer, 3rd year student)
• Mengtong Xia (Vice President, 3rd year student)
• Holly Briffa (Secretary, 3rd year student)
• Margaret Loo (Treasurer, 3rd year student)
• Cuong Duong (Sponsorship Officer, 2nd year student)
• Chris Ebeling (Honours Year Representative, Honours year student)
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