Master of Actuarial Studies

This course offers students the opportunity to study statistics, econometrics, finance, economics and mathematics to an advanced level. Students may also receive accreditation for the part one and part two elements of the Actuaries Institute's professional examinations and will prepare students for careers in the business and financial sectors with specific focus on actuarial and mathematical modelling and forecasting roles.

These course outcomes are aligned with the Australian Qualifications Framework level 9, the Bologna Cycle 2 and Monash Graduate AttributesAustralian Qualifications Framework level 9, the Bologna Cycle 2 and Monash Graduate Attributes (http://www.monash.edu.au/pubs/handbooks/alignmentofoutcomes.html).

Upon successful completion of this course it is expected that graduates will:

1. be critical and creative scholars who:
• produce innovative solutions to problems
• apply research skills to business challenges
• communicate effectively and perceptively
2. be responsible and effective global citizens who:
• engage in an internationalised world
• exhibit cross-cultural competence
• demonstrate ethical values
3. have a comprehensive understanding of econometric methods and be able to provide discipline-based solutions relevant to the business, professional and public policy communities we serve
4. have advanced knowledge to master's level in actuarial studies.

Refer to the faculty's Professional recognition of coursesProfessional recognition of courses (http://www.buseco.monash.edu.au/professional-recognition/) page in this Handbook.

The course has two main components:

• a set of core units in econometrics
• free electives.

Students must complete:

a. the following eight units (48 points):

• BFC2340 Debt markets and fixed income securities
• ETC2410 Introductory econometrics
• ETC2430 Actuarial statistics
• ETC2520 Probability and statistical inference for economics and business
• ETC4110 Actuarial practice I
• ETC4120 Actuarial practice II
• ETC4130 Asset liability management
• ETF5550 Research project or ETF55860 Research paper (12 points)

b. seven open graduate electives (42 points) which may be chosen from the following:

• list of recommended electives below
• units offered by the Department of Econometrics and Business Statistics or the Faculty of Business and Economics
• disciplines offered by another faculty
• individual units.

Electives choices are subject to the approval of the course director.

Elective units can be identified using the browse units toolbrowse units tool (http://www.monash.edu.au/pubs/handbooks/units/search) and indexes of units by facultyfaculty (http://www.monash.edu.au/pubs/handbooks/units/index-byfaculty-bus.html) and by departmentdepartment (http://www.monash.edu.au/pubs/handbooks/units/index-byou-department-of-econometrics-and-business-statistics.html) in the current edition of the handbook. The level of the unit is indicated by the first number in the unit code; graduate units are those that commence with the number 5. Students must be able to meet any unit prerequisites.

Recommended electives

• ECF5923 Macroeconomic and monetary policy
• ECF5927 Managerial economics
• ETC5242 Statistical methods in insurance
• ETC5340 Principles of econometrics
• ETC5341 Applied econometrics
• ETC5342 Applied insurance methods
• ETC5343 Financial mathematics in uncertainty
• ETC5346 Financial econometrics
• ETC5351 Modelling in finance and insurance
• ETC5353 Insurance and pensions
• ETC5410 Bayesian time series econometrics
• ETC5420 Microeconometrics
• ETC5441 Applied econometrics 2
• ETC5460 Financial econometrics 2
• ETF5200 Applied time series econometrics
• ETF5231 Business forecasting
• ETF5300 Applied financial econometrics
• ETF5410 Special topics in econometrics
• ETF5500 Survey data analysis

This degree may serve as a pathway to a higher degree by research. Students considering a research degree are advised to consult a course coordinator prior to making an application.

Students wishing to exit the Master of Actuarial Studies early may apply to graduate with one of the following, provided they have satisfied the requirements for that award:

• 1679 Graduate Certificate in Business after successful completion of 24 points of study
• 3848 Graduate Diploma in Business after successful completion of 48 points of study.