Actuaries analyse various data to predict and assess the long-term risks involved in financial planning and decisions. They also apply their expertise to other areas – such as assessing the timing and location of extreme weather events, to help predict risks and associated costs for investments or insurance.
In this course you will gain the knowledge and skills in mathematics, statistics, data analytics, demographics, finance and economics to work as a financial analyst in organisations that deal with risk – such as banks and financial institutions, insurance companies and government agencies.
You'll learn the mathematical and statistical techniques to model industrial and commercial processes against a financial and economic background. You’ll also learn to identify the risk factors and determine the price and cost of those risks.
In your third year, your studies will focus on either actuarial science or actuarial and applied statistics.
This area is recommended for students who intend to complete further studies and qualify as an actuary. It gives you the opportunity to gain exemptions from the six subjects comprising the Foundation Program of the Actuaries Institute (Australia).
You must achieve the minimum course-weighted average mark to study Actuarial Science in third year.
Actuarial and Applied Statistics
This area is designed for students who wish to broaden their expertise in data analysis and statistics but who do not intend to work as an actuary. (It does not include all subjects of the Actuaries Institute's Foundation Program.)
How this course will make you industry ready
Throughout your studies you'll build your knowledge of the principles of finance and business, to ensure that you graduate career-ready.
What jobs can the Actuarial Science lead to?
- Business analyst
- Data scientist
- Risk manager
- Financial services
- Mining, oil and gas infrastructure
- Public sector finance and infrastructure
What you'll learn
- acquire discipline knowledge and professional capabilities to identify a problem, research and interpret the data and apply appropriate techniques to develop an effective solution;
- understand contemporary issues relevant to the actuarial working environment;
demonstrate cross-cultural awareness and respect;
- apply discipline knowledge and problem solving skills to critically approach challenging, relevant problems and develop innovative solutions
- show awareness of relevant global developments; understand how to respond to change, by monitoring results and through self-reflection and ongoing learning, in order to apply and adapt knowledge and skills
- apply computer software appropriately to gather and prepare data, perform calculations, analyse and communicate results;
use relevant digital technology to communicate effectively in a manner appropriate to the audience and purpose
- collaborate with others in teams, displaying high ethical and moral standards in addition to problem solving and time management skills, in order to solve problems relevant to a range of stakeholders