Professional Purpose

Professional Purpose

Bridging Study for Overseas - Trained Professionals

You can be undertaking bridging study for overseas-trained professionals only if you hold a written assessment statement issued by the assessing body for a listed professional occupation, for example CPA Australia or LPAB.

The assessment statement indicates the studies, examinations and/or tuition and training programs that you will need to undertake successfully in order to meet the requirements for entry to your profession in Australia. It is the responsibility of the student to arrange for an assessment of their previous qualifications by the relevant assessing body. Assessments cannot be done by Macquarie University. 

After obtaining the assessment statement, it is strongly recommended that you seek academic advice from the relevant department offering the unit to ensure you are enrolled into a unit that covers the content required in your assessment statement. Applicants may be eligible to apply for FEE-HELP to assist them in re-training in order to practice in Australia. Please note: applicants will only be eligible for FEE-HELP for the units listed on their assessment statement; any additional units that the applicant wishes to undertake will be undertake on a non-award basis, that is, full fee, up front payment of tuition fees.

For more information about bridging study for overseas-trained professionals and FEE-HELP, as well as a list of professional occupations and assessing bodies, please read the FEE-HELP Information Booklet, available online at Study Assist.

When lodging an application, please ensure you provide the following:

  • Certified copy of Australian Citizenship/Australian residency evidence
  • Assessment letter from appropriate assessment body listed in the Study Assist website in order to apply for FEE-HELP. Students do have the option to pay for the unit upfront and not apply for FEE-HELP
  • Certified copies of all academic transcripts

Actuarial Control Cycle and Investment Management

ACST831, ACST832 and ACST871

Students who wish to complete Part II of the professional exams of the Australian Actuaries Institute must complete units in the Actuarial Control Cycle and Investment Management. Students can meet the Part II requirement by obtaining a credit average in the units ACST831 Actuarial Control Cycle 1, ACST832 Actuarial Control Cycle 2 and ACST871 Investment Management. (Students are required to achieve a Standardised Numerical Grade (SNG) of at least 60 in each of the three units, along with an average SNG of at least 65 across the three units.)

These units are available on a Non-award basis to students who have completed an actuarial degree covering Part I of the professional exams or equivalent. ACST831 (or an equivalent unit) must be studied before commencing ACST832.

ACST831 and ACST832 are available in three delivery modes:

1.      Internal Mode: Classes are held two days per week at Macquarie University's North Ryde campus.
2.      Internal Mode: Classes are held one evening per week at a city location and are supplemented by internet delivery of course material.
3.      External Mode: There are no face-to-face classes. This mode makes extensive use of the internet.

ACST831, in conjunction with ACST832, develops and applies the actuarial principles and practices underlying the design, assessment, management and control of financial systems in the areas of life insurance, general insurance, banking and superannuation as well as other less traditional areas of actuarial practice. The two units together consider the process of actuarial and financial management, including product design, pricing, marketing, monitoring of experience, reserve setting, financing, solvency, and determination and distribution of surplus. The overall control process is studied within the constraints imposed by the commercial environment and the actuarial professional code of conduct and standards, and includes a discussion of business ethics and issues of professionalism in actuarial practice.

ACST871 is available in two delivery modes:

1.      Internal Mode: Classes are held on Saturdays at Macquarie University's North Ryde campus.
2.      External mode: There are no face-to-face classes. This mode makes extensive use of the internet.

ACST871 considers investment from an actuarial practitioner's perspective. Topics covered include: asset classes and their characteristics; Australian shares; overseas shares, property, fixed interest and "other" strategic and tactical asset allocation; stochastic asset liability modelling; investment mandates; investment management styles; investment performance measurement; risk management and control; and formulation of investment policy for financial institutions taking into account the nature of their liabilities.

ACST871 External is the unit code for the internet-based distance education offering, designed for students who cannot (or do not wish to) attend face-to-face classes. ACST871 and ACST871 External cover the same professional syllabus as the undergraduate course unit ACST404. All three offerings (ACST404, ACST871 and ACST871 External) share the same website. Within the website there is a separate online discussion area for distance (ACST871 External) students.

Classes

The units ACST831 and ACST832 have classes in the Sydney CBD on Tuesday nights, and the unit ACST871 has classes at Macquarie University on Saturdays. The units ACST831 External, ACST832 External and ACST871 External are distance offerings with no face-to-face classes.

There are no specific tutorial classes or practical classes for any of these units, so you do not need to attend the University on the recommended day. (The standard information package sent to all new non-award students may ask you to do this.)

ACST831 and ACST832 classes will be held on Tuesday evenings from 5.30–8.30 p.m. at:

          Level 5, Portside Centre

          207 Kent Street, Sydney

Please note: To attend classes in the city location or in North Ryde, you must be enrolled as INTERNAL MODE, so please choose this in your applications

If you are enrolled as external mode, you will not be able to attend physical lectures in the city or North Ryde location. 

Website access (after enrolment)

To access the ACC1 website you will need your OneID (Macquarie Student Number) and password.

For first time users, you will need to obtain your OneID password via the following website:

http://www.students.mq.edu.au/home/

Please click ‘First time login’ and follow the prompts. Your 8-digit Macquarie student number (commences with a 3 or a 4) can be found on the top right hand corner of your white Enrolment Registration Advice (ERA) sent with your initial welcome package.

Once you have obtained your OneID and password, please access the ACC1 websites here:

https://ilearn.mq.edu.au/

Students commencing in ACC1 in session 1 are expected to familiarise themselves with the ACC1 website before the start of the session, especially those students who have not previously used the iLearn system at Macquarie. In particular, please read the ACST831 Unit Outline carefully prior to the start of session: the unit outline is available under the Unit Information section of the website. You will be expected to be familiar with the website and with all of the unit requirements at the start of the semester, and your first assessable task will be due only one week later (for which you’ll need the course’s prescribed textbook—details below).

For more information about the Actuarial Control Cycle and Investment Management, please contact Mr Hong Xie at hong.xie@mq.edu.au or visit the Department of Actuarial Studies Website.

Apply for non-award now!

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