Actuarial Studies (ACT)

Career opportunities

Actuaries and trainee actuaries have excellent career prospects and are in demand from a wide range of employers. Major employers include life and general insurance companies, banks, fund managers, actuarial and management consulting firms.

Banks and fund managers have developed an interest in recruiting actuarial graduates to work in project, infrastructure and structured finance; risk management and derivatives; fixed interest or equity derivatives markets; quantitative research and performance analysis in funds management.

There is a strong demand for graduates who have both quantitative and commercial skills, and thus also for graduates who combine specialist actuarial training with majors in other fields.

An actuarial career ranks very well when ranked by work evironment, salary and job security. Uncertainty in insurance markets meant that it fell from 3rd best in one American ranking between 2010 and 2011, but had recovered to second in 2012. The qualification is widely recognised and can be used to gain overseas experience. To qualify as an actuary in Australia requires the completion of, or exemption from, subjects in the professional syllabus of the Actuaries Institute.

Qualification as a Fellow of The Institute of Actuaries of Australia (F.I.A.A.) 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 (A.I.A.A.) is attained on completion of the subjects in Parts I and II, the professionalism course and three years of experience. Associates can also call themselves actuaries.

Part I is covered by the core courses of the Bachelor of Actuarial Studies. Part II can be studied in the fourth year of the Coop program and is made up of subjects, which cover actuarial principles and actuarial practice. Part III consists of subjects completed by distance education through Actuaries Institute, usually on a part-time basis after completing the Part I and Part II subjects.

 

Program overview

UAC CODE

424620

 

4 YEARS

3 INDUSTRY

TRAINING

PLACEMENTS

UNSW Business School

Offered under four year B.Actuarial Studies (Co-op) Degree*.

* The 4 year degree program has a stand-alone UAC CODE 424620. Students applying for Co-op Actuarial Studies will need to list this code in their preferences. If students want to come to UNSW to do Actuarial Studies even if they are unsuccessful in gaining a Co-op scholarship, they will also need to list the standard B.Actuarial UAC CODE 424300, in their preference list. 

Group of students
Who should apply?

In addition to meeting the general entrance requirements for a Co-op scholar (see Are you the next Co-op scholar?), successful Actuarial Studies applicants should:

  • Have a strong ability and interest in mathematics and statistics and their application to business (i.e. perform very well in Mathematics Extension 2),
  • Have an ability to communicate and perform well in high school English subjects,
  • Have a strong interest in a professional business degree.

Success as a professional actuary also requires problem solving skills, reasoning, well-rounded business skills and an ability to communicate complex ideas in simple terms.

The recommended knowledge for entry into the UNSW Co-op Program in Actuarial Studies is:

  • Mathematics Extension 2
  • English Advanced

When would I be on Industry Training (IT)?

2016
2017
2018
2019

Sponsors

Allianz

Australian Prudential Regulation Authority

Finity Consulting Pty Ltd

Guy Carpenter

KPMG

Macquarie Group Ltd

MetLife Australia                    

National Disability Insurance Scheme

Russell Investments

Suncorp Group

icare

Willis Towers Watson

Key Application Dates