MCom/Honours at UoM. Dr. Enrique Calderín Honours Convenor and Director of MCom (ActSci) Dr. Enrique Calderín Director of MCom and Honours (ActSci)

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1 Dr. Enrique Calderín Honours Convenor and Director of MCom (ActSci)

2 The degrees BCom (Hons) 2 more semesters Master of Commerce (Actuarial Science) 3 semesters Both Semester 1 intake only Both require a BCom majoring in actuarial studies from Melbourne or elsewhere Do not confuse with the Master of Actuarial Science for non actuarial grads, and the MCom by research.

3 Why? Gets you through the last two CT subjects for Part I Covers Part II: Actuarial Practice and Control I, II and III If you get all the exemptions, you are almost an associate. Deeper knowledge of actuarial studies Better job prospects. Preparation for research degrees research projects and/or essay must have been done to get into the PhD program Masters longer but more depth and flexibility. Preparation for Part III

4 Entry Requirements: Honours To have satisfied the requirements for the BCom by start of semester 1, 2019 Four H2B or better in among the seven level-3 Actuarial subjects: Actuarial Modelling I Actuarial Modelling II Financial Mathematics III Actuarial Statistics Models for Insurance and Finance Contingencies (counts for two subjects) Clearly in: H2A average over all seven level-3 actuarial subjects Clearly out: (a) fail to achieve H2B in four level-3 actuarial subjects (b) overall average of 69 or less, or (c) fail one subject in third year Other cases examined individually, cannot say in advance Must complete BCom in previous 2 years.

5 Entry Requirements: MCom(ActSci) Applicants must have an undergraduate (e.g. BCom) or postgraduate degree in actuarial studies Average 75 or above (over their whole degree) Applicants are expected to have completed core actuarial subjects during their BCom so that pre-requisites are fullfilled In practice, very similar to honours.

6 Course Requirements: Honours Actuarial Studies Projects or Essay (25 points). At least four other level-4 actuarial subjects (50 points). Up to two non-actuarial electives (25 points): Level-4 subjects Economics and Finance; Level-3 subjects in Math and Stats (excluding MAST Stochastic Modeling and MAST Modern Applied Statistics); ECOM Time Series Analysis and Forecasting; and other Masters level electives in Actuarial Studies, Economics, Finance or Mathematics. MGMT30017 Global Management Consulting. must achieve 65 average in honours to get the degree Note : research is compulsory, and the degree must be done in one year

7 Typical Subject Choices, Honours Semester 1 Risk Theory I (CT6 exemption) Advanced Financial Mathematics I (CT8 exemption) Actuarial Practice and Control I (Part II exemption) Project or essay (you must do one) Semester 2 Actuarial Practice and Control II (Part II exemption) Actuarial Practice and Control III (Part II exemption) Project or essay (you must do one) Risk Theory II or Advanced Financial Mathematics II (not offered this year) or anything you want e.g. Time Series

8 Course Requirements: MCom Practice Pathway Two pathways: practice or research. For the practice pathway compulsory subjects are: Mathematics of Finance III (=AFM1), semester 1 Insurance Risk Models (=Risk Theory I), semester 1 APC I, semester 1 APC II, semester 2 APC III, semester 3 Plus at least 25 points from Research report (25 point essay), S2 and S3 or twice in S3 Research projects (25 points, 3 projects), S1 and S2 Insurance Risk Models II, semester 2, 12.5 points Mathematics of Finance IV, semester 2, 12.5 points (not offered this year) ACTL90018 General Insurance Practice, Semester 3 plus (5) electives. Part Time is possible. 50 average to pass.

9 Course Requirements: MCom Research Pathway TFor the research pathway compulsory subjects are: Mathematics of Finance III (=AFM1), semester 1 Insurance Risk Models (=Risk Theory I), semester 1 APC I, semester 1 Research report, S2 and S3, or double in S3 Plus at least 25 points from APC II, 12.5 points S2 APC III, 12.5 points S3 Research projects (25 points, 3 projects), S1 and S2 Insurance Risk Models II, semester 2, 12.5 points Mathematics of Finance IV, semester 2, 12.5 points (not offered this year) ACTL90018 General Insurance Practice, Semester 3 plus (5) electives. Part Time is possible. 50 average to pass.

10 Masters Elective ECOM90004 Time Series Analysis and Forecasting ECOM90010 Bayesian Econometrics FNCE40003 Numerical Techniques in Finance MAST90045 Systems Modelling and Simulation MAST90082 Mathematical Statistics MAST90083 Computational Statistics and Data Mining MULT90014 Business Risk Management INFO90002 Database Systems & Information Modelling COMP90038 Algorithms and Complexity BUSA90485 Global Business Practicum MAST90082, MAST90083 provide training in data analysis.

11 Part III Prep Part III of the fellowship is HARD. 4 courses required Less than 10% pass rate for some modules. We can t give exemptions but we can leave you better prepared going in. MULT90014 Business Risk Management is similar to Course 7A Enterprise Risk Management ACTL90018 General Insurance Practice designed to prepare you for 3A and 3B General Insurance ACTL90015 Mathematics of Finance IV a lot of overlap with Course 5B investment Management and Finance.

12 Typical Subject choices, practice pathway Semester 1 Insurance Risk Models I (CT6 exemption) Mathematics of Finance III (CT8 exemption) Actuarial Practice and Control I (Part II exemption) Mathematical Statistics Semester 2 Actuarial Practice and Control II (Part II exemption) Insurance Risk Models II Time Series Analysis and Forecasting Computational Statistics and Data Mining Semester 3 Actuarial Practice and Control III (Part II exemption) General Insurance Practice (Part III prep) Business Risk Management (Part III prep) (Also taught in June) Numerical Techniques in Finance

13 Typical Subject choices, research pathway Semester 1 Insurance Risk Models I (CT6 exemption) Mathematics of Finance III (CT8 exemption) Actuarial Practice and Control I (Part II exemption) Mathematical Statistics Semester 2 Research Report Insurance Risk Models II Time Series Analysis and Forecasting Computational Statistics and Data Mining Semester 3 Research Report General Insurance Practice (Part III prep) Business Risk Management (Part III prep) (Also taught in June) Numerical Techniques in Finance

14 Research essay/report Honours students must do essay or projects. MComs can do either, neither or both. Wannabe PhDs should do the essay/report 25 points All year for honours students. Do across S2 and S3 including summer for MCom or (twice in S3) words Honours students have to submit a proposal by the end of O-week for evaluation by the Centre s staff You can talk to academic staff to get help with the proposal the earlier the better. If you are an H1 student seriously consider the essay. MCom students can complete research and practice pathways.

15 Research projects 3 projects, one at a time, each 8 semester weeks, 25 points Minimal supervision Everyone in the same degree does the same project Written skills and originality important Poor grades often received because of lack of imagination or poor written skills.

16 Commonwealth Supported Places (Domestic Students) Honours always MCom Limited number. In practice, H1 students will get one. H2A are likely to get one but will be assessed against other applicants in the faculty.

17 Scholarships There are various scholarships for masters students: None currently for honours. Some scholarships are assessed automatically.

18 Applications Apply online Domestic deadline 30th November for masters International deadline 31st October for masters Friday 16 November 2018 for honours You can apply for both. Information on availability of funding will come with the offer.

19 Becoming and Associate (AIAA) Old Curriculum: Part I (CT1 CT8) Part II Part II A (APC I, APC II) Part II B (APC III) Associate Actuaries: Part I, Part II, three years of working experience, professionalism course (one day) Honours and MCom at UoM: Part I and Part II

20 Becoming and Fellow (AIAA) Old Curriculum: Part I (CT1 CT8) Part II Part II A (APC I, APC II) Part II B (APC III) Part III Module 1 Module 2 (choose one exam from four specialist areas) Module 3 (choose one exam from four specialist areas) Module 4 (course 10: Commercial Actuarial Practice (Compulsory))

21 New Curriculum Apply to 2019 commencing students start from Part I CB1 (CT2); ACCT10002, FNCE10002 CB2 (CT7); ECON10004, ECON20001 CB3 (UK CT9); newly added OB+one third year management subject CS1 (CT3); MAST20004, MAST2005 CS2 (CT4+CT6); modified CT4 and 6. Some materials are added and some are deleted. Three university subjects are equivalent to CS2. CM1 (CT1+CT5); some materials are deleted and some are added. FM1+FM2 one subject; Contingencies is a double subject. CM2 (CT8); FM3+AFM 1. Two university subjects. New FM3, New AFM 1

22 New Curriculum Part II Two year program First year taught at accredited university: Core Actuarial Management (Modified APC 1 APC 2) Core Data and Statistical Analysis (One University subject) Second year (taught by AI) Asset Management (Modified Part IIB, APC 3) Communications, Modeling and Professionalism Associate: Part I+Part II+ One year work experience Fellow: Part I+Part II+ Part III (3 exams)+ One year work experience

23 Transition Rule CT1 CT8 will be offered until 2018 CS CB CM will be offered by AI/UK Institute from Cohort: New Curriculum First year subjects unchanged Second year, Third Year and Honours or MCom, new subjects.

24 Transition Rule 2016 Cohort (current third year in 2018) Old curriculum and old university subjects In 2019 (Honours + MCom) RT1+AS CT6; AFM 1+ FM 3 CT8; APC 1+ APC 2+ APC 3 Part II Three years of working experience At the end of Honours/MCom If CT1 CT8 New Part I If APC 1 + APC 2 + APC 3 New Part II If only part of CT1 CT8 are obtained CT2 CB1 (if no CT2 has to be done with AI) CT7 CB2 (if no CT7 has to be done with AI) CT3 CS1 CT4+CT6 CS2 Only one of CT4 and CT6: Do CS2 with AI CT4 (Y) and CT6 (N) take special exam for AS or RT1 (whichever has lower mark)

25 Transition Rule 2016 Cohort (current third year in 2018) If only part of CT1 CT8 are obtained CT1+CT5 CM1 CT1 (Y) and CT5 (N) Do special exam for ACTL30003 CT1 (N) and CT5 (Y) Do special exam for ACTL20001 or ACTL20002 whichever is lower CT8 CM2 CB3 is not required for you.