Distance Education - Actuarial Practice and Control (Part II)
The University of Melbourne will be offering its Actuarial Control Cycle subjects (ACTL90010 Actuarial Practice and Control I and ACTL90011 Actuarial Practice and Control II), and Data Analytics Principles subject (ACTL90019 Data Analytics in Insurance 2) as distance education subjects, as well as part of an honours degree. These subjects collectively cover part of the Actuary Program (Part II) of the Actuaries Institute syllabus for qualification as an Actuary.
The Centre also offers ACTL90018 “General Insurance Practice”. This subject will prepare students for the Actuaries Institute’s Part III modules in General Insurance. It will allow the student to study the material in a manner familiar from their previous studies for Part II. It will NOT grant an exemption, however.
The Actuarial Practice and Control and General Insurance subjects are offered on a non-award basis, meaning that students can enroll in these subjects without being enrolled in a degree or taking any other subjects at the university.
For candidates resident in Melbourne, the university offers a lecture series course.
For candidates resident outside Melbourne, either in other parts of Australia or overseas, the subjects are available as distance education courses. Distance students have online access to full audio and video recordings of the lectures and tutorials.
The university is internationally recognized for actuarial teaching and research.
A team of established actuarial professionals teaches the university subjects.
- collectively have a wealth of experience of actuarial practice;
- are up-to-date on current actuarial practices;
- are experts in different fields of actuarial practice.
The university provides audio-visual and other material online.
Prerequisites for Enrolment
Foundation Program (Part I) of the Actuaries Institute actuarial syllabus is required knowledge for the Actuarial Practice and Control subjects. You will usually meet this requirement if:
- You have completed an actuarial undergraduate degree at one of the Australian universities accredited by the Actuaries Institute to provide its Foundation Program (Part I) education, and you have been exempted from most of the Actuaries Institute Foundation Program (Part I) examinations. The currently accredited universities are Macquarie University, the University of Melbourne, the University New South Wales, the Australia National University, Monash University and Curtin University.
- You may also be able to enroll if you have been exempted from the Foundation Program (Part I) examinations and can demonstrate knowledge of the remaining subjects. Applicants who fall into this category will be considered on their individual merits.
Acceptance into the Actuarial Control Cycle subjects and Data Analytics Principles subject will usually be automatic for applicants who meet the prerequisites set out above. If you are uncertain whether you meet the prerequisites, please contact the Centre for Actuarial Studies.
These Actuarial Control Cycle subjects form a natural sequence and, as a general rule, should be attempted in this order although Actuarial Practice and Control II and Data Analytics in Insurance 2 can be studied simultaneously in the same semester.
For General Insurance Practice, a student should at the very least have completed the CT6 (part of CS2) exemption and ideally will have completed the associateship of the Actuaries Institute or equivalent.
Distance Education Course
At the start of each subject, all students are provided with a study guide that outlines how the subject will progress, informs students of required reading, and gives instructions regarding assignments.
For Actuarial Practice & Control I & II (APC I & II) assessment consists of written coursework components (assignments and/or projects) worth 30 percent and a three-hour written examination at the end of semester worth 70 percent.
In Data Analytics in Insurance 2 assessment consists of group oral presentation components (3 students per group and 15 minutes per student) is worth 30 percent and a three-hour written examination at the end of semester worth 70 percent.
For General Insurance Practice assessment consists of written coursework components (assignments and/or projects) worth 30 percent and a three-hour written examination at the end of semester worth 70 percent.
All assessments are conducted by the university, with exams taking place within the university's examination periods. Examinations will be held at venues arranged by the University of Melbourne. Further details will be supplied closer to the examination dates.
The examinations in all locations will be held at the same times on the same dates. The first semester examinations will be held in late June/early July and the second semester examinations will be held in November. The actual dates will be advised by the university as soon as they have been finalized.
Exam marks are released in accordance with the university's academic calendar, with results posted on the Internet.
- For the purpose of university grades, each subject will be assessed separately. For the purpose of exemption from Actuary Program (Part II) of the Actuaries Institute exams, examination results from APC I & II will be combined for consideration of Actuarial Control Cycle, and examination result from Data Analytics in Insurance 2 will be considered for Data Analytics Principles.
- Exemption will be recommended by the University of Melbourne based on students' university scaled examination results (not the overall mark in APC subjects). To gain the exemption, results must be higher than a specific threshold (the latter varies, it is usually between 70 and 75); results from the two APC subjects are averaged. Note that the overall university mark awarded usually differs from the scaled examination mark used to determine exemption for Actuaries Institute Actuary Program (Part II), due to the other forms of assessment in the subject.
Students are encouraged to discuss lecture content with each other and with staff. An Online Tutor will be available through subject web pages, and students may chat informally amongst themselves, or ask special questions of staff.
Staff are also contactable via telephone, email. The preferred method of communication is by email or Online Tutor question.
Applications for Semester 1, 2023 is now open.
Subjects offered in Semester 1, 2023
Actuarial Practice and Control I
Subjects offered in Semester 2, 2023
Actuarial Practice and Control II
Data Analytics in Insurance 2
The fee for each subject in 2023 is AUD$4,836.
Please note that in order to obtain exemptions from Actuary Program (Part II) of the Actuaries syllabus, candidates will be required to pay the required exemption fees to the Actuaries Institute $300 per Institute subject.
Candidates Repeating Subjects
If you sat the Actuarial Practice and Control subjects prior to the current year but did not do well enough to be eligible for an exemption from Actuary Program (Part II) of the Actuaries Institute syllabus, you may only need to repeat one of the subjects. There may be cases, however, in which it is advisable to repeat more than one. Please contact the Centre for Actuarial Studies if you are unsure what to do.
If you need to repeat APC1, you need to enrol for it in January, February in the calendar year. Please contact the Centre for Actuarial Studies for further details.
Distance Education Program Administrator
Department of Economics
The University of Melbourne
Tel: +61 3 8344 5289