Master of Actuarial Studies (Extension)

Program Overview

The Master of Actuarial Studies (Extension) is a two-year postgraduate program that equips students with advanced analytical techniques, expertise in data analytics, and a comprehensive understanding of actuarial models. The program offers a combination of core courses and electives, allowing students to specialize in areas such as insurance, risk management, and data analytics. Graduates are well-prepared for careers in the actuarial field and related industries, with high earning potential and job security.

Program Outline

Degree Overview:

Overview:

The Master of Actuarial Studies (Extension) is a two-year postgraduate program that provides students with the knowledge and skills necessary to succeed in an actuarial career or other related fields in finance.

Objectives:

The program aims to equip students with:

• Advanced analytical techniques and problem-solving abilities
• Expertise in data analytics and quantitative risk management
• A comprehensive understanding of actuarial models, financial mathematics, probability, machine learning/artificial intelligence analytics, and commerce.

Program Description:

The program consists of 96 units of credit (UOC), including 16 courses. Students complete six core courses and nine electives, along with a capstone project. The core courses cover topics such as probability, statistics, financial mathematics, data visualization and communication, statistical machine learning, finance, financial reporting, and business economics. Electives allow students to specialize in areas such as insurance, superannuation, risk management, mathematics, computer science, marketing, information technology, finance, and economics. The capstone project focuses on actuarial theory and practice or actuarial data analytics applications.

Outline:

Course Schedule:

The program is offered full-time over two years or part-time over four years. Students can commence their studies in Term 1, 2, or 3.

Individual Modules with Descriptions:

• Core Courses:
• Mathematics of Finance:
This course introduces the fundamental mathematical concepts used in actuarial science, including probability, compound interest, annuities, and financial derivatives.
• Statistical Methods for Actuarial Science: This course covers statistical methods commonly used in actuarial practice, such as descriptive statistics, probability distributions, hypothesis testing, and regression analysis.
• Actuarial Models I: This course focuses on the development and application of actuarial models for life insurance, health insurance, and pensions.
• Actuarial Models II: This course extends the concepts covered in Actuarial Models I, focusing on more advanced models for mortality, morbidity, and disability.
• Financial Economics: This course provides an overview of financial markets and institutions, including the pricing of stocks, bonds, and derivatives.
• Actuarial Communication: This course develops students' communication skills, including written and oral presentations, report writing, and data visualization.
• Elective Courses: Students can choose from over 25 elective courses to customize their program.
Some popular electives include:
• Advanced Actuarial Models:
This course covers advanced actuarial models for areas such as risk management, insurance pricing, and pension valuation.
• Enterprise Risk Management: This course provides an overview of enterprise risk management, including risk identification, assessment, and mitigation strategies.
• Data Analytics for Actuarial Science: This course introduces data analytics techniques commonly used in actuarial practice, such as data mining, machine learning, and predictive modeling.
• Financial Risk Management: This course covers the principles and practices of financial risk management, including market risk, credit risk, and operational risk.

Assessment:

Assessment Methods:

Students are assessed through a variety of methods, including:

• Assignments
• Quizzes
• Midterm exams
• Final exams
• Projects
• Presentations

Assessment Criteria:

The assessment criteria vary depending on the course and assessment method. However, common criteria include:

• Accuracy and completeness of answers
• Clarity and organization of written and oral presentations
• Understanding of concepts
• Application of knowledge to real-world problems

Teaching:

Teaching Methods:

The program is taught through a combination of lectures, tutorials, and workshops. Lectures provide students with the theoretical foundation of actuarial science, while tutorials and workshops allow students to apply their knowledge to practical problems.

Faculty:

The program is taught by a team of experienced faculty members, including professors, associate professors, and lecturers. The faculty members have a strong research record and are actively involved in the actuarial profession.

Unique Approaches:

The program incorporates several unique approaches to teaching and learning, including:

• Real-world case studies: Students work on real-world case studies to apply their actuarial knowledge to practical problems.
• Industry guest speakers: Guest speakers from the actuarial profession are invited to share their insights and experiences with students.
• Capstone project: The capstone project allows students to conduct independent research on a topic of their choice, under the guidance of a faculty mentor.

Careers:

Potential Career Paths:

Graduates of the Master of Actuarial Studies (Extension) can pursue a wide range of careers in the actuarial field and related industries, including:

• Actuary
• Risk manager
• Insurance analyst
• Financial analyst
• Investment analyst
• Data scientist
• Quantitative analyst
• Consultant

Opportunities and Outcomes:

The program provides graduates with the skills and knowledge necessary to succeed in the competitive actuarial field. Graduates can expect to have high earning potential and job security. The program also offers opportunities for students to network with professionals in the actuarial profession and to develop their leadership and communication skills.