Offered By	ANU College of Business and Economics
Minimum	96 units
Academic Contact	info.cbe@anu.edu.au and info.cbe@anu.edu.au
Academic Plan	7410XMACTS
CRICOS Code	050802G
UAC Code	832206(Master of Actuarial Studies)
Areas of Interest	Actuarial Studies, Actuarial Studies, Statistics, and Statistics

The program is designed for:

• Students who want to extend their study to an advanced academic level with a view to possible PhD level study.
• Students with a good mathematics or statistics background but limited actuarial background who seek a 'conversion' option to develop the actuarial and other risk management skills to satisfy the Part I and II requirements of the Institute of Actuaries of Australia.
• Students with an actuarial degree who seek to complete courses which are complementary to the Institute of Actuaries of Australia Part III requirements.
• Students whose previous actuarial study was in a non-accredited program and who seek to complete their full professional studies through the ANU.

The Institute of Actuaries of Australia (IAAust) have altered the requirements for achieving status as an Associate of the IAAust.

The Control Cycle course offered by ANU provides the opportunity to complete all academic requirements for achieving status as an Associate of the Institute of Actuaries of Australia (IAAust). To become an Associate of the IAAust, candidates must achieve exemption grades from the Control Cycle, complete a Professionalism course, and have 3 years of relevant work experience in the financial services industry (not necessarily an actuarial role).

Eligible domestic students undertaking the Master of Actuarial Studies degree program  may be able to access Youth Allowance, Austudy and the Pensioner Education Supplement. For full details, please visit: http://www.dest.gov.au/sectors/career_development/programmes_funding/programme_categories/student_income_support/  

Learning Outcomes

• Possess a working knowledge of S-Plus computing language, particularly graphical capabilities
• Fit simple linear regression models and interpret model parameters
• Summarise and analyse relationships between a response variable and one or several covariates
• Assess and refine simple and multiple linear regression models based on diagnostic measures, identifying outlying and influential data points
• Carry out model selection in a multiple linear regression modeling context
• Understand the actuarial implications of mortality and selection, life assurance contracts, life annuity contracts, evaluation of assurances and annuities, further issues in premium calculations and accumulations, reserves and policy values, mortality profit and extra risk, increasing insurances and with-profit policies, increasing annuities and applications of reserves, multiple life functions, insurances and annuities involving two or more lives, contingent and reversionary benefits
•  Describe simple types of life insurance contracts and the technique of discounted cash flows for use in reserving and pricing simple life insurance contracts, such as whole life, term life, endowment insurances and unit-linked contracts
• Describe and calculate various measures of profitability, including profit vectors, profit signature and the profit margin
• Set up profit tests for simple life insurance contracts and use profit tests to determine life insurance premiums and/or provisions; show how this can be achieved with or without spreadsheets
• Describe and apply method for modeling cash flows contingent on completing risks including multiple state Markov models
• Describe and create multiple decrement tables and derive relationships between dependent and independent probabilities as used in single and multiple decrement tables
• Describe the components of defined benefit superannuation and derive the mathematical formulae required to value the contributions and benefits of a defined benefit superannuation fund
• Show how superannuation benefits and the employer contribution rate for defined benefit superannuation funds can be calculated using spreadsheets or via commutation functions
• Explain the concept of survival models
• Describe the estimation procedures for lifetime distributions
• Describe statistical models of transfer between multiple states including processes with single or multiple decrements and derive relationships between probabilities of transfer and transition intensities
• Derive maximum likelihood estimators for the transition intensities in models of transfers between states with piecewise constant transition intensities
• Describe how to estimate transition intensities depending on age, exactly or using the census approximation
• Describe how to test crude estimates for consistency with a standard table or a set of graduated estimates, and describe the process of graduation
• Discuss and apply an actuarial control cycle in a variety of practical commercial situations
• Relate the main features within the general environment to medium and long-term commercial decisions
• Analyse the main features of the financial services marketplace includingproducts and distribution channels
• Examine the need for, and impact of, regulation and government policy on medium and long-term commercial decisions
• Understand and apply an enterprise risk management framework toidentify and assess the risks in a range of situations
• Select and build an appropriate model to solve client problems
• Discuss and apply the process of product design
• Monitor and assess experience
• Determine an appropriate assumption set
• Apply the tests of professionalism
• Recognise the importance of capital
• Apply relevant approaches and techniques to the valuation of liabilities
• Measure, report and manage solvency
• Understand the methods and implications of various approaches to profit measurement
• Apply appropriate techniques to the pricing of products and contracts
• Manage the business and respond to the experience
• Understand the calculation of appraisal values
• Demonstrate an understanding of the characteristics, returns and risk factors of the different types of investment
• Apply the methods used for the valuation of investments
• Develop an understanding of the major economic, financial and practical theories relevant to investment
• Understand the impact of the liabilities on investment objectives and constraints
• Describe the characteristics and limitations of the major stochastic investment models
• Derive relevant assumptions for each of these models
• Formulate an appropriate investment strategy for a given liability portfolio
• Discuss the practical implementation of investment strategy

Commonwealth Supported Places

The ANU College of Business and Economics offers a limited number of Commonwealth Supported Places (CSP) for Australian students in graduate programs. For further information, please read the general information.

Admission Requirements

1. Applicants are required to hold a pass degree in a business, economics, finance, mathematics or statistics discipline from an Australian university or equivalent overseas institution.
2. Applicants must have a performance average of ANU 65% or better (or equivalent) held in the last two years of the undergraduate degree.
3. Students who fail to meet the academic entry requirement above may be considered for entry if they are able to demonstrate at least one year of full-time relevant work experience which was undertaken after graduation from the degree.
4. The suitability of students to enter the program will be at the discretion of the Dean.
5. Students entering the program are required to have an understanding of mathematics equivalent to at least one year of university level mathematics including calculus and linear algebra, as well as an introductory level understanding of mathematical statistics and financial mathematics.

The information published on the Study at ANU 2012 website applies to the 2012 academic year only. All information provided on this website replaces the information contained in the Study at ANU 2011 website.