First Year Information Session Tuesday 10 th March 2015
Agenda Introduction to the society Background about the major and pathways Panel 2
The Actuarial Students Society The only representative body for actuarial students at the University of Melbourne. Our aim is to enhance the social and professional lives of our members. We help prospective actuaries build bridges and make connections with other students, mentors and potential employers. We re one of the oldest commerce clubs at the University. We re turning 20 this year! 3
The Actuarial Students Society Events we run Information Sessions, Careers Luncheons with Gold Sponsors, Professional Development Workshops 4
The Actuarial Students Society Events we run Informal networking nights 5
The Actuarial Students Society Events we run Contact Night 6
The Actuarial Students Society Why Join? Membership is only $5 per year and it entitles you to: Discounts to all events Newsletters with the latest internships and job offer details Access to practising actuaries at all our networking events Free food and drink and much more! 7
The Actuarial Students Society Contact Us Facebook www.facebook.com/actuarialstudentssociety Website www.melbourneactuary.com Email contact@melbourneactuary.com 8
What is the role of an actuary? The assessment, evaluation and management of the financial risks faced by individuals, households, investors, companies and governments as they plan for the future. Risks may vary from an illness, disability or death of an individual to the effects of a cyclone, earthquake or a major economic or social change. The actuary's work is based upon a multidisciplinary background of mathematics, statistics, demographics, finance and economics. 9
How to qualify? 10
How to qualify? 11
Standard needed for accreditation The standard required for exemption is an average mark of 73 or better (pass needed in both subjects) for Part I and II subjects. In subjects taught outside the Centre, i.e. subjects with a prefix that is not ACTL, this is the mark for the OVERALL SUBJECT. For subjects taught in the Centre, exemptions will be given achieving this standard in end of semester EXAMS ONLY. However, for subjects ACTL40002 (Risk Theory I) and ACTL40004 (Advanced Financial Mathematics I), it is also the OVERALL SUBJECT mark. 12
Missed out on exemption? Resit the relevant subjects at the University of Melbourne as a continuing education student. Cost is ~$3300 per subject without HECS. It does not impact your BCom degree results. OR Resit Part I subjects by taking the relevant correspondence courses directly with the Institute and Faculty of Actuaries in the UK. You must be a member of the Institute of Actuaries of Australia/UK Institute and Faculty. Course material (~$300), exam registration fee (~$500). The examinations are held twice a year (April, September). Venue organised by the Institute of Actuaries of Australia in major capital cities. 13
BCom Actuarial Studies 300 points to complete a BCom degree. Between 87.5 and 125 points must be from level-1 subjects. At least 75 points must be from level-3 subjects. At least 37.5 points of third year Actuarial Studies subjects to complete a major in Actuarial Studies. Five compulsory subjects in the BCom: Introductory Microeconomics, Introductory Macroeconomics, Organisational Behaviour and two quantitative subjects (Probability and Statistics for actuarial students). 2 breadth subjects (non maths, non commerce) required (any level) 14
Subjects in First Year First Semester: ACCT10001 Accounting Reports and Analysis ECON10004 Introductory Microeconomics MAST10008 Accelerated Mathematics 1 (Or Calculus 2 if less than 38 in Specialist Maths). Breadth subject Second Semester: ACTL10001 Introduction to Actuarial Studies (Needs Acc. Maths 1 OR Linear Algebra OR Calc 2, the latter can be taken concurrently). ACCT10002 Introductory Financial Accounting (Needs ARA). ECON10003 Introductory Macroeconomics (Needs Intro Micro). MAST10009 Accelerated Mathematics 2 (Or Linear Algebra if not done Acc. Maths I). **NOTE: Non specialist students take Calculus 1 in semester 1 instead in Acc. Maths 1, then take Calculus 2 and Linear Algebra in semester 2 instead of Introduction to Actuarial Studies and Acc. Maths 2. ***NOTE: Average mark of at least 70% across first-year subjects is recommended for completing the professional qualifications. 15
Subjects in Second Year First Semester: ACTL20001 Financial Mathematics I (Needs 60 average in Accelerated Maths I and 2 or 75 average in Calculus 2 and Linear Algebra). FNCE20001 Business Finance (Needs Introductory Financial Accounting, and a level-1 Maths subject). MAST20004 Probability (Needs Accelerated Mathematics 1 and 2). MGMT20001 Organisational Behaviour Second Semester: ACTL20002 Financial Mathematics II (Needs Financial Mathematics I and Probability). MAST20005 Statistics (Needs Probability). ECON20001 Intermediate Macroeconomics (Needs both Introductory Microeconomics and Introductory Macroeconomics). Breadth subject 16
Subjects in Third Year First Semester: ACTL30001 Actuarial Modelling I (Needs both Financial Mathematics II and Statistics). ACTL30002 Actuarial Modelling II (Needs both Financial Maths II and Statistics). ACTL30006 Financial Mathematics III (Needs both Financial Maths II and Statistics). One other subject ** NOTE: FNCE30001 Investments is not allowed if FMIII is taken and vice-versa Second Semester: ACTL30003 Contingencies (Double subject. Needs Actuarial Modelling I). ACTL30004 Actuarial Statistics (Needs Actuarial Modelling II). ACTL30005 Models for Insurance and Finance (Needs both Financial Mathematics II and Statistics). 17
Honours Year Some employers (particularly the public service and some investment and finance firms) will only employ graduates with an honours degree, and hence completing a higher level degree will open up more employment opportunities to you. By studying for honours, you have the opportunity to obtain exemption from all subjects that comprise Part I of the Institute of Actuaries of Australia s professional examinations. Additionally, Part II of the qualification as a Fellow of the Institute of Actuaries of Australia is covered in the honours year. However, in recent years there has been a trend towards students not completing an Honours year if they are able to secure a graduate role after three years. 18
Honours Year: Requirements 1. Satisfy the requirements for a BCom degree with a major in Actuarial Studies (or equivalent). 2. Achieve a grade of at least H2B in four level-3 actuarial subjects. Note that ACTL30003 Contingencies counts as two subjects. Thus, a mark of 74 in ACTL30003 would count as two H2B grades. The Centre only admits students who they believe are likely to succeed in honours year, so getting more than a few low marks would also exclude you even if you satisfy the above. 19
Subjects in Honours Year First Semester: ACTL40002 Risk Theory I (Needs Actuarial Statistics). ACTL40004 Advanced Financial Mathematics I (Needs Financial Mathematics III and Models for Insurance and Finance). ACTL40005 Actuarial Studies Projects or ACTL40001 Actuarial Studies Research Essay (Needs entry into honours). ACTL40006 Actuarial Practice and Control I (Needs Contingencies and Actuarial Statistics). Second Semester: ACTL40005 Actuarial Studies Projects or ACTL40001 Actuarial Studies Research Essay (Needs entry into honours). Three out of the following four subjects: ACTL40003 Risk Theory II (Needs Risk Theory I). ACTL40008 Advanced Financial Mathematics II (Needs Advanced Financial Mathematics I). ACTL40007 Actuarial Practice and Control II (Needs Contingencies and Actuarial Statistics). ACTL40009 Actuarial Practice and Control III (Needs Actuarial Statistics, Contingencies and Financial Mathematics III). **NOTE: Not ALL these subjects are professional accreditation subjects. Some are just academic. 20
Exchange Program Each year, up to two students can go on exchange for a year to Heriot- Watt University in Edinburgh, Scotland. The program starts in September and ends in June, students complete their 1st semester of third year; go on exchange; then complete the 2nd semester of the honours degree. The program is open to third year students with a good academic record who intend to do an Honours Year. Applications are called for in the 2nd year around August. 21
Master Programs Master of Actuarial Science 2 years For non-actuarial graduates who have mathematical or statistical specialisations (e.g. mathematics, physics or engineering). Needs consistent H2A, H1 marks in quantitative subjects. Master of Commerce (Actuarial Science) 2 years For graduates already with an actuarial major. Similar to honours but also has more advanced topics. Needs an average of H2A (75%). Can apply after an honours degree and may be awarded up to 100 points of credit into the master program. 22
Useful links Centre for Actuarial Studies at the University http://fbe.unimelb.edu.au/economics/act Actuaries Institute http://www.actuaries.asn.au/ Institute and Faculty of Actuaries http://www.actuaries.org.uk/ 23
Q & A Amy Li (President, 3 rd year student) Matthew Tsiglopoulos (Education Officer, 3 rd year student) Mengtong Xia (Vice President, 3 rd year student) Holly Briffa (Secretary, 3 rd year student) Margaret Loo (Treasurer, 3 rd year student) Cuong Duong (Sponsorship Officer, 2 nd year student) Chris Ebeling (Honours Year Representative, Honours year student) 24