actuarial-studies/ug-bus-actuarial-studies

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18 September 2017 18 November 2024

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Students who commenced study in 2016 should refer to this area of study entry for direction on the requirments; 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.

Monash University

Undergraduate
Minor/Major

Commencement year

This area of study entry applies to students commencing this course in 2016 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.

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

Managing faculty

Faculty of Business and Economics

Contact details

Visit http://www.buseco.monash.edu.au/student/contact/index.html

Websites

Faculty of Business and Economics

Location

Clayton

Actuarial studies applies mathematical and statistical methods to assess risk in insurance, finance and other industries. As a graduate of actuarial studies you will be able to seek employment in finance and business fields dealing with life, general or health insurance, superannuation, risk management and financial consulting. Many actuaries and actuarial graduates work on investment operations for asset managers, brokers and banks. There is a range of government-related jobs in regulatory control, workers' compensation, education and others. Some actuaries work with large companies on long-term strategic planning.

Please refer to the faculty Professional recognitionProfessional recognition (http://www.buseco.monash.edu.au/about/professional-recognition.html) page on the website for information about specific units that may be required for professional recognition.

Availability

Actuarial studies is listed in the Bachelor of Commerce at Clayton as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

  • identify, analyse and quantify risk and opportunity using mathematical, econometric and financial analyses in a wide range of business settings.

Units

Major requirements (48 points)

No more than 12 points at level 1 may be credited to a major and at least 18 points must be credited to the major at level 3.

Students complete:

(a.) The following three units (18 points):

  • ETC1000 Business and economic statistics
  • ETC2430 Actuarial statistics
  • ETC3530 Contingencies in insurance and pensions

(b.) Five units (30 points) from the following with at least two units (12 points) at level 3:

  • BFC2000 Financial institutions and markets
  • BFC2140 Corporate finance 1
  • BFC2340 Debt markets and fixed income securities
  • ETC1010 Data modelling and computing
  • ETC2410 Introductory econometrics
  • ETC2420 Statistical methods in insurance
  • ETC2440 Mathematics for economics and business (or MTH1030 or ENG1091)*
  • ETC2520 Probability and statistical inference for economics and business
  • ETC3400 Principles of econometrics (or ETC3410 Applied econometrics)**
  • ETC3420 Insurance mathematics
  • ETC3430 Financial mathematics under uncertainty
  • ETC3460 Financial econometrics
  • ETC3510 Modelling in finance and insurance

* Students of Mathematics or Engineering wishing to pick up the major in Actuarial studies may take an equivalent mathematics unit to replace ETC2440.

** One of either ETC3400 or ETC3410 is required to progress into Honours in Econometrics and business statistics, where students can complete the required additional units towards Part I and Part II actuarial exemption. Students who do not complete either ETC3400 or ETC3410 are not eligible for Honours in Econometrics and business statistics, but may articulate into the Master of Actuarial Studies degree.

Minor requirements (24 points)

Students complete:

  • Any four units (24 points) from the major, with at least two units (12 points) at level 2 or 3, and with at least two units (12 points) with the prefix ETC offered at the Clayton campus.

Relevant courses

Bachelors

Single degrees

Successful completion of the minor or major can be counted towards meeting the requirements for the following single degree:

  • B2001 Bachelor of Commerce

Students in this course can complete the minor using 24 points of their free electives.*

Students in other single bachelor's degrees may be eligible to complete the minor or major by using 24 or 48 points of their free electives.

* Students cannot complete both the minor and major in the same area of study.

Double degrees

Successful completion of the minor or major can be counted towards meeting the requirements for the Bachelor of Commerce component in the following double degrees:

  • B2020 Bachelor of Commerce and Bachelor of Arts
  • B2021 Bachelor of Commerce and Bachelor of Biomedical Science
  • B2014 Bachelor of Commerce and Bachelor of Commerce Specialist
  • B2008 Bachelor of Commerce and Bachelor of Computer Science
  • B2006 Bachelor of Commerce and Bachelor of Global Studies
  • B2025 Bachelor of Commerce and Bachelor of Information Technology
  • B2022 Bachelor of Commerce and Bachelor of Music
  • B2023 Bachelor of Commerce and Bachelor of Science
  • D3003 Bachelor of Education (Honours) and Bachelor of Commerce
  • E3005 Bachelor of Engineering (Honours) and Bachelor of Commerce
  • L3005 Bachelor of Laws (Honours) and Bachelor of Commerce