Actuaries identify, analyse and assess risk. They determine the likelihood of economic or property losses such as those that occur during natural disasters and calculate insurance premiums that allow individuals, business and governments to insure against these risks. Actuaries do this by applying the concepts of mathematics and statistics to real life scenarios.
This area of study entry applies to students commencing this course in 2017 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 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.
- The following eight units (48 points):
- ACC1100 Introduction to financial accounting
- BFC1001 Foundations of finance
- BFC2340 Debt markets and fixed income securities
- BFC2140 Corporate finance 1
- ETC2420 Statistical methods in insurance
- ETC2430 Actuarial statistics
- ETC2440 Mathematics for economics and business*
- ETC3530 Contingencies in insurance and pensions**
* Students who intend to use their free electives to complete a major from the Faculty of Science in mathematicsmathematics (http://www.monash.edu.au/pubs/2016handbooks/aos/mathematics/) or mathematical statisticsmathematical statistics (http://www.monash.edu.au/pubs/2016handbooks/aos/mathematical-statistics/) will complete MTH1030 (Techniques for modelling), where this is the case they should substitute either ETC3400 (Principles of econometrics) or ETC3410 (Applied econometrics) for ETC2440, as one of these is required to progress into honours in econometrics and business statistics.
** Capstone unit.
- Four of the following units (24 points):
- ETC2520 Probability and statistical inference for economics and business
- ETC3400 Principles of econometrics**
- ETC3410 Applied econometrics **
- ETC3420 Insurance mathematics
- ETC3430 Financial mathematics under uncertainty
- ETC3460 Financial econometrics
- ETC3510 Modelling in finance and insurance
** One of ETC3400 or ETC3410 is required to progress into honours in econometrics and business statistics.
Successful completion of this specialisation can be counted towards meeting the requirements for the following single degree:
- B2004 Bachelor of Commerce Specialist
Students in other single bachelor's degrees are not eligible to complete this specialisation.
Successful completion of this specialisation can be counted towards meeting the requirements for the Bachelor of Commerce Specialist component in the following double degrees:
- B2014 Bachelor of Commerce and Bachelor of Commerce Specialist
- B2024 Bachelor of Commerce Specialist and Bachelor of Arts
- B2009 Bachelor of Commerce Specialist and Bachelor of Computer Science
- B2015 Bachelor of Commerce Specialist and Bachelor of Information Technology
- B2016 Bachelor of Commerce Specialist and Bachelor of Science
- E3003 Bachelor of Engineering (Honours) and Bachelor of Commerce Specialist