COURSE CURRICULUM

The Master of Actuarial Science is a comprehensive five-semester program designed to equip students with a solid foundation in finance, statistics, and economics, while also offering the opportunity to specialise in an area of interest. The program includes 12 required subjects and four specialisation subjects, with this structure reflecting a full-time study load starting in January. In the first semester, students focus on foundational topics including financial mathematics, accounting principles, and economics for business. This semester is designed to build core competencies such as understanding compound interest theory, preparing and interpreting basic financial statements, and applying economic theory in business contexts.In the second semester, the curriculum advances into intermediate subjects in statistical inference and actuarial mathematics. Students explore key topics like contingencies, mathematical statistics, linear models, and applied econometrics. These subjects cover a wide range of skills from classical and binary choice regression models to evaluating statistical evidence in economic and financial decision-making. By this stage, students will have also selected a specialisation, choosing from areas such as Big Data, Finance, Health Management, International Business, Marketing, or Tourism Management.Semester three deepens the focus on data science and finance, with subjects like survival analysis, stochastic processes, and corporate finance. Students will learn to model time-to-event data, apply Markov chain processes, and evaluate major corporate financial decisions, gaining essential analytical tools for complex actuarial tasks.In the fourth semester, students study stochastic asset liability models and financial derivatives. They also explore national income theory and macroeconomic principles, developing the ability to assess long-term financial stability and risk. This phase integrates advanced theory with practical financial applications.Finally, in semester five, students complete their remaining coursework, which may include macroeconomics and the final two subjects within their chosen specialisation. This semester consolidates their expertise and prepares them for professional roles in actuarial science or further certification pathways.