Study Actuarial Science in Australia
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Actuarial Science Studies in AustraliaDo you enjoy working with numbers and statistics as a way to work through different problems and challenges? Have you always wanted to visit the beautiful country of Australia? If you answered yes to both of these two questions, then you may want to consider pursuing a degree in the Actuarial Sciences, a program now offered to study abroad participants in the gorgeous country of Australia.
Australia, known officially as the Commonwealth of Australia, is a sovereign country occupying the entire mainland of the Australian continent, the island of Tasmania, and a number of smaller islands. Australia is the sixth-largest country in the world by total area, and its neighboring countries include Indonesia, East Timor and Papua New Guinea to the north; the Solomon Islands, Vanuatu and New Caledonia to the northeast; and New Zealand to the southeast.
Since its independence in the winter of 1901, Australia has maintained a stable liberal democratic political system that functions as a federal parliamentary democracy and constitutional monarchy. The federation is made up of six distinct states and several territories, and its population of roughly 23 million is highly urbanized, with the heaviest concentration of people found in the eastern states.
Over the years Australia has become a highly developed country and one of the world’s wealthiest nations, boasting the 12th-largest economy on the globe. The country also has the second-highest human development index and is considered one of the best places in the world to live in terms of quality of life, health, economic freedom and education.
Actuarial Science Education in Australia
Actuarial science is a field of study offered by many of Australia’s largest universities, including several in the Melbourne and Sydney regions. The program is offered at both the undergraduate (Bachelor) and graduate (Master) degree level. At the undergraduate level, degree programs generally span 4-5 years in duration depending on the institution and availability of courses; while at the Master Degree level, programs typically span an additional 2-3 years.
Actuarial science is a method of using financial, business and statistical knowledge to determine risk. Those with a degree in the field have a number of lucrative and rewarding career options available to them following graduation. Those who work as actuaries evaluate the possibility of things that might happen and figure out ways to prevent unwanted events. If those events are not avoidable, actuaries find ways to limit their impact. Their work involves designing plans and policies to limit the cost of unwanted events, which is why many actuaries often work in the insurance field.
The Bachelor and Master Degree programs in Actuarial Science focus on mathematics and statistical courses which are taught in a high-technology environment. Students will study using some of the most current, cutting-edge computer technology and programs, as well as projection devices. Specific coursework includes applied probability and actuarial models, financial math, business finance, economics, statistics and data analysis, and regression and time series analysis. Graduates will generally need to pass several professional actuarial exams given by actuarial organizations in their country of residence prior to securing employment in the field.
Why Study Abroad in Australia
The excellent system of higher education in Australia is just part of the reason why this country is such a draw for international students studying abroad. Located in the Southern Hemisphere, Australia is a country literally dripping with natural beauty and charm and its people are said to be some of the friendliest in the world. When not busy with their courses, students will have plenty of time to explore some of the major sights and attractions of this exotic land, some of which include:
The Great Ocean Road
The Great Ocean Road is a scenic route located about an hour's drive from Melbourne. One of the most beautiful stretches of road in the world, it runs for 250 km and was constructed in memory of soldiers who were killed in World War II. The attraction of this road is that it passes through beautiful cliffs and lonely beaches that collectively make up the protected landscapes of Otway National Park and Campbell National Park, located just to the east and west of the Great Ocean Road, respectively. Campbell Park is well-known throughout Australia for the collection of rocks jutting from the ocean there, the most famous of which is nicknamed the “Twelve Apostles."
Once known as Ayers Rock, Uluru is the world’s largest monolith rock. It is located in the Red Center of Australia and is part of the UNESCO World Heritage Center. Uluru is positioned against flat surroundings, which helps to give the rock such a sharp contrast. Locals will tell you that the best time to visit the rock is at either sunrise or sunset, at which time you can view its mysterious and almost magical color change. This unique phenomenon has led many people to think of Uluru as a spiritual center.
The Great Barrier Reef
No conversation of Australian attractions would be complete without mentioning the Great Barrier Reef, considered by many to be one of Australia’s top tourist attractions, largely due to the rich biodiversity found in the region. The largest coral reef in the world, the Great Barrier Reef is located off the Queensland coast in the Coral Sea. One cannot even estimate the sheer number of plant and animal life species supported by the reef, but if visitors get lucky they may espy creatures such as the Indo-Pacific humpback dolphin, flat back turtle, dwarf mink whale and the saltwater crocodile. Each year, divers come from around the world to the Great Barrier Reef to explore the region’s amazing diversity, and once they do it is not uncommon to see them coming back time and again to see what else the Reef has in store in for them.