Issue 3, 2006
Courses and Scholarships
The Bachelor of Commerce Actuarial Studies
The degree of Bachelor of Commerce-Actuarial Studies (BCom-ActStud) is a globally recognised degree which requires a minimum of three years full-time study or six years part-time.
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BCom-ActStud/BAppFin student James Zhao |
Macquarie's actuarial studies program was the first of its kind in the English speaking world to be accredited by a professional actuarial body and is the longest running program in Australia.
Actuaries apply mathematical, statistical, economic and financial analysis to manage the risks of financial contracts. The actuarial profession is one of the most globalised professions, and many Macquarie actuarial graduates work in the financial services industry in North America, Europe and Asia.
All actuarial students complete units in economics, accounting, mathematics, statistics, finance and actuarial studies. Actuarial units and units in other selected disciplines are studied in greater depth in subsequent years.
Although there is no formal requirement, the program in actuarial studies is advised only for students who have completed Extension 2 Mathematics (or Extension 1 Mathematics with a very high mark).
The Bachelor of Commerce-Actuarial Studies can be combined with the Bachelor of Applied Finance, the Bachelor of Economics, the Bachelor of Science and the Bachelor of Law. Double degree programs take a minimum of four years full-time study or five years for the combined Bachelor of Commerce Actuarial Studies and Bachelor of Law.
James Zhao is currently completing his final year of the Bachelor of Commerce Actuarial Studies/Bachelor of Applied Finance double degree. Having enjoyed maths and economics in high school he says that actuarial studies felt like the right choice.
"I wanted to do a degree that I could enjoy but also excel in at the same time," he explains.
He chose to study at Macquarie due to the University's strong reputation in the field.
"Macquarie is world-renowned in this area," he says. "Research papers in actuarial magazines often mention academics at Macquarie. I think it's much more worthwhile to be taught by people who are famous in the industry."
The former Normanhurst Boys High School student has landed himself an internship at actuarial consultancy firm Tillinghast and is very keen to put his degree into practice.
"What's great about the Macquarie degree is that it's very practical," he says. "I recently did some vacation work at an actuarial firm and I was able to apply to the job so much of what I've learned at uni."