University of Melbourne -

Master of Commerce (Actuarial Science)

  • Delivery: Face to Face
  • Study Level: Postgraduate
  • Duration: 18 months

Designed to provide business/commerce graduates who already have an actuarial major with further advanced studies in actuarial science.

Course Overview

Melbourne Business School's Master of Commerce (Actuarial Science) is for students who hold an actuarial degree and wish to pursue their actuarial training further. With a broad grounding in quantitative techniques in insurance and financial risk modelling, graduates of this program will be well positioned to pursue a professional career in the actuarial domain and related fields.

It focuses on actuarial theory and practice, specialising in quantitative techniques for insurance, superannuation and financial risk modelling. The program has a ‘practice’ pathway, which focuses on advanced professional training, and a ‘research’ pathway, which prepares students for the PhD in Actuarial Studies.

Key Facts

Delivery
Face to Face
Course Type
Master's
Duration
More Information
Can be studied part time
18 months (Full time)
Price Per Unit
From 4624
More Information
The estimated per units fees are calculated based on the annual indicative first year fee. It is based on a study load of 1 EFTSL (equivalent full time study load) or 50 credit points per semester or 100 credit points per year.
Intake
Units
12
Fees
More Information
FEE-HELP loans and HECS loans are available to assist domestic students.
FEE-HELP, HECS, CSP

What you will study

To complete the Master of Commerce (Actuarial Science), you must fulfil 150 points comprised of:

  • Seven core actuarial subjects.
  • Five elective subjects.

Student can elect to follow one of two pathways; the practice pathway or the research pathway. Students interested in progressing to the PhD program will need to follow the research pathway.

Practice pathway

Core subjects

Complete all of the following subjects:

  • Mathematics of Finance III
  • Insurance Risk Models
  • Actuarial Practice and Control I

Constrained choice core subjects

Students must take 25 points of actuarial subjects, selected from the following subjects:

  • Actuarial Studies Projects - Part 1
  • Insurance Risk Models II
  • Mathematics of Finance IV
  • Actuarial Science Research Report Part 1
  • Actuarial Science Research Report Part 2

Capstone

Complete both of the following subjects:

  • Actuarial Practice and Control II
  • Actuarial Practice and Control III

Electives

Complete 62.5 points of electives selected from the following list; core actuarial subjects; or other masters-level subjects in actuarial studies, economics, finance or mathematics, as approved by the Academic Program Director.

  • Time Series Analysis and Forecasting
  • Bayesian Econometrics
  • Numerical Techniques in Finance
  • Systems Modelling and Simulation
  • Mathematical Statistics
  • Business Risk Management
  • General Insurance Practice
  • Computational Statistics and Data Science
Research pathway

Entry requirements

Academic requirements

Applicants must have the following:

  • Have completed an undergraduate or postgraduate degree in actuarial science (or similar) with a Weighted Average Mark of at least 75%) (or equivalent).
  • Have completed the Graduate Records Examination (GRE), unless you have completed an undergraduate degree in Australia or New Zealand or met one of the approved conditions for GRE exemption.
  • Submit a 500-word personal statement outlining why you wish to be considered for this course.

English language requirements

All applicants to the University of Melbourne must satisfy the English language requirements. This may be achieved in a number of ways, including recognised previous study taught and assessed entirely in English or an approved English language test.

If you are from a non-English speaking background, the required standard of English for this degree is one of the following English proficiency test scores:

  • IELTS (Academic) – 6.5 overall, with no band less than 6.0.
  • TOEFL IBT – minimum score of 79, with writing 21; speaking 18; reading 13; listening 13.
  • PTE – minimum score of 64, with no communicative skill below 60.
  • Cambridge – minimum score of 176, with no skill less than 169.

Recognition of Prior Learning

Prior studies may be credited towards your degree and potentially reduce the duration of your course. This is known as Advanced Standing (also known as credit or recognition of prior learning).

Applicants with an honours degree in Actuarial Science may be awarded up to 62.5 points of credit into the Master of Commerce (Actuarial Science). Credit will be assessed at the point of application. Contact the university for more details.

Outcomes

Career outcomes

Graduates of this course have gone on to some successful and varied careers. These are just some examples:

  • PhD candidate
  • Research assistance
  • Actuarial analyst

Learning outcomes

You will leave the degree with a number of essential skills, including the ability to:

  • Critically analyse theoretical and practical problems in actuarial work.
  • Evaluate analytically and numerically using actuarial models.
  • Understand actuarial practice and conduct.

Fees and CSP

Indicative Commonwealth Supported Place (CSP) fee in 2025: $16,992 (CSP paying place)

Indicative first year fee in 2025: $36,992 (domestic full-fee paying place)

Indicative total course fee in 2025: $57,338 (domestic full-fee paying place)

Unless otherwise noted, the indicative total course fee shown above assumes a study load of 1 EFTSL (equivalent full time study load) commencing semester one of the listed year, except for courses with a duration of less than 1 EFTSL.

Commonwealth Supported Places (CSP) are available for this course.

A student’s annual fee may vary in accordance with:

  • The number of units studied per term.
  • The choice of major or specialisation.
  • Choice of units.
  • Credit from previous study or work experience.
  • Eligibility for government-funded loans.

Student fees shown are subject to change. Contact the university directly to confirm.

Commonwealth Supported Places

The Australian Government allocates a certain number of CSPs to the universities each year, which are then distributed to students based on merit.

If you're a Commonwealth Supported Student (CSS), you'll only need to pay a portion of your tuition fees. This is known as the student contribution amount – the balance once the government subsidy is applied. This means your costs are much lower.

Limited CSP spaces are offered to students enrolled in selected postgraduate courses.

Your student contribution amount is:

  • Calculated per unit you're enrolled in.
  • Dependent on the study areas they relate to.
  • Reviewed and adjusted each year.

HECS-HELP loans are available to CSP students to pay the student contribution amount.

FEE-HELP loans are available to assist eligible full-fee paying domestic students with the cost of a university course.