Actuarial Studies at UNSW Sydney

Actuarial Studies is a broadly based commerce discipline that involves the study of mathematics, statistics, accounting, economics and finance for application in life insurance, general insurance, health insurance, superannuation, funds management, banking and management consulting. The technical skills acquired from an Actuarial profession hold promise for the exciting possibilities in the future as the world embraces data and technology. The Actuarial Studies program at UNSW aims to be the prestige program in Actuarial Studies and Commerce in Australia and South East Asia. UNSW Sydney is a world class University and highly rated by the Good Universities guide. The UNSW Sydney Actuarial Studies program is recognised as a Centre of Excellence by the Actuaries Institute.

Students Commencing Study From 2021 Onwards

The core courses required in the actuarial program are listed below.

  • COMM1140 Financial Management
  • COMM1170 Organisational Resources
  • COMM1180 Value Creation
  • ACTL1101 Intro Actuarial Studies
  • ACTL2102 Foundation of Actuarial Models
  • ACTL2111 Financial Maths for Actuaries
  • ACTL2131 Probability & Math Stat
  • ECON1101 Microeconomics 1
  • ECON1102 Macroeconomics 1
  • MATH1151 Maths - Actuarial & Finance 1A
  • MATH1251 Maths - Actuarial & Finance 1B

To gain all exemptions from the Foundation Program (previously Part I's), the following third-year courses must be taken. Check the UNSW Sydney handbook for more information about the actuarial program.

  • ACTL3141 Actuarial Models and Statistics
  • ACTL3142 Actuarial Data and Analysis
  • ACTL3151 Life Contingencies
  • ACTL3162 General Insurance Techniques
  • ACTL3182 Asset-Liability and Derivative Models
  • ACTL3301 Models for Risk Management

Students Commencing Study Before 2021

The core courses required in the actuarial program are listed below.

  • ACCT1501 Accounting & Financial Mgt 1A
  • ACCT1511 Accounting & Financial Mgt 1B
  • ACTL1101 Intro Actuarial Studies
  • ACTL2102 Foundation of Actuarial Models
  • ACTL2111 Financial Maths for Actuaries
  • ACTL2131 Probability & Math Stat
  • ECON1101 Microeconomics 1
  • ECON1102 Macroeconomics 1
  • FINS1613 Business Finance
  • MATH1151 Maths - Actuarial & Finance 1A
  • MATH1251 Maths - Actuarial & Finance 1B
  • MGMT1001 Managing Organisations & People

To gain all exemptions from the Foundation Program (previously Part I"s), the following third-year courses must be taken. Check the UNSW Sydney handbook for more information about the actuarial program.

  • ACTL3141 Actuarial Models and Statistics
  • ACTL3142 Actuarial Data and Analysis
  • ACTL3151 Life Contingencies
  • ACTL3162 General Insurance Techniques
  • ACTL3182 Asset-Liability and Derivative Models

Becoming a Qualified Actuary

The Actuaries Institute

The Actuaries Institute is the professional body representing the actuarial profession in Australia. ASOC highly recommends that you check out the website here. There is a lot of information that could be of interest to you. At our level, the role of the Institute is to provide actuarial education and qualifications. They maintain the actuarial education program in Australia, which consist of 3 parts: Foundation Program (formerly Part I), Actuary Program (formerly Part II) and Fellowship Program (formerly Part III). The UNSW Sydney Actuarial Studies program is recognised by the Institute which gives you exemptions for the Foundation Program of their actuarial education program. There are also courses at UNSW Sydney that gives you exemption to some subjects of the Actuary Program, but they are not essential for you to complete the degree.

There are three levels of membership at the Actuaries Institute.

  • Student Member: to study certain courses from the institute and to claim exemptions you need to be a student member first.
  • Associate: to become an associate you need to complete the Foundation Program, the Actuary Program, and 1 year of practical experience.
  • Fellow: to become a fellow you need to meet all the requirements of an associate, and then also complete the Fellowship Program along with a further 1 year of practical experience.

For more information on membership in the Institute, visit "here".

As a first year you don’t need to be a student member straight away, and you’re certainly not going to become a fellow/associate for a while. However, you can start by becoming a University Subscriber! This is a free subscription for university students to receive information from the Institute regarding education, news and career opportunities.

Steps to becoming an Actuary

Actuarial education in Australia consist of 3 parts and each part has several components. Each of which requires you to sit an exam administrated by the Institute. However, certain accredited universities, such as UNSW Sydney, have courses that grant you an exemption to these exams. That is, if you perform well enough in these university courses, you will complete the Foundation Program and partially complete the Actuary Program without having to sit the Institute’s exams.

A big shock to a lot of people is that when you finish the actuarial studies degree, you are not technically an actuary yet, at least not by the Institute’s standards! Only when you have become an Associate of the Institute of Actuaries Australia (AIAA) or a Fellow of the Institute of Actuaries Australia (FIAA), then you are qualified to call yourself an Actuary.