- 2019


Minor / Major

Commencement year

This area of study entry applies to students commencing this course in 2019 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.

Managing faculty

Faculty of Business and Economics

Contact details

Monash Business SchoolMonash Business School (http://business.monash.edu/contact-us)



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.

Refer to the Monash Business School professional recognitionprofessional recognition (http://www.monash.edu/business/future-students/undergraduate-study-options/after-you-graduate/professional-recognition) page for information about specific units that may be required for professional recognition.


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


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.


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:

  1. The following three units (18 points):
    • ETC1000 Business and economic statistics
    • ETC2430 Actuarial statistics
    • ETC3530 Contingencies in insurance and pensions
  2. Five units (30 points) from the following, with at least two units (12 points) at level 3:
    • BFC2140 Corporate finance 1
    • BFC2340 Debt markets and fixed income securities
    • ETC1010 Data modelling and computing
    • ETC2410 Introductory econometrics
    • ETC2420 Statistical thinking
    • ETC2440 Mathematics for economics and business*
    • 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
    • ETC3520 Foundations of quantitative finance

    * Students undertaking a degree in mathematics or engineering, who wish to pick up the major in actuarial studies may take an equivalent mathematics unit (MTH1030 or ENG1005) to replace ETC2440.

    ** Either ETC3400 or ETC3410 is required to progress into honours in econometrics and business statistics, students can complete the required additional units towards Part I and Part II actuarial exemption for professional accreditation. Students who do not complete these units you may still articulate into the Master of Actuarial Studies.

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


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:

  • B2006 Bachelor of Commerce and Bachelor of Global Studies
  • B2008 Bachelor of Commerce and Bachelor of Computer Science
  • B2020 Bachelor of Commerce and Bachelor of Arts
  • B2021 Bachelor of Commerce and Bachelor of Biomedical Science
  • B2022 Bachelor of Commerce and Bachelor of Music
  • B2023 Bachelor of Commerce and Bachelor of Science
  • B2025 Bachelor of Commerce and Bachelor of Information Technology
  • B2032 Bachelor of Commerce and Bachelor of Economics
  • B2043 Bachelor of Commerce and Bachelor of Finance
  • E3005 Bachelor of Engineering (Honours) and Bachelor of Commerce
  • L3005 Bachelor of Laws (Honours) and Bachelor of Commerce