A less well-known branch of science called actuarial science uses statistical and mathematical principles. Actuarial science may be defined as the study of taking risks. It is a field that entails accessing, anticipating, and managing risks as well as comprehending their importance in how an economy operates.
Every company uses risk management to help it make choices and protect itself against various uncertainties. Professionals in actuarial science, or actuaries, detect potential business disasters and offer appropriate remedies. They also examine a company's losses and devise ways to lessen the risks and prevent more losses. If you want to know about the actuarial science degrees available in Australia and how to study to become an actuary in Australia, here is a straightforward guide for you.
Table of Contents
- Why should one Study Actuarial Science Courses In Australia?
- List the Actuarial Science Courses In Australia
- TOP Universities for Study Actuarial Science Courses In Australia
- Cost of Studying Actuarial Science Courses In Australia
- Tuition Fees
- Cost of Living in Australia
- Eligibility Criteria to Study Actuarial Science Courses In Australia
- Exams Required to Study Actuarial Science Courses In Australia
- Scholarship for Actuarial Science Courses In Australia
- Jobs Opportunities for Actuarial Science Courses In Australia
- How to Apply for an Actuarial Science Courses In Australia?
Why should one Study Actuarial Science Courses In Australia?
Are you wondering if an Actuary qualification in Australia would benefit you?
Here are the top five reasons why studying in Australia for this adaptable degree can improve your job prospects:
- A Bachelor of Actuarial Studies degree in Australia is internationally recognised, allowing you to operate in both developed and emerging economies.
- An Actuarial qualification in Australia is statistics, mathematics, demographics, finance, analytics, and economics to help you acquire fundamental actuarial expertise.
- A degree from a reputable Australian University qualifies you to work on major real-world challenges for various industries, including life insurance, general insurance, health insurance firms, financial institutions, and governments.
- Qualified actuaries in Australia may assist businesses in managing financial risks associated with various social and economic issues such as natural catastrophes, mortality, illness, disability, monetary and fiscal policy changes, unemployment, inflation, etc.
- As an actuary in Australia, you will have the opportunity to join a network of highly acclaimed professionals and get the support and fellowship of an elite group of peers from Australia and throughout the world.
List the Actuarial Science Courses In Australia
Actuarial Science Courses in Australia are available in various programs, including Certificate, Diploma, Undergraduate, Postgraduate, and Doctoral programs. For your convenience, the section below will detail each of the programs in Australia, as well as their eligibility and other important criteria. Several universities offer actuarial science majors, but the degrees and courses each provide vary.
In Australia, the most frequent actuarial science degrees are:
- Actuarial Science Certificate Courses in Australia: Certificate courses in Actuarial Science are the most convenient way to gain new skills in Australia. They are taught both online and offline. Certificate courses in Australia are self-paced and may be completed while working.
- Actuarial Science Diploma and PG Diploma Courses in Australia: In Australia, certificate and postgraduate diploma programs in Actuarial Science are commonly undertaken instead of traditional degrees. In Australia, one can enrol in courses such as Insurance, financial management, risk management, etc. Diploma and PG diploma courses last one year and two years, respectively.
- Undergraduate Actuarial Science Courses in Australia: Actuarial Sciences Bachelor programs in Australia are three-year full-time programs. These are specialist courses in Australia where students learn how to solve financial challenges and make high-level business decisions. Bachelor's level courses include Actuarial Science specialities and other relevant specialisations such as Insurance.
Postgraduate Actuarial Science Courses in Australia
Actuarial Science Masters' programs in Australia are two-year full-time degrees. These actuarial science speciality courses in Australia can be pursued after completing a bachelor's degree in actuarial science. It is also an excellent choice for those who wish to pursue a career as a professor.
TOP Universities for Study Actuarial Science Courses In Australia
The following are a few of the best colleges in Australia that offer Diploma, UG, and Postgraduate degrees in Actuarial Science:
|
University Name |
QS World Ranking |
City |
|
The University of Melbourne |
11 |
Melbourne |
|
Australian National University (ANU) |
27 |
Canberra |
|
UNSW Sydney |
13 |
Sydney |
|
University of Queensland |
43 |
Brisbane City |
|
Monash University |
40 |
Melbourne |
|
Curtin University of Technology |
61 |
Sydney |
|
University of Adelaide |
101 |
Adelaide |
|
University of Sydney |
137 |
Sydney |
|
Griffith University |
290 |
Brisbane City |
|
Macquarie University (MQ) |
225 |
Macquarie City |
Cost of Studying Actuarial Science Courses In Australia
Understanding your fees in Australia, especially if you're a first-year student, might be difficult. The cost of attending Actuarial schools in Australia varies depending on where you reside and what degree you want to pursue.
Actuarial programs in Australia often have a high tuition charge at most universities. The costs vary from AUD 67,047 to AUD 187,856, with a maximum of AUD 257,856. Universities offer scholarships for bachelor's degrees; however, they are not always program-specific.
Tuition Fees
|
University Name |
Program |
Duration |
Tuition Fees in INR |
|
The University of Melbourne |
Master’s of Actuarial Studies |
2-years |
INR 22,75,266 Lakh |
|
Australian National University (ANU) |
Master’s of Actuarial Studies |
2-years |
INR 26,19,156 Lakh |
|
UNSW Sydney |
Bachelor of Actuarial Studies |
3-years |
INR 24,70,288 Lakh |
|
Curtin University of Technology |
Bachelor of Actuarial Studies |
3-years |
INR 17,33,536 Lakh |
|
Monash University |
Bachelor of Science (Actuarial Science) |
3-years |
INR 24,37,785 Lakh |
|
Macquarie University (MQ) |
Bachelor of Actuarial Studies |
3-years |
INR 17,33,536 Lakh |
Cost of Living in Australia
Living in Australia will provide you with a good quality of life, great weather, and a social lifestyle that will keep you occupied all year. However, nothing wonderful in life is free.
Many variables influence Australia's total cost of living, including personal preferences, the city you choose to live and study, commuting and dining habits, and so on. Considering all of the above elements, Australia's average cost of living is between AUD 25,000 and 38,000 per year. Despite having a higher cost of living than countries such as the United Kingdom, Canada, and the United States, Australia remains one of the most popular education locations for international students.
|
Kind of Expenses |
Amount in AUD |
|
Cost of living one person |
8,800-21,000 |
|
One person rent |
1,483 |
|
Food expenses |
6,700-13,440 |
|
Transport expenses |
1,440-2,880 |
|
Campus Accommodation |
5,000-13,500 |
|
Utility bills |
480-960 |
|
Phone & Internet |
720-1,440 |
|
Entertainment |
3,840-7,200 |
|
Health insurance |
2,000 |
|
Flight Tickets |
2,50,000 |
Eligibility Criteria to Study Actuarial Science Courses In Australia
The following information is provided on the qualifying criteria for courses in the discipline of actuarial science:
- Candidates must be at least 18 years old.
- Undergraduate actuarial science programmes in Australia need you to have earned a minimum of an Australian Year 12 certificate (or equivalent) and attain the appropriate academic admission score.
- Candidates who have finished their undergraduate or postgraduate studies in mathematics are also eligible.
- Candidates with any other degree (engineering, CA, CS, MCA, MBA) can also pursue a career in this profession.
- To be considered for selection, applicants must have a minimum grade point average of 70%.
- Applicants with past studies linked to the course will be given preference.
- Australian Actuarial Science University reserves the right to require students to take an English proficiency exam to satisfy English course requirements.
Exams Required to Study Actuarial Science Courses In Australia
After meeting the qualifying requirements, candidates must take an actuarial entrance or management entrance exam if pursuing an MBA in actuarial science.
|
Exam Name |
Minimum Band Requirements |
|
TOEFL |
79 |
|
PTE |
58 |
|
IELTS |
6.5 |
Scholarship for Actuarial Science Courses In Australia
Australia is one of the best countries in the world for overseas students interested in pursuing graduate, master's, and doctoral studies in actuarial science at one of the world's top institutions and universities.
This post discusses the finest Australia Scholarships for International Students 2022 in actuarial science.
Let's have a look at the scholarships for studying in Australia:
|
Scholarship Name |
Description |
Eligibility |
Amount in AUD |
|
Australia Awards Scholarships |
The Australian Government provides scholarships overseas students who seek to further their education in Australia. |
Pusuing to Undergraduate, Postgraduate, PhD. Degree Programs |
Upto $50,000/year |
|
International Postgraduate Research Scholarships (IPRS) |
Offers financial assistance to overseas students |
Financial needs, academic excellence |
Up to $26,500 |
|
University of Adelaide Global Academic Excellence Scholarships |
For overseas students who wish to pursue their education in Australia |
Academic Excellence |
50% fee reduction |
|
University of Sydney International Research Scholarships |
Supports tuition and provides a living allowance |
Financial need, academic excellence |
Upto $50,000/year |
|
Melbourne Research Scholarships in Australia |
Overseas student health insurance, a relocation grant, and a range of additional advantages |
Financial need, academic excellence |
$31,200/ year |
|
Griffith Remarkable Scholarships |
Who want to study at Griffith University as an undergraduate or postgraduate student |
Financial need, academic excellence |
50% fee reduction |
|
Monash International Merit Scholarship |
International students interested in pursuing undergraduate or postgraduate degrees at the university. |
Financial need, academic excellence |
AUD 10,000 per year |
Jobs Opportunities for Actuarial Science Courses In Australia
Actuarial Science employment is more prevalent in cities and metropolitan areas. According to statistics, it accounts for approximately half of all Actuarial Science occupations in Australia. On average, individuals working in the actuarial sector earn between AUD 67,600 and AUD 117,00 per year. Anyone with a good background in Mathematics, Statistics, and Finance can look for work in Actuarial Science. The following are the most prevalent job profiles in Australia.
|
Job Profile |
Salary in AUD |
|
Actuary |
48,200-146,000 |
|
Risk Manager |
42,000-146,000 |
|
Financial Analyst |
30,700-977,000 |
|
Auditor |
31,300-99,500 |
|
Economist |
48,300-146,000 |
How to Apply for an Actuarial Science Courses In Australia?
Those interested in actuarial science in Australia must fill the actuarial science course application, as this is a required step in becoming an actuarial science student. So, how to apply for actuarial science courses in Australia? Let us explore.
Some candidates may believe that picking a course is difficult and time-consuming because there are many options. But don't be concerned! There is always a solution; the answer here is to seek advice from AECC Global's top specialists.
- Choose an Actuarial Course that is Right for You: The first and most crucial stage is determining and selecting an Actuarial Science course that is appropriate for the student. You should examine your interests, specialisation, professional goals, and so on during the search.
- Examine the course's entry requirements.
- If you find that you fulfil all of the admission requirements for your desired course, you may begin your course application.
- You can submit your application for the course either online or offline.
- Following receipt of your application, certain institutions may request that you attend an interview or take a test.
- After completing all the preceding processes, you can wait for an offer. The university will need time to analyse your application and make an offer.
- After submitting your application, you must monitor its progress and wait patiently.
Actuarial science is well-known in Australia. It not only provides students with high-quality education and internationally recognised degrees and certificates in actuarial science, but it can also provide a strong platform for students to enter the actuarial sector in the future.
If you are interested in actuarial science, Australia is an excellent choice. But, before you make a final decision, get some valuable information about the profession from AECC Global and make sure it's a good fit for you.
AECC Global is one of the world's leading educational consultancies with versatile expert professionals who are ready to help you with any queries you may have. Contact us so we can be of assistance to you in your journey of fulfilling your dream.
