FAQs Actuarial Studies Co-op

FAQs Actuarial Studies Co-op

Program overview

Macquarie University’s Cooperative Education (Co-op) program is offered through a Bachelor of Actuarial Studies with the degree of Bachelor of Professional Practice, and adds one year to the standard three-year degree.

What does the Co-op program offer?
The Co-op program offers opportunities for students to develop professional skills and networks and to bring their practical experience back to the classroom to further enhance their studies. This is achieved through three vocational placements combined with on-campus preparatory and reflective practice components. Students graduate with practical knowledge, strong professional networks and enhanced employability in their chosen field.

Can I do a double degree with the Co-op program?
As the Co-op program involves undertaking a combined degree (Bachelor of Actuarial Studies with a Bachelor of Professional Practice) it is not possible to undertake a third degree.

Can the program be undertaken part-time?
No, the program must be undertaken on a full-time basis.

If I am accepted into the program, can I defer my place?
No, you are unable to defer your place. If you decide to take a gap year you will need to reapply the following year.

Will the program allow me to gain exemptions from the Actuaries Institute’s professional exams?
The Bachelor of Actuarial Studies with Bachelor of Professional Practice is accredited by the Actuaries Institute and allows you to complete Part I and the university component of Part II of the Actuaries Institute’s professional requirements (subject to your academic performance in the relevant units).

Vocational placements

When are the vocational placements?
You will undertake three vocational placements over the course of the four-year combined degree (approximately 15 months in total). The first vocational placement is for approximately three months at the end of first year (over the summer vacation), and the second and third vocational placements are approximately six months each, undertaken throughout third year.

Where will I undertake the vocational placements?
Vocational placements are undertaken at the premises of sponsor organisations.Each vocational placement is generally undertaken at a different sponsor organisation.

What will I be doing when I undertake the vocational placements?
Vocational placements are carefully structured and closely supervised learning experiences that give you the opportunity to put your learning into practice in the workplace. You will be undertaking activities that align with the learning outcomes of the vocational placement unit, and will be expected to abide by the sponsor companies’ professional codes of conduct.

Can vocational placements be undertaken part-time?
It is expected that vocational placements will be undertaken on a full-time basis.

Will I be covered by insurance when I am undertaking my vocational placement?
Yes, you will be covered by a combination of the University's and the sponsor organisation's insurance cover.

Will I get paid while I am undertaking my vocational placement?
You will continue to receive your scholarship ($18,200 per annum) via fortnightly instalments while you are undertaking your vocational placements but you will not be paid by the sponsor organisation.

Eligibility

How do I know if I am eligible for this program? 

You must meet the following criteria:

  • be completing or have completed the HSC
  • be studying or have studied HSC Mathematics Extension 2
  • show a genuine interest and motivation to enter the actuarial profession
  • be active in school and/or community activities
  • demonstrate exceptional communication, teamwork, problem solving, innovation, service and leadership skills
  • be an Australian/New Zealand citizen or permanent visa holder
  • be expecting or have achieved a minimum selection rank of 98.5 (which includes a maximum of 5 Educational Access Scheme adjustment points, if eligible). Students expecting a selection rank of 97 or above are strongly encouraged to apply. No adjustment points (except Educational Access Scheme) will be considered for this requirement.

I’m studying for the International Baccalaureate Diploma Programme; can I apply for the Co-op program?
Yes. Find out more

I’m an Australian citizen or permanent resident studying overseas or interstate; can I apply for the Co-op program?
Yes. Your interstate or international high school qualification will be considered in the application process.

I’m an international student; can I apply for the Co-op program?
No, to be eligible for the program you must be an Australian citizen or permanent resident, New Zealand citizen or permament visa holder

I completed my HSC or equivalent prior to 2018, can I still apply for the Co-op program?
Yes, you can apply for the Co-op program if you meet all the eligibility criteria.

Application process

How do I apply for this program?

Click here to start your application.

As part of the application process, you are required to submit a one-page résumé and attach a 2-3 minute video of yourself responding to the following 3 questions:

  1. What is it about Macquarie University, Co-operative Education and the Actuarial Studies discipline that motivates you to apply?
  2. How do you think the Actuarial profession will evolve over the next 10 years? What factors in the economic, technology and global environments will influence these changes?
  3. Co-op is a demanding program and requires a high level of commitment from students. Select one of your academic or extracurricular activities, and tell us how it has prepared you to succeed in a challenging program.

If you are completing your HSC (or equivalent) in 2018, your school will be asked to provide an academic reference which includes your date of birth and your most recent HSC (or equivalent) trial results and all your subject rankings (for example, Maths Extension 2, second out of 41 students).

Important: Please allow sufficient time for your school to submit the academic reference and trial results. It is your responsibility to ensure that both parts are submitted before the application closing deadline of 5pm (AEST) on 28 September 2018.

Note: If you are not completing your HSC (or equivalent) in 2018, you will be required to submit a 2-3 minute video of yourself responding to the above 3 questions and submit a one-page résumé and academic reference by the application closing date.

All applicants must also apply through the University Admissions Centre (UAC) and list the Bachelor of Actuarial Studies with the degree of Bachelor of Professional Practice (UAC code 300230) as one of your preferences.

To receive your official offer from UAC in the December Round 2 offer in 2018, you will need to ensure that the Bachelor of Actuarial Studies with the degree of Bachelor of Professional Practice is listed as your highest eligible preference in your UAC application. You will also need to satisfy the condition/s as stated in your early offer advice from Macquarie University.

When do applications close?
Applications close at 5pm (AEST) on 28 September 2018.

How will I know that my application has been received?
You will receive an email confirmation once you have submitted your application.

How will my application be assessed?
Co-op students are selected on academic merit and assessment of their interests, qualities and skills. The selection panel will likely include academics and representatives from industry.

The selection panel will be looking for evidence that:

  • you show a genuine interest and motivation to enter the actuarial profession
  • you are active in school and/or community activities
  • you are able to demonstrate exceptional communication, teamwork, problem-solving, innovation, service and leadership skills.

When will I know if I have been shortlisted for an interview?
Applications will be assessed after the closing date. If your application is shortlisted, you will be contacted on 9 November 2018 to schedule an interview. Interviews will be held at Macquarie University during the week of 26-30 November 2018.

If you are successful at interview, you’ll receive a conditional offer in early December for the Bachelor of Actuarial Studies with the degree of Bachelor of Professional Practice Co-op program, pending your final selection rank.

Scholarship

How much is the scholarship?
Co-op students will receive $18,200 per annum over the duration of the four-year program, paid in fortnightly instalments.

How many scholarships will be offered?
The number of scholarships offered depends on the number of sponsors supporting each new cohort of Co-op students. This may vary year by year.

Is my scholarship taxable?
Macquarie recommends that you seek advice based on your personal circumstances. You may wish to consult the Australian Taxation Office.

Can I accept other scholarships at Macquarie University while receiving this scholarship?
Generally, no, however, there are exceptions. If you have been offered more than one scholarship, contact the Coursework Scholarships and Prizes Unit on +61 (2) 9850 7337 or by email for advice.

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