Monash University

Undergraduate - Area of study

Students who commenced study in 2015 should refer to this area of study entry for direction on the requirements; to check which units are currently available for enrolment, refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your area of study.

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This area of study entry applies to students commencing this course in 2015 and should be read in conjunction with the relevant course entry in the Handbook. Any units listed for this area of study relate only to the 'Requirements' outlined in the Faculty of Business and Economics component of any bachelors double degrees.

Managing facultyFaculty of Business and Economics


  • Unit codes that are not linked to their entry in the Handbook are not available for study in the current year.


This major is offered in conjunction with the School of Mathematical Sciences in the Faculty of Science. Its introduction responds to a national and international shortage of skilled workers in the finance and insurance industries, most notably workers with a rigorous mathematical training. The major can complement any other specialisation within the Bachelor of Commerce and Bachelor of Economics degree families (including the associated double degrees). However, it serves as a particularly suitable complement to specialisations in economics, finance, econometrics, actuarial studies or mathematics. The major should appeal to students who are interested in graduating with high level technical and analytical skills. The acquisition of such skills will not only give graduates a distinct advantage in the competitive job market, but will also provide excellent grounding for postgraduate and research study.


To complete the financial and insurance mathematics major in the Bachelor of Commerce, Bachelor of Commerce Scholars Program, Bachelor of Economics or Bachelor of Economics Advanced with Honours students must complete:

(a.) The following five units (30 points):

  • ETC2410/ETC3440 Introductory econometrics
  • ETC2440 Mathematics for economics and business
  • ETC2520 Probability and statistical inference for economics and business
  • ETC3510 Financial mathematics
  • MTH3241 Random processes in the sciences and engineering

(b.) one of the following (12 points):

(i.) the follwing two units:

(ii.) If VCE Specialist Mathematics units 3 and 4 (with an average grade of B or above in the written examination components) have been completed:

and one of the following:

(c.) One unit from the following list (6 points):

  • ETC3420 Bayesian modelling and risk analysis
  • ETC3530 Contingencies in insurance and pensions

Contact details

Relevant courses

Single degrees

  • 0179 Bachelor of Commerce
  • 4419 Bachelor of Commerce Scholars Program
  • 0023 Bachelor of Economics
  • 4430 Bachelor of Economics Advanced with Honours

Double degrees

  • B2006 Bachelor of Commerce and Bachelor of Global Studies
  • L3005 Bachelor of Laws (Honours) and Bachelor of Commerce
  • 0542 Bachelor of Arts and Bachelor of Commerce
  • 4097 Bachelor of Arts Scholars Program and Bachelor of Commerce Scholars Program
  • 4417 Bachelor of Biomedical Science and Bachelor of Commerce
  • 4641 Bachelor of Commerce and Bachelor of Aerospace Engineering (Honours)
  • 3830 Bachelor of Commerce and Bachelor of Business Information Systems
  • 4635 Bachelor of Commerce and Bachelor of Engineering (Honours)
  • 1469 Bachelor of Commerce and Bachelor of Science
  • 4428 Bachelor of Commerce Scholars Program and Bachelor of Economics
  • 4645 Bachelor of Environmental Engineering (Honours) and Bachelor of Commerce
  • 4425 Bachelor of Journalism and Bachelor of Commerce
  • 1185 Bachelor of Music and Bachelor of Commerce