Overview
Overview
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Actuaries analyse mathematical, statistical, demographic, financial and economic data to predict and assess the effects of long-term risks involved in financial decisions and planning. They are tasked with solving business problems and analysing future financial events, especially when the amount or timing of a payment is uncertain. Actuaries may also assess when and where devastating weather events may impact, to help predict risks and their associated costs for investments or insurance. In this course, you will develop the mathematical and statistical techniques relevant to model industrial and commercial processes against a financial and economic background. You’ll also learn to identify the risk factors and determine the price and cost of those risks. In your third year you’ll specialise in actuarial science or actuarial and applied statistics. You must achieve the set minimum course-weighted average mark to be eligible for admission to the actuarial science major. See our handbook for more course information.
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How this course will make you industry ready
Actuaries are able to provide a financial evaluation of risk for companies, which may be instrumental in strategic management decisions. Throughout the course you will develop extensive knowledge of mathematics, probability, statistics, principles of finance and business, helping you to graduate career-ready.
You can gain exemptions in the equivalent subjects of the Actuaries Institute Part I exams.
What jobs can the Actuarial Science course lead to?
Careers
- Actuary
- Business analyst
- Data scientist
- Mathematician
- Risk manager
- Statistician
Industries
- Data analytics
- Education
- Enterprise risk management
- Environment and climate change
- Financial services
- Health
- Public infrastructure
What you'll learn
- use rigorous logic and actuarial concepts to identify a problem, research and interpret the data and apply appropriate techniques to develop effective solutions.
- critically approach challenging, relevant problems using a range of skills to create and assess potential solutions.
- identify, collect and analyse relevant data from a range of sources, develop assumptions and select an appropriate model; Analyse the results using valid judgement appropriate to the context of the problem.
- communicate effectively and efficiently in a variety of formats and with a high level of professionalism
- apply computer modelling software appropriately to gather and prepare data, perform calculations, analyse and communicate results.
- develop a high degree of flexibility and creativity to adapt to change; Challenge own thinking and explore new issues; Demonstrate responsibility for personal drive and development.
- show a high level of awareness of nationally and internationally relevant developments and contemporary issues, and evaluate issues from a variety of perspectives.
- develop shared understandings of contemporary relevant issues which demonstrate a high and balanced level of cultural awareness and understanding in diverse cultural settings.
- demonstrate a duty of care, honesty, integrity, fairness and knowledge of principles, law and other requirements in keeping with the profession.