Actuarial Science Schools and Programs in Australia

Actuarial Science Studies in Australia

Actuarial science applies mathematics, statistics and finance to risk. According to the Actuaries Institute, the professional body in Australia, an actuary uses "mathematics, statistics, data and financial theory to assess and manage risk and opportunity". In Australia the subject is closely tied to the route to professional qualification: accredited university degrees cover the first part of the Institute's exams, so the choice of degree matters from the start. Teaching is in English.

SpainExchange lists three universities in Australia that teach actuarial science: the University of New South Wales (UNSW) and Macquarie University in Sydney, and the University of Melbourne.

How actuarial degrees are organised in Australia

Australian degrees sit within the Australian Qualifications Framework (AQF), which has 10 levels. A bachelor's degree typically takes 3 years (4 years with honours) and a postgraduate degree 1 to 2 years. Actuarial science is offered at both levels:

• Bachelor's degrees, such as the Bachelor of Actuarial Studies at UNSW and at Macquarie University, or the Bachelor of Commerce (Actuarial Studies) at the University of Melbourne
• Graduate diplomas and master's degrees for students who already hold a degree, such as the Master of Actuarial Studies at UNSW or the Master of Actuarial Science at the University of Melbourne
• Honours years and double degrees that combine actuarial studies with another field

At UNSW, the Bachelor of Actuarial Studies takes 3 years (144 units of credit) on the Kensington campus. Students cover probability modelling, stochastic processes, financial mathematics and predictive analytics. The Master of Actuarial Studies takes about 1.7 years (72 units of credit).

Accreditation and the route to becoming an actuary

The Actuaries Institute accredits actuarial degrees at eight universities in Australia and New Zealand, including UNSW, Macquarie University and the University of Melbourne. These degrees teach the Institute's Foundation Program (subjects such as Actuarial Statistics, Risk Modelling and Survival Analysis, and Actuarial Mathematics for Modelling) plus two subjects of its Actuary Program. Graduates who reach the required grades can apply for exemptions from these subjects.

The Institute describes the full pathway in three steps:

• an accredited degree, which takes 3 to 5 years of full-time study
• the second half of the Actuary Program, studied remotely while working, which leads to the Associate (AIAA) designation
• the Fellowship Program and a further year of work experience, which lead to the Fellow (FIAA) designation

Students with a non-accredited degree in maths, business, economics or finance can apply for some exemptions, and those already granted exemptions by a recognised actuarial body abroad can apply for a credit transfer. According to UNSW, accreditation through the Actuaries Institute gives mutual recognition with bodies such as the Institute and Faculty of Actuaries in the UK.

Admission and language

The subject is mathematical. The Actuaries Institute expects students to have taken specialist or extension mathematics at secondary school, and UNSW lists Mathematics Extension 1 as assumed knowledge for its bachelor's degree. Applicants whose first language is not English must prove their English proficiency before UNSW can make an offer.

For the Master of Actuarial Studies, UNSW asks for a recognised bachelor's degree with a substantial component of mathematics, statistics, econometrics or actuarial studies and a credit average, plus maths equivalent to a full year of first-year university calculus and linear algebra. Places can fill up: UNSW notes that some programmes are at capacity for 2026 intakes for new overseas students, while applications for 2027 are open.

Costs and student visa

Tuition fees for international students vary by university, level and city. For 2026, UNSW gives an indicative first-year fee of A$58,000 for the Bachelor of Actuarial Studies and A$62,000 for the Master of Actuarial Studies.

Most international students need a Student visa (subclass 500). Students apply after receiving a confirmation of enrolment (CoE) from the university. From 1 July 2026 the visa application fee starts at AUD 2,500, and visa holders may work up to 48 hours a fortnight while their course is in session.

Careers

According to the Actuaries Institute, actuaries work in financial services, general, life and health insurance, superannuation, wealth management, investments, banking and enterprise risk management, and increasingly in fields such as data science and AI, cyber security, climate change and energy. Graduates with an Australian bachelor's, master's or doctoral degree may be eligible for the Temporary Graduate visa (subclass 485) to work in Australia after their studies.

Frequently asked questions

How long does it take to become an actuary in Australia?

An accredited degree takes 3 to 5 years of full-time study. Graduates then complete the rest of the Actuary Program while working to become an Associate (AIAA), and can go on to the Fellowship Program to become a Fellow (FIAA).

Which universities offer accredited actuarial degrees?

The Actuaries Institute accredits degrees at eight universities in Australia and New Zealand, including UNSW, Macquarie University and the University of Melbourne. Its website lists the accredited degrees at each one.

Can I study a master's in actuarial science without an actuarial bachelor's degree?

Often, yes. UNSW's Master of Actuarial Studies accepts a bachelor's degree with a substantial component of mathematics, statistics, econometrics or actuarial studies, with a credit average.

How much does an actuarial degree cost for international students?

Fees depend on the university. UNSW gives indicative 2026 first-year fees of A$58,000 for its bachelor's degree and A$62,000 for its master's degree.