In this double degree you will learn to apply your thinking in a commercial capacity and develop the skills required to solve complex problems, while developing a depth of expertise in actuarial science.
This gives you a unique skill set. For example, actuarial science provides foundational understanding of finance and economics, but combined with majors in economics or finance you will have substantive knowledge across all three.
Actuarial science will prepare you for a career as an actuary. To provide professional actuarial advice in Australia, and in most other developed countries, you must become a fellow of the local actuarial profession. This involves developing basic technical skills, learning how to apply these skills in a general setting, developing deep specialist knowledge and completing a professional course following two years' relevant work experience.
NOTE: For learning outcomes and other relevant information of this double degree, refer to the single degree entries:
The requirements below detail what you must study in order to complete this double-degree course and receive the awards.
The course progression mapcourse progression map (http://www.monash.edu.au/pubs/2019handbooks/maps/map-b2030.pdf) provides guidance on unit enrolment for each semester of study.
Units are 6 credit points unless otherwise stated. You must complete 192 points:
1. 96 points must be completed in Parts A and B as described below in the Bachelor of Commerce component, of which:
- at least 24 points must be completed at level 3
2. 96 points must be completed in Parts A, B and C as described below in the Bachelor of Actuarial Science component, of which:
- no more than 10 units (60 points) at level 1
- at least 4 units (24 points) at level 3 or higher.
Commerce component
Bachelor of Commerce is a comprehensive course, and in the double degree course you complete commerce specified study and a commerce listed major.
Part A. Commerce specified study (48 points)
This will provide you with a broad foundation for your study of commerce and expose you to several commerce disciplines. This will contribute breadth to your knowledge of commerce and address the graduate course outcomes. It will also give you the opportunity to learn more about each discipline before finalising your choice of major.
You must complete:
a. The following 6 units (36 points):
- ACC1100 Introduction to financial accounting or ACC1200 Accounting for managers
- BTC1110 Commercial law
- ECC1000 Principles of microeconomics
- ETC1000 Business and economic statistics
- MGC1010 Introduction to management
- MKC1200 Principles of marketing
b. One elective unit (6 points) from the Faculty of Business and Economics on the Clayton campus
c. One capstone, project, international or internship experience unit (minimum 6 points) chosen from the units listed below.
If you are completing a major in accounting do not complete this section. The following units meet this course requirement: ACC3100/ACF3100 Advanced financial accounting and ACC3200/ACF3200 Management accounting.
Note: If you choose a 12 or 24 point unit you must discuss course progression with the Faculty.
Capstone unit
- BEX3150 Sustainability practice and organisations
- BEX3500 Current issues in commerce
Corporate project
International experience
- ACX3500 International study program in accounting
- BEX3622 Issues in global business
- BEX3722 Engaging with international business - Australia
- BEX3723 Engaging with international business - North America
- BEX3724 Engaging with international business - Asia
- BEX3725 Engaging with international business - Europe
- BEX3728Not offered in 2019 Engaging with international business (12 points)
- BFX3871 International study program in banking and finance
- BSA3004 Innovation and entrepreneurship in Silicon Valley
- MKX3521 Global study programs in marketing
Internships
Part B. Commerce listed major (48 points)
This will provide you with a focused program of study that will develop your expertise in one discipline area. You will develop, apply and communicate an advanced level of understanding of the concepts and theoretical frameworks that constitute the knowledge base of your major area of study. Due to the double degree structure, the Actuarial studies major is not available in this course.
You must complete a commerce listed major. A major requires eight units with no more than two units (12 points) at level 1 and at least three units (18 points) at level 3.
Depending on the major you choose, you may have already studied one of the units as part of your commerce specified study. If so, you must complete an additional commerce unit offered at Clayton campus to bring the combined commerce study to at least 96 points from the Faculty of Business and Economics.
If you intend to undertake an honours year, you should ensure you complete the specific units required for honours in your chosen major area of study.
Minors and majors
Refer also to the table of majors and minorsmajors and minors (http://monash.edu/pubs/2019handbooks/undergrad/bus-minor-major-extended-major-specialisation.html) which also details if an area of study is available as a minor or major.
Actuarial science component
Bachelor of Actuarial Science is a specialist course that develops through the themes of foundation commerce knowledge, specialist discipline knowledge and capstone experience.
Part A. Foundation commerce knowledge (24 points)
These units will provide you with a comprehensive study of economics and econometrics disciplines and the impact they have on multi-discipline decision-making in organisations. The units consider the impact on the business, professional and public policy communities.
You must complete:
- ECC1000 Principles of microeconomics
- ECC1100 Principles of macroeconomics
- ETC1000 Business and economic statistics
- ETC2410 Introductory econometrics
Part B. Specialist discipline knowledge and Part C. Capstone experience (72 points)
These units will develop your capacity as a critical and creative professional who is able to apply your knowledge of actuarial science to provide discipline based solutions to commerce. Units contained within the discipline may meet the requirements for professional accreditation bodies.
The capstone unit is designed to consolidate the knowledge and skills acquired throughout the study of your specialisation.
You must complete:
a. The following eight units (48 points):
- ACC1100 Introduction to financial accounting
- BFC2140 Corporate finance 1
- BFC2340 Debt markets and fixed income securities
- ETC2420 Statistical methods in insurance
- ETC2430 Actuarial statistics
- ETC2440 Mathematics for economics and business
- ETC2520 Probability and statistical inference for economics and business
- ETC3530 Contingencies in insurance and pensions*
b. Four units (24 points) from the following:
- ETC3250 Business analytics
- ETC3400 Principles of econometrics**
- 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
You may be eligible to exit the double degree program and graduate with either a Bachelor of Commerce or a Bachelor of Actuarial Science named degree after three years, depending on the units studied.
If you wish to graduate with a Bachelor of Commerce prior to the completion of the double degree you must have completed at least 144 points of studies, including all of the commerce requirements in Part A, B and C for the Bachelor of Commerce degree.
If you wish to graduate with a Bachelor of Actuarial Science named degree prior to the completion of the double degree you must have completed at least 144 points of studies, including all of the requirements in Part A, B, C and D for the Bachelor of Actuarial Science.
Honours
You may be eligible to apply for a one-year honours course once you have successfully completed this double degree, or have completed all of the requirements for one of the single degrees including a total of 144 points. The following honours courses apply:
- B3701 Bachelor of Commerce (Honours)
You are usually eligible to apply for honours if you achieve a distinction grade average (70 percent) or above in 24 points of studies in relevant discipline units at level 3. In addition, some majors require particular units to be taken for admission to honours. The details are provided with the requirements for each major to which this applies.
