Business & Economics

Business & Economics

Business & Economics

2 0 1 9 P O S T G R A D U A T E G U I D E Business & Economics ANU College of Business & Economics

Business & Economics

C O N T E N T S Join us at ANU 4 World-class education 6 Global connections 8 The postgraduate advantage 10 Graduate outcomes 12 Employability14 Study options 17 Accounting 18 Actuarial studies and statistics 24 Business and management 32 Economics 46 Finance  54 Graduate research 62 Support for success 64 How to apply 66 Photo: Australian National University | Cover photo: Australian National University 3 2019 Postgraduate Guide

Business & Economics

Australia’s finest For over 70 years, The Australian National University (ANU) has worked to realise the ambitions of its visionary founders to become Australia’s finest research institution.

We now invite you to join our community of world-leading academics, alumni and students who make us Australia’s #1 university, and #24 in the world.1 Our mission is to provide Australia with intellectual leadership on critical issues. Our influence in global research and teaching has made us Australia’s most international university, and our dedication to our students has made them Australia’s most employable graduates.2 We are committed to excellence in our education, our student cohort, and student outcomes and experience. You are committed to better outcomes for your community, the environment, our nation and the world.

Embrace your global citizenship in our inclusive, open and respectful community. Learn from research as it happens, create in our state-of-the-art facilities, unlock your future and change the world. J O I N U S A T A N U ANU is ranked #1 in Australia and #24 in the world1 Best city to visit Lonely Planet ranked Canberra as the World’s #3 best city to visit in 2018 6 Nobel Laureates The highest number of all Australian universities Top 25 student cities Canberra ranks among the top 25 student cities in the world4 Home to 12 national institutions including the Australian Parliament, the High Court of Australia, and the National Library of Australia International outlook Ranked 1st in Australia and 10th in the world3 More than just the capital city Home to national festivals like the National Multicultural Festival, with plenty of other community events on throughout the year Ranked #1 in Australia for business and economics5 “Well above” world standard 95% of ANU research is rated “above” or “well above” world standard6 1 QS World University Rankings 2019 2 Global University Employability Ranking 2017 3 Times Higher Education World University Rankings 2018 4 QS Best Student Cities 2017 5 Times Higher Education World University Rankings 2018 by subject 6 Excellence in Research for Australia 2015 Photo: Australian National University 4 5 2019 Postgraduate Guide ANU College of Business & Economics

Business & Economics

Developing tomorrow’s leaders We are proud to be part of The Australian National University (ANU), which is the nation’s finest. Our unique mission, as the national university, is to address major issues of national and international importance through our research and teaching. We take that mission very seriously. Our focus, within the ANU College of Business and Economics (CBE), is on developing leaders who transform business, society and economies. Whether you are an experienced professional wanting a qualification to help advance your career, or a recent graduate continuing on an academic pathway, a postgraduate qualification from CBE will help you open more doors to a brilliant career.

The strength of our international reputation attracts exceptional students from Australia, the wider Asia– Pacific region and beyond. We offer every student the opportunity to develop their strengths and the space to decide how they will make their future mark in the world. Supported by a dynamic team of academic and professional staff, students are offered a full suite of engaging learning opportunities to increase their employability and globalise their education experience. Through their studies, our graduates gain the knowledge and skills to lead organisations, develop public policy, create new companies and undertake research.

Our alumni may be found in the world’s leading companies, policy agencies and universities.

Vinh Lu Associate Professor and Director of Employability at CBE Award-winning educator, responsible for student employability and externally engaged student learning. 2017 ANZMAC Distinguished Marketing Educator of the Year Award. Anna von Reibnitz Senior Lecturer and Finance Masters Convenor Award-winning educator in Finance. 2017 Australian Awards for University Teaching Award for Teaching Excellence in Law, Economics, Business and Related Studies. Maria Racionero Associate Dean (Higher Degree Research) and Associate Professor Leader in Economics of Education, Public Economics, Political Economy, Microeconomic Theory, and Applied Microeconomics.

Markus Brueckner Professor and ARC Future Fellow Leader in Economic Growth, and Political Economy. Susanna Ho Professor Leader in Accounting, Business Information Systems, and Commerce. W O R L D - C L A S S E D U C A T I O N Photos Vinh Lu: Andrew Taylor Anna von Reibnitz: Australian National University Maria Racionero: Penny Bradfield Markus Brueckner: Andrew Taylor Susanna Ho: Australian National University 6 7 2019 Postgraduate Guide ANU College of Business & Economics

Business & Economics

G L O B A L C O N N E C T I O N S Unlock your potential. Immerse yourself in the CBE ecosystem, where students, academics and industry work together.

Building a strong professional network takes time. At ANU, students join a global student cohort. Your ANU qualification and connections are your gateway to participation in high-quality jobs. H I G H L I G H T S Leadership Aspire to intellectual leadership and public policy with real impact. Social impact Engage in research-led education and make an impact in your community.

Global influence Embrace your global citizenship and take your seat at the table. Modern classroom Learn with the best minds, the best students and the latest technology. Specialisation Unlock your passion with one of 26 program offerings. Entrepreneurship Learn, grow and scale your idea through to success. Evidence based Make better decisions—make evidence-based decisions. Make connections Access a global network of alumni. Photo: Australian National University 8 9 2019 Postgraduate Guide ANU College of Business & Economics

Business & Economics

Level up with a postgraduate qualification Most employable graduates At the ANU College of Business and Economics (CBE), we take your success very seriously.

The Australian National University (ANU) graduates are the most employable of all Australian university graduates. According to the 2017 Global University Employability Survey results, ANU graduates work in a wide range of industries including accounting, legal, finance and investment services, central government administration and consulting firms.

The 2016 Graduate Outcomes Survey shows that the majority of graduates from CBE secure full-time employment soon after completing their studies, and report high job satisfaction. A superior, research-led education Through your study with CBE, you will have the opportunity to learn from some of the finest academic minds in the world. You will explore intricate ideas, gain skills to critically analyse and solve complex problems, and discover innovative leadership styles and new models of management. You will gain the knowledge, experience and skills to become a leader.

Get connected Building a network that you can rely on takes more than hard work.

ANU attracts exceptional and talented people from Australia, the wider Asia–Pacific region and the world. As an ANU student, you will have opportunities to build your professional networks, giving you the competitive edge when it comes to advancing your career. Many of our courses are developed in consultation with industry partners, to ensure that the skills and knowledge you acquire through your study can be applied to real-world situations. T H E P O S T G R A D U A T E A D V A N T A G E Photo: Australian National University 11 2019 Postgraduate Guide 10 ANU College of Business & Economics

Business & Economics

G R A D U A T E O U T C O M E S Developed in collaboration with industry experts, MomentuM is CBE’s flagship professional development program. MomentuM develops employability and soft skills, essential for job market readiness. Get mentored by professionals who will share first-hand insights into how to thrive in today’s business world, giving you the competitive edge. cbe.anu.edu.au/study/momentum 1 Global University Employability Ranking 2017 2 2016 Graduate Outcomes Survey: ANU College of Business and Economics 3 2017 data from ANU Alumni database Top five industries in which CBE alumni work3 » » Accounting services » » Banking » » Central government administration » » Management advice and related consulting services » » State government administration Accenture Alibaba Amazon American Express ANZ Bank Apple Inc.

Asian Development Bank Audi Australian Public Service Baidu Baker Tilly International Bank Indonesia Bank of China Bank of Mongolia Bentleys NSW BMW Australia BNP Paribas Boston Consulting Group Centre for International Economics Chanel Taiwan Inc. China Unicom CITIC Bank Commonwealth Bank DBS Bank Dell Deloitte Deutsche Bank Dixon Advisory EY Fairfax Media Limited Flight Centre Goldman Sachs Google Inc. Hewlett Packard HSBC IBM Indonesian Stock Exchange International Monetary Fund JP Morgan Chase KPMG LinkedIn L’Oreal MediaCorp TV Mercedes-Benz National Australia Bank (NAB) Panasonic Philips Procter & Gamble PwC Reserve Bank of Australia Reserve Bank of China Reserve Bank of Fiji Reserve Bank of New Zealand Reserve Bank of Vanuatu Rio Tinto Standard Chartered Bank Tata Asset Management Tencent Thomson Reuters Toshiba TripAdvisor UN Women Australia Unilever United Nations Westpac Banking Corporation Top 10 occupations for CBE alumni3 » » Accountant » » Analyst/finance analyst/financial planner » » CEO » » CFO » » Consultant » » Director » » Economist » » Manager » » Partner » » President/vice president Employers of CBE graduates and alumni 84%of graduates reported their qualification prepared them “very well” or “well” for employment2 Average income for CBE graduates with a postgraduate degree was approximately $86,0002 38%of CBE graduates are employed in the public sector2 59%of CBE graduates are employed in the private sector2 Ranked 1st in Australia and 21st in the world for graduate employability1 Photo: Holly Treadaway 13 2019 Postgraduate Guide 12 ANU College of Business & Economics

Business & Economics

Across the world, demand for business and economic graduates is escalating in industry, business and government. Studying at CBE will provide you with skills and attributes that will remain relevant and keep you competitive in the evolving job market. Real-world skills CBE student journey We prepare you from day one ANU offers a range of services to ensure our students succeed at university. » » Academic workshops » » Program advice sessions » » Student networking events » » Set4ANU orientation program » » Student clubs and societies anu.edu.au/study/student-experience Community of business leaders Our graduates are lifelong members of our alumni community stretching across the globe.

» » We have over 22,000 alumni » » Our alumni work and live in 90+ countries » » Our graduates are ranked as most employable in Australia* * Global University Employability Ranking 2017 E M P L O Y A B I L I T Y Take an internship with the award-winning CBE Internship Program. The internship program gives students an opportunity to undertake an internship in either semester 1 or semester 2 as an elective for course credit. Each internship is project-based with deliverables set out in an agreement between the intern, workplace supervisor and academic supervisor.

cbe.anu.edu.au/study/internship CBE INTERNSHIP PROGRAM Real-life skills Our programs offer real-world experience through innovative course design, and award-winning internship and professional development programs. » » CBE Internship Program » » Australian National Internships Program » » MomentuM Job ready Embrace opportunities to expand your professional skills and become job ready. » » Industry networking events » » Career fairs » » Recruiter in Residence » » Career consultations » » Job listings anu.edu.au/students Australia China Business Council – ACT Branch Australian Chamber of Commerce & Industry Australian Institute of Health and Welfare Australian Research Alliance for Children and Youth BAE Systems Canberra Business Chamber Conservation Council ACT Cushman & Wakefield Embassy of Mexico Innovate Canberra Invest Canberra National Australia Bank National Disability Insurance Agency Optus Pharmacy Guild of Australia PwC Royal Australian Mint Transport Canberra UnitingCare Australia Note: Internship hosts can change each intake based on business requirements and availability of internship projects.

Examples of CBE Internship Program host organisations Photo 1: Australian National University | Photo 2: Holly Treadaway | Photo 3: Holly Treadaway | Photo 4: Australian National University 14 15 2019 Postgraduate Guide ANU College of Business & Economics

Business & Economics

Study options Postgraduate program offerings Program Program code CRICOS code Duration (full-time) Annual domestic fee ($A) Annual international fee ($A) Commences Page number Master of Accounting 7414XMACCT 050800J 2 years 33,888 45,168 S1 & S2 20 Master of Professional Accounting 7413XMPACC 050799G 1.5 years 33,888 45,168 S1 & S2 21 Master of Commerce (Advanced) VCOMM 093294M 2 years 33,888 45,168 S1 & S2 22 Graduate Certificate of Accounting 6459XGCACC 052700G 0.5 years 16,944 22,584 S1 & S2 23 Master of Actuarial Practice 7420XMACTP 079658E 2.5 years 33,888 45,168 S1 & S2 28 Master of Actuarial Studies 7410XMACTS 050802G 2 years 33,888 45,168 S1 only 29 Master of Statistics MSTAT 082353G 2 years 33,888 42,960 S1 & S2 30 Graduate Certificate of Finance and Actuarial Statistics CFAS 082257G 0.5 years 16,944 22,584 S1 & S2 31 Master of Business Administration MBADM 091188G 1.5 years 33,888 45,168 S1 only 36 Master of Business Information Systems MBINS 050796M 2 years 33,888 45,168 S1 & S2 37 Master of Entrepreneurship and Innovation MEINV 091185K 2 years 33,888 45,168 S1 & S2 38 Master of International Management MIMGT 088059J 2 years 33,888 45,168 S1 & S2 39 Master of Leadership MLEAD 091186J 2 years 33,888 45,168 S1 & S2 40 Master of Marketing Management MMKMT 091184M 2 years 33,888 45,168 S1 & S2 41 Master of Project Management MPROM 082344G 2 years 33,888 45,168 S1 & S2 42 Graduate Certificate of Management GCMGT 030000G 0.5 years 16,944 22,584 S1 & S2 43 Master of Applied Economics MAPEC 082269C 2 years 33,888 45,168 S1 & S2 50 Master of Economic Policy MECPO 082289K 2 years 33,888 45,168 S1 & S2 51 Master of Economics MECON 082290F 2 years 33,888 45,168 S1 & S2 52 Graduate Certificate of Economics CECON 082256G 0.5 years 16,944 22,584 S1 & S2 53 Graduate Diploma of Economics DECON 082263J 1 year 33,888 45,168 S1 & S2 53 Master of Applied Finance 7421XMAPFN 079659D 1.5 years 33,888 45,168 S1 & S2 58 Master of Finance 7418XMFIN 039762C 2 years 33,888 45,168 S1 & S2 59 Master of Financial Economics MFIEC 086226D 2 years 33,888 45,168 S1 only 60 Master of Financial Management MFINM 029316G 1 year 33,888 45,168 S1 & S2 61 Note The majority of graduate courses are worth six units.

However, some research courses, for example the master’s subthesis options in the Master of Commerce (Advanced), are worth more: either 12, 18 or 24 units. Courses with a unit value other than six are indicated in this guide.

R 1: Australian National University 17 2019 Postgraduate Guide 16 ANU College of Business & Economics

Business & Economics

Our programs > > Master of Accounting > > Master of Professional Accounting > > Master of Commerce (Advanced) > > Graduate Certificate of Accounting With continuing high global demand for qualified accountants, our accounting programs provide graduates with a wide range of career opportunities in accounting firms, government departments, banking and finance organisations, corporations and other related accounting fields. Accounting Professional accreditation 19 2019 Postgraduate Guide 18 ANU College of Business & Economics Overview Accounting Students wishing to study accounting at the master degree level have three options.

The Master of Professional Accounting, completed in one and a half years of full-time study, is for students who wish to achieve the education entry requirements of the Australian professional accounting bodies. This program is not suitable for students who already meet the entry requirements of the Australian professional accounting bodies.

The two-year Master of Accounting provides a route for students without prior study in accounting to achieve the education entry requirements of the Australian professional accounting bodies. For students with prior accounting studies, this program allows them to undertake advanced accounting courses. Both the Master of Accounting and the Master of Professional Accounting are accredited by CPA Australia and Chartered Accountants Australia and New Zealand. The Master of Commerce (Advanced) is for students who are interested in undertaking research in accounting. Introductory program in accounting For students wanting an introduction to accounting without committing to a master program, we offer the 24-unit Graduate Certificate of Accounting (usually completed in one semester of full-time study).

This program also provides options for students who may need additional courses to achieve the education entry requirements of the Australian professional accounting bodies. Information for overseas-trained accountants Applicants with accounting qualifications from countries outside Australia can achieve the education entry requirements of the Australian professional accounting bodies through one of our graduate accounting programs. Students intending to apply should first have an assessment of their qualifications undertaken by either CPA Australia or Chartered Accountants Australia and New Zealand, and include the assessment with their application.

Entry requirements For entry into the Master of Accounting and Master of Professional Accounting, applicants must have an Australian bachelor degree with a minimum grade point average (GPA) of 5.0/7, or the international equivalent. For the Master of Professional Accounting, applicants must also have completed undergraduate subjects in at least one cognate discipline (see below).

For entry into the Graduate Certificate of Accounting, applicants must have an Australian bachelor degree with a minimum GPA of 4.5/7, or the international equivalent. For entry into the Master of Commerce (Advanced), applicants must have an Australian bachelor degree with a minimum GPA of 6.0/7, or the international equivalent. Students are assumed to have an understanding of mathematics, including calculus and algebra. Those without the assumed knowledge are advised to undertake a mathematics bridging program.

All students must also satisfy the university’s English language admission requirements—see page 67.

Cognate disciplines Accounting, Actuarial Studies, Business, Business Information Systems, Computer Science, Economics, Finance, International Business, Mathematics, Management, Marketing, Statistics.

K E Y LEARNI NG OUTCOMES > > Integrate contemporary and advanced theoretical and technical accounting knowledge in a business context. > > Understand and synthesise a broad range of accounting issues through the lens of accounting and business research. > > Exercise judgement under minimal supervision to analyse and provide possible solutions to emerging and advanced accounting problems in complex contexts using, where appropriate, social, ethical, economic, regulatory, sustainability, governance and/or global perspectives.

> > Critically apply advanced theoretical and technical accounting knowledge and skills to evaluate a range of emerging and advanced accounting problems in professional and research contexts.

> > Justify and communicate accounting advice and ideas to both specialists and non-specialists. MASTER OF ACCOUNTIN G Program code: 7414XMACCT CRICOS code: 050800J Commencement: Semester 1 (Feb) or Semester 2 (Jul) Duration: Two years full-time, four years part-time TYPICAL FULL-TIME PATTERN OF STUDY Including courses that satisfy the requirements of CPA Australia and Chartered Accountants Australia and New Zealand Year Semester 1 Semester 2 1 Financial Statements & Reporting Commercial Law Introductory Statistics for Business & Finance Applied Foundations of Finance Management Accounting & Cost Analysis Corporate Accounting Business Economics Business Association Law 2 Contemporary Issues in Accounting Corporate Financial Reporting Financial Statement Analysis Corporate Governance or Public Sector Accounting & Reporting Accounting Information Systems Auditing & Assurance Services Taxation Law Sustainability & Corporate Social Responsibility, Accountability & Reporting The program consists of 96 units, comprising: 24 units of compulsory courses: > > Business Economics > > Financial Statements and Reporting > > Applied Foundations of Finance > > Introductory Statistics for Business and Finance A minimum of 36 units from the following list: > > Public Sector Accounting and Reporting > > Sustainability and Corporate Social Responsibility, Accountability and Reporting > > Management Accounting and Cost Analysis > > Financial Statement Analysis > > Corporate Governance > > Corporate Accounting > > Accounting Analytics > > Commercial Law > > Accounting Information Systems A minimum of 24 units from the following list: > > Contemporary Issues in Accounting > > Taxation Law > > Corporate Financial Reporting > > Auditing and Assurance Services > > Business Association Law A maximum of 12 units from the following list: > > Analysis of Financial Reporting > > Commerce Research Report S T RUCT U RE MAST ER OF PROFE SSIONAL ACCOUNT ING Program code: 7413XMPACC CRICOS code: 050799G Commencement: Semester 1 (Feb) or Semester 2 (Jul) Duration: One and a half years full-time, three years part-time TY PICAL F UL L - TIME PAT T E R N OF S T UDY Including courses that satisfy the requirements of CPA Australia and Chartered Accountants Australia and New Zealand Year Semester 1 Semester 2 1 Financial Statements & Reporting Introductory Statistics for Business & Finance Applied Foundations of Finance Commercial Law Business Association Law Management Accounting & Cost Analysis Corporate Accounting Business Economics 2 Contemporary Issues in Accounting Accounting Information Systems Taxation Law Auditing & Assurance Services K EY L EARN ING O UTC O MES > > Integrate advanced theoretical and technical accounting knowledge in a business context, including an understanding of developments in accounting and accounting research.

> > Exercise judgement under minimal supervision to analyse and provide possible solutions to emerging and advanced accounting problems in complex contexts. > > Critically apply advanced theoretical and technical accounting knowledge and skills to evaluate complex accounting problems in professional and research contexts. > > Justify and communicate accounting advice and ideas to both specialists and non-specialists. The standard program consists of 72 compulsory units. > > Financial Statements and Reporting > > Management Accounting and Cost Analysis > > Corporate Accounting > > Contemporary Issues in Accounting > > Commercial Law > > Business Association Law > > Introductory Statistics for Business and Finance > > Applied Foundations of Finance > > Business Economics > > Accounting Information Systems > > Auditing and Assurance Services > > Taxation Law STRUCTURE I enjoyed everything about ANU—the flexible timetable, the lecturers, the opportunities to make new friends.

It gave me the future career that I wanted. My advice to students is to spend time finding out what you’re good at. Understand how you learn best, and use that in your study. Harry Hoang Master of Professional Accounting Executive of the Year, Australian Accounting Awards 2018 I I I I Photo 1: Australian National University | L 2: supplied 20 21 2019 Postgraduate Guide ANU College of Business & Economics

GRADUAT E CE R T IFICAT E OF ACCOUNT ING Program code: 6459XGCACC CRICOS code: 052700G Commencement: Semester 1 (Feb) or Semester 2 (Jul) Duration: Six months full-time, one year part-time The program consists of 24 units to be chosen from the following list: > > Financial Statements and Reporting > > Contemporary Issues in Accounting > > Public Sector Accounting and Reporting > > Sustainability and Corporate Responsibility, Accountability and Reporting > > Taxation Law > > Management Accounting and Cost Analysis > > Financial Statement Analysis > > Corporate Governance > > Corporate Financial Reporting > > Corporate Accounting > > Accounting Analytics > > Commercial Law > > Auditing and Assurance Services > > Business Association Law > > Applied Foundations of Finance > > Business Economics > > Introductory Statistics for Business and Finance STRUC TURE TY PIC AL F UL L - TIME PAT T E R N OF S T UDY Year Semester 1 1 Financial Statements & Reporting Applied Foundations of Finance Introductory Statistics for Business & Finance Commercial Law K EY L EARNING O UTC O MES > > Demonstrate accounting knowledge in a business context and understanding of recent developments in accounting.

> > Exercise judgement under minimal supervision to analyse and provide possible solutions to varied accounting problems. > > Critically apply accounting knowledge and skills to evaluate a range of accounting problems in a professional context.

> > Communicate accounting ideas to both specialists and non- specialists. To meet the education requirements for associate membership with both CPA Australia and Chartered Accountants Australia and New Zealand, and for entry into the Chartered Accountants Australia and New Zealand CA program, a student must hold one of the following ANU degrees: > > Master of Accounting > > Master of Professional Accounting with passes in: > > Financial Statements and Reporting > > Accounting Information Systems > > Management Accounting and Cost Analysis > > Business Association Law > > Corporate Accounting > > Commercial Law > > Contemporary Issues in Accounting > > Applied Foundations of Finance > > Introductory Statistics for Business and Finance > > Business Economics > > Taxation Law > > Auditing and Assurance Services* * Students have the option of completing Auditing and Assurance Services at university OR in the CPA Program.

PRO F ESSIO NAL ACC REDITATIO N S MASTER OF COMMERCE (A D VA NCED ) Program code: VCOMM CRICOS code: 093294M Commencement: Semester 1 (Feb) or Semester 2 (Jul) Duration: Two years full-time, four years part-time K E Y LEARNI NG OUTCOMES > > Integrate advanced theoretical and technical accounting knowledge in a business context, including issues in accounting research and research methods in accounting.

> > Exercise independent judgement to analyse and provide possible solutions to emerging and advanced accounting problems in complex contexts using, where appropriate, social, ethical, economic, regulatory, sustainability, governance and/or global perspectives. > > Critically apply advanced theoretical and technical accounting knowledge and research-based skills to evaluate emerging and advanced accounting problems, and to conduct a research-based project. > > Justify and communicate accounting ideas and theoretical issues to both specialists and non-specialists.

The program consists of 96 units, comprising: 66 units from the following list: > > Contemporary Issues in Accounting > > Financial Statements and Reporting > > Corporate Accounting > > Commercial Law > > Analysis of Financial Reporting > > Seminar in Research Method in Commerce > > Master’s subthesis (Commerce) (24 units) > > Introductory Statistics for Business and Finance 18 units from the following list: > > Public Sector Accounting and Reporting > > Sustainability and Corporate Social Responsibility, Accountability and Reporting > > Taxation Law > > Management Accounting and Cost Analysis > > Financial Statement Analysis > > Corporate Financial Reporting > > Accounting Analytics > > Auditing and Assurance Services > > Business Association Law > > Business Economics 6 units from completion of either: > > Econometrics 1: Econometric Methods or > > Regression Modelling 6 units from the following list: > > Advanced Managerial Decision Making > > Special Topics in Commerce > > Taxation Concepts and Issues > > Corporate Governance: Research Preparation > > Advanced Auditing and Assurance Services S T RUCT U RE TYPICAL FULL-TIME PATTERN OF STUDY Year Semester 1 Semester 2 1 Financial Statements & Reporting Commercial Law Business Economics Introductory Statistics for Business & Finance Management Accounting & Cost Analysis Business Association Law Corporate Accounting Contemporary Issues in Accounting 2 Seminar in Research Method in Commerce Analysis of Financial Reporting Econometrics 1: Econometric Methods Master’s subthesis (6 units) Master’s subthesis (18 units) Special Topics in Commerce Students must pass and achieve a minimum 70% weighted average mark in the first 48 units attempted to remain enrolled in the Master of Commerce (Advanced).

If the total number of units attempted exceeds 48 in the same teaching period in which the 48th unit is attempted, exactly 48 units will be used in the calculation of the weighted average mark with units from the course with the highest mark applied first followed by further units from course in descending order of marks. Students who do not achieve a minimum of 70% weighted average mark will be transferred to the Master of Accounting or Master of Professional Accounting program. P ROGRESSI ON STANDARD 22 23 2019 Postgraduate Guide ANU College of Business & Economics

Overview Actuarial studies The Master of Actuarial Studies and Master of Actuarial Practice both enable students to undertake courses that cover some of the education requirements of the Actuaries Institute.

Both programs also present the opportunity for students with prior study in the discipline to extend their knowledge to an advanced academic level. Please see cbe.anu.edu.au/about/professional-organisations-accreditation/actuaries-ins titute-australia for information about the ANU accreditation agreement with the Actuaries Institute.

Statistics For students seeking a career in statistics, or who are already working in the field and wish to enhance their professional expertise, the Master of Statistics provides a sequence of courses covering basic statistical skills combined with more advanced study in areas such as statistical learning, big data statistics, graphical data analysis, generalised linear modelling and biostatistics. Introductory program in actuarial studies and statistics The Graduate Certificate of Finance and Actuarial Statistics provides a sequence of foundation courses in one of four areas: Actuarial Statistics, Actuarial Studies, Statistics or Finance.

This program is built around a 24-unit (four-course) specialisation— see page 31.

Entry requirements Entry into the Graduate Certificate of Finance and Actuarial Statistics requires students to have completed an Australian bachelor degree with a minimum grade point average (GPA) of 4.5/7, or the international equivalent. All other programs require a minimum GPA of 5.0/7. For direct entry into the Master of Actuarial Practice, Master of Actuarial Studies, and Master of Statistics, students must have completed at least one course at bachelor level in the field of mathematics covering calculus and linear algebra, in addition to meeting the average grade requirements.

Students who do not have this mathematics knowledge can enrol in the Graduate Certificate of Finance and Actuarial Statistics and select Mathematical Foundations for Actuarial Studies as one of their courses in either the Actuarial Statistics or Statistics specialisations.

All students must also satisfy the university’s English language admission requirements—see page 67. Credit and articulation arrangements Applicants with a bachelor degree in a cognate discipline, or with the relevant graduate certificate, may be eligible for 24 units (one semester full-time) of credit. Applicants with an honours degree in a cognate discipline, or with the relevant graduate diploma, may be eligible for 48 units (one year full-time) of credit.

Cognate disciplines Finance, Accounting, Business, Economics, Statistics, Actuarial Studies, Mathematics, Business Information Systems, Management, International Business, Engineering, Physics, Science. Our programs > > Master of Actuarial Practice > > Master of Actuarial Studies > > Master of Statistics > > Graduate Certificate of Finance and Actuarial Statistics The closely aligned disciplines of actuarial studies and statistics present excellent opportunities for careers in a wide range of workplaces. Qualified actuaries and statisticians are in high demand around the world and can command high salaries.

Graduate study in actuarial studies and statistics provides options both for those with prior study in the disciplines and those seeking to move into a new field. Actuarial studies and statistics Professional accreditation gstat Graduate Statistician 25 2019 Postgraduate Guide 24 ANU College of Business & Economics

I chose to pursue a Master of Actuarial Studies to further my ambition of becoming a qualified actuary, and have found that the skills developed through my studies have been applicable in the workplace. It has enabled me to apply quantitative modelling and analysis to inform decision- making and solve a range of business problems for government departments and businesses. Shonal Dutt Master of Actuarial Studies Actuarial Consultant, EY Photo 1: Australian National University 27 2019 Postgraduate Guide 26 ANU College of Business & Economics

MAST E R OF ACT UARIAL ST UDIES Program code: 7410XMACTS CRICOS code: 050802G Commencement: Semester 1 (Feb) only Duration: Two years full-time, four years part-time TY PICAL F UL L - TIME PAT T E R N OF S T UDY Year Semester 1 Semester 2 1 Principles of Mathematical Statistics Financial Mathematics Elective Elective Actuarial Techniques Elective Introduction to Stochastic Processes Life Contingencies 2 Actuarial Control Cycle 1 Risk Theory Survival Models Advanced course Actuarial Control Cycle 2 Investment & Asset Modelling Credibility Theory Advanced course The program consists of 96 units, comprising: Core courses 66 units of compulsory courses: > > Principles of Mathematical Statistics > > Life Contingencies > > Actuarial Techniques > > Financial Mathematics > > Introduction to Stochastic Processes > > Survival Models > > Risk Theory > > Credibility Theory > > Investment and Asset Modelling > > Actuarial Control Cycle 1 > > Actuarial Control Cycle 2 Plus 12 units from the following list: > > Advanced Insurance > > Enterprise Risk Management 1 > > Enterprise Risk Management 2 > > Advanced Investments Elective courses 18 units to be taken from level 6000, 7000 or 8000 courses from the ANU College of Business and Economics, in the following subject areas: > > Actuarial Studies > > Business > > Economic History > > Economics > > Econometrics > > Financial Management > > Management > > Marketing > > International Business > > Statistics STRUC TURE K EY L EARNING O UTC O MES Graduates of this program will be able to: > > demonstrate a superior understanding of the key concepts in actuarial studies and techniques > > demonstrate high levels of cognitive and technical skill in analysing specific business situations to apply the correct actuarial techniques > > demonstrate the cognitive and technical skills, and the critical thinking, to solve specific actuarial problems > > communicate concisely, accurately and confidently in a number of different mediums, including written and oral > > have strong technical research skills to justify and interpret actuarial research planning, methodology and implementation.

MASTER OF ACTUARIAL P RA CTICE Program code: 7420XMACTP CRICOS code: 079658E Commencement: Semester 1 (Feb) or Semester 2 (Jul) Duration: Two and a half years full-time, five years part-time TYPICAL FULL-TIME PATTERN OF STUDY Year Semester 1 Semester 2 1 Principles of Mathematical Statistics Financial Mathematics Applied Foundations of Finance Financial Statements & Reporting Actuarial Techniques Applied Corporate Finance Introduction to Stochastic Processes Life Contingencies 2 Actuarial Control Cycle 1 Risk Theory Applied Derivatives Advanced course Actuarial Control Cycle 2 Investment & Asset Modelling Credibility Theory Advanced course 3 Business Economics Survival Models Applied Investments Continuous Time Finance The program consists of 120 units, comprising: Core courses 66 units of compulsory courses: > > Principles of Mathematical Statistics > > Life Contingencies > > Actuarial Techniques > > Financial Mathematics > > Introduction to Stochastic Processes > > Survival Models > > Risk Theory > > Credibility Theory > > Investment and Asset Modelling > > Actuarial Control Cycle 1 > > Actuarial Control Cycle 2 Plus 12 units from the following list: > > Advanced Insurance > > Enterprise Risk Management 1 > > Enterprise Risk Management 2 > > Advanced Investments Elective courses 42 units from the following list: > > Financial Statements and Reporting > > Business Economics > > Continuous Time Finance > > Applied Foundations of Finance > > Applied Corporate Finance > > Applied Investments > > Applied Derivatives > > Research essay in Actuarial Studies (6 or 12 units) S T RUCT U RE K E Y LEARNI NG OUTCOMES Graduates of this program will: > > possess the necessary cognitive skills to demonstrate a superior understanding of the key concepts in actuarial studies and related fields > > be able to demonstrate high levels of cognitive and technical skill in analysing and interpreting specific business situations so that the correct actuarial techniques can be applied > > be able to demonstrate high levels of cognitive and technical skills as well as critical thinking to solve specific actuarial problems > > have strong communication skills, being able to demonstrate the ability to communicate concisely, accurately and confidently in a number of different mediums, including written and oral > > have strong technical research skills to justify and interpret actuarial research planning, methodology and implementation.

Students must achieve a minimum 60% weighted average mark in the first 48 units of courses attempted in order to remain enrolled in the Master of Actuarial Practice. Students who do not achieve a minimum of 60% weighted average mark in the first 48 units will be transferred to the Graduate Diploma in Business. If the total number of units attempted exceeds 48 in the same teaching period in which the 48th unit is attempted, exactly 48 units will be used in the calculation of the weighted average mark with units from the course with the highest mark applied first followed by further units from courses in descending order of marks.

P ROGRESSI ON STANDARD Students must achieve a minimum 60% weighted average mark in the first 48 units of courses attempted in order to remain enrolled in the Master of Actuarial Studies. Students who do not achieve a minimum of 60% weighted average mark in the first 48 units will be transferred to the Graduate Diploma in Business. PRO G RESSIO N STANDARD The program information below is current for students commencing in 2018. The ANU Master of Actuarial Practice is being redeveloped for 2019 because of changes to the Actuaries Institute education program. Please see the programs and courses website for the most recent information about the Master of Actuarial Practice.

Please refer to the Actuaries Institute website for information about the requirements to become an Associate or Fellow of the Actuaries Institute. Note that the new Associateship requirements include taking certain courses directly with the Actuaries Institute.

The program information below is current for students commencing in 2018. The ANU Master of Actuarial Studies is being redeveloped for 2019 because of changes to the Actuaries Institute education program. Please see the programs and courses website for the most recent information about the Master of Actuarial Studies. Please refer to the Actuaries Institute website for information about the requirements to become an Associate or Fellow of the Actuaries Institute. Note that the new Associateship requirements include taking certain courses directly with the Actuaries Institute.

28 29 2019 Postgraduate Guide ANU College of Business & Economics

GRADUAT E CE R T IFICAT E OF FINANCE AND ACT UARIAL STAT IST ICS Program code: CFAS CRICOS code: 082257G Commencement: Semester 1 (Feb) or Semester 2 (Jul) Duration: Six months full-time, one year part-time STRUCT UR E Students must select one of the following 24- unit (four-course) specialisations: > > Actuarial Statistics* > > Actuarial Studies* > > Finance* > > Statistics* MASTER OF STATISTICS Program code: MSTAT CRICOS code: 082353G Commencement: Semester 1 (Feb) or Semester 2 (Jul) Duration: Two years full-time, four years part-time TYPICAL FULL-TIME PATTERN OF STUDY Year Semester 1 Semester 2 1 Econometric Methods & Modelling Principles of Mathematical Statistics Regression Modelling Fundamentals of Econometric Methods Generalised Linear Models Applied Statistics Graphical Data Analysis Introduction to Stochastic Processes 2 Biostatistics Statistical Learning Applied Time Series Analysis Statistical Inference Big Data Statistics Introduction to Bayesian Data Analysis Credibility Theory Advanced Mathematical Statistics The program consists of 96 units, comprising: 48 units of compulsory courses: > > Regression Modelling > > Principles of Mathematical Statistics > > Statistical Inference > > Generalised Linear Models > > Statistical Learning > > Introduction to Stochastic Processes > > Applied Statistics > > Graphical Data Analysis A minimum of 24 units from the following list: > > Survival Models > > Biostatistics > > Applied Time Series Analysis > > Advanced Stochastic Processes > > Stochastic Modelling > > Design of Experiments and Surveys > > Big Data Statistics > > Introduction to Bayesian Data Analysis > > Risk Theory > > Credibility Theory > > Advanced Mathematical Statistics A maximum of 24 units from level 6000, 7000 and 8000 courses in the following subject areas: > > Statistics > > Econometrics > > Mathematics > > Computing > > Actuarial Studies > > Financial Management S T RUCT U RE K E Y LEARNI NG OUTCOMES Graduates of the Master of Statistics will be able to: > > demonstrate statistical computing skills for use in quantitative and data-based problem-solving > > understand and be able to apply the processes and applications of multiple linear regression, survey design, mathematical statistics, stochastic modelling, generalised linear modelling techniques, the principles of data representation, summarisation and presentation, multivariate statistical techniques, and the role and notion of both parametric and non-parametric statistics > > analyse complex problems by running and interpreting time series models involving dynamic volatility and/or trends > > analyse and interpret data in various contexts using the appropriate methodology > > demonstrate fundamental research skills, such as data collection, data processing, and model estimation and interpretation in applied statistics.

K EY L EARNING O UTC O MES Graduates of the Graduate Certificate of Finance and Actuarial Statistics will be able to: > > recognise the important role of financial, actuarial and statistical principles and their application > > demonstrate the necessary analytical skills for interpreting and analysing financial, actuarial and statistical information > > demonstrate well-developed insight into Australian and international financial markets. > > justify and communicate the necessary management skills for dealing with organisations, teams and policy issues, so as to be able to work independently and collaboratively to collect, process, interpret and communicate the outcomes of financial, actuarial and statistical problems > > demonstrate the skills necessary to critically engage with and evaluate financial, actuarial and statistical problems.

AC TUARIAL STATISTICS Students must complete 24 units from the following list: > > Continuous Time Finance > > Applied Investments > > Applied Derivatives > > Principles of Mathematical Statistics > > Life Contingencies > > Actuarial Techniques > > Financial Mathematics > > Survival Models > > Introduction to Stochastic Processes > > Risk Theory > > Credibility Theory > > Mathematical Foundations for Actuarial Studies* AC TUARIAL STUDIES Students must complete 12 units from the following list: > > Control Cycle 1 > > Control Cycle 2 > > Investment and Asset Modelling > > Advanced Life Insurance > > Advanced General Insurance > > Advanced Global Retirement Income Systems > > Research essay in Actuarial Studies > > Advanced Investments and a maximum of 12 units from the following list: > > Financial Statements and Reporting > > Business Economics > > Continuous Time Finance > > Applied Foundations of Finance > > Applied Corporate Finance > > Applied Investments > > Applied Derivatives > > Principles of Mathematical Statistics > > Life Contingencies > > Actuarial Techniques > > Financial Mathematics > > Survival Models > > Introduction to Stochastic Processes > > Risk Theory > > Credibility Theory F INANC E Students must complete 24 units from the following list: > > Financial Statements and Reporting > > Business Economics > > Applied Foundations of Finance > > Applied Corporate Finance > > Applied Investments > > Applied Derivatives > > Applied Valuation > > Advanced Corporate Finance > > Advanced Investments > > Topics in International Finance > > Derivatives: Markets, Valuation and Risk Management > > Applied Financial Intermediation and Debt Markets > > Applied Portfolio Construction > > Trading and Markets > > Applied project in Finance > > Financial Mathematics > > Introductory Statistics for Business and Finance STATI S T I CS Students must complete 24 units from the following list: > > Economic Models and Introductory Econometrics > > Business and Economic Forecasting > > Regression Modelling > > Principles of Mathematical Statistics > > Life Contingencies > > Actuarial Techniques > > Financial Mathematics > > Applied Statistics > > Introduction to Stochastic Processes > > Graphical Data Analysis > > Design of Experiments and Surveys > > Generalised Linear Models > > Survival Models > > Introductory Statistics for Business and Finance > > Applied Time Series Analysis > > Biostatistics > > Statistical Inference > > Risk Theory > > Credibility Theory > > Applied research essay > > Advanced Mathematical Statistics > > Mathematical Foundations for Actuarial Studies* > > Applied Foundations of Finance * Students without the requisite mathematics training for direct entry into one of the master programs in Actuarial Studies or Statistics are advised to select Mathematical Foundations for Actuarial Studies to be eligible for articulation into one of those programs.

Photo 1: Australian National University 30 31 2019 Postgraduate Guide ANU College of Business & Economics