Coursework
Master of Actuarial Science
- CRICOS Code: 0101265
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What will I study?
Overview
The degree is designed to be completed in 1.5-years of full-time study or part time equivalent and requires completion of 150 points. The degree consists of 12 semester-length subjects comprising:
- 6 discipline core subjects;
- 2 capstone subjects; and
- 4 elective subjects.
Sample course plan
View some sample course plans to help you select subjects that will meet the requirements for this degree.
Example 150 point plan
Year 1
100 pts
- Semester 1 50 pts
- Semester 2 50 pts
Explore this course
Explore the subjects you could choose as part of this degree.
- 12.5 pts
Topics include data analysis, the principles of actuarial modelling, the description of financial transactions; the understanding of real and nominal interest rates, the time value of money, the present value and accumulated value for a given cashflow, the term structure of interest rates; the duration, convexity and immunisation of cashflows; the equation of value and its usage to solve various practical problems, project appraisals.
- 12.5 pts
Topics include: measures of investment risk, portfolio theory, models of asset returns, asset liability modelling, equilibrium models, the efficient markets hypothesis, stochastic models of security prices, and Brownian Motion and its application.
- 12.5 pts
This subject aims to provide students with grounding in advanced financial mathematics, covering option pricing under the binomial model; risk‐neutral pricing of derivative securities; Brownian motion; introduction to Itô΄ formula and SDEs; stochas asset models; Black‐Scholes model; arbitrage and hedging; interest‐rate models; actuarial applications and simple models for credit risk.
- 12.5 pts
Topics include survival models concepts; estimation procedures for lifetime distributions; multiple state models; multiple decrements; binomial and Poisson model of mortality; actuarial applications of continuous‐time and discrete‐time Markov processes; exact and census methods for estimating transition intensities based on age.
- 12.5 pts
This subject examines auditing and assurance services at an advanced level. It is designed to facilitate detailed analysis of complex situations auditors face in contemporary practice. Instruction is carried out by industry practitioners. Topics covered include the use of data analytics, engagement risk and practice management, and auditing asset and liability valuations. Students will have the opportunity to deepen their understanding of contemporary assurance practices.
- 12.5 pts
Topics include distributions of accumulations and present values; stochastic interest rate models; time series models; an introduction to ruin theory; claim run-off triangles; stochastic simulation.
- 12.5 pts
This subject has two primary aims:
To provide fundamental principles of actuarial modelling.
To discuss techniques used to model and value cashflows dependent on death, survival, or other uncertain risks.
- 12.5 pts
Topics include loss distribution with and without risk sharing; collective risk model, calculation of moments and moment generating function of aggregate claims, recursion formulae, effect of reinsurance; individual risk model, recursion formulae and approximations; copulas; extreme value theorems; time series.
- 12.5 pts
This subject has two main objectives. Firstly, it is designed to enable students to have the ability to analysis and interpret the financial statements of companies and financial institutions. Secondly, to provide a basic understanding of corporate finance including a knowledge of the instrument used by companies to raise finance and manage financial risks.
- 12.5 pts
This subject aims to provide students with basic training on modern data analytics methods, which include linear regression, classification, resampling methods, spline-based methods, generalised additive models and tree-based methods. This subject focuses on applying the above methods to modelling non-life insurance claims frequency and severity.
- 12.5 pts
Topics include multiple linear regression; Spearman´s and Kendall´s measures of correlation; principal component analysis; generalised linear models; bootstrap method; Bayesian statistics; credibility theory.
- 12.5 pts
This subject introduces core economic principles and how these can be used in a business environment to help decision making and behaviour. It provides the fundamental concepts of microeconomics that explain how economic agents make decisions and how these decisions interact. It explores the principles underlying macroeconomics that explain how the economic system works, where it fails and how decisions taken by economic agents affect the economic system.
Subject to Program Director's approval.
- Business and Economics Internship 12.5 pts
This subject involves the completion of a professional work placement, integrating academic learning in business & economics areas of study. Students will gain an improved knowledge of employability skills, workplace culture, and career pathways. Students will be required to undertake pre-placement online modules designed to equip students with project management skills and techniques for creative problem solving. The placement will draw on students' specific discipline skills associated with the specialisation of their degree.
This subject is intended to provide students with the opportunity to apply their business knowledge in an industry setting under the joint supervision of an industry and an academic mentor. Students will be responsible for identifying and securing a suitable work placement. Applications should be submitted by the due dates published on the MBS website. Selection into this subject is based on suitability of the placement, and demonstrated motivation to benefit from the program, and timely submission of the application.
The subject coordinator will have final approval of all selected students. Enrolment will be capped and subject to meeting the relevant academic program requirements. There will be a minimum of 30 places available per semester, additional places offered will be subject to Academic availability.